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Politics : Dutch Central Bank Sale Announcement Imminent? -- Ignore unavailable to you. Want to Upgrade?

To: Hawkmoon who wrote (6291)	6/13/1999 5:12:00 PM
From: Francis R. Biscan Jr.	Read Replies (1) \| Respond to of 81102

Hi Ron, Funny....just after I posted to you, Ram put up this link over on the gold thread. It's a we bit old but still reflective. mbendi.co.za What I see from this is that the CB's have been loosing the power to control gold and therefore currencies for many years. It is just accelerating now for a number of reasons. Two main points from the article are "Central banks, which once were the loudest quackers for gold, now sometimes feed the other ducks whether they are quacking or not. They have done this to the extent that central backs now hold only 30 percent of the world's gold and the public holds 70 percent. In 1950, the percentages were almost the reverse. What this means is the power of central banks to influence the gold market the next time the ducks are quacking will be far less than in the 1970s" and "We have all seen the tragic consequences in Albania of a collapsing inverted pyramid scheme. But what greater inverted pyramid could there be than to pile, on top of $90 billion of gold reserves, another $400 billion of federal reserve credit, $5 trillion of M3 and $19 trillion of public and private debt?" These numbers are about two years old and I am sure conservative. Because they have less gold, especially in relation to total debt, when things really start to unwind, they will not be able to "control" things at all. Rich