Bullion Confiscation Goes East: Opinion
VANCOUVER (Bullions Bull Canada) -- As one of the loudest voices warning of the risks of "bullion confiscation" by our governments, it was no surprise to me to see the media, in this case Bloomberg, singing its virtues.
What was a surprise is where this "initiative" purportedly originates: India.
Readers who follow the precious metals market are familiar with the dynamics here. Western sheep choose to hold the bankers' fraudulent paper currencies despite our governments openly driving the values of those currencies to zero with their "competitive devaluation." This foolhardy mistake is a major factor behind the greater than 50% decline in the U.S. standard of living over the past 40 years.
Meanwhile, those in India do not engage in similar, suicidal behavior. They park their wealth in gold (and silver) bullion immune to the print-and-dilute theft inherent in every fiat-currency system. It is one of the key reasons why Asian standards of living are rising, while those of the West plummet downward at the fastest rate in history.In my own naivete, I had assumed our predatory Western governments would target their own people for bullion confiscation and look to steal the modest amount of savings of those who hold precious metals. But apparently the bankers and oligarchs have their sights set on a bigger prize: the largest private holdings of bullion in the world, in India. Let's be clear that this is obviously a Western proposal, as indicated by the English-speaking "front" organization used to deliver this propaganda. What is the substance of the proposal?
...Households and temples carry about 25,000 metric tons [of gold] and a successful plan to gather at least 10% of the gold reserves for lending to jewelers will ensure supplies for three years...So here we see the goal: harvesting (i.e. confiscating) "at least 10%" of Indian gold and to apparently repeat this harvest every three years since allegedly a 10% harvest would only deal with the supposed "problem" faced by India for three years. We see further evidence the entity spewing this banker propaganda is nothing but a Western mouthpiece, as any genuine "Indian" entity would understand that proposing to plunder the gold from India's religious temples would be an absolute "non-starter" for its ¾ billion population. Just as phony as the organization itself is the supposed "problem" this bullion-confiscation scheme claims to address: what it calls India's "current account deficit." Here a quick definition is in order.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV