For years there has been a struggle in the Eurozone between those that want to transform it into a transfer union and those that who want a Europe of independent and cooperating countries. The latter including Austria, Finland, the Netherlands and Germany want strict limits for deficits and debt brakes as envisioned in the Fiscal Stability Treaty. Some, such as the European Constitutional Group, even demand a mechanism for an orderly break-up of the Eurozone. The former including Mediterranean member states led by France, do not openly call their objective a fiscal union or the creation of a “European Super State” but prefer to talk about a “deepening of the European project.” The reason for this division is straightforward: The central and northern European countries would be the contributors to a transfer union while the club Med would be on the receiving side. Continue reading
As mentioned several times in the past, Germany is running the European Union and Europe once again. This time around the conquest is via subjugation of national sovereignty and economic warfare. They have their key politicians in key positions across the European board. The European Commission, European Central Bank and International Monetary fund (the Troika) are all but one example. Regardless of how everything on the EU landscape currently looks, further federalization/integration is the only solution they keep proposing to their problems, and this is ultimately leading to a United States of Europe with its own European Army, which is already beginning to supplant NATO. The Fourth Reich has landed and if you’re looking for Nazis, you’re 70 years too late.
BERLIN/BRUSSELS (Own report) – The EU finance ministers’ decision to appoint the Spaniard Luis de Guindos to be vice president of the European Central Bank (ECB), will boost the chances of German Bundesbank President Jens Weidmann to become its next president. Berlin has welcomed the decision for Spain’s current Minister of the Economy Guindos, considered to be one of the fathers of the Spanish real estate bubble. Subsequent to his designation as vice-president, a northern European is expected to be given the post of ECB president, due to the EU’s proportional regional representation. According to observers, a conceivable deal may be reached with Germany’s Weidmann at the helm of the ECB and the post of EU Commission President going to France. The current German Bundesbank president is unpopular in Southern Europe because he has been systematically trying to prevent current ECB President Mario Draghi’s bond buying programs, considered to be vital for the crisis stricken countries. With Weidmann as ECB president, Germany would further tighten its grip on the euro zone’s financial institutions.
Berlin (AP) — Germany’s central bank says it’s completed a plan to repatriate gold reserves it stashed abroad during the Cold War three years ahead of schedule.
The Bundesbank said Wednesday that 91 metric tons (100.3 tons) of gold had been returned from Paris. Continue reading
Germany’s central bank is the Bundesbank. Prior to the commencement of trading of the euro in January 1999, the Bundesbank conducted Germany’s monetary policy. The Bundesbank has a reputation for pursuing general price-level stability above all else. You might say that the Bundesbank has inflation phobia. The reason for this Bundesbank inflation phobia is the remembrance of the hyperinflation Germany experienced between World Wars I and II. Given the US central bank’s recent actions, it would almost seem that the Fed has developed inflation phobia too. Continue reading
… and it’s ahead of schedule.
The German Central Bank announced on Jan. 16, 2013, that it would relocate the gold from New York to Frankfurt. This decision was made after the U.S. Federal Reserve refused to submit to an audit of German gold held in U.S. vaults. The Germans initially estimated it would take seven years to repatriate the gold, but in yesterday’s announcement, they revealed that they had completed the task four years ahead of schedule. Continue reading
The European Central Bank (ECB), creator of the Euro, currently claims to hold 504.8 tonnes of gold reserves. These gold holdings are reflected on the ECB balance sheet and arose from transfers made to the ECB by Euro member national central banks, mainly in January 1999 at the birth of the Euro. As of the end of December 2015, these ECB gold reserves were valued on the ECB balance sheet at market prices and amounted to €15.79 billion.
The ECB very recently confirmed to BullionStar that its gold reserves are stored across 5 international locations. However, the ECB also confirmed that it does not physically audit its gold, nor will it divulge a bar list / weight list of these gold bar holdings.
Questions and Answers
BullionStar recently put a number of questions to the European Central Bank about the ECB’s gold holdings. The ECB Communications Directorate replied to these questions with answers that appear to include a number of facts about the ECB gold reserves which have not previously been published. The questions put to the ECB and its responses are listed below (underlining added): Continue reading
The Pension Crisis continues to spiral out of control and the central banks are incapable to reversing their policy. Raising rates now will cause budgets to explode and all the bonds they bought would collapse in price no less become totally unsalable. Now in Germany, the Bundesbank has addressed this crisis advising that the population must now work long term before receiving a pension and they must endure significantly higher pension contributions. In its monthly report published this week, the German central bank recommended increasing the retirement age to 69 years until 2060. They bluntly said that the federal government should not hide the fact that “further adjustments are inevitable.” Continue reading
As of 2008, the Federal Reserve Bank of New York housed $200 billion worth of the precious metal, according to ABC News reporter Scott Mayerowitz. In his report, Mayerowitz stated there were roughly 540,000 gold bars in the vault…
More than can be found in Fort Knox.
In fact, this particular vault contains almost 25% of the world’s gold reserves.
Of that amount, very little actually belongs to the United States. The 540,000 gold bars in the vault belong to 48 foreign central banks, as well as 12 international organizations.
Only 5% of the United States’ gold is stored there. Continue reading
Quick reminder: “Bail-out” means the government bails the banks out, whereas “bail-in” means the citizens pick up the tab. Germany’s Fourth Reich is once again forcing its will upon the EU.
‘If I were a politician in Italy, I’d want my own currency as fast as possible: that is the only way to avoid going bankrupt,’ said German ‘Wise Man’
A new German plan to impose “haircuts” on holders of eurozone sovereign debt risks igniting an unstoppable European bond crisis and could force Italy and Spain to restore their own currencies, a top adviser to the German government has warned.
“It is the fastest way to break up the eurozone,” said Professor Peter Bofinger, one of the five “Wise Men” on the German Council of Economic Advisers.
Deutsche Bundesbank has just released a progress report on its gold bar repatriation programme for 2015 – “Frankfurt becomes Bundesbank’s largest gold storage location“.
As a reminder, the Bundesbank is engaged in an unusual multi-year repatriation programme to transport 300 tonnes of gold back to Frankfurt from the vaults of the Federal Reserve Bank of New York (FRBNY), and simultaneously to bring back 374 tonnes of gold back to Frankfurt from the vaults of the Banque de France in Paris. This programme began in 2013 and is scheduled to complete by 2020. I use the word ‘unusual’ because the Bundesbank could technically transport all 674 tonnes of this gold back to Frankfurt in a few weeks or less if it really wanted to, so there are undoubtedly some unpublished limitations as to why the German central bank has not yet done so. Continue reading
The central bank said its gold reserves amount to 3,384 tonnes of gold worth just €107 billion at today’s prices.
The move is the latest by the central bank, which is in the process of trying to move its gold reserves back to Germany after the eurozone sovereign debt crisis broke out in 2012 and led to public concerns and questions about the safety of Germany’s gold reserves. Continue reading
The influential Bank for International Settlements is the coordinating body for the world’s most powerful central banks. It has elected the head of Germany’s central bank as its new chairman. Is a policy shift coming?
For years, many – and certainly this website – had mocked both European and US stress tests as futile exercises in boosting investor and public confidence, which instead of being taken seriously repeatedly failed to highlight failing banks such as Dexia, Bankia and all the Greek banks, in the process rendering the exercise a total farce. The implication of course, is that regulators, thus central bankers, openly lied to the public over and over just to preserve what little confidence in the system has left.
Now we know that far from merely another “conspiracy theory”, this is precisely the policy intent behind the “stress tests” – as Reuters reports citing a paper co-authored by a Bundesbank economist, “banking supervisors should withhold some information when they publish stress test results to prevent both bank runs and excessive risk taking by lenders.”
In other words: lie. Continue reading