‘Repatriate the gold’: German economists advise withdrawal from US vaults
(www.theguardian.com)
from MicroWave@lemmy.world to world@lemmy.world on 24 Jan 10:50
https://lemmy.world/post/42086040
from MicroWave@lemmy.world to world@lemmy.world on 24 Jan 10:50
https://lemmy.world/post/42086040
Shift in relations and unpredictability of Donald Trump make it ‘risky to store so much gold in the US’, say experts
Germany is facing calls to withdraw its billions of euros’ worth of gold from US vaults, spurred on by the shift in transatlantic relations and the unpredictability of Donald Trump.
Germany holds the world’s second biggest national gold reserves after the US, of which approximately €164bn (£122bn) worth – 1,236 tonnes – is stored in New York.
Emanuel Mönch, a leading economist and former head of research at Germany’s federal bank, the Bundesbank, called for the gold to be brought home, saying it was too “risky” for it to be kept in the US under the current administration.
#world
threaded - newest
The U.S is definitely gonna steal that gold
I want to see him try that. The moment he puts his filthy hands on someone else’s gold, the dollar will collapse. No ifs, no buts, the moment he tries to steal part of the gold he has stored there, everyone will want their gold back and, while at it, they’ll cash any bonds they have.
If you can’t trust that country to mantain such important agreements, you can’t trust it with anything. He’ll bankrupt the country in no time.
it is hard to find now because of this storey but I swear there was a story about a decade ago that the US did not allow Germany to see their gold.
They asked, and were refused, in 2012 according to this article: https://www.firstpost.com/explainers/germany-gold-reserves-us-storage-repatriation-concerns-13878824.html
Heck, it wasn't even a Republican government at the time. That gold is gone.
Yes…but that obese child rapist is a narcissistic imbecile who can’t understand the basics. Plus he is probably too far gone with dementia to understand even if he wanted to.
The regime’s been hinting at wanting to change the gold price to try and help the freefalling debt crisis…
They can (legally) simply revalue the gold in stock by declaring it to have a new arbitrary value, but hold a provision for international customers and declare they did not deposit in weight value but in gold value at the date of entry… which will rob them of any of the current price increase… So trump will tell Germany “you deposited $30 million before 1970, you get $30 million back from us now.”
You seem to be under the impression he care’s about America or it’s economy.
He only cares about appearances. If they have an opening where they can spin it to a positive, they will take all the gold.
That would blow up the world financial system, like actually. Not to say he wouldn’t do it but that the consequences of doing so would be World historical in nature. I think he already borked European alliance. Greenland was a step too far and now they’re serious about decoupling, and not to slowly either
EU itself has already done something similar to Russia, it’s not some unthinkable act. I don’t think it would be any more “world historical” from Trump then threatening to annex Greenland. It would be a shitshow for sure, though.
Can you please provide clarification and souce of your claims around EU and Russia.
EU froze (i.e. refuses to return) over 200 billion euro of various russian assets. They are also considering “appropriating” it (i.e. spend it however they wish). Wiki article has some details about this: en.wikipedia.org/…/Confiscation_of_Russian_centra…
Dear Friedrich:
Considering your Country decided not to join my Great Board of Peace, the greatest Global institition for Peace ever, I no longer feel any obligation to hand over your gold reserves, which by the way would look much better in my Ballroom anyway, which will be the most prestigious and BIGGEST Ballroom there ever was in History.
Germany cannot protect that Gold from Russia or China and there are no written documents, it’s only that some guy with a funny accent delivered some gold a while ago and we kept it so why do you have a “right of ownership” anyway?
I have done more for Gold than any other person since it was invented, like thousands of years ago, and now, GOLD should do something for me.
Thank you for your attention to this matter!
President DJT
I hate how realistic that sounds
Way too coherent and too little self-sidetracking to originate from Don Cheeto.
“THANK YOU FOR YOUR ATTENTION TO THIS IMPORTANT MATTER. Covfefe.”
Covfefe? I haven’t heard that name in a long time.
Well I’m sure the dollop of fermented meat in charge won’t try something as someone takes back his favourite coloured metal
Huh, TIL that Germany has such a big gold reserve - 75+% - and stores half of it abroad. Most of that half in the US 🤦
The Eurozone’s gold reserves are much larger btw.
Is the USA collapsing in real time? Serious question. Denmark dumped treasury bonds, and then a Swedish pension fun dumped a billion of them, now the former research head of Germany Central Bank is saying physically move the gold to Germany
That actually looks like a Speedrun to it honestly.
Seriously. Took Rome over a hundred years to have their Republic fall from when it started tumbling. We’ll be lucky if it takes us 2 decades
Pretty much, yes. But don’t worry, it’s not like Trump passed massive tax cuts in his last term that have left the US over leveraged with >100% of GDP in debt and a $1.6T deficit or anything that leaves the US particularly vulnerable to bond sell offs.
What’s that? Oh. Well at least there isn’t some sort of financial bubble waiting to burst and take the economy with it at the same time.
Sorry, hang on a second, just getting some news through… Oh. Oh dear. Oh well, it was nice while it lasted. Well, it was sort of OK for bits of it anyway.
By the time it actually happens there might be a democrat in charge again who can get all the blame…
Bold of you to assume there will be future elections.
reuters.com/…/trump-tells-christians-they-wont-ha…
You don’t even have to reference an article from a year ands half ago.
He literally suggested last week that he would cancel the midterms.
It shows intent from all the way back then.
That’s why I wrote might
Don’t forget about China selling their US bonds off, not too long ago, in what was a “yippy” move from the market.
I was in a band by that name. Mostly ABBA covers and very angry punk.
I think I saw a movie with that title a long time ago.
With a lot of attractive young people playing volleyball?
It’s wild to consider it, but we may be.
The massive escalation in tactics over the last month tells me that the US’ finances may be significantly worse than we know, with the desperation to seize mineral resources, even in the knowledge that diplomatic cooperation could achieve the same ends.
I don’t know what there is that we wouldn’t know, unless smart economists have been quietly panicking over some academic reason to be afraid for the stability of the US and are confident in their predictions
The refusal of the Donald admin to release objective economic data seems to me to be a fairly strong indicator that things are worse than we know.
Yes, the spiral has been going on for awhile now.
Fortunately for the US, only one small Danish pension fund. Not the whole country. But one can guess that despite the event being small, people aren’t currently clawing to have US treasury bonds anywhere.
if i could move my money i would..
I hope there is some of Germany’s gold left. If not, at least grab a wall sconce on your way out.
The gold was kept in New York because of fears it might be seized by the Soviet Union during the Cold War. I guess Russia is not as problematic now as the former ally.
I think its mostly that Russia has proved its just not a major threat. Yes Ukraine is getting weapons and funding from many other countries but the fact is if Russia had a fraction of the power we thought they did for a long time the qar would have been over before the aid even made it to the country.
Also the Soviet Union during the Cold War was much closer than Russia is today. Part of Germany was under Soviet control, and the Western capitol was Bonn, several hundred kilometers from the border. Modern Russia is a bit further than that, with a whole county between them.
HAHAHA they still think its there.
“OUR GOLD, at this time of year, at this time of day, localized entirely to your vaults?”
“Yes!”
“Can I see it?”
“No.”
And now!?!!?! Of all times, they should have done it on Biden’s presidency. Does anyone believe Trump will just agree like that. The guy is going to use it as hostage.
Doo itt!!!
Good idea, but might have to come in like France did in 1971 (they rolled up to NY harbor in a destroyer). For some reason I don’t think it’ll work like it worked for de Gaulle.
WTF happened in 1971‽‽
Damn. Not just one interrobang, but two?
Nixon fucked the world through the dollar.
In short, the world is paying the US to fuck around, since Bretton Woods replaced gold with the the USD, meaning that the US gets unlimited money while they get to spread their inflationary pressure around the world.
Charles de Gaulle, president of France at the time wasn’t as stupid as most world leaders, and ended up preserving at least some semblance of fiscal independence by smuggling the French gold back from the US.
One way of looking at it is that we literally cannot afford war. I mean moneywise. Nixon removed the dollar from the gold standard in order to finance the Vietnam war, which the US lost in the military sense but won in the sense of the military industry making a whole lot of money. Literally more money than was even possible.
Everyone should do this. Trump has sticky fingers, and it is inevitable for them to wander to places unwanted.
What gold ?
Not only have we never seen your gold, Dear Leader is now several billion dollars’ worth of gold richer. Coincidentally
Friedrich Merz is too much of a coward to do anything remotely courageous like that.
Trump hid it particularly well. He melted down the gold bars to hang them as picture frames and other knick-knacks in the new ballroom. Thank you, Donald, for hiding the German gold so safely.
American Jew here… Toss your witcher some reparations coin? Or am I thinking of the Swiss?
Can’t. Got melted down for gold crappers