Checking the Vaults: Germans Fret about Their Foreign Gold Reserves

[sysop]

A large portion of Germany's massive gold reserves are stored abroad, mainly in the Federal Reserve in New York. But are the bars really where they are supposed to be? A dispute has broken out over whether the central bank needs to check on its gold, or if Germany can trust its international partners.

http://www.spiegel.de/international/...833289,00.html

[GeorgeHilbert]

sysop has made a good point in posting this. Given the U.S. federal government bureaucrats' history of stealing from their own citizens, why shouldn't Germans worry about the assets under the custody and control of these known thieves?

[Mark_Matis]

GeorgeHilbert! The recent incident of MF Global absconding with their customers money, in direct violation of US Securities and Exchange Commission (SEC) regulations, as well as the regulators' refusal to even arrest John Corzine for that theft, shows there is no longer Rule of Law in the United States. Only a fool would trust any US financial institution these days. Hopefully Germany's leaders are not fools...

[docmoriarty]

Oh thats too cool, i didn't know German Gov is soooo ... <censored>.

Knowing that FED is a private and completely intransparent bank, not needing to report to anyone (except its owners), i'd say Germany can kiss it's gold reserves good bye, especially in the case that we ever get a reasonable government which opposes the ruling oligarchy.

I didn't know this but this is certainly one more of the crimes committed by German govt.

[teaplus1]

For centruies, Gold had been or had been the roots for the currency circulated in the market. Gold naturely is the currency, which naturely control the inflation, however, the limited amount of gold cap the development of the internation business. But the total abandont of the Gold currency value is neither a solution.