Are Objectivists and libertarians too soft on corporate fraud?

Posted by deBohun 6 years, 9 months ago to Economics
1 comments | Share | Flag

Regarding this article:

http://www.zerohedge.com/news/2013-07-19...

Ask yourself, what does the term "eligible gold" mean*, and why has eligible gold collapsed synchronously with the price of gold crashing? The two are absolutely linked. We saw this same con in the 80s. It is happening again now. After letting a monetary panic drive up the price of gold, Banksters are taking on-deposit gold, not legitimately their own, and leasing it out to gold vendors so that those vendors can flood the gold market with that gold. This creates the fraudulent and logically impossible scenario where two people own the same gold at the same, without each other even knowing about. In the meantime the bank is scraping leasing fees off of the hidden transaction in between the unwitting owners — as it also drives down the price of gold so that when the lease term is up, the Banksters can also buy the gold back for pennies on the dollar in an arbitrage situation that they them self manufactured. Of course neither gold owner sees any of the huge windfall. In fact, the gold's owners lose large. Not only that, but the full scale impact of these transactions writ large and en mass upon the whole economy destroys the savings of millions of smaller individual investors who have no idea when the leases are being made or called. The Federal Reserve system though loves the practice, does it themselves, and the government looks the other way and doesn't prosecute it, because it helps to prop up the value of worthless fiat paper Dollars, while facilitating the further fleecing of American savers to Uncle Sam's benefit. This is corporate-state Banksterism at its worst, and is literally a crime for which the resurrection of the guillotine would not be inappropriate. If and when the American people fully come to understand what has been done to they and their country, and by whom, the French Terror is going to look like a Sunday School picnic. The streets of Washington and New York will justifiably flow rivers of blood, and most tragic of all, not a Jew in the country will be safe because no matter their involvement–99% of them being perfectly innocent–they will all be blamed for crimes of the Jewish financial elite running these cons through the Fed and companies such as Goldman Sachs. America's name will become as smeared with anti-Semitism as Germany's and too many good people will die of all creeds, due to greed and corruption of a few. I weep for my country's future and dearly wish this path could be avoided, however I fear we are too far along the way to roll back very much that is likely already cut into the pavement of inevitability.

[ * "eligible" gold refers to the amount of gold that banks will allow to be withdrawn by owners from their vaults. (And why should not that be all of it?) More significantly, it is likely a closer physical measure of the amount of gold actually in a bank's vault irrespective of what the bank reports on their balance sheet. Few banks have had their gold reserves audited in decades, certainly not since the '70s when Nixon first defaulted on America's gold window deposit obligations to the rest of the world's countries (he refused to give them back their gold). Today reports are accelerating worldwide of gold owners being denied withdrawal of their gold deposits. This can mean only one thing, the gold is no longer there, the banks have leased the physical gold to prop up failing fiat paper currencies and to arbitrage profit off of it.]
SOURCE URL: http://www.zerohedge.com/news/2013-07-19/jpm-eligible-gold-plummets-66-one-day-total-gold-fresh-all-time-low


Add Comment

FORMATTING HELP

All Comments Hide marked as read Mark all as read

  • Posted by $ nickursis 6 years, 9 months ago
    I wasn't aware of any banks using Gold as a asset class. I thought we had devolved into the land of the "Federal Reserve Note" which has absolutely no meaning, is worthless, and has no value except what is ascribed to it in trading with other equally worthless paper. This whole shennasnigan is why I prefer to keep all my precious metals at home and insure them with Smith and Wesson, aided by the capable Mr. Winchester.
    Reply | Mark as read | Best of... | Permalink  

FORMATTING HELP

  • Comment hidden. Undo