Political, financial turmoil in Greece

Didn't Gordon Brown sell of Britain's Gold Reserves for a fraction of the value? No wonder The Pound is unstable.

Yes, he did, Sabot. And the West has since been plagued by what is best described as 'vanishing gold'. All of Ukraine's gold reserves have vanished, presumably into Fort Knox. Oh, except for a small quantity that was swapped for gold-painted lead bars while some naughty thief took the real gold for a nice holiday in Crimea.

And no, I am not making that up.

Germany's gold appears to have vanished - Fort Knox wouldn't even let German officials look at it to check it's still there. Other nations are having similar problems with their gold, having entrusted it to Fort Knox for 'safe keeping'.

I don't know what is going on, it's way over my head. There are strange stories circulating that most of the US gold reserves have evaporated, too, and that all that printed money circulating in the West is backed by nothing but fresh air and debt. Mostly debt to China, unfortunately.

But there's nothing to worry about if you are, say, Russia, China, India, and a few other sensible nations. They have lots and lots of gold and Fort Knox is NOT getting anywhere near it.

Xcuse me. Gold can't just disappear into thin air. It's sort of Solid and a bit heavy.

Personally, I think the Western gold has been quietly sold off to subsidise assorted wars, vanity projects, pay rises for politicians, etc. And the sellers may have thought it was going somewhere nice and friendly, like Switzerland, but it's actually ended up in Moscow, Beijing, etc....

bb1 wrote:Personally, I think the Western gold has been quietly sold off to subsidise assorted wars, vanity projects, pay rises for politicians, etc. And the sellers may have thought it was going somewhere nice and friendly, like Switzerland, but it's actually ended up in Moscow, Beijing, etc....

Well it has to be somewhere. But short of quite nice jewellery, what is the point of it? I've got a few bits and pieces lying about, but mine is all Old Gold, and nothing like measuring your average Ingot.
Ingots take up space. You have to put it somewhere. And then what?

Well, I suppose you could always use it as bookends, or paperweights, or something. Alas, having too many gold bars isn't a problem I am ever likely to have......

bb1 wrote:Well, I suppose you could always use it as bookends, or paperweights, or something. Alas, having too many gold bars isn't a problem I am ever likely to have......

Oh, I think I would manage to find something to do with it. A gold brick patio and decking would be nice. Unlike wood, it doesn't rot.
But all in all it is pretty worthless. No one I know would trade a Gold Sovereign for a tin of beans.

Sabot wrote:Didn't Gordon Brown sell of Britain's Gold Reserves for a fraction of the value?  No wonder The Pound is unstable.

Yep, he sold them at rock bottom prices to the Chinese. LL

Thanks, LL, I didn't know it was the Chinese, though that figures.

Lamplighter wrote:

Sabot wrote:Didn't Gordon Brown sell of Britain's Gold Reserves for a fraction of the value?  No wonder The Pound is unstable.

Yep, he sold them at rock bottom prices to the Chinese.   LL

Now that is interesting. Most of my gold is Chinese, although made long before Gordon Brown sold out. But who knows, maybe I am responsible in part.

http://www.zerohedge.com/news/2015-01-17/russias-modest-proposal-greece-exit-europe-and-we-will-lift-food-import-ban

Russia's Modest Proposal To Greece: "Exit Europe And We Will Lift The Food Import Ban"

That could make things very interesting indeed. Greece goes to austerity and the EU, gets its currency back, a guaranteed market for their produce, and who knows? Maybe a slice of that juicy pipeline deal the EU has so thoroughly f*cked up?

Some very interesting links within the Zero hedge article/comments.

I honestly wonder what is to become of it all.

I suspect some of the spinning plates are starting to slow down, Lily. Between oil, and the Swiss franc decoupling from the euro, all sorts of Black Swans are taking to the air now.

Exactly so, Bonny. It is also getting rather worrying?

It is indeed, Lily, especially when the EU and US' solution to everything seems to be to print more money.

Don't worry about The Euro. I know more than most because I live with it. And it is doing perfectly fine in France. I only need to worry about The Pound.

The Euro was worth 65 pence in the year 2000. It is now worth 77 pence. Does that sound like disaster? Because it doesn't to me.

Petrol is still cheaper here. I pay no Road Tax. My House Taxes are a joke by comparison to UK. Electricity is cheaper, and so is Water.
My House Insurance is a fraction of what it was in UK twenty years ago, and so is my Car Insurance. But then you see, we live by The Euro. Which is actually worth more than it was fourteen years ago.

I am so tired of all of this nonsense. Bring it back down to 65 pence, and I will be laughing.

Countries can't live beyond their means forever any more than people can, Sabot. Sooner or later, it all comes crashing down.

bb1 wrote:Countries can't live beyond their means forever any more than people can, Sabot. Sooner or later, it all comes crashing down.

Do you think that the Commercial Companies that provide me with service are unaware of this, Bonny? None of this has anything to do with The Government, apart from the taxes. And no one is going to complain if they go up a bit.

Hope it continues for you, Sabot.

This is from October, admittedly.

http://www.spiegel.de/international/europe/euro-stability-threatened-if-france-flouts-stability-rules-a-997995.html

bb1 wrote:http://www.zerohedge.com/news/2015-01-17/russias-modest-proposal-greece-exit-europe-and-we-will-lift-food-import-ban

Russia's Modest Proposal To Greece: "Exit Europe And We Will Lift The Food Import Ban"

That could make things very interesting indeed. Greece goes  to austerity and the EU, gets its currency back, a guaranteed market for their produce, and who knows? Maybe a slice of that juicy pipeline deal the EU has so thoroughly f*cked up?

oh boy

This is more recent.

http://www.bloomberg.com/news/2015-01-13/yen-stays-strong-as-top-forecaster-halts-sell-call-on-oil-slump.html

It has far more to do with the government than you might think, Sabot. The government is heavily in debt. Who will have to pay that?

lily wrote:This is more recent.

http://www.bloomberg.com/news/2015-01-13/yen-stays-strong-as-top-forecaster-halts-sell-call-on-oil-slump.html

It has far more to do with the government than you might think, Sabot.  The government is heavily in debt.  Who will have to pay that?  

Well it won't be me because I haven't got anything.

Then, it will be all the taxpayers and companies who will have to charge more for their services and food.

Sorry to say.