Beyond The Pale

288
Wed, Oct 19, 2011 - 10:27am

I was going to write about this yesterday but got sidetracked by the CFTC stuff. I could not wait any longer to post it because, frankly, this story is far more important.

First, a little background. In 2008, Bank of America (which was already struggling based upon its nonsensical purchase of Countrywide Financial) was coerced by The Fed into purchasing Merrill Lynch. Merrill, that bastion of U.S. investment banking, private banking and retail financial services had been essentially run into the ground by its previous CEO, Stan O'Neal, and its current CEO, John Thain. Merrill's potential derivative and Credit Default Swap (CDS) losses were staggeringly high and the firm was on the verge of imploding.

{CDS Primer: A credit default swap is exactly as the name implies. It's an insurance policy that a creditor purchases against the default risk of the debtor. For example, Party A carried default risk of Party B because Party A owns some of Party B's bonds. To insure against default of Party B, Party A buys a CDS from Merrill Lynch at a price that isn't even close to reflecting the true risk being passed on to Merrill. If Party A has $100,000,000 in Party B's bonds and then B defaults, A loses its $100MM. However, Merrill is so confident of B's financial strength that they take on the entire $100MM in potential liability, often for just a paltry 2-3% premium. So, Party A pays $3MM to insure their default risk through an unregulated insurance policy, issued by Merrill Lynch. Merrill now is on the hook for the entire $100MM should Party B default.}

In walk The Bernank, Paulson and Geithner with a plan: Have BoA buy Merrill! It should have been clear to everyone paying attention at the time that this would never work. TPTB were only trying to buy time in a desperate attempt at holding the current system together. Well....time is up!

The counterparties to Merrill's $53,000,000,000,000 (yes, that's $53T!) in CDS are getting antsy that they'll never get paid for their side of the "bets". So, to shore up the impression that BoA will be able to pay off any of the losing CDS bets, BoA has transferred the liability of the CDS from their Merrill subsidiary to their regular, U.S. banking subsidiary. By doing this, BoA has essentially pledged as collateral the $1,000,000,000,000 (yes, that's $1T!) in retail deposits it currently has on its books.

So, if just 2% of Merrill's CDS exposure gets "exposed", the $1T in regular, average Joe savings accounts that BoA holds will get wiped out. Of course, all banking accounts at BoA are "insured" by the FDIC. And just who is the FDIC? The federal government. And how will the federal government come up with $1T in new money to reimburse the BoA depositors? Well, I think you know the answer to that one. (By all means, listen to that fool Gartman and sell all of your gold and silver right now!)

That this blatant criminal action is allowed by the Fed should come as no surprise. It was their idea for BoA to buy Merrill in the first place! Of course they're going to look the other way and stick the taxpayer with the bill. What would you expect them to do?

So, first up, here's a link to the Bloomberg summary from yesterday. Written with the usual, MSM flair:

https://www.bloomberg.com/news/2011-10-18/bofa-said-to-split-regulators-over-moving-merrill-derivatives-to-bank-unit.html

For a more complete summary, I defer to the "George Washington Blog" that you can find through ZH. I don't subscribe to all of "George's" theories and often I find his posts to be a bit hyperbolic. Not is this case, however:

https://www.zerohedge.com/contributed/federal-reserve-and-bank-america-initiate-coup-dump-hundreds-billions-dollars-losses-ame

The current financial system and, by extension, global geo-political stability hangs by a thread. Sadly, it no longer seems a question of "IF". It has become a matter of "WHEN". Please continue to prepare as the process of the coming "reset" is wholly unpredictable and dangerous. An ancient Chinese proverb suggests "may you be blessed to live in interesting times". Some blessing. In the end, we'll find that the true blessing had been to live in peace and solitude, instead. TF

About the Author

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  288 Comments

Eric Original
Oct 19, 2011 - 1:03pm

AEM

Let's clarify and all get on the same page here.

Nobody said my language was harsh. It's AEM's language in the news release that is absolutely blunt and unspun. Unspinable, really. Harsh maybe isn't the right word, but it is an unmitigated disaster. Working from memory here, that mine was only a couple years old. One of their bright lights for the future. They just told us, flat out, that the rock failed and that it is filling up with water. And that that maybe they can still mine the other side of it next year, but probably not. And that, as far as accounting treatement goes, they just wrote off the whole thing as a loss. It's just lucky nobody was killed. But if you work there, it's like your whole factory just shut down and it ain't coming back. Stock down 17% at the moment.

Dr G
Oct 19, 2011 - 1:07pm

Ditto the peanut butter

Ditto the peanut butter thing. We love it. But how in the heck do you rotate through 30+ jars of the stuff? It only lasts 3-4 months past it's "best by" date. Remember that it has protein, so it can go bad. I'd like to buy LOTS of jars for when TSHTF, but don't know how to store and rotate through that much.

Thoughts?

taoJones
Oct 19, 2011 - 1:08pm

re: help with homework - UPDATE

Thanks Green Lantern!... :)

And fair comment, ChumbaWamba...

The reason I didn't spell it out on the website, was to leave an air of mystery about it - although to the folks here & playing along at home, the answer is obvious.

My proposal to the town had 2 parts - the formal application of which the website was part of. And if accepted for the "next round" of consideration, I would have made a personal, presentation to the Chamber of Commerce panel in front of a public audience. And it was in that setting I was going to unveil the answer to that question. The website was intended to whet the appetite and get people to think about money vs currency.

From others here I was encouraged to research the barter system in use in a Northern Colorado community. They use a custom silver coin. To me, and for my purpose, doing so adds too much complexity and overhead. Why not existing legal tender that has silver in it. In my case, that would be 1966 or earlier Canadian coins, namely dimes, quarters, halves & dollars (since they are 80% silver)

I figured they could be easily "found" or purchased (not necessarily from me) and by cheaply encapsulating them it would distinguish them from the current, no-silver-content coins. Local businesses would accept them at spot value, and in no time you've got the whole community thinking about purchasing power preservation, currency dilution/devaluation/inflation, etc.

Well, that was my hope... :)

I was hoping for at least getting a crack at the public presentation stage - THAT would have been stellar (regardless of acceptance of the business idea)...

Oh well - I figure next year, when they run this competition again, the 1960 quarter used in my presentation may be worth $20 then & not the $4.50 it is today... maybe THEN they'll take it seriously :)

¤
Oct 19, 2011 - 1:09pm

AEM

You said it Eric. Lucky nobody was killed.

But if you work there, a big part of you just died on that news. Miners make some pretty good money for that risk take to extract the shiny out of the very deep ground.

17%...yikes! Good time for a couple calls out in time maybe as the prices recoil.

Timber Tim
Oct 19, 2011 - 1:09pm

Fav quote of the day

This agency is setting itself up for an enormous failure," countered Jill Sommers, who voted against the rule, adding that the CFTC risks being blamed for high commodity prices if the limits do not have the effect of curbing price rises.

https://goldnews.bullionvault.com/gold_bullion_101920111

What about if they start to reflect supply,demand and value Jill.I promise you, I will not blame the CFTC.There is a whole line infront of them to blame first.But maybe your worried about who will be doing the stone throwing.Maybe closer to home.

Obama Nominates Jill Sommers to Additional CFTC Term

https://www.bloomberg.com/apps/news?pid=newsarchive&sid=a.GY2Nt832y8

Isn't he up for re-election next year,he doesn't what inflation getting out of control or Gold and Silver preserving the publics wealth,reflecting failure of polices.While they PLAY games with the funny money.So Jill this an additional term.Who appointed you in the first place.

"Sommers was chosen by President George W. Bush for her first term, which began in 2007"

Wow Jill,that is a impressive endorsement and look at the date.Now what was about to happen around that date.

I can see the Job remit now

GEORGE "Keep a lid on things down there".

JILL "How"

GEORGE "Let the big boys,control the prices,WTSHTF"

JILL "The prices of what"

GEORGE "Of everything"

JILL "Will they have enough money George"

GEORGE "Sure, we'll take it from the public and give it to them,we've got printing presses you know"

Is sarc on,just a tad.Sorry couldn't help myself.It is all the musical chairs and the knowledge whispered of when the music will stop.That gives the edge to the person sitting in the seat.I have no knowledge of Jill sommers integrity.But find it strange that she [CFTC] would be concerned about being blamed for rising prices.The prices will go up if there is a demand for something.That demand will reflect the overall economy.That's the re- balancing in action.

Just a little more sarc from same article:

https://goldnews.bullionvault.com/gold_bullion_101920111

The new rule "is likely to affect the amplitude of the swings in prices, and drive business away from Comex to other forums such as OTC [over-the-counter], MCX [the Multi Commodity Exchange in Mumbai], or Hong Kong," reckons David Thurtell, metals strategist at Citigroup in London.

There's your volatilty Turd,already being announced.So when it is created,we know who to blame.The NEW RULE.The BAD RULE.What will drive business away from the comex.Is if they keep putting up margin rates.Let there bank buddies slap the public around when they feel like it.Plus they don't actually cough up the goods for the people that are bidding on them,if they want it of course.KEEP A CLEAN AND TIDY SHIP COMEX.WE WILL SAIL ON IT.WHY WOULD THAT DEMAND BE SO DISTURBING.

diegeiro
Oct 19, 2011 - 1:13pm

JAG also down 17%

This is terrible news for AEM. But what about JAG.

All they did was lower their projection outlook and they are way down today as well. Could this be a buying opportunity?

Fortinbras
Oct 19, 2011 - 1:21pm

DPH

It's me that you are thinking of and I remember the exchange.

I was in the Army for 10 years, but got out in 1998. In 2002, someone I worked for in that previous life asked me if I would come back and help, so I now have my own company and do some very specific, specialized work for SOCOM and OGAs. Some things I can talk about some I can't, no mystery there, but always willing to share my thoughts as a "non-stupid American" who actually travels to and works in crappy places and loves learning from the locals as to how they've survived over the last 100 or 1000 years or so (I've posted about that too... mainly from Ukraine). I start most of my geo-political conversations with "most of our problems today (the non-monetary/debt ones anyway) are a result of where white men drew lines on maps 100 years ago..." Look at the Balkans, Africa, "Middle-East" and South Asia... all those lines were drawn on maps with no regard to tribes, ethnicity, religion... mainly on rivers, mountain chains, lat/longitudes... sometimes withe rulers on a map! We still suffer from it today and will for a long, long time because, as usual, we fail to acknowledge/embrace the obvious.

SteveW fatlarry
Oct 19, 2011 - 1:21pm

@fatlarry Graphical CDS

"Given that, would it be possible to create a picture representation of CDS? I tried to draw it in my notebook, but failed given the complicated name swapping."

Simple answer: They look like bombs and are found at head quarters of all TBTF banks.

Answer my mother would give: A community cannot live by everyone taking in the other person's washing.

Nearer the truth: Bank A insures the debt of bank B. Bank B insures the debt of bank C. Bank C insures the debt of bank A. That way when one of them fails it causes the failure of all.

Clubfoolish Dr G
Oct 19, 2011 - 1:22pm

peanut butter storage

1. We have to have 'good' PB (food allergies to wheat and corn and all derivatives, so we have to be picky).

2. They do 'expire', but I have many jars that go out to 2013 (plus our unofficial 'overage' several months).

3. I can't resist a 2 for 1 sale, so grab 6 more every time I see it (and take the furthest out dates I can find each time).

I rotate to newest dates as best I can, and we have ~7 jars that'll expire by ~Feb 2012 (which gives us until ~summer for those). We tend to bike a lot, and travel a lot - so pack PB&J quite often for both of us. Push comes to shove, we have 3 kids and 5 Gkids, so can always shovel off jars that're only 1-2 months from exp date to them. They'll polish them off right quick.

Wish they were forever, but alas...

only our silver and gold are forever.

: )

Economical Disaster
Oct 19, 2011 - 1:27pm

Peter Schiff: Brace for

Peter Schiff: Brace for “Abrupt” Dollar Collapse

Outpacing former U.S. Comptroller General (1998-2008), David Walker, the indefatigable Peter Schiff has markedly stepped up his appearances, interviews and overall visibility of the past year with his dire message to investors: prepare for an “abrupt” dollar collapse.

Though a thorn in the side of Wall Street’s behemoth banking cartel, broker-dealers and the financial media that serves them, Euro Pacific Capital’s CEO Schiff strips away the tired rhetoric, massaged sentiment building, shameless hype, obfuscation and outright rumor spreading of CNBC’s broadcast, all characteristic of an old guard desperately clinging to power though its control of a highly sophisticated media-driven propaganda campaign deployed to hide the foreshadowing symptoms of a coming economic collapse.(1)

Speaking with SeekingAlpha’s contributing writer, Garrett Baldwin, Schiff deploys his own version of the truth, which he sees as an endgame for dollar hegemony manifesting in future sharp declines in U.S. Treasuries.

“I do believe that it [the decline in U.S. Treasuries] will be very abrupt,” said Schiff. “I think when the dollar collapses, it will happen very rapidly. When the bond bubble bursts, the air is going to come gushing out. It’s not going to give a lot of people time to reverse their position.”

And like the Nasdaq and housing bubbles, both pricked into collapse, the U.S. sovereign debt bubble, too, has “a lot of pins” out there grasped by powerful invisible hands; and “it’s [Treasury market] going to find one eventually.”


Read more: https://www.beaconequity.com/peter-schiff-brace-for-%e2%80%9cabrupt%e2%80%9d-dollar-collapse-2011-10-17/#ixzz1bFXT7IDE

Shill
Oct 19, 2011 - 1:30pm

Harsh | Define Harsh at

Harsh | Define Harsh at Dictionary.com

dictionary.reference.com/browse/harsh

ungentle and unpleasant in action or effect: harsh treatment; harsh manners. 2. grim or unpleasantly severe; stern; cruel; austere: a harsh life; a harsh master. 3. ...

Maybe my version of the word Harsh differs from the rest, Ok I'll drop the word harsh.

How does Fucked up sound?

silver bullett
Oct 19, 2011 - 1:30pm

Banks up

What's up with this ----- Banks all up on fake earnings and PM's getting Hammered!

Just goes to show No MANIPULATION in these markets.

Eric Original
Oct 19, 2011 - 1:31pm

Peanut butter


​Peanut butter, bacon, ham, coffee, vodka, tuna, salmon, soups, mac & cheese, grains, grain mills, water filters, etc.

People complain that we are either being off-topic (at least) or just plain stupid (at worst).

But we're not. I've never apologized for it, and I ain't gonna start now.

Shill
Oct 19, 2011 - 1:33pm
Rui
Oct 19, 2011 - 1:34pm

Silver Summit on 20th and 21st

Don't be surprised if Morgue comes out attacking silver the next two days. They like to deliver a bearish message on big summit like this to discourage metal investment.

AlienEyes
Oct 19, 2011 - 1:37pm

@ Clubfoolish

You will also be able to sell or trade the peanut butter if TSHTF.

Better than money, because you can eat it.

Pasta, rice and beans are also long lived.

backseatdriver
Oct 19, 2011 - 1:46pm

Keep a close

Keep a close eye on the VIX moving forward from here. ;)

BSD

lakemike49 Shill
Oct 19, 2011 - 1:52pm

shill 2600 point drop in dow

yeah i'm banking on it, bets already placed

lakemike

RuNuts artaud23
Oct 19, 2011 - 1:53pm

artaud23 FDIC has about $60b?

Am I missing something?

"The DIF's reserves are not the only cash resources available to the FDIC: in addition to the $18 billion in the DIF as of June, 2010;[32] the FDIC has $19 billion of cash and U.S. Treasury securities held as of June, 2010[32] and has the ability to borrow up to $500 billion from the Treasury."

https://en.wikipedia.org/wiki/Federal_Deposit_Insurance_Corporation#Depo...

Brimstone
Oct 19, 2011 - 1:54pm

Frustrated!

BOA rapes the US public once again! Who cares?! The average joe still has no concept of why housing should be allowed to crater and in fact has to crater sooner or later (whether that is in real or nominal terms will depend on the degree of hyperinflation we end up seeing). J6P is still calling for help on their underwater loans and demanding something be done about jobs. Yet if you actually explain to J6P what the solutions actually entail ( substantial pain for everyone, either moderate pain now or catastrophic pain later) the look at you like you have 2 heads and go into full on denial mode.

Yes, those of us here at TF and a miniscule handful of other from places like ZH and similar blogs get it. we know we are being raped every waking moment of the day and we know more or less what has to happen to correct the situation.

The scariest part is that i know 2 different CFO's who work on wall street and both of them have no F'ing clue what is really going on and what the end result of these shenanigans are for all of us. They have drank the coolaid and fully believe in QE to infinite, unbounded growth as a solution. H3ll, i have had to rescue my inlaws retirement from their quack financial advisor that would have them wiped out if they had followed his advice ( financial advisor from one of the big banks).

Anyone who has studied some real history and not just the government approved public ed history, knows more or less how this ends. There will be some people who struggle mightily for the benefit of all Americans, but it is a sisyphean task at best. The hour is late and the best each of us can do at such a late hour is prepare our families and loved ones as best we can with the time remaining.

The time of action, the time when this could have been prevented was 30 years ago at Breton Woods. In the classic case of humans living in an exponential world but acting linearly we assumed we had decades to deal with the growing systemic instabilities in American society. Unfortunately for all of us that was linear thinking. In an exponential world if you have not begun to take action by noon then your death at midnight is guaranteed.

The solutions are known, they are out there and there are people who want to step up to the plate. Alas none of it will see the light of day as night has already fallen. Color me frustrated with the short sighted linear view that society has once again failed to evolve past.

¤
Oct 19, 2011 - 1:58pm

Eric, you forgot one item...

...spam! I just provided it, so I've been told....lol

agrock
Oct 19, 2011 - 2:01pm

fdic insurance

so for clarification with the dodd-frank law when they specify 'non-interest' bearing their wording is pretty poor and confusing on the fdic website does this mean if you have a kid's savings account earning a measly .05% interest

is it covered under fdic or is it an 'exclusion' since it's interest bearing?

Shill
Oct 19, 2011 - 2:03pm

OfficialGold ends 0.4% lower

Official

Gold ends 0.4% lower at $1,647 an ounce

  1. 2:00p

    Auto, energy, tourism are bright spots: Beige Book

  2. 2:00p

    Stores not boosting holiday inventory: Beige Book

  3. 2:00p

    Financial activity weakened since Aug: Beige Book

  4. 2:00p

    Contacts report less certain outlook: Beige Book

https://www.marketwatch.com/story/economy-proceeding-at-modest-pace-beig...

WASHINGTON (MarketWatch) - The U.S. economy continues on about the same modest pace reported two months ago, according to a Beige Book report summarizing information from the contacts the Federal Reserve uses to help measure the strength of the economy. The report said many districts reported "modest" or "slight" growth with a "weaker or less certain" outlook from many contacts. Energy, autos, and tourism were three bright spots. Financial activity was reported to have weakened. Non-auto retail sales were flat to down in September, and many retailers were reluctant to build inventories ahead of the holiday season. Most of the Fed's 12 districts reported that wages remained subdued and little change in weak labor market conditions. Despite a hesitation to increase prices with demand still weak, many firms reported some higher pass-through of costs in the retail sector, particularly for food and cotton apparel.

2turdledoves
Oct 19, 2011 - 2:03pm

The view from a Quant

' abnormally high stock market volatility will persist so long as no major asset class offers attractive long-term returns.

Because of this situation, many investors who are in the stock market are little more than fair-weather friends. They remain in equities not because they are excited about the stock market’s long-term returns, according to Tint, but instead because they have no good alternative.'

This seems to be whats going on in all markets right now. Even though it also looks like the calm before the storm to me....But hey I'm no Quant!

https://www.marketwatch.com/story/a-recipe-for-stock-market-volatility-2...

question
Oct 19, 2011 - 2:08pm

So how much of today's

drop will AEM be able to make up as the shock wears off? Too bad for all involved.

Sure don't want to sell now but do want to limit more losses. The eternal conundrum eh?

edit: bought my first 45 after watching Ozzie and Harriet; Ricky Nelson singing Traveling Man; sheesh

¤
Oct 19, 2011 - 2:08pm

Fort.....Bingo

"...most of our problems today (the non-monetary/debt ones anyway) are a result of where white men drew lines on maps 100 years ago..."

You nailed that one and I feel similarly, as you may have recognized. I see today's actions as a erasing of some of those old colonial/imperialist lines and a reshaping of the big picture, again. Right or wrong, they're doing it because they can do so and feel the need to.

I appreciate your candor regarding your service (nodding my head to you for it) and current endeavors to serve in a different manner. My worry was that you were still over there and in the N. Waziristan area. My take on what's going on from my computer chair half way around the world is that it's about to get very involved over there and were going in there in some fashion soon. We would be out of the reach of the ISI's willingness to go in there. The ISI and the Pak military confronting us outright would change the whole dynamic of what's going right now and they would lose big time. Something big is going on there in Pakistan and it will come out of left field, is my fear. General Mullen would not have been allowed to let that parting salvo out regarding Pakistan unless he was given the green light. The damage control after was miniscule and half hearted and obligatory.

Without getting into my views on it any further, I wrote the other day about you a bit last week and your possible location up in that region. My fear or recognition at that time was that there was a fellow Turdite who might or might be in the thick of it. I am glad your not up there and back in the States and on the site today.

My sense, as I stated briefly is all of these troop movements and redeployments and alleged troop withdrawals etc. are part of the chess game going on. Maybe this is all part of gearing up for Iran/Syria or N. Waz. or both. There is a perfect fog of info going on now that anything might be possible and that's part of the strategy also. Unpredictability of our response has been achieved.

Thanks for sharing what you just shared. Please post more often as time permits on whatever you want to. But I really eat up and absorb the geo-political situations and their backgrounds and what it means going forward.

History is nothing more then a map of the future (darkpurplehaze~2011)

Stay safe my friend where ever your travels and business take you.

Maryann
Oct 19, 2011 - 2:13pm

Yes, peanut butter....and welcome freemarkettrader

Shill, thanks to your post the other day I stocked up on peanut butter for .99 for 16 oz, thanks to price matching at Wallyworld. My experience is also that it keeps a few months after the expiration date. My kiddo has a pb sandwich most days for lunch, or we eat it with apple slices.

Also someone mentioned about the beef prices in TX going up soon. I Foodsavered a bunch of ground meat purchased at the local Mexican supermarket. You can get great prices there if you watch for sales. Eric, yes, this is all part of being prepared. At the very least, we no longer have to go out and spend money at a restaurant if I'm not in the mood to fix a big meal or the day goes south and no time to cook. Now I always have something easy to grab from shelf or freezer.

I might want to refi some rentals. Am moving accounts from BofA so don't want to do it there. Any thoughts?

Edit: Oh, and welcome freemarkettrader!

Shill
Oct 19, 2011 - 2:15pm

Maryann pleasure is all mine.

Maryann pleasure is all mine. PB&J will keep you alive and full for a long time. Been stocking up on that as well. I have a pretty fortified Garage and basement thing going. Few ( very few ) of my buddies think I have gone nutty ( punt intended ) best to be prepared than not I always say.

I do not enjoy the last laugh, but in this case I think many folks are still very ill prepared and will be caught off guard. Not saying the end of the world, but for some it may feel like it for sure.

Be well

Fed's Beige Book: ( official Fed release )

Ferd Torgerson Maryann
Oct 19, 2011 - 2:16pm

@ MaryAnn Beef Prices

I posted the comment about beef prices. The increase will be nation wide - not just in Texas.

You can google "Texas Drought Beef Prices" and find any number of articles and clips on the subject.

You are smart to stock up. Funny you mention food saver. My wife has one and uses it as well when we stock up on beef. She's thawing some now to make her wonderful spaghetti with meat sauce.

Ferd

Nick Elway
Oct 19, 2011 - 2:18pm

Cliff notes on FOFOA RPG Gold Update#4

FOFOA is wordy, still persuasive to me.

Here's the whole thing: https://fofoa.blogspot.com/2011/10/rpg-update-4.html

My take-aways (highlights bolded) are:

"In other words, the decade-long trend continues, even in the face of all that "dollar strength." Last quarter gold made up 62.7% of the Eurosystem's reserves. This quarter it rose to 65% of the reserves. This is especially remarkable given not only the dollar's recent "strength" which accounted for most of the rise in currency reserves, but also the dramatic price plunge in gold just a week before the party."
"Don't make the mistake of assuming central bankers are stupid, or anti-gold, or that they are not fully aware of the concepts and principles I am writing about. When I write about the "logical preference" for gold, or the "de facto ascent of gold" to global IMFS reserve asset par excellence status, or gold as "the de facto solution to the international reserve question," these are logical, de facto realities of which central bankers are acutely aware. So when you hear them talking about complex solutions requiring massive[ly unlikely] global cooperation, new international treaties and enabling legislation, realize that they are talking about ditching the dollar in the most diplomatic terms they can."


[quoting "Randy"] "And here I emphasize de facto rather than de jure because this has become a global phenomenon driven by a natural evolution (survival and ascent of the fittest) and does not require any additional international treaty or enabling legislation as a prerequisite or for motivation."

"And after you think about it for a while, maybe you'll start to understand why gold was the asset chosen to occupy the #1 spot on the Consolidated Financial Statement of the Eurosystem.

Sincerely,
FOFOA"

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