It seems odd that Germany wants its
gold from the Fed in seven years. Why not today? Germany must know the Fed doesn't have the gold.
"The Netherlands and Azerbaijan are also discussing repatriating
their foreign gold holdings. And every month, we hear about central
banks increasing gold reserves. The latest are Russia and Kazakhstan,
but in the last year, countries from Brazil to Turkey have been
adding to their gold holdings in order to diversify away from fiat
currency reserves.
And don't forget
China. Once the biggest purchaser of US bonds, it is now a net seller
of Treasuries, while simultaneously gobbling up gold. Some sources
even claim that China has unofficially surpassed Germany as the
second largest holder of gold in the world."
The fiat money system is falling apart. We may look back at this request from Germany as point at which western elites admitted it was all over.
"While private
investors and even the Fed might be deluding themselves into believing
US bonds are still a viable investment, Germany's repatriation news
makes it clear that foreign governments are no longer buying the
propaganda. And why should they? If anyone should appreciate the
real constraints the US government is facing, it is other governments."
It looks like Schiff believes the same.
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