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"Unterschätze die Macht dummer Leute, die einer Meinung sind." - Kurt Tucholsky

International monetary reserves set a new high mark early this month: they now amount to a bit more that $12,000,000,000,000 dollars. ($12 trillion dollars, when we calculate the value of all the reserves in dollars. The largest part of reserves is in dollars; the rest is split up into euros, pounds sterling, yen and Swiss francs.)

What does this colossal number mean?

Reserves measure the quantity of credit which the exporting countries of the world have granted to countries (and the EMU - the European Monetary Union ) that issue currencies considered as adequate to act as reserves for the central banks of the world. That this is credit is quite clear, because the $12 trillion of reserves in dollars, euros, etc., are invested in bonds, which are promises to pay on the part of the US, the EMU or others, and the holders of bonds are creditors, that is to say they have extended credit.

The monetary reserves of the Mexican central bank are included in the above-mentioned sum; which means that Mexico extends credit, mainly to the US, because the majority of reserves in Banco de Mexico are invested in dollar bonds.

In turn, extending credit means that Mexico has not been paid what it is owed. Mexicans are financing the US, Europe and others who issue reserve currencies, to the extent to which the Mexican central bank holds reserves in bonds denominated in dollars, euros and other currencies.

Since August 1971, when the countries of the World ceased to have the option of receiving gold in payment of their favorable balances of trade, or of extending credit by receiving dollars, the quantity of monetary reserves in world central banks has grown monstrously. Since there was no more payment in gold, the world had no option but to grant credit while it waited for the real payment – which has not arrived, and never will arrive.

The bald truth is that $12 trillion dollars is the imperial tribute extracted from all the countries that do not issue a reserve currency, and delivered to the countries that issue the reserve currencies, in the course of the last 43 years. It cannot be anything other than imperial tribute, because those funds represent bonds that will never be paid. Exports exchanged for bonds that will never be paid are tribute which the exporting world has delivered to the United States and Europe. ...

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