The European Commission has warned Cyprus that it must sell its excess gold reserves to raise €400 million needed to help finance its recovery and qualify for the rescue package it has requested from the Eurogroup. Cyprus has accepted a disastrous set of demands to get the money from the German-controlled European troika made up of the European Central Bank, the European Union and the International Monetary Fund (IMF). Cyprus is planning to sell 10 tons, or nearly 75% of its 13.9 tons of gold bullion in the biggest euro zone bullion sale in four years.
Cyprus is not in control of its own destiny. For the first time, a nation has been required to liquidate gold reserves in order to help fund its own financial rescue. To get €10 billion from the European Stability Mechanism and the IMF, Cyprus must come up with more than €10 billion ($13bn) from a variety of sources, including confiscation of bank depositor’s assets. Bank depositors in Cyprus’ two largest banks, who have more than €100,000, are getting ransacked by up to 40 percent of their bank balances. In other words, the people have to pay for the sins of their bankers.
But it is more than that. If a nation cannot control its core national assets, such as its gold reserves, is it a viable state? Germany, the undisputed and unrestrained leader of the European Union, which has been the power behind the rescue packages for ailing nations, has dictated the terms of the rescues. Up until now, it has never required a nation to sell its gold reserves in exchange for a rescue package. Now Germany, through the EU appears to be insisting that Cyprus go farther than any other nation in slavish servitude to get the money from the troika.
Giving up gold reserves is tantamount to giving up sovereignty. Germany is now punishing Cyprus by picking it clean like a vulture on road kill. The fact is Cyprus is now a vassal state, conquered by Germany without a bullet or a bomb.
But more importantly, while some suggest that it would be less painful for Cyprus, and for that matter, other heavily indebted nations, to ask for an amicable divorce from the European Union, or at least from the Eurozone, that isn’t likely to happen. When a Eurozone nation is forced to sell its gold reserves it has little basis on which to return to its former currency. In other words, by requiring Cyprus to sell most of its gold reserves, Germany and the European Union ensure that Cyprus will never leave the Eurozone or the Union. It is bound and shackled with no chance to go back to a sovereign nation again.
How did all this happen? The European Central Bank and other big European banks provided huge amounts cheap credit to profligate southern European states knowing that these nations could never repay the loans. They knew a crisis was coming and did nothing about it. And no wonder. This process literally handed these troubled nations to Germany (the dictator of the European Union) on a golden platter.
The question is now being asked; if the troika can do that to Cyprus, why can’t they do it to other heavily indebted nations like Ireland, Portugal, Italy, Greece or Spain? Between them these nations hold 3230 metric tons of the precious metal. That could wipe out a lot of debt! And while it wouldn’t solve the debt problems these nations have, the European Union, and more specifically Germany, may have its eye on the bullion as part of its own long-term strategy. One senior gold trader said, “It’s a potential game-changer for the market.” Think of the power that Germany will have if it has the strength to force other EU nations to sell their gold reserves too.
Cyprus is now prostrate at the feet of Germany. She is an example to other nations who may need a rescue package in the future. Is Germany positioned to pilfer their gold too?
And it isn’t just Cyprus. Greece is also vulnerable. Reuters confirmed that buried in the fine print of the final rescue deal for Greece, there is a clause which says that creditors (the European Central Bank and the IMF) can seize Greece’s “excess” gold reserves. “This is the first time ever that a European… state abdicates its rights of immunity over all its assets to its lenders,” said a member of the Greek Parliament. In other words, Greece has been forced to yield its sovereignty to the European Union.
Remember, Germany is assisting the Vatican in restoring ancient medieval relations so that the Holy See can sit on the throne of Europe once again in a resurrected Holy Roman Empire. This can never be done if each nation is an independent sovereign state. So, Germany is using the European Union and the economic crisis to bring the nations under the control of the European Union. What Germany has done to Cyprus, including gold confiscation, it can easily include in future negotiations with other economically bankrupt and desperate nation states.
Who is likely to get the gold from Cyprus? It will most likely go to its creditors, the European Central Bank, controlled by Germany, and the IMF in exchange for the rescue money. They have no choice but to hand it over.
Germany already holds the second largest stock of gold in the world. And it is in the process of repatriating much of its gold held by foreign entities back to Germany over the next few years. Germany and its EU partners may well see the need to stockpile gold reserves in order to revitalize the flagging euro. But the fact that Germany has the largest gold reserves in Europe places Germany in a very powerful position to control the euro, and consequently the nations that use it.
Gold is one of the few assets Greece still has that could give a new drachma a small amount of value. If forced to let go of it. Greece will also be shackled by the European ball and chain.
Is it any wonder that the Bible reveals that the merchants of the earth, like the European Central Bank, trade in gold? See Revelation 18:12. Now you can see how prophecy is being fulfilled in practical terms as whole nations, reeling from bankruptcy, are left with nothing but slavery to higher powers.
Source References
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Cyprus ‘must sell its gold’ to finance soaring bailout bill of £23billion – bigger than the island’s economy [1]
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Analysis: If Cyprus can sell Gold to help bailout, why not others? [2]
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Cyprus Finance Minister Sees Gold Sale Within Next Months [3]
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EMU plot curdles as creditors seize Cyprus gold reserves [4]
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Germany’s Perspective: “How Europe’s Crisis Countries Hide their Wealth” [5]
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Bundesbank to Repatriate 674 Tons of Gold to Germany by 2020 [6]
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Cyprus to sell €400m of gold as bail-out costs nearly double [7]
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Growing Air of Concern in Greece Over New Bailout [8]
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Greece’s Lenders Have The Right To Seize National Gold Reserves [9]
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Wikipedia article on EU Troika [10])#European_Union