Three days ago, when we reported that following Trump's latest sanctions targeting Venezuela's gold sector president Maduro was seeking to repatriate all of Venezuela's gold - some 14 tons - held at the Bank of England, we cautioned that since the BoE "sought to clarify what Venezuela wants to do with the gold", this suggested that despite Venezuela being the rightful owner of this gold, Venezuela was about to face challenges in getting it back....
Today, the worst case - for Venezuela's president - was confirmed, when the Times reported that the Bank of England has "refused to release the gold bars" worth just over $550 million to President Nicolas Maduro.
Prediction: This is the beginning of the end of the dominance of the City. While the UK will still be left with domination of tax havens, even those are now called into question as safe havens. The UK has voluntarily destroyed its credibility. What are they using for brains?
Anonymity and liquidity were the reasons that Switzerland was able to maintain credibility as a neutral country and world financial center, even with wars raging all around it.
This is a big boost for Shanghai's bid to become a financial center rivaling London, New York, Geneva and Zurich as non-Western countries see the handwriting on the wall.
This is a big boost for Shanghai's bid to become a financial center rivaling London, New York, Geneva and Zurich as non-Western countries see the handwriting on the wall.
Zero Hedge
Bank Of England Refuses To Release Venezuela's Gold
Tyler Durden
6 comments:
The Bank of England stole Venezuela’s 14 tons of gold bars, worth about USD $550 million (£420 million), because Washington ordered it to.
John Bolton says the half-billion-dollar theft was justified because Cuba, Nicaragua, and Venezuela are a “troika of tyranny.”
Bolton also said that Venezuela’s $550 million in gold was stolen to prevent Venezuelan President Maduro from using it for “personal gain.”
In 2011 the Empire stole all of Libya's gold reserves when NATO attacked.
https://www.thetimes.co.uk/article/maduro-scrambles-to-bring-venezuela-s-gold-back-from-the-uk-0p29xp99w
Remember: the cause of Venezuela’s economic problems is not Western theft, sanctions, and economic warfare, but evil socialism.
I don’t see how getting the gold is going to help their situation... they need real food and medicines, etc... maybe throw in a better long range plan while your at it...
Gold doesn’t help with any of that...
Half a billion dollars in gold could be sold for money, or used as collateral to get loans. Either way, Venezuela could use the money to buy imported “real food and medicines, etc.”
JEEZUS!
It won’t last very long and then what? They’re right back where they are...
They need to develop their own domestic provisioning systems...
They are resource rich... shouldn’t be hard....
“This is the beginning of the end of the dominance of the City”. GOOD!
“. While the UK will still be left with domination of tax havens, even those are now called into question as safe havens”. GOOD!
.” The UK has voluntarily destroyed its credibility. “. GOOD!
“Venezuela could use the money to buy imported “real food and medicines, etc.” JEEZUS!
They will quickly run out....
Material competent people are trained to think way ahead... time domain analysis is an abstraction skill that is developed...
You left people don’t think ahead... it’s all about the here and now... instant gratification...
This makes you vulnerable to persuasion from someone like Trump who is always talking past the sale...
You don’t do any thinking ahead so trump does it for you and you lap it up...
You’re sheep and lemmings...
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