US Official Gold Reserves Auditor Caught Lying

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18-12-19 10:04:00,

Submitted by Jan Nieuwenhuijs of Voima Gold

In my previous post, from March 2018, on the audits of US official gold reserves, I have exposed that during the audit procedures of the US official gold reserves from 1974 through 2008, repeatedly audit staff deviated from the auditing protocol, while internal control meant to prevent this was failing. Many audits and assay reports have been destroyed. For decades a significant share of the metal was excluded from verifications for no apparent reason. And, the US government went to great lengths in withholding information and spreading false information about the audits, among other findings in documents obtained through Freedom of Information Act (FOIA) requests. All in all, these findings made me question the integrity of the auditor.

After my last publication, I have obtained more documents from the US Treasury through FOIA requests, which expose another falsehood that puts the auditor in an even more peculiar position. In conflict with the audit protocol, the permanent seals of the vault compartments have been broken, time and again. In addition, the auditor has lied about these events, and when confronted, it’s unable to explain its actions. By now, I have lost faith in the auditor fully.

Prologue

It’s been a very long investigative journey that has led me to make bold statements, such as the ones above, about the auditor of the world’s largest gold holding. I wouldn’t claim anything of this magnitude if I didn’t thoroughly do my homework and research every single possibility that could have caused the auditor to have accidentally spread inaccurate material, including asking the auditor for an explanation.

If any of their statements appeared to be false, surely, they would be able to explain what I was missing. The head auditor said during a congressional hearing in 2011 (source video 42:50):

Transparency is our business.  

Who would disagree? The US official gold reserves, weighing over 8,000 metric tonnes, deserve nothing less than an accurate audit.

My journey started in 2014, when I first discovered—in contrast to what I was accustomed to reading on blogs and in newspapers—that the US official gold reserves are audited every year.

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Russia’s reserves fully cover nation’s internal & foreign debt for 1st time ever – Putin

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20-02-19 11:09:00,

Russia’s foreign exchange reserves can now cover all of the debt owed by both the government and domestic businesses, Russian President Vladimir Putin has announced.

“For the first time in history our reserves fully cover foreign debt, including government and commercial sector debt,” Putin said addressing the Federal Assembly in Moscow on Wednesday.

The country’s external debt amounts to $453.7 billion, while its international reserve funds stand at $475 billion as of February 8, 2019, according to infographics presented by the president.

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Russia’s gold reserves smash Soviet-era record as part of Moscow’s de-dollarization drive

Putin added that money allocated by Russia’s sovereign wealth fund also greatly contributes to the national budget, amounting to more than $1 billion last year.

The Russian president said he wants the national economy to grow more than 3 percent in 2021, with foreign investment in the country set to rise 6-7 percent. To reach such figures, the president set several tasks for the government, such as increased productivity, making Russia attractive to foreign companies, and improving regional infrastructure.

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Russia shifts $100bn of its reserves into yuan, yen & euro in a great dollar dump

Russia’s external debt has fallen by $64.4 billion or 12.4 percent from the beginning of last year to the lowest level in a decade, the Central Bank of Russia announced in January. Moscow has reduced its foreign debt by $280 billion since mid-2014, when it reached a peak of nearly $733 billion due to the initial impact of Western sanctions.

Meanwhile, Russia’s foreign exchange reserves have been growing for three consecutive years, increasing 8.3 percent to over $468 billion in the beginning of this year.

For more stories on economy & finance visit RT’s business section

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US Bank Reserves 10% – EU Bank Reserves 1% | Armstrong Economics

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30-11-18 11:07:00,

QUESTION: What mechanism prevents banks from creating fraudulent electronic deposits of currency?

As an IT systems admin, I have the ability to add / subtract / adjust ERP systems inventory / costing outside the normal users ability. I could add widgets to the system at will, but fraud can’t be sustained very long, as the physical widgets can’t be sold, they only exist in the system. Electronic currency, however, is only a ledger entry, and since new currency units are created as loans – What prevents any bank from just changing the numbers in their systems to create more currency units at will? Can’t get my head around this.

Thanks for all you do from a little guy just trying to get by!

ANSWER: The creation of money electronically in the banking system is the degree of leverage. Reserve Requirement Ratio at the Federal Reserve was increased on January 18th, 2018. It required that all banks with more than $122.3 million on deposit maintain a reserve of 10% of deposits. Banks with $16 million to $122.3 million must reserve 3% of all deposits. They create money that is purely electronic and we do not see it. I deposit $100 and they lend it to you. Now we both have $100 on deposit and the reserve requirement will be $20 for most banks. They then lend it out a third time and there is now $300 on deposit requiring $30. They cannot create entries out of thin air. They are audited and the reserve ratio is strictly enforced in the USA. The Fed will raise and lower that reserve ratio as they see fit based upon economic conditions.

At the European Central Bank, things are substantially different. Eurozone banks are required to hold a specified amount of funds as reserves on AVERAGE in their current accounts at their national central bank in each member state which are called “minimum reserves”. Remember, each member retained its own central bank!  A bank’s minimum reserve requirement is set for six-week periods called maintenance periods. This minimum reserves level is therefore calculated on the basis of the bank’s balance sheet prior to the start of each six-week maintenance period.

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