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  • Originally published 08/12/2014

    Central Bank Theater

    Liberty and Power

     As the curtain rose on the economic stage, it revealed politicians and central bankers hand-in-hand, ready to act out a farce. A June 23rd article in Bloomberg constituted the first review. It opened, “Germany has decided its gold is safe in American hands.” The gold in question is the massive German reserve that is allegedly stored at the Federal Reserve Bank of New York (NY Fed). On January 16, 2013 Germany’s central bank, the Bundesbank – or BuBa to its critics -- announced an intention to repatriate a sizable portion of its gold from the NY Fed by 2020. But, now, the government's budget spokesman Norbert Barthle declared, “The Americans are taking good care of our gold. Objectively, there’s absolutely no reason for mistrust.” Objectively, there's no reason for trust.