Last week the Bundesbank (the German central bank) surprised markets around the world by announcing that it will repatriate a sizable portion of its gold bullion reserves held in France and the United States. To many, the news from the world's second largest holder of gold signaled a growing, if clandestine, mistrust among central banks, possibly fueled by diverging policy goals. The Germans have attempted to tamp down the alarm by highlighting the myriad of logistical, practical and historical reasons that qualified the announcement as unremarkable. But the size, scope, and timing of the move makes it hard not to draw...
The government knows every penny we earn. It tracks every purchase and sale. It knows how much gas you burn in your car. It knows where you work, what you eat, where you sleep, where you vacation, what guns you own, what drugs you take, who your friends are, what websites you look at, who you call, and who calls you, and what's in your emails. It even knows if you have bought gold or silver coins... But it does not want an audit of the Federal Reserve, Ft. Knox, or US gold holdings. Curios yet?
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