The Survival Economist
Premiered Mar 6, 2022
Hungary’s Gold Repatriation Adds To Growing Protest Against US Dollar Hegemony. Hungarian National Bank is set to repatriate 100,000 ounces gold from England.
This is not an unusual move. In recent years we have seen the likes of Germany, Austria, Belgium, Venezuela, and the Netherlands each repatriate their gold from various locations.
The pace does appear to have been picking up since Venezuela decided to repatriate its 180 tonnes of gold in 2011. Over the past few months, 100 tons, or some 8,000 gold bars, were secretly transported from the Bank of England’s vaults in London to Poland.
Also Inspired by Polish example, Slovakia considers repatriating gold from the UK. Serbia, later on, joined Slovakia in this Sudden Eastern European Gold Repatriation trend. Countries across the globe are trying to shake off their dependence on the dollar by buying up the yellow metal.
One example is Slovakia; it’s now thinking about restoring its gold reserves from UK banks, something Poland did a week ago.
Welcome to a new gold rush! It’s a plot to disintegrate the US dollar.
Counties are sick of giving the US their produce for nothing more than toilet paper in return. I can see the US government hiding in their deep tax paid underground military bases when the world hits the next coming catastrophe.
It’s a 21st-century gold rush. Countries around the world are looking to the precious metal to cure their dollar dependence.
The main switches are China and Russia. But Eastern Europe is now joining in for its own reasons like many. Slovakia has its gold reserves in the UK, and now the former prime minister is trying to get it back.
Days earlier, Poland recalled 100 tons of its gold reserves from the Bank of England, and the polish national bank was certainly happy about it.
Other Eastern European countries like Hungary and Serbia began recalling their gold as early as last year. People in Eastern European nations are not as choked in propaganda as the Decadent West is. Likewise, they know how easy it is to be played for fools.
Russia has some way to go for strengthening ties to many of these nations, but it is definitely not going the wrong direction. Interestingly enough, it seems like Macron is the first Western “leader” to see what is happening.
It cannot be trusted, but it is interesting that France is somewhat breaking ranks with Merkel and the EU about NATO.
Now, the mainstream media has covered this new gold rush, but what they’d probably like to avoid is admitting that it’s getting pretty close to home.
Take Germany; it just increased its own gold reserves for the first time in 21 years. The global tensions caused by economic sanctions and trade conflicts started by Washington have forced targeted countries to take a fresh look at a substitute payment system currently dominated by the US dollar.
Russia, China, India, Japan, Turkey, Venezuela, and Iran have all made moves away from the dollar, including dumping their holdings of US debt and increasing their respective gold reserves.
Why Europe, China, and Russia are accelerating the process of de-dollarization can be understood only if the meaning of the Iran deal is adequately understood.
Iran is, above all, a specific example in what Washington can do to you if you expose yourself to the US dollar for better or for worse. Tehran would not, of course, be considered particularly US-friendly. But in order to participate in international trade, the Iranians had to rely on the US dollar and the SWIFT system, which handles international payments.
SWIFT belongs to an international banking consortium and is even based in Belgium – within the EU. Nevertheless, the USA was able to build up enough pressure to exclude Iran from SWIFT.
The United States is extensively using the dollar as a weapon. And with every transaction in dollars, one is forced to follow the American sanctions against Iran, even if the USA is not directly involved in a trade.
For example, when it comes to oil exports to a European country. Europe, China, Russia, and many small countries set new initiatives every year to make themselves independent.
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