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Berlin, Ramadan 23, 1432, Aug 23, 2011, SPA -- A leading member of Chancellor Angela Merkel's

government called Tuesday for cash-strapped eurozone members to use

their gold reserves as collateral for any future bailouts, according to dpa.

Labour Minister Ursula von der Leyen said in the future that money

from the European Union-led rescue fund should only be paid out when

the states receiving the assistance provided collateral.

Von der Leyen believes that the gold reserves and industrial

holdings held by many nations could be used as collateral for loans,

according to information from German public television.

The Labour Minister, who is a vice president of Merkel's

conservative Christian Democrats (CDU), is also member of a special

new CDU party commission set up to review the debt crisis gripping

parts of the 17-state eurozone.

The commission was established following conflict within the ranks

of the CDU over how to deal with the financial problems facing

members of the currency bloc.

Von der Leyen's comments also came amid signs of fresh tensions

among eurozone members over the 109-billion-euro second rescue

package for Greece, which is due to be pieced together next month.

About five eurozone states, led by Finland, have been calling for

Greece to provide collateral before agreeing to the second bailout

out.

The price of gold has surged this year amid a flight to safety by

investors unnerved by the turmoil in share markets, which has been at

least in part triggered by the eurozone debt crisis.

Gold climbed to a record high Tuesday, when it breached the key

1,900-dollar an ounce mark.

Linky http://www.spa.gov.sa/English/cdetails.php?id=919977&catid=11

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So, can somebody remind me - what is the purpose of countries owning gold...?

Puts on a good display. Visible sign that the royalty are so much richer than the plebs, and something for the latter to aspire to.

Oh, wait ...

It's all hoarded by dragons these days. Except perhaps in India, where I hear they still like to display jewelry ... :huh:

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Interesting...

In 1940 many European states shipped their gold to the UK to try and save it from the Nazis. Alas, the Nazis got a lot of it before it reached the UK.

In turn, we also shipped a lot of our gold to Canada and, in payment for ships, food, tanks and stuff, to the US. The Yanks, in particular, were very keen to get their hands on our gold.

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Interesting...

In 1940 many European states shipped their gold to the UK to try and save it from the Nazis. Alas, the Nazis got a lot of it before it reached the UK.

In turn, we also shipped a lot of our gold to Canada and, in payment for ships, food, tanks and stuff, to the US. The Yanks, in particular, were very keen to get their hands on our gold.

Yep apparently its all in Fort Knox with lots more nobody can actually vouch for it or even photo it but Its there because the Yanks say it is :D

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Yep apparently its all in Fort Knox with lots more nobody can actually vouch for it or even photo it but Its there because the Yanks say it is :D

I wonder what chances any ship carrying gold from the BOE to Venezuela has of ever getting there?

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So, can somebody remind me - what is the purpose of countries owning gold...?

I wish somebody could provide a logical explanation for this one.

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I wonder what chances any ship carrying gold from the BOE to Venezuela has of ever getting there?

I hear Goldman Sachs is handling the transaction.

giant%20octopus.jpg

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Yep apparently its all in Fort Knox with lots more nobody can actually vouch for it or even photo it but Its there because the Yanks say it is :D

In Goethe's Faust, Mephistopheles persuaded the Emperor to issue paper money: IOUs backed by the country's as-yet-unmined gold that rightfully belonged to the crown. Boom and bust followed.

That was more than 200 years ago. Long before Keynes&co.

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So, can somebody remind me - what is the purpose of countries owning gold...?

To prove they have REAL honest money tucked aways, as well as the printed stuff that is used as a means of exchange.

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Interesting...

In turn, we also shipped a lot of our gold to Canada and, in payment for ships, food, tanks and stuff, to the US. The Yanks, in particular, were very keen to get their hands on our gold.

It is interesting indeed.

Because at the end of the day, you can't eat gold or drop it on anyone with great effect.

Tins of spam were the real gold in WW2. Russians could not have defeated Germany without it,

Russians during the siege of Leningrad were eating wallpaper for the fibrous material in the paste. A tin of spam, brought across the road of life, was heaven sent.

The way things are going, people are going to make a choice between banks and food. And you can't eat money.

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It is interesting indeed.

Because at the end of the day, you can't eat gold or drop it on anyone with great effect.

Tins of spam were the real gold in WW2. Russians could not have defeated Germany without it,

Russians during the siege of Leningrad were eating wallpaper for the fibrous material in the paste. A tin of spam, brought across the road of life, was heaven sent.

The way things are going, people are going to make a choice between banks and food. And you can't eat money.

Gold ultimately is meaningless unless you want a see through metal.

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The way things are going, people bankers are going to make a choice between banks and food. And you can't eat money.

Indeed.

(original quote corrrected for you.)

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  • 284 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%



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