re: Empty gold vaults...
zerohedge.com
What's your paper gold worth, when the music stops and
their vaults are empty, or they can only deliver 1 ounce
for every 10 promised?
What did Rob McEwen say?
Rob McEwen: "OTC derivatives have multiplied wealth like
a fractional reserve banking system, but they’re hollow.
When someone can no longer provide a guarantee, the system
collapses or at least part of it does. Investors and the
public have been too cavalier in their approach to risk."
"When they can no longer provide a guarantee, the system collapses."
How much were the guarantees, CDO's, swaps, and insurance policies
that were backed by AIG worth when the system collapsed?
"0"
Until the government bailed them out.
But gold bugs aren't Goldman, so I wouldn't be betting the
farm on a bailout.
And speaking of cash, how much cash does the FDIC have left?
So what's their guarantee really worth?
Why did the US Treasury end their money market guarantee program?
And why are they talking about converting privately owned
401K's and IRA's into government annuities?
How about the PBGC, the Pension Benefit Guarantee
Corporation, what's their guarantee worth?
So why are they pressuring pension funds who are hopelessly
underfunded, and backed by a bankrupt PBGC, to invest what
cash they have left into bankrupt banks?
And why are the banks issuing notices to customer that they
reserve the right to hold all deposits for seven days?
Who received the $23.7 trillion in bailouts, backstops,
and guarantees?
-- the banks.
Who's hoarding all the cash and getting paid to park
it at the Fed?
-- the banks.
Who's offloading all their bad debt and toxic mortgage
paper onto the taxpayers back?
-- the banks.
Who will be in position to step in and buy up assets
for pennies on the dollar when the music stops?
-- the banks.
And who controls the music?
SOTB
"When the music stops, and stop it will,
he who holds the most paper, will become
the biggest loser."
Trade paper to accumulate physical. |
