Sunday, November 29, 2009

60 Minutes - Gold and Greed in the Congo…

Interesting what happens when the people fail to establish the rule of law in their own country. The disparity is simply amazing…

First we had blood diamonds and now we have blood gold? Seems like a stretch for 1% of world production, but you have to wonder what they will be doing when gold hits $4,000 an ounce?

Congo’s Gold (13 minutes):

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Greed and Chaos (1 minute):

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Uranium for Sale (2 minutes):

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With conditions like these I would venture a guess that the IMF has been involved! So, I simply Googled the phrase “IMF loans to Congo,” and sure enough, there it was, right from the IMF’s own site… IMF Approves Three-Year Loan for the Congo . Now, that was in the late ‘90s and they haven’t lent any more since, and the Congo hasn’t asked! But if you follow the IMF and their loans from Nigeria to Romania, to Iceland, you will find a trail that simply cannot be termed a trail of success. Give it a whirl, type in IMF and just about any country in the world and start reading.

It’s simply amazing how a group of bankers can anoint themselves the bankers of the world, create money from nothing and wind up being the world’s third largest holder of gold? Gee, how did that happen?

How the IMF acquired its gold holdings
The IMF acquired the majority of its gold holdings prior to the Second Amendment through four main types of transactions.
- First, when the IMF was founded in 1944 it was decided that 25 percent of initial quota subscriptions and subsequent quota increases were to be paid in gold. This represents the largest source of the IMF's gold.

- Second, all payments of charges (interest on member countries' use of IMF credit) were normally made in gold.

- Third, a member wishing to acquire the currency of another member could do so by selling gold to the IMF. The major use of this provision was sales of gold to the IMF by South Africa in 1970–71.

- And finally, member countries could use gold to repay the IMF for credit previously extended.

In other words, the IMF loans interest bearing debt backed money into existence to countries (who gave them that authority to mint money, did you?), money that they have no productive effort behind, and then they accept gold in repayment! Nice trick!

So, while the rest of the world quickly goes broke, the IMF is quickly concentrating the gold in its possession. By the way, who owns the gold in Fort Knox? Do you, the People of the United States of America, or do the privately owned central bankers? If you think it’s you, how come we are doing gold swaps with other nations? Who exactly is authorizing those transactions? The Fed? Who is the Fed?

Tell you what, there IS a better way, and guess what… it’s NOT a currency backed by gold.