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The effect of bond issuance by a gov't entity is to take cash out of circulation. So the first concern of the operators may have been to use the debt instruments as a way of taking excess liquidity out of the the global market in dollars, to contain inflation.
Secondly, since gold can be leveraged, in the same way that loans against bank capital/reserves can't be lent at multiples, the USD 400 trillions represented by gold certificates was backed, for argument's sake by USD 40 trillion in gold.
If we divide this into the price/oz. of gold we come up with a number... You do it, but it vastly exceeds the value of Treasury gold holdings of the same period.
What was the price of gold c. 1990? The same price it is today, BUT IN 1990 DOLLARS.
The effect of selling leveraged paper gold debt certificates would have been twofold, I think:
1) a decrease in the price of gold
2) an revaluation of the dollar.
This is what happened.
The story goes that sovereign representatives were required to put up as much as half the purchase price of the bonds in gold. The argument for this: that as gold fell in price, they had locked in the earning power of a "barren asset" which would automatically leverage up as the price in gold was slated to fall.
So let us not be so quick to exonerate the buyers of these certificates as victims of a scam. As the saying goes, "You can't cheat an honest man."
So I will not address the honesty or legality of these transactions per se.
Was the original purpose of this "op" both to shore up the dollar AND manipulate the gold market in a way that would permit the Fed/Treasury to strengthen its gold holdings? Was there a plan to accumulate gold reserves at a falling price while inflating dollar aggregates which mysteriously never reflected the hyperinflationary rate of fiat issuance?
Most importantly, did it work? And are all those recently acquired gold reserves now being held off the books of the Treasury?...
Revealing - as always - I might say. Thank you! See now what Chapman wrote on that all:
"...There is absolutely no question that America is being deliberately being dethroned from its perch as a financial, economic and military colossus.
This just didn't happen over the last 10 years. It began in 1963 when we began the GATT round of trade talks and through free trade and globalization we are close to seeing that Illuminist dream become reality. The plan is to switch power to Europe via the euro and that is already well underway. The emergence of China and Asia over the next 25 years will only be tolerated to an extent.
Orders will come out of Europe..."
"...For America and the world economic property does not lie immediately ahead. Ninety percent of the people in the world are about to lose part or all of their assets..."
We told y'all so many months ago. If VK Durham is correct, the Euro was underwritten with dollar/debt, some (if not "80%") COUNTERFEIT. This has made some campers very unhappy. No worries, mate. Just hit 'em with "strange weather."
BTW: Chapman knows about HAARP. Says it will be four times bigger by 2006 and the largest of its type worldwide. Semipalatinsk is probably being upgraded in parallel.
Watch for "perfect storms."
Chapman continued:
"...Since 1913, our monetary policies have been a disaster except for the elitists, which it serves. The elitists� policies and the profligate political leadership of the past have put into action a calamitous chain of events that are in the process of destroying our financial system. Our intellect tells us we unfortunately must be pessimists, prepare you for the coming depression, and help you survive it financially and physically intact. We may see the dollar totally destroyed and that is why it is so very important you own gold and silver coins and shares.
Economists speak in terms of changes in policy at the Fed. The Fed is the problem. You have to think outside the box. You have to demand the end of the Fed, its duties to be assumed by the US Treasury. The Fed has no more objectivity than the Treasury. At least at Treasury what they do can be controlled by law. No one except the Fed controls the Fed and the Fed controls our lives.
Today in order to stop the financial massacre we are facing we must reascend into protectionism. It would save our economy and preserve us from third world status.
Moreover, if you think that cannot happen you are very mistaken. This is what this is all about, the neutralization of America as a world power. The system, as we now know it, has to be purged and that includes free trade and globalization. Who cares if exporters to America, like China and Japan, get hurt. We have supplied them with an excellent living for a long time. So what if they put tariffs on our goods. They will be the losers, not us. Besides, we export so few products today it would be no great loss. Tariffs imposed by the US would bring all those industries and outsourced jobs home where they belong not in the back pocket of some transnational corporation headquartered in Bermuda or Barbados.
Those who favor a gradual abandonment of monetary policies and an orderly readjustment of unhampered market conditions are living in a make believe world. There is absolutely no chance of that happening.
The Fed is in a mode of planned destruction in order to implement world government. The Fed is a main part of our problem and it can never be the solution. Foreigners should take notice because this is the same Fed that wants you to take 70% losses on your dollar holdings. This is the same group of insider elitists who have gotten you to sell all or almost all of your only real asset, gold..."
"...Wake up world, you are getting screwed. Unless, of course, you like allowing Americans to live in luxury as you lose your assets on loan to those voracious consumers..."
