Stratfor Reports Mubarak Has Already Left Country, Speech Prerecorded

 

Mubarak Expected To Resign Shortly, Pass Power To Vice President

Submitted by Tyler Durden on 02/10/2011 10:15 -0500

It appears Mubarak is history and may resign as soon as tonight. And since Mubarak will pass power to the CIA's main man in the region, Vice President Omar Suleiman, we doubt this will result to much social contentment. Follow the developments on Egyptian State TV, where the Supreme Council confirmed that Mubarak is currently fueling his G-6.

Here Comes Executive Order 6102 For The QE Generation: Dutch Central Bank Orders Pension Fund To Sell Its Gold

Submitted by Tyler Durden on 02/10/2011 11:36 -0500

Perhaps the most stunning example of what may be in store for asset managers and pension funds (and possibly retail holders) who dare to challenge central bank monetary authority comes from the Netherlands, where we have just witnessed the 21st century equivalent of Executive Order 6102. The story in a nutshell (and as translated loosely from the primary source presented below): the glassworkers pension fund (SPVG) was ordered by De Nederlandsche Bank (DNB, or the equivalent of the Dutch central bank), that it has to sell the bulk of its gold assets. After the SPVG refused to comply with the order, the DNB went to court and the decision has come out, siding with the central bank, ordering the SPVG to sell the required gold within two months. The pension fund, which invests for 1142 (former) employees, late 2009 had gold bars worth 34.6 million euros, or about 1400 kilograms. The total fund assets amounted to 288 million euros at that time. DNB has found that such a large proportion of gold is inconsistent with the interests of the participants. SPVG sees gold as a medium of exchange, such as euros, but DNB believes that the price of gold fluctuates too much for it to be classified as an investment. Translation of the translation: the central bank has now directly ordered a fund how to allocate its gold assets, because it explicitly disagreed with the fund's statement that gold is money, claiming instead that it is nothing but a very volatile commodity. Very soon no pension funds in the Netherlands will be allowed to hold any amount of gold more than the merely nominal. This latest gold confiscation equivalent event is most certainly coming to a banana republic near you.

Ted Butler: Silver soon may be the rarest earth

 

It's Confirmed: ECB "Forced" To Buy Portuguese Bonds

 

"Get Ready For Higher Food Prices" Goes Mainstream

 

John Taylor Explains What Will Happen When The Chairman Removes $125 Billion In Free Monthly Liquidity, And Hikes Rates

 

Silver Lease Rates Rise Sharply – Bond Yields in Portugal Rise to Record

 

Jobless Claims Drop By 36,000, Print At 383,000, On Expectations Of 410K

 

After Global "Risk Off" And Rumor Of Saudi King's Death, ECB Comes To The Rescue, Buys Portuguese Bonds