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German Gold and the Crooked NY Fed

By: Arthur M.M. Krolman

 -- Published: Thursday, 21 April 2016 | Print  | Disqus 

By: Arthur M.M. Krolman

Goldman-Sachs man William C. Dudley is posted at the top of the Federal Reserve Bank of New York. Recently he gave a major speech at the Virginia Military Institute. At the end, he accepted questions from the audience. One man asked Mr. Dudley a pointed question (53:19) about one customer, Germany, experiencing a delay in getting their gold back. A syllable-by-syllable transcription follows:

William C. Dudley: Okay. Last question, please.

Questioner:  You donít store a lot of gold.

WCD: Ha ha ha. Yes, we do. I think the Federal Reserve Bank of New York is the largest gold depository in the world.

Same Questioner: Germany has asked to repatriate their gold. And they havenít gotten all their gold back. And I was wondering why they havenít got all their gold back when they asked for it three or four years ago.

WCD: Iím not even sure, ahhh, how to answer that question. The gold. We hold a lot of gold at the New York Fed and it is almost all gold of f-foreign countries. A lot of the gold got there during the two world wars where people wanted a safe place for their gold. And the reality is if peo-peo- if countries want their gold back weíre absolutely happy to to to send it to them. So if thereís any delay in the gold going back to Germany, itís pr- itís pr- itís because they th-th-they something on their end I would think. And Iím not aware of any any problems in getting their gold back. They theyíve theyíve asked for for their gold back not just from the US but from a few other countries. There was some, I think, political issue in Germany about whether the gold was really there.  And so they, you know, they were sort of like someone who wants to make sure that, you know, the money that they have under the mattress is still there. Wanted to wanted to check on their gold. And weíre absolutely completely comfortable with that. Any country that doesnít want to hold its gold at the New York Federal Reserve weíre very happy to make arrangements for that country to take their gold home. Ah, we have absolutely no skin in the game at all, ha ha, itís completely up to those countries where they want to hold their gold.

Same questioner: Have you made gold swaps with other central banks or governments?

WCD: Ah, I canít comment on individual customer kind of transactions. Ah, Iím gonna I wanna ask for one more question Ďcause I donít wanna  end on that question. Ha ha ha ha. 

Imagine a parallel universe where Mr. Dudley took a different career path. He now works for Dog-sacks Man & Co. managing their sprawling kennel franchise, The Fido Depository of New York. One day a man asks Mr. Dudley a pointed question about his friends, Mr. & Mrs. German, experiencing a delay on getting their dog back. A crowd gathers as the scene unfolds: 

Questioner:  You donít store a lot of dogs.

William C. Dudley: Ha ha ha. Yes we do. I think the Fido Depository of New York is the largest dog kennel in the world.

Same Questioner: The Germans have asked to take their dog home. And they havenít gotten him back. And I was wondering why they havenít got their dog back when they asked for him three or four days ago.

WCD: Iím not even sure, ahhh, how to answer that question. The dog. We hold a lot of dogs at the New York Fido and it is almost all dogs of our c- customers. Lot of the dogs got there during the two holidays, Thanksgiving and Christmas, where people wanted safe place for their dog. And the reality is if peo-peo- if customers want their dog back weíre absolutely happy to to to send it to them. So if thereís any delay in the dog going back to the Germans, itís pr- itís pr- itís because they th-th-they something on their end I would think. And Iím not aware of any any problems in getting their dog back. They theyíve theyíve asked for for their dog back not just from us but their cat from their cat-sitter too. There was some, I think, family issue in the German household about whether the dog was really there.  And so they, you know, they were sort of like someone who wants to make sure that, you know, the money that they have under the mattress is still there. Wanted to wanted to check on their dog. And weíre absolutely completely comfortable with that. Any customer that doesnít want to hold its dog at the New York Fido Depository weíre very happy to make arrangements for that customer to take their dog home. Ah, we have absolutely no skin in the game at all, ha ha, itís completely up to those customers where they want to hold their dog.

Same questioner: Have you made dog swaps with other dog depositories or governments?

WCD: Ah, I canít comment on individual customer kind of transactions. Ah, Iím gonna I wanna ask for one more question Ďcause I donít wanna  end on that question. Ha ha ha ha. 

Maybe the Germans are still waiting and maybe theyíre not. Maybe the gold or dog is gone and maybe itís not gone. More importantly, do people have less or more confidence in Mr. Dudley after these answers? Less.

In fact, shaky answers like this risk a crisis that brings down the whole doggone system.

Arthur Martin McCannell Krolman is an inventor and founder of an allograft recovery products supplier based in Boston, MA www.krolman.com. Debating champion, valedictorian, Wharton graduate and Chartered Financial Analyst, Arthur is also the writer of a childrenís book on the Austrian business cycle theory and contributor to Librivox.org.


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 -- Published: Thursday, 21 April 2016 | E-Mail  | Print  | Source: GoldSeek.com

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