- cross-posted to:
- news@lemmy.world
- cross-posted to:
- news@lemmy.world
Shift in relations and unpredictability of Donald Trump make it ‘risky to store so much gold in the US’, say experts
Germany is facing calls to withdraw its billions of euros’ worth of gold from US vaults, spurred on by the shift in transatlantic relations and the unpredictability of Donald Trump.
Germany holds the world’s second biggest national gold reserves after the US, of which approximately €164bn (£122bn) worth – 1,236 tonnes – is stored in New York.
Emanuel Mönch, a leading economist and former head of research at Germany’s federal bank, the Bundesbank, called for the gold to be brought home, saying it was too “risky” for it to be kept in the US under the current administration.
Is the USA collapsing in real time? Serious question. Denmark dumped treasury bonds, and then a Swedish pension fun dumped a billion of them, now the former research head of Germany Central Bank is saying physically move the gold to Germany
Pretty much, yes. But don’t worry, it’s not like Trump passed massive tax cuts in his last term that have left the US over leveraged with >100% of GDP in debt and a $1.6T deficit or anything that leaves the US particularly vulnerable to bond sell offs.
What’s that? Oh. Well at least there isn’t some sort of financial bubble waiting to burst and take the economy with it at the same time.
Sorry, hang on a second, just getting some news through… Oh. Oh dear. Oh well, it was nice while it lasted. Well, it was sort of OK for bits of it anyway.
Yes, the spiral has been going on for awhile now.
Fortunately for the US, only one small Danish pension fund. Not the whole country. But one can guess that despite the event being small, people aren’t currently clawing to have US treasury bonds anywhere.
By the time it actually happens there might be a democrat in charge again who can get all the blame…
Bold of you to assume there will be future elections.
That’s why I wrote might
https://www.reuters.com/world/us/trump-tells-christians-they-wont-have-vote-after-this-election-2024-07-27/
You don’t even have to reference an article from a year ands half ago.
He literally suggested last week that he would cancel the midterms.
It shows intent from all the way back then.
I was in a band by that name. Mostly ABBA covers and very angry punk.
I think I saw a movie with that title a long time ago.
With a lot of attractive young people playing volleyball?
Don’t forget about China selling their US bonds off, not too long ago, in what was a “yippy” move from the market.
It’s wild to consider it, but we may be.
The massive escalation in tactics over the last month tells me that the US’ finances may be significantly worse than we know, with the desperation to seize mineral resources, even in the knowledge that diplomatic cooperation could achieve the same ends.
I don’t know what there is that we wouldn’t know, unless smart economists have been quietly panicking over some academic reason to be afraid for the stability of the US and are confident in their predictions
The refusal of the Donald admin to release objective economic data seems to me to be a fairly strong indicator that things are worse than we know.
That actually looks like a Speedrun to it honestly.
Seriously. Took Rome over a hundred years to have their Republic fall from when it started tumbling. We’ll be lucky if it takes us 2 decades