Germany appears to be waking up to a reality for which central banks around the world have been preparing: the dollar is no longer the world's safe-haven asset and the US government is no longer a trustworthy banker for foreign nations.
The whole situation mirrors the late 1960s, during a period that led up to the "Nixon Shock."
the world began to realize the system was unsustainable, and many suspected the US was not serious about maintaining a strong dollar. West Germany moved first on these fears by redeeming its dollar reserves for gold, followed by France, Switzerland, and others. This eventually culminated in Nixon "closing the gold window" in 1971 by ending any link between the dollar and gold. This "Nixon Shock" spurred chronic inflation throughout the '70s and a concurrent rally in gold.
Unlike the '60s, today there is no official gold window to close. There will be no reported "shock" indicator of a dollar flight. This demand by Germany may be the closest indicator we're going to get. Placing blame where it's due, let's call it the "Bernanke Shock."Om hvorfor Tyskland gir USA 7 år på å levere tilbake gullet sitt:
perhaps Germany politely asked for a seven-year timeline in order to allow the Fed to save face, and to prevent other depositors from clamoring for their own gold back - a 'run' on the Fed.Om FEDs såkalte "exit strategy":
the Fed isn't harboring some ingenious plan for raising interest rates while successfully selling back its worthless mortgage and government securities. Instead, the Fed is like a drug addict making any excuse to get its next fix.Jeg liker Schiff veldig godt. Schiff var en en av de som fikk meg interessert i den østerrikske skole. Han kan være litt vel ivrig i debatter og avbryte alle andre i tide og utide, men la gå, denne mannen er uansett uendelig mye mer oppegående enn de fleste han diskuterer med. Her er et ferskt intervju med Schiff i regi av Casey Research: