Hong Kong Recalls Gold Reserves: Why No News Coverage? 51 comments
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With this week’s spike in the price of gold, I am puzzled over the lack of media coverage regarding Hong Kong’s recall of their physical gold, held in London, to relocate the yellow metal to their newly built depository vault, at Chek Lap Kok Airport.
What, if any, is the short-term financial impact, and longer-term the strategic implications, of this new regional hub? How odd that none of the business news channels offered any concrete answers for the rise to $1,000 in volatile trading.
So far, the only major news outlet, Market Watch, gave any visibility to this story with these quotes:
"Having a central government-sponsored vault would create a situation where you could conceivably look at Hong Kong as being a hub, where metal could be traded for the region," said Sunil Kashyap, managing director at Scotia Capital in Hong Kong, adding that the facility was the first with official government backing in the region.
The 3,660-square-foot depository, located at the city's main Chek Lap Kok Airport, will serve as a "storage facility for local and overseas government institutions," according to the government statement.
Martin Hennecke, a financial advisor with the Hong Kong-based Tyche Group Ltd., said that could be appealing to regional central banks unnerved after watching the global financial system teeter on verge of implosion last year.
Did the excruciating experience from the market meltdown of 2008 hasten China’s decision to take control of their assets and offer their region an alternative to western locations? Going forward, how might Hong Kong compete with western precious metals-based financial products?
Marketing efforts will be launched to convince Asian central banks to transfer their gold reserves to the Hong Kong facility, according to reports citing Raymond Lai, finance director with the Hong Kong Airport Authority.
Efforts will also be made to reach out to commodity exchanges, banks, precious-metals refiners and ETF providers, the reports said.
Management firm Value Partners planned to launch an ETF gold fund that will use Hong Kong instead of London as a repository for the gold backing the fund, local reports said Thursday.
Are we watching an old-fashioned short squeeze rally in gold? If so, who was previously selling bullion that they did not own?
Disclosure: No positions
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This article has 51 comments:
What is truly wonderful is the sacred Federal Reserve Note. Did you know they added some subtle blue coloring to the green $20 notes. They are so beautiful! They should take down all that useless crap in the Smithsonian and frame these $FRN beauties instead. Everytime I look at my beloved $FRNs I get a tingle that goes up my leg! I love my $FRNs. I don't know WHY the Chinese don't like FRNs. If I had as many FRNs as them, I would put them in my pool and swim in them, and let myself be one with the FRN.
What is even better than a printed FRN is an electronic FRN in your bank account. Those are so sacred and wonderful, that they have transcended physical form, and exist as only as a pure, hallowed idea: FRN. Because the pure existential power of the FRN is so powerful, we must make more of them so all the world can enjoy them. We must make as many as we can. Why all the haters? Be one with the FRN!
The Arabs.
The Chinese.
David Einhorn.
Things that make you go hmmmm.
Marvin,
Good call on the shift to Hong Kong, which the media have overlooked.
China is positioning itself as the financial center of the 21st Century, so it makes sense for them to seek control over its gold reserves. I assume this is part of their efforts to replace the U.S. dollar as the default reserve currency of global central banks.
As a debtor nation, we have no leverage to move our assets as China does. Debtors forfeit control of their financial future, while creditor nations such as China have all the choices in the world.
Thanks for highlighting this.
Rob
(Disclosure: Long GLD)
I have a 2008 Zimbabwe 100 billion dollar banknote sitting on my desk. It's the only currency I've ever seen with an expiration date. I'm saving a space next to it for some high denomination U.S. dollar bills which haven't been issued yet.
On Sep 04 09:41 AM ryshay2 wrote:
> There is no coverage of the physical gold recall to HK because Americans
> don't care about gold. It is an archane relic that is totally useless.
> You can't eat gold! Gold investors are so silly.
>
> What is truly wonderful is the sacred Federal Reserve Note. Did
> you know they added some subtle blue coloring to the green $20 notes.
> They are so beautiful! They should take down all that useless crap
> in the Smithsonian and frame these $FRN beauties instead. Everytime
> I look at my beloved $FRNs I get a tingle that goes up my leg! I
> love my $FRNs. I don't know WHY the Chinese don't like FRNs. If
> I had as many FRNs as them, I would put them in my pool and swim
> in them, and let myself be one with the FRN.
>
> What is even better than a printed FRN is an electronic FRN in your
> bank account. Those are so sacred and wonderful, that they have
> transcended physical form, and exist as only as a pure, hallowed
> idea: FRN. Because the pure existential power of the FRN is so
> powerful, we must make more of them so all the world can enjoy them.
> We must make as many as we can. Why all the haters? Be one with
> the FRN!
This quiet footwork and body language behind the scenes are but only a step in their "Right Direction".
Watch out, America, you and most of the Western World are still in deep deep slumber.
TK
Non-concur with your remark: "...We'll become a nation of gamblers speculating on inflated assets...". for the following reasons.
Remember one of the Kenny Rogers Western folk songs portraying himself as the Wild Wild West gambler who even had enough money to send his son to one of those "$70K a year Prep Schools such as the Phillips Academy or Phillips Exeter (forgot exactly which one)"?
We ARE a nation of gamblers long before those eras you mentioned!
TK
On Sep 04 12:42 PM nothing makes sense wrote:
The pound was supposed to be as good as gold and directly convertible to metal but with a single swipe of the pen, that link was broken and every country which though it had real gold stored in London was left with paper pounds and England kept the actual metal for themselves and the pound was promptly devalued by repricing the gold. Of course the US saw what a good idea that was and soon followed suit, but they even added their own touch but confiscating the public's holdings of metal first!
TK you wrote:
"The Chinese are damned good at long-term planning and thinking, famously characterized by their idiom as: "When planting trees think ten years ahead. When planting people, think educating them a hundred years ahead."
This quiet footwork and body language behind the scenes are but only a step in their "Right Direction".
Watch out, America, you and most of the Western World are still in deep deep slumber."
Let's see. Where exactly is the proof of that great "long terms planning". You mean they do a great job of creating Governments which can oppress people for centuries? First the dynasties then, as of late, under communism.
Now they have a quasi "one foot in one foot" to the modern world. How's that gonna play out when they stop controlling the media (new media). Are they going to be able to keep their boots on the necks of their population for ever?
Obviously this comment is not germane to the article above nor are Hong Kong and mainland China germane to one another as it relates to HK calling back its gold. There are some good comments above about HK’s aspirations to become a financial center and this is perhaps more likely.
The only thing that’s a "deep slumber" is your history book….and of course an understanding that today a China itself faces a cold hard reality with a whole host of problems that all of Midas’s gold could not solve. Massive underemployment, an economy which is only 1/10th the size of NAs and one that is primarily dependent on export. It’s amazing to me that people think that somehow China will lead the world out of recovery- the economy in China represents less than 5% of the global economy in monitary terms. Moreover, it is an export economy that can only see expansion with a return of exports. An export economy does not lead the world out of recession it follow the world out of recession.
We returned most of it.
We won, and "gambling" has been in our "National DNA" ever since.
On Sep 04 01:14 PM Teutonic Knight wrote:
> nothing make sense -
>
> Non-concur with your remark: "...We'll become a nation of gamblers
> speculating on inflated assets...". for the following reasons.<br/>
>
> Remember one of the Kenny Rogers Western folk songs portraying himself
> as the Wild Wild West gambler who even had enough money to send his
> son to one of those "$70K a year Prep Schools such as the Phillips
> Academy or Phillips Exeter (forgot exactly which one)"?
>
> We ARE a nation of gamblers long before those eras you mentioned!
>
>
> TK
The slow collapse of the West is obvious. The UK is one of the leaders in the collapse.
Evidence:
* Excessive debt
* Radical Islam taking more control in the UK particularly London
* Generally laziness of westerners
* Political corruption
I can't argue with "Excessive Debt" and the "Islam". I would add however to Islam about 100 other countries us "free nations" allow people to emigrate from. That is what makes us free countries and that is what makes us dynamic and evolutionary societies.
I love these: "laziness of westerners" and "political corruption". Well the only thing I can think of in terms of "laziness" would be to correlate productivity to workforce. Western Countries are far more "productive" than others. This is a function of innovation, investment and hard work. So, I have to disagree with that comment. As for "political corruption" yeah we have political corruption. But we also have a free press and freedom of speech and protections for people who call out the corruption. So while corruption is exposed on a daily basis that is the beauty of it. Where as in countries that do not have a free press, such protections or easy access to new media such corruption goes undetected and those in that country remain subjugated by that corruption.
Wait, was I wrong, were you just being sarcastic and funny? I'm not sure. You go the debt thing right though.
UN meets later this Month inre Iran sanctions, I presume nothing will be accomplished which begs the question "when will Israel destroy Iran's Nuc aspirations"?
Its good to have backups on a just in case basis.
Any answers? Long physical precious metals.
The new vaults of DMCC (Dubai Multi Commodity Center) will be home to the gold allocated to the Dubai Gold Securities (DGS) Exchange Traded Funds (ETFs). The vault may also become a natural choice for storage of gold reserves by central banks in the regional market, analysts said.
prudentinvestor.blogsp...
First Dubai now Hong Kong. Perhaps just part of the process, if history serves guide, of financial centers migrating to where the money is, the changing domiciles
of capital and savings.
> First Dubai now Hong Kong. Perhaps just part of the process, if history
> serves guide, of financial centers migrating to where the money is,
> the changing domiciles
> of capital and savings.
If history is a guide… I remember a story in the Bible where Jesus spoke with the central bankers about the promises they made being legitimate only if they were made with the backing of gold. He castigated them for it in essence because the notes backed by gold were useless without the trust for redemption or fulfillment. I realize the religious overtones get thick, but the practical application stands, that is that ultimately, honoring laws and fulfilling obligations are more valuable than chattel. Chattel only represents the degree to which we honor law and fulfill promises.
On Sep 04 09:00 AM Michael Fitzsimmons wrote:
> also note the relative lack of coverage wrt china, russia, and brazil
> funding the IMF. after witnessing the corrupt US financial system
> funnelling money to the already richest americans (that's called
> fascism) it is clear the rest of the world wants a new world reserve
> currency. this transition will have a big impact on gold prices.
> another note: gold ended august at the exact same price it ended
> july.
On Sep 04 02:28 PM Graham and Dodd Investor wrote:
> The War For Independence (Freiheitskrieg) was America's greatest
> gamble.
>
> We won, and "gambling" has been in our "National DNA" ever since.
>
news.silverseek.com/Te...
According to the vague premise of thsi mysterious "logic", my BBQ must be going up in price soon! :)
They will never be able to hedge anywhere if they renege. It sounds alarmist more than anything else.
My question would be "why is the Article being floated" in the first place? The Chinese Government is the owner of these airlines, what do they have to gain by spreading this?
You obviously did not read the article. I am not sure how to respond to your comment as the article I linked to does not discuss anything about fuel hedging or airlines. Try reading the article again and make an effort to comprehend what the author is trying to tell you.
Thanks
Would you store any of your gold in a safety deposit vault of a bank that was on the brink of failure? Probably not!
You would probably decide to store the gold in your house instead.
Question - when is a hedge not a hedge?
Answer - when it is offered by a derivative salesman.
On Sep 05 02:50 AM one eye wrote:
> Gold Barron: You do know that the News story referred to Misjudgements
> made by Chinese Airlines on their Fuel hedging.
>
> They will never be able to hedge anywhere if they renege. It sounds
> alarmist more than anything else.
>
> My question would be "why is the Article being floated" in the first
> place? The Chinese Government is the owner of these airlines, what
> do they have to gain by spreading this?
dealbook.blogs.nytimes...
I was referring to the contents of the Support Document. Butler provided the Link, I followed it. Granted, it was easy to miss since the link was labelled "here".
On Sep 04 11:16 AM Teutonic Knight wrote:
> The Chinese are damned good at long-term planning and thinking, famously
> characterized by their idiom as: "When planting trees think ten years
> ahead. When planting people, think educating them a hundred years
> ahead."
>
> This quiet footwork and body language behind the scenes are but only
> a step in their "Right Direction".
>
> Watch out, America, you and most of the Western World are still in
> deep deep slumber.
>
> TK
What is the connection between what Butler wrote and the Article that prompted what He wrote?
On Sep 05 04:44 AM nobby73 wrote:
> As far as what happened with the Chinese airlines, the one thing
> you should not call the trades are hedges. The problem is that the
> Investment Banks continue to peddle the toxic crap and call them
> hedges, when they are things like caps with knock-in floors, put
> in place when oil was rising dramatically. They got killed on the
> way up and then got killed on the way down. I think it was high
> time someone taught these robber bankers a lesson - stop pushing
> toxic derivates that make huge profit for the exotic trading desks
> but cause huge volatility in the market and are as far removed from
> risk management as playing Russian Roulette. If the gold has been
> moved to prevent it being seized by the courts, I don't blame them.
>
>
> Question - when is a hedge not a hedge?
>
> Answer - when it is offered by a derivative salesman.
>
> On Sep 05 02:50 AM one eye wrote:
On Sep 04 01:23 PM HardwoodFlooring wrote:
> WTF-
>
> TK you wrote:
>
> "The Chinese are damned good at long-term planning and thinking,
> famously characterized by their idiom as: "When planting trees think
> ten years ahead. When planting people, think educating them a hundred
> years ahead."
>
> This quiet footwork and body language behind the scenes are but only
> a step in their "Right Direction".
>
> Watch out, America, you and most of the Western World are still in
> deep deep slumber."
>
> Let's see. Where exactly is the proof of that great "long terms planning".
> You mean they do a great job of creating Governments which can oppress
> people for centuries? First the dynasties then, as of late, under
> communism.
>
> Now they have a quasi "one foot in one foot" to the modern world.
> How's that gonna play out when they stop controlling the media (new
> media). Are they going to be able to keep their boots on the necks
> of their population for ever?
>
> Obviously this comment is not germane to the article above nor are
> Hong Kong and mainland China germane to one another as it relates
> to HK calling back its gold. There are some good comments above about
> HK’s aspirations to become a financial center and this is perhaps
> more likely.
>
> The only thing that’s a "deep slumber" is your history book….and
> of course an understanding that today a China itself faces a cold
> hard reality with a whole host of problems that all of Midas’s gold
> could not solve. Massive underemployment, an economy which is only
> 1/10th the size of NAs and one that is primarily dependent on export.
> It’s amazing to me that people think that somehow China will lead
> the world out of recovery- the economy in China represents less than
> 5% of the global economy in monitary terms. Moreover, it is an export
> economy that can only see expansion with a return of exports. An
> export economy does not lead the world out of recession it follow
> the world out of recession.
These were hedges against an ever continuing price rise. Those that could not afford to hedge have fared better than the others.
Some copper miners increase current cash by selling a portion of future production. It helps finance current and future operations. Its just the Biz, nothing more horrifying than that.
It has more to do with Chinese sneakniness and kniving than any bank failure-- Obviously, the PRC is up to no good again and is doing it quietly and sneakily-as usual--
This time they are hoarding precious metals, even telling their "citizens"(that word does not mean what it does here, by the way) to buy gold & silver-- Naturally, in a totalitarian dictatorship like PRC, any gold and silver bought by the "citizens" can be ceased by the government at gun point in time of an "emergency"- You get my drift. They believe in 'gradualism', like little ants billions of ants each carrying a small piece to the nest. The culture is sneaky and full of deceit and plotting. Taiwan will be history in the next deacdes and will most likely than not be 'vacuumed' and gobbled up by PRC. And there may be no damn thing US can do about ut, either.
The conclusion is that the red Chinese see gold and silver prices exploding in the next 5-8 years, and they want to concentrate wealth inside their borders -- they are extremely territorial and eneterprising, and they are planning to expand outwards in the next 50 years as US and the west get weaker, in their eyes, they will be able to establish Chinese hegemony over the whole planet.
The question is what is US prepared to do about it.
I hate to sound like an alarmist, but if you believed an economic collapse was imminent, or that you would go to war to prevent your own country from collapsing, you would do what they are doing.
How can they keep an unemployed, underemployed, and hungry populace from revolting? Why...be at war with another nation of course. They would likely make it look like they were provoked over North Korea, Taiwan, or Japan. They have been colluding with Russia to a great extent lately both militarily and financially. Russian subs have been patrolling off the Western seaboard. Hmmm...
Never say never...
Am I the only one who remembers the drum ceremony at the opening of the Olympics? That was frightening.
It was a clear pounding of the chest.
On Sep 04 09:31 AM Mad Hedge Fund Trader wrote:
> rety. Yesterday’s $22 move up shows that attempt number six to run
> the yellow metal up to a new high has begun. Silver happily tagged
> along for the ride, tacking on 70 cents to $15.49. Historically,
> September is the best month of the year to own the barbaric relic,
> showing an average 3.5% gain over the last 20 years. The onset of
> the Indian wedding season, Ramadan, and the run up to the Christmas
> and the Chinese New Year jewelry buying binge are all conspiring
> to give gold a boost. A tip off this was coming was the big put
> selling seen for the shares of the gold ETF (seekingalpha.com/symbo...),
> and Kinross (seekingalpha.com/symbo...). One good way to
> play gold at this late stage might be the shares of highly leveraged
> unhedged producers like Rangold resources (seekingalpha.com/symbo...),
> Jaguar Mining (seekingalpha.com/symbo...), and royal Gold
> (seekingalpha.com/symbo...). Confirmation that the markets
> are moving towards risk aversion can be found in the euroyen chart,
> which hit a one month low at 131, after double topping at 140.50.
> If gold does break, it could tack on 20% very quickly to $1,200.
> Load up on those American gold eagles. If you want to know where
> to find them in size, check with the experts at millenniummetals.net.
On Sep 05 09:29 PM Keer-eh Khar wrote:
> Gold Barron:
> It has more to do with Chinese sneakniness and kniving than any bank
> failure-- Obviously, the PRC is up to no good again and is doing
> it quietly and sneakily-as usual--
>
> This time they are hoarding precious metals, even telling their "citizens"(that
> word does not mean what it does here, by the way) to buy gold &
> silver-- Naturally, in a totalitarian dictatorship like PRC, any
> gold and silver bought by the "citizens" can be ceased by the government
> at gun point in time of an "emergency"- You get my drift. They believe
> in 'gradualism', like little ants billions of ants each carrying
> a small piece to the nest. The culture is sneaky and full of deceit
> and plotting. Taiwan will be history in the next deacdes and will
> most likely than not be 'vacuumed' and gobbled up by PRC. And there
> may be no damn thing US can do about ut, either.
>
> The conclusion is that the red Chinese see gold and silver prices
> exploding in the next 5-8 years, and they want to concentrate wealth
> inside their borders -- they are extremely territorial and eneterprising,
> and they are planning to expand outwards in the next 50 years as
> US and the west get weaker, in their eyes, they will be able to establish
> Chinese hegemony over the whole planet.
>
> The question is what is US prepared to do about it.
On Sep 05 11:08 PM ebworthen wrote:
> I forgot to say...
>
> Am I the only one who remembers the drum ceremony at the opening
> of the Olympics? That was frightening.
>
> It was a clear pounding of the chest.
On Sep 05 12:45 PM Graham and Dodd Investor wrote:
> The Chinese government and the U.S. investment banks trading derivatives:
> One is as dependable as the other.
That being said, China is a bit scary to me in a military sense. They are definitely expanding. Hong Kong, Tibet, Taiwan next on their list. There are no women in China -- no girl children, who were all executed by parents who wanted a boy instead. They are buying their wives now in neighboring Asian countries; but they might decide to just take them in the future, especially if their current boom runs down.
No doubt America has the most aggressive military in the world. Our military is capitalism's police force. If a country doesn't want to play our game, we send in the military to force them. There was no more naked aggression than the US war-boats entering Japan waters and forcing them to open their markets to US good or else fight a war.
Our history in Latin America is dubious at best, and shameful in many specifics. Why? Because Big Business (with its bully police force, the army) forces smaller countries to do what we want.
All nations are good and bad, a mixture of natures and principles. Our motivations in foreign policies are mostly selfish -- as are other nations' motivations. We just happen to be the Rome of today, with the biggest army and most money. But remember what happened to Rome. Rome made too many small enemies with its arrogance. And the small enemies eventually coalesced into a larger army and invade the bully's land when their own corruption weakened them enough to allow this. Every time we flex our chest and take up the gun for the sake of 'freedom' (sometimes real freedom; and more often just for the profits of Coca Cola and Phillip Morris), we make enemies.
I'm not sure I'd be willing to 'put my money with the Chinese anytime', Dave. These Chinese are not the same Chinese as Confucius. These Chinese kill prisoners so they can sell their organs on the open market; these Chinese ARE expanding their empire, or at least trying to. The Chinese invaded Vietnam 1500 years ago, and stayed for 1000 years. These Chinese could easily 'cancel the capitalist' experiment and confiscate foreign money just like they did when Mao came to power.
It's wise not to see your own country through a patriotic 'rose-colored' prism. But we probably should not see any other country through such a prism either. I'm sure that any country able to dominate the world and the world economy with wealth and military might would do so -- and many would do it with much more naked savagery than we have done. With all America's foreign policy sins, our empire has probably been more humane that any such empire in history. Clearly, the American capitalist empire in Western Europe was more humane than the Russian communist empire in Eastern Europe.
On Sep 06 02:35 AM Dave Wrixon wrote:
> People like you should be locked up. If Americans seriously believe
> they they can rely on military might to solve all their problems,
> then they will go the same way as the USSR. Where is your proof that
> the Chinese are more territorially aggressive than other nations?
> In any reasonable objective analysis the USA is one of the most aggressive
> nations on Earth, and frankly their economic hegemony is one of the
> least discussed causes of the WWII. OK, Roosevelt may have positioned
> the US to defeat the NAZIS and the Japanese, but did it ever occur
> to you that he was also a major cause of the rise of the extremists
> to power?
I'm still attempting to decipher your point.
Would you mean to say that my comment was irrelevant? That doesn't seem to hold true as some commentators had spoken out below.
Myself I am not an English major although my son was a Harvard Fellow. In writing it would be prudent to come to the point upfront and as quickly as possible. Perhaps your comment was not one of your best as a top-rated SA commentator.
TK
On Sep 04 01:23 PM HardwoodFlooring wrote:
> WTF-
>
> TK you wrote:
>
> "The Chinese are damned good at long-term planning and thinking,
> famously characterized by their idiom as: "When planting trees think
> ten years ahead. When planting people, think educating them a hundred
> years ahead."
>
> This quiet footwork and body language behind the scenes are but only
> a step in their "Right Direction".
>
> Watch out, America, you and most of the Western World are still in
> deep deep slumber."
>
> Let's see. Where exactly is the proof of that great "long terms planning".
> You mean they do a great job of creating Governments which can oppress
> people for centuries? First the dynasties then, as of late, under
> communism.
>
> Now they have a quasi "one foot in one foot" to the modern world.
> How's that gonna play out when they stop controlling the media (new
> media). Are they going to be able to keep their boots on the necks
> of their population for ever?
>
> Obviously this comment is not germane to the article above nor are
> Hong Kong and mainland China germane to one another as it relates
> to HK calling back its gold. There are some good comments above about
> HK’s aspirations to become a financial center and this is perhaps
> more likely.
>
> The only thing that’s a "deep slumber" is your history book….and
> of course an understanding that today a China itself faces a cold
> hard reality with a whole host of problems that all of Midas’s gold
> could not solve. Massive underemployment, an economy which is only
> 1/10th the size of NAs and one that is primarily dependent on export.
> It’s amazing to me that people think that somehow China will lead
> the world out of recovery- the economy in China represents less than
> 5% of the global economy in monitary terms. Moreover, it is an export
> economy that can only see expansion with a return of exports. An
> export economy does not lead the world out of recession it follow
> the world out of recession.
Michael Clark:
Your comments are thoughtful and balanced. We need more objective analysis such as this and less angry polemics. Maybe then we'd be one step closer to health-care reform AND a balanced budget.
Rob
So anyway, did Germany ever get their gold back??
Very interesting comment.
"The Chinese invaded Vietnam 1500 years ago, and stayed for 1000 years."
Such definitions of nationhood exist only because the Chinese didn't finish the job in Vietnam, like they did in the rest of China proper. The same goes for America - we don't talk too much about Spanish California or Hawaiian monarchies or Native America property rights because we finished the job. However, we do talk about Filipino independence and Mexican immigrants...here are instances where we did not fully assimilate our neighbors and colonies.
"These Chinese could easily 'cancel the capitalist' experiment and confiscate foreign money just like they did when Mao came to power."
Actually, I think the Chinese are deathly afraid we will cancel OUR capitalist experiment and confiscate foreign money. They are deathly afraid that they will be holding worthless treasuries, and are doing everything they possibly can (like hoarding gold) to prevent such an outcome.
"It's wise not to see your own country through a patriotic 'rose-colored' prism. "
It is interesting that one country's flag-waving patriot is another country's blood-thirsty, pregnant - women - butchering terrorist. This remains true to this day for any country that has enemies.
Clearly, the American capitalist empire in Western Europe was more humane than the Russian communist empire in Eastern Europe.
Well, IMHO, clearly the American capitalist empire was less desperate than their Russian counterparts. IMHO, we would have had our own holocaust Japanese-style, if we became more desperate and the Japanese more capable of aggression state-side during WWII. We had already created the ghettos and had already confiscated their wealth.
Now, had British gold been relocated to China, yes, that would be newsworthy. Or, had China taken over London and signed a 99 year lease, then yes, most newsworthy.
all smart people ran out of HK to Perth in the last 12 months as some west banks there only offered paper crap instead of the real thing. So they reacted accordingly, natural game. Now tell us about your SLV