Jump to content
House Price Crash Forum
Sign in to follow this  
interestrateripoff

The European Gold Confiscation Scheme Unfolds: European Parliament Approves Use Of Gold As Collateral

Recommended Posts

http://www.zerohedge.com/article/european-gold-confiscation-sceme-unfolds-european-parliament-approves-use-gold-collateral

Wonder why Europe is pressing so hard for Greece (and soon the other PIIGS) to collateralize its pre-petition loans on a Debtor in Possession basis? Here is your answer: "Yesterday’s unanimous agreement by the European Parliament’s Committee on Economic and Monetary Affairs (ECON) to allow central counterparties to accept gold as collateral, under the European Market Infrastructure Regulation (EMIR), is further recognition of gold’s growing relevance as a high quality liquid asset. This vote reinforces market demand for a greater choice of assets that can be used as collateral to meet margin liabilities." Luckily for Greece, it has 111.5 tons of gold in storage (somewhere at the New York Fed most likely). Looking down the road, Portugal has 382.5 tons, Spain 281.6, and Italy leads the pack with 2,451.8 tons.

Complete press release:

The Economic and Monetary Affairs Committee of the European Parliament has approved gold to be used as collateral confirming its status as a high-quality liquid asset

Yesterday’s unanimous agreement by the European Parliament’s Committee on Economic and Monetary Affairs (ECON) to allow central counterparties to accept gold as collateral, under the European Market Infrastructure Regulation (EMIR), is further recognition of gold’s growing relevance as a high quality liquid asset.

This vote reinforces market demand for a greater choice of assets that can be used as collateral to meet margin liabilities.

Natalie Dempster, Director of Government Affairs at the World Gold Council said:

“It is very significant that the European Parliament is putting its weight behind the argument that the unique characteristics of gold make it an ideal form of high quality liquid collateral.

“We now look forward to the European Parliament and Council of the European Union upholding the inclusion of gold in the next stage of negotiations around EMIR which will now take place after the July plenary vote. The ratification would mark a significant step forward in redefining what constitutes a highly liquid asset under the Capital Requirements IV Directive, due in the coming month, from the European Commission.”

Gold as collateral

It looks like those in power know the money will never be paid back.

Give us the gold before we give you worthless paper.

Share this post


Link to post
Share on other sites

Or, you could just sell your gold and use the proceeds to pay them off?

What's the big story here?

If the baliffs come round, they can take pretty much anything they like to use as collateral

Share this post


Link to post
Share on other sites

This makes me think that maybe Gordon Brown was ahead of his time in selling off half the UKs gold, in fact we should sell the other half now then those pesky creditors wont be able to touch us!!!

Share this post


Link to post
Share on other sites

This makes me think that maybe Gordon Brown was ahead of his time in selling off half the UKs gold, in fact we should sell the other half now then those pesky creditors wont be able to touch us!!!

Yeah if you don't have anything what else can they take ...... Apart from your future.

Share this post


Link to post
Share on other sites

This makes me think that maybe Gordon Brown was ahead of his time in selling off half the UKs gold, in fact we should sell the other half now then those pesky creditors wont be able to touch us!!!

Well he sold half the gold and they've taken the UK's sovereignty so the other half of the gold is all that's left but that's probably included in the loss of sovereignty.

At least the UK politicians will get good jobs with the banks etc in return.

Share this post


Link to post
Share on other sites

German banks lent Greece money they knew couldn't be repaid with no collateral.

Germany has now decided it wants to asset strip Greece rather than admit to its taxpayers that its banks are bust.

Who knew.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 285 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.