Wikileaks discloses the reason(s) behind China’s shadow gold buying spree

9 09 2011

Wikileaks discloses the reason(s) behind China’s shadow gold buying spree.

“… WONDERING WHY GOLD AT £1850 IS CHEAP, OR WHY GOLD AT DOUBLE THAT PRICE will also be cheap, or frankly at any price? Because, as the following leaked cable explains, gold is, to China at least, nothing but the opportunity cost of destroying the dollar’s reserve status. Putting that into dollar terms is, therefore, impractical at best, and illogical at worst.

We have a suspicion that the following cable from the US embassy in China is about to go not viral but very much global…”

from Quantum Pranx


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Greece to probe U.S. banks

19 05 2010

Well, hell — at least someone is doing it! – F.C.

(Reuters) – Greece may investigate U.S. investment banks and their role in the run-up to the Greek debt crisis which has shaken faith in euro zone economies, Prime Minister George Papandreou said in comments broadcast on Sunday.

Wall Street and major banks around the world are attracting scrutiny from regulators who are looking at transactions that occurred in the run-up to the subprime mortgage meltdown and financial crisis….(more)

http://www.reuters.com/article/idUSTRE64F0Y020100516


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