Ohhh TommyJo

[GURPS]

Glenn Beck AND Zero Hedge

‘CATACLYSMIC’: WHAT YOU PROBABLY DIDN’T KNOW ABOUT GERMANY GETTING ITS GOLD BACK FROM THE FEDERAL RESERVE


Beck referenced a report from Zero Hedge indicating the initial gold returned to Germany by the United States “didn’t have the stamp on it.” The Federal Reserve reportedly said it had to melt down the gold for transport.

But one other explanation, Beck noted, could be that the Federal Reserve has already used or sold Germany’s gold, and is now scrambling to replace it.

“You melted it down years ago,” Beck said, returning to his analogy. “…And now when I ask for my wedding ring back, you send me somebody else’s wedding ring. You went out and bought a wedding ring. Yes it’s gold – gold is gold – but what is it you’re doing?”

and TJ try to provide some cognizant FACTS not rantings about Zero Hedge and The Blaze


I know it is asking a lot ...

 

[b23hqb]

Rehypothecation is what it is all about these days:

A dummy's guide to the word:

Rehypothecation of Collateral

A whole lot like our governmental spending.

 

[LibertyBeacon]

Plot twist: Israel has the gold.

 

[tommyjo]

and TJ try to provide some cognizant FACTS not rantings about Zero Hedge and The Blaze


I know it is asking a lot ...

Here's a quote from your "news" source:

“Subprime crisis, do you remember that?” Beck asked. “Imagine that crash on a global scale, and instead of houses it’s gold, which backs all of our money, and gold that is not really owned by anyone. Our money becomes worthless.”

Um...well...gee...the US dollar hasn't been backed by gold SINCE 1971!!!

Or how about this piece:

Beck referenced a report from Zero Hedge indicating the initial gold returned to Germany by the United States “didn’t have the stamp on it.” The Federal Reserve reportedly said it had to melt down the gold for transport.

Now anyone who bothered to go look at the post on ZeroHedge would read this reply from the Bundesbank:

In cases where these specifications were not already met, the Bundesbank had these original gold bars melted down and recast in order to meet this standard. This was achieved without any difficulties.

Any melting and recasting was done at the behest of the Bundesbank...not, as Mr. Beck proclaims, because the Federal Reserve "had to".

There are no facts in your Blaze posting....just more conspiracy nonsense...as usual, your source sucks!

 

[tommyjo]

Glenn Beck AND Zero Hedge

and TJ try to provide some cognizant FACTS not rantings about Zero Hedge and The Blaze


I know it is asking a lot ...

Ok...so let's continue:

Here's another quote from the Beck article:

Beck noted that details are scarce and virtually impossible to confirm, but speculated: “I think this is your first real indication that there is no gold. There is no gold in Fort Knox. There is no gold in the Federal Reserve.”

The details are scare and virtually impossible to confirm?! Which means Mr. Beck has no proof, confirmation that ANYTHING in this article is true...but you take his conclusions (BASED ON NO FACTS) as gospel.

And one more from the Beck article:

Germany has had billions of dollars worth of gold in the Federal Reserve for decades, but announced last year that it would like at least a percentage of it returned by 2014, and more in subsequent years. The initial request generated massive international speculation, but the actual return so far has been less publicized.

"Massive international speculation"? How? Where?

Has the price of gold shot up? No it was down over 20% in 2013.

Has the value of the dollar collapsed? No...it is up against all major currencies...

Has the media been "ablaze" with this horrific story? No...the only articles about it almost a year old:

Bundesbank to Repatriate 674 Tons of Gold to Germany by 2020 - Bloomberg

Even your own horsesh!t source saw no issues with this when The Blaze reported the news back on 1-16-2013:

Germany Decides to Bring Gold Stored in U.S. & France Back Home | TheBlaze.com

This is worth noting from the prior Blaze article:

Frankfurt will hold half of Germany’s 3,400 tons of gold by 2020, with New York retaining 37 percent and London storing 13 percent.

So the US will continue to hold the largest reserve of German gold that is held outside of Germany? Doesn't quite fit with Mr. Beck's current propaganda, does it.

Enough facts for you?

 

[GURPS]

I am very skeptical .... that is why I post articles


FOR DISCUSSION ........ not seagulls


but thanks for playing today

 

[aps45819]

This seems very much like a non issue.

If I deposit cash at the bank I wouldn't expect the get the same bills back out

If several people (countries) throw their gold in the same vault why would you care if you got the exact same bar of gold back out?

 

[LibertyBeacon]

This seems very much like a non issue.

If I deposit cash at the bank I wouldn't expect the get the same bills back out

If several people (countries) throw their gold in the same vault why would you care if you got the exact same bar of gold back out?

This issue alleged is that you can coat tungsten in gold plate.

That said, tommyjo's refutation of this terrible piece of journalism is spot on. I stopped reading at the part where it was alleged that gold backs our money. If Beck gets this that wrong, of course nothing else should be trusted and it should be rejected wholesale. This is classic Beck style though.

I hope gurps was just trolling tommyjo and didn't put too much stock in this.

Somewhat related: IMO the best kept tourist secret in New York City is the gold vault at the New York Fed. Reservations are required, but it is open to the public. I highly recommend going. The tour guides answer a wide variety of questions, even had a sensible conversation with him about Ron Paul. You can see the proverbial metric ####ton of gold. The only thing they will not answer is which cage belongs to which country. I think I had Germany's cages identified though ;-)

You can of course handle a few bars of gold, and you get to see the two scales they use to weigh gold demonstrated.

 

[itsbob]

This issue alleged is that you can coat tungsten in gold plate.

That said, tommyjo's refutation of this terrible piece of journalism is spot on. I stopped reading at the part where it was alleged that gold backs our money. If Beck gets this that wrong, of course nothing else should be trusted and it should be rejected wholesale. This is classic Beck style though.

I hope gurps was just trolling tommyjo and didn't put too much stock in this.

Somewhat related: IMO the best kept tourist secret in New York City is the gold vault at the New York Fed. Reservations are required, but it is open to the public. I highly recommend going. The tour guides answer a wide variety of questions, even had a sensible conversation with him about Ron Paul. You can see the proverbial metric ####ton of gold. The only thing they will not answer is which cage belongs to which country. I think I had Germany's cages identified though ;-)

You can of course handle a few bars of gold, and you get to see the two scales they use to weigh gold demonstrated.

I used to live across the street from the Ft Knox depository, and at times was part of the reactionary security force for the depository, but none of us were ever allowed in or given tours...

 

[LibertyBeacon]

I used to live across the street from the Ft Knox depository, and at times was part of the reactionary security force for the depository, but none of us were ever allowed in or given tours...

Good stuff, but too bad they didn't let you see what you were charged with guarding.

The NY Fed holds more physical gold than anywhere else in the world, but only a small portion of it is U.S. holdings. Most U.S. holdings are at Ft. Knox, so that may be the difference in security posture. The NY fed holds other sovereigns gold as a gesture of good will. They charge nothing to hold it, and only 50 cents per bar to handle it -- meaning either moving it in our moving it out.

It is really impressive how much gold is there.

There's also ~$150 million in cash you can see there. Sometime in the 1990s, cash operations were moved from lower Manhattan to New Jersey. But after 9/11 the bridges were closed and it turns out there was considerable trouble getting paper in to refill ATMs and whatnot. So there is a contingency reserve in the gold vault for these types of emergencies.

This is all public information, as they are sure to tell you on the tour.

 

[mamatutu]

I

Good stuff, but too bad they didn't let you see what you were charged with guarding.

The NY Fed holds more physical gold than anywhere else in the world, but only a small portion of it is U.S. holdings. Most U.S. holdings are at Ft. Knox, so that may be the difference in security posture. The NY fed holds other sovereigns gold as a gesture of good will. They charge nothing to hold it, and only 50 cents per bar to handle it -- meaning either moving it in our moving it out.

It is really impressive how much gold is there.

There's also ~$150 million in cash you can see there. Sometime in the 1990s, cash operations were moved from lower Manhattan to New Jersey. But after 9/11 the bridges were closed and it turns out there was considerable trouble getting paper in to refill ATMs and whatnot. So there is a contingency reserve in the gold vault for these types of emergencies.



This is all public information, as they are sure to tell you on the tour.

All the gold in Fort Knox and elsewhere is not going to save America from declining. I equal that gold to all the blood, sweat, and tears that built our great country, which is being torn down by usurpers, liars, and terrorists. Sad state of affairs, indeed. It comes down to the old adage that money cannot buy you happiness, much less the pursuit of life and liberty.

 

[LibertyBeacon]

I

All the gold in Fort Knox and elsewhere is not going to save America from declining. I equal that gold to all the blood, sweat, and tears that built our great country, which is being torn down by usurpers, liars, and terrorists. Sad state of affairs, indeed. It comes down to the old adage that money cannot buy you happiness, much less the pursuit of life and liberty.

"Old adage" is redundant. "Adage" by itself will suffice.

/pedant

 

[GURPS]

I used to live across the street from the Ft Knox depository, and at times was part of the reactionary security force for the depository, but none of us were ever allowed in or given tours...

that was last opened in the 1970s's

When was the last US fort knox gold audit?

1974- From Numismatic News: Recognizing Rep. Philip M Crane, R-Ill., I asked
him why he had suggested a tour of Knox. "I suggested it because of rampant rumors that significant portions of our gold reserves were gone," he replied. "I suggested it to William Simon [Secretary of the Treasury] because, if coupled with an audit, would serve to help gain confidence in the monetary system. "I'll be satisfied with the audit," he said, noting that there was a previous one in 1953, just after President Eisenhower took office. Crane noted he had held one of the 400-ounce brick (approximately 27 pounds) and noted its worth of $65,000 on the free market.



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