For most investors, the primary reason for buying gold is to hedge against currency debasement, which, of course, comes about because of excessive money creation by central banks and via fractional reserve banking. At times, gold investors stand alone, even being ridiculed by mainstream investors. Now, though, one of Wall Street’s famed names, Merrill Lynch,
In 5 myths debunked about the Federal Reserve, Bankrate’s Mark Hamrick points out that the Fed is audited by Deloitte Touche Tohmatsu Ltd., using generally accepted accounting principles. Therefore, the Fed is audited. Not so fast. While DTT may audit the Fed, it does not delve into the Fed’s gold holdings. DTT does not randomly
In his 5 myths debunked about the Federal Reserve, Mark Hamrick of Bankrate, asserts that the Fed does not print money. He is correct, but he obfuscates the issue. The Bureau of Printing and Engraving prints the paper dollars that we use for money, but paper dollars (and coins) account for only about three percent
So wrote Gillian Tett in Friday’s Financial Times. Mr. Tett started his piece by noting that Nigeria’s central bank had announced that it would convert almost a 10th of Nigeria’s $43 billion reserves from dollars to renminbi. Tett went on to acknowledge that only 0.01 percent of the world’s central bank reserves are now held