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Thread: The European Ponzi Scheme, the Euro and Gold

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    Default The European Ponzi Scheme, the Euro and Gold

    several commentators [1] [2] [3] have described the Euro in recent times as a European ponzi scheme. Any fiat currency is based on government based debt and comparing the Euro with a ponzi scheme isn't entirely of the mark. But that's the same case with any of the other paper based currencies. Is the combination of a fiat currency with fractional-reserve banking the the real straw that breaks the camel's back?

    And now the Bundesbank is repatriating its Gold from the New York Fed, is there something big in the making?
    Last edited by YouKnowWhatIMeanLike; 15th January 2013 at 02:45 PM.

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    Politics.ie Member statsman's Avatar
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    Another Zerohedge doomporn moment. What's due to happen 'in a matter of days' this time?
    Put a thief among honest men and they will eventually relieve him of his watch. Flann O'Brien

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    Politics.ie Member Socratus O' Pericles's Avatar
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    Ah! Jayziz.
    The truth of an idea is not a stagnant property inherent in it. Truth happens to an idea. It becomes true, is made true by events.

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    Politics.ie Member gerhard dengler's Avatar
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    Quote Originally Posted by statsman View Post
    Another Zerohedge doomporn moment. What's due to happen 'in a matter of days' this time?
    Incorrect.
    There are several specialist financial websites that have been discussing this same issue for months now at this point.
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    Politics.ie Member statsman's Avatar
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    Quote Originally Posted by Socratus O' Pericles View Post
    Ah! Jayziz.
    Put a thief among honest men and they will eventually relieve him of his watch. Flann O'Brien

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    Politics.ie Member statsman's Avatar
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    Quote Originally Posted by gerhard dengler View Post
    Incorrect.
    There are several specialist financial websites that have been discussing this same issue for months now at this point.
    But it's only real when Zerohedge wet their pants over it.
    Put a thief among honest men and they will eventually relieve him of his watch. Flann O'Brien

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    Politics.ie Member gerhard dengler's Avatar
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    Quote Originally Posted by YouKnowWhatIMeanLike View Post
    several commentators [1] [2] [3] have described the Euro in recent times as a European ponzi scheme. Any fiat currency is based on government based debt and comparing the Euro with a ponzi scheme isn't entirely of the mark. But that's the case with any of the other paper based currencies. Is the combination of a fiat currency with fractional-reserve banking the the real straw that breaks the camel's back?

    And now the Bundesbank is repatriating its Gold from the New York Fed, is there something big in the making?
    The Bundestag has been discussing the issue of the audit of German Gold Reserves (GGR) being held and audited at the New York Federal holding centre.
    (New York, for a fee, stores a lot of expatriate gold reserves for governments worldwide).

    The Bundestag discussed the problem of audits of the gold reserves and the inability of auditors to physically verify the holdings held.
    Bundestag auditors were allowed to see the gold but they were prohibited for security reasons from physically accessing the gold held in New York.

    If I'm not mistaken Britain insisted on the return of some of her reserves from New York in the recent past too.
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    Politics.ie Member gerhard dengler's Avatar
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    Quote Originally Posted by statsman View Post
    But it's only real when Zerohedge wet their pants over it.
    Incorrect.
    What part of the phrase "several other websites" do you continue to misunderstand?
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    Politics.ie Member gerhard dengler's Avatar
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    From 7th November 2012.
    For years I have cautioned that changes in the ownership of gold held in the vaults of key central banks around the globe may not have been accurately reported. A report issued last month in Germany has once again brought these issues to the fore. In today's environment of rampant money creation and questioning of central bank activities, such uncertainty is bound to spark the curiosity of an increasing number of investors.

    Since the depths of the 2008 financial crisis, central banks around the world have increased their gold holdings. As of January of this year, the International Monetary Fund estimated that official reserves had hit a six year high. Most of this growth has come from emerging and developing nations who are estimated to have swollen their gold reserves 25% by weight since 2008. Just a few years ago, India purchased 200 tonnes on offer by the IMF.

    This increase may surprise those who have been led to believe that central banks do not traditionally accumulate gold during recessions. The fact that they are doing so could carry an important message for private investors.

    ctd...
    Report Raises Questions About Central Bank Gold Holdings | Euro Pacific Capital
    Last edited by H.R. Haldeman; 15th January 2013 at 03:39 PM.
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    What's the big deal?

    It's only Gold, it's not like it's "da monies" or anything,

    Central Banks only keep it in the vaults because of tradition anyway,

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