Guest Author - Tony Daltorio
There was major news out this week as the International Monetary Fund (IMF) announced that they were selling 200 tons of gold to the Reserve Bank of India. India has joined China and other nations around the globe in diversifying out of the US dollar as quickly as possible.
That leaves only 203.3 tons of gold left that the IMF wants to sell. Look for China, who is trying to get rid of dollars as fast as they can, to be an anxious buyer and step up to the plate and purchase the remaining gold.
The key takeaway here is that many nations, particularly in Asia, realize that the US dollar is quickly turning to toilet paper as the Federal Reserve continues to print trillions of dollars out of thin air.
It seems that the only people who don't "get" the appeal of gold are the economists and the numbskulls on Wall Street and in Washington, who still consider gold to be a "barbarous relic". Obviously the Asians do NOT think so.
Instead of doing something wise and prudent in the US, instead here we have the "every man for himself, get rich quick and just screw everybody else" type of mentality.
The poster child for the "new" America is once again Goldman Sachs. Traders at Goldman Sachs made $100 million in profits on 36 of the 65 days of the third quarter. And - they recorded only one daily trading loss in the third quarter. This is an impossibility in a normal, non-rigged market!
According to the superb investigative report from McClatchey, in 2006 and 2007, Goldman Sachs KNOWINGLY distributed $40 billion in supposed AAA mortgage-backed securities that their 'snake oil salesmen' sold to investors such as pensions funds and foreign banks all around the globe.
Meantime, Goldman KNEW these securities were really worth something between dead carp and dog crap. And they "bet" massively against their own customers in the CDS (credit default swaps) market without telling the clients who bought that junk they were doing that.
In the old America, this would be considered out and out fraud.
But in the new America, luckily for Goldman Sachs, it has run the executive branch of the US government (and much of the legislative branch) for many years. So Goldman Sachs has nothing to fear - there will be NO repercussions.
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