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Venezuela Gets Back First Part of its Gold

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Venezuela has manged to repatriate its first shipment of gold from its London vaults. According to reports in ZeroHedge

Venezuela will receive the first shipment of gold reserves being repatriated from U.S., Canadian and European banks today. Chavez, a former paratrooper and self-professed socialist, in August ordered the central bank to repatriate $11 billion of gold as a safeguard against volatility in financial markets.” Will Chavez demonstrate phenomenal foresight having collected his gold just months ahead of Europe falling into the abyss of a toxic debt spiral or were his worries unfounded? It remains to be seen. However, he will probably sleep sounder knowing that his gold is no longer in the vaults of the LBMA, HSBC, or several hundred feet under the New York Fed.

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Bank of England to Engage in Further QE

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The Bank of England are likely to engage in further QE in February after the current round finishes unless the economy improves (Whats the chances of that?) according to Martin Weale, a member of the Bank’s Monetary Policy Committee. Presently inflation is running at 5% but the Bank has forecast a sharp fall in 2012 and said it is more likely to be below the 2pc target than above it by 2013/14.

The Bank of England restarted QE in October, when it was clear that the eurozone debt crisis would hit UK growth. It announced a further £75bn, on top of the £200bn of QE between March 2009 and January 2010.

 

source The Telegraph.

Consumers Wake Up – You Are Being Used.

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 We are consumers in a corporate trough, managed by officials

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