According to Glenn Beck, the US has responded saying it would be 7 years before they could comply. The thought process is that all of the gold the US is holding for other countries has been used as collateral on US loans.
AND....We.....are.....heading....right.....into....a.....U.S.....bond....crash. Hello?
The Feds have watered down our money so munch (unlimited printing), the bond market cannot sustain itself.
That means.....massive inflation. The other nations SHOULD, to protect themselves, grab everything they can as fast as they can right now.
No one could blame THEM for doing what they have to do for their citizens. THEY didn't do this. The Oboma administration would not stop it's spending spree and printing of Monopoly money, even though they were warned!
If I’m Angela Merkel, I’m not sure I’d settle for ‘7 years’ on ‘ignore’.
The other thing I’d insist on, by the way is upon receiving the gold I’d have the bars remelted and then ingotted again.
Lots of stories of bars made of Tungsten. I’d be taking those crates, tossing them in the pot, and seeing what comes out the other end.
I think you are right, this is a prelude to war. Our resistance to becoming petroleum independent over the last forty years was in the interest of global strategic peace.
Fracking and other technologies changes the equation. Right now, there is little need for exporting any oil from the ME. We get the bulk of it from Canada, and they have more to sell us. We are in a position to produce more of it ourselves, and the world has had a bellyful of Pax Islamica.
Today, this very day, the nutter in Iran was telling his fellow nutters that they need to diversify out of petroleum as soon as they can, because the embargo is starting to bite.
The fact is that all of this turmoil out there is the beginning of a shift away from energy dependence on 7th century animals. I don’t know what marketing genius came up with ‘Arab Spring’ as a concise way of concealing what is really going on right now - and it is ALL ECONOMIC - but they aren’t paying him or her enough.
Remember this - given the availability of enough water, almost every country can frack. That is the best available science talking. Who stands to lose if LNG becomes as cheap as crude was back in the 1920’s?