23 June 2014

Germany's Gold: Auf Wiedersehen

"Finally he makes a decision, it is time to go, and he uses a gambling metaphor: he says 'Roll the dice', 'Alea jacta esto'. Once the dice start rolling they cannot be controlled, even though we do not know what it is as the dice roll and tumble.

Julius [Caesar] and his men swiftly cross the river [Rubicon] and they march double time toward Rome, where they almost beat the messengers sent to inform the Senate of their arrival.

Frances Titchener, To Rule Mankind and Make the World Obey

"Germany has decided its gold is safe in American hands."

That is one response, when you ask for the return of your gold, and your request is refused.

Just when you thought the spin could not become any more blatant or ridiculous.

Do you have any doubts?  It is not patriotic to have doubts.  You must do your duty, and believe.

This saga of Germany's national gold reserves being held by the Fed in New York is one of the most incredible stories in some time.   I believe it is related to what will become the scandal of the century.

Those reserves are largely gone, or encumbered with multiple claims, having been given to the Banks for their profit. 

How are a people fallen, and their spirit extinguished.
Addendum:  This appeared in the comments to this story as it ran in BusinessWeek:
From Peter_Boehringer

Just to set the record straight re this article in which my name is mentioned and in which I am quoted out of context:

a) BusinessWeek/Bloomberg uncritically cites statements of politicians and BuBa-bankers who have or give no proof whatsoever re the untouched whereabouts of the german Gold.

b) Re our campaign "Repatriate our Gold" www.gold-action.de/campaign.ht... : "On hold" does of course NOT mean that we are in any way satisfied with the current status of BuBa´s ongoing repatriation (far too slow and too little - only 5 tons came from NY in 2013! Not exactly a proof for the untouched existence of 1500 tons in a NY vault unaudited since 1950...). Our public campaign will therefore have to continue.

c) Almost no info in the article can be considered in any way "news". Simply because there has not been any material news in this context since early 2013.

d) Especially the headline is plainly false, because there has not been any change in BuBa´s (too slow) repatriation plans: at least 300+ tonnes will come from NY by end 2020. It is not much - but contrary to the headline, BuBa has NOT stopped the ongoing partial repatriation - enforced solely by public pressure!  (I would check your pressure readings mein herr.  Buba seems to be a bit less concerned than one might imagine.  Never underestimate the official indifference of a German bureaucrat to popular opinion.)

e) The political party "Alternative for Germany" has never been part of our campaign - they can therefore not have been "rebuffed" as the article suggests.

f) The political party "FDP" has (with the exception of one (1) MP ) never demanded a repatriation - yet another false info in the article.

g) Some politicians cited in the article can not in any way claim to be "in charge" of the german gold hoard (abroad or not). This holds true for both Mr Barthle and for Mr Hardt: BuBa alone is in charge - and officially, BuBa is independent from political influence... (But apparently not to 'public pressure' whatever that may be.)

Summary: a "non-news" article with a wrong headline, strange interviewees, old news, and with a clearly apologetic ideological approach: the main purpose seems to be NOT to give space to the myriad of unanswered and extremely relevant questions BuBa and the Fed have been refusing to answer for decades. Pls read more at "Repatriate our Gold" http://www.gold-action.de/camp...

German Gold Stays in New York in Rebuff to Euro Doubters
By Birgit Jennen
Jun 23, 2014

Germany has decided its gold is safe in American hands.

Surging mistrust of the euro during Europe’s debt crisis fed a campaign to bring Germany’s entire $141 billion gold reserve home from New York and London. Now, after politics shifted in Chancellor Angela Merkel’s coalition, the government has concluded that stashing half its bullion abroad is prudent after all.
The Americans are taking good care of our gold,” Norbert Barthle, the budget spokesman for Merkel’s Christian Democratic bloc in parliament, said in an interview. “Objectively, there’s absolutely no reason for mistrust.”

Ending talk of repatriating the world’s second-biggest gold reserves removes a potential irritant in U.S.-German relations. It’s also a rebuff to critics including the anti-euro Alternative for Germany party, which says all the gold should return to Frankfurt so it can’t be impounded to blackmail Germany into keeping the currency union together...

“The Bundesbank never doubted the integrity of the foreign gold-storage sites,” Carl-Ludwig Thiele, the bank’s council member for payments and settlements, said in an interview on May 23. “We were able to see everything we wanted to see in New York. As far as we’re concerned, there are no more open issues...”

Read the entire article here.