Euro countries angered at Finland for secrecy over Greek collateral pact
Dissatisfaction also reported in Commission
Helsingin Sanomat – 29 August 2011
http://www.hs.fi/english/article/Euro+countries+angered+at+Finland+for+secrecy+over+Greek+collateral+pact/1135268931501
SNIP
The smaller countries of the common European currency, the euro, and the European Commission, are reportedly upset at Finland for not disclosing the content of the bilateral agreement between Finland and Greece on collateral for Finland’s loan guarantees. The matter did not come out before Minister of Finance Jutta Urpilainen (SDP) announced the agreement at a press conference on August 16th.
The Social Democratic Party said that the key eurozone countries were informed about the result of the negotiations.
UNSNIP

Note that no central bankster is involved in the negotiations.

This is the crisis of the guv’mints established on euroland.
This not the crisis of the euro.

The proof is in the pudding.
Greece cannot use its share of the gold reserves of the euro, which are held by the European System of Central Banksters, as collateral.

Aug. 1, 2011, 11:16 a.m. EDT
Greek central bank lifts gold reserves further
http://www.marketwatch.com/story/greek-central-bank-lifts-gold-reserves-further-2011-08-01
SNIP
LONDON (MarketWatch) — The central bank of Greece added further to its gold reserves in June, lifting its holdings by 1,000 troy ounces for a second consecutive month.
UNSNIP

TO REPEAT – Ad nauseum:

FreeGold meant for the behind-the-scenes architects of the euro, and still means, that the euro has a gold component and a paper component, but puts a “firewall” between both so that gold’s valuation as a wealth-preserving asset cannot be pulled lower by the inevitable inflation of the paper component of circulating currencies.
It is the (quarterly) marking to market (MTM) of the gold reserves of the Eurosystem, not to the Bretton Woods model of $42.2 like the USA central bank (originally $35), by the ESCB which provides that wall.

The euro is the first currency that has not only severed its link to gold, but also its link to the nation-state, said ECB president Duisenberg in 2002 upon receiving the Charlemagne Prize in Aachen
http://www.ecb.eu/press/key/date/2002/html/sp020509.en.html

Upon receiving the same prize in June 2011, ECB president Trichet said:
The {Maastricht] Treaty has mandated the ECB to keep safe the money of Europe’s citizens {not the guv’mints established on euroland}
http://www.ecb.int/press/key/date/2011/html/sp110602.en.html

The point is that the Eurosystem’s response (volume expansion) to its current systemic threat (the debt crisis) is not surprising. Does this mean the euro will collapse (experience hyperinflation)? No. Because, for one reason, it has severed the link to the nation-state. The euro is behaving perfectly predictably in maintaining the nominal performance of its system through expansion,
but it cannot be forced to fund the future government profligacy of the PIIGS
through volume-only expansion.
That link is severed.
http://fofoa.blogspot.com/2011/07/euro-gold.html

The process of marking to market (MTM) the Eurosystem’s gold reserves has resulted during the FIRST decade of the Freegold (ECB MTM FLOATING gold price) “experiment”, in gold rising from 30% to 60% of the Eurosystem’s (international liquidity) reserves.
http://fofoa.blogspot.com/2010/07/gold-ultimate-wealth-consolidator.html

The euro and Freegold are coexisting to supplement each other, without interacting with each other.
That’s how the polity achieves its democratic legitimacy and speaks with one golden voice.
No harmonisation of politicians, bureaucrats or laws has been required to that effect.

The ESCB is the European “System” of Central Banksters,
not the European “Service” of Central Banksters
as Brussels Court of Appeal says in its 01 June 2011 judgment
Re: gold reserves of the National Bankster of Belgium, the Belgian central bankster.
http://www.nbb.be/doc/ts/enterprise/juridisch/arrest20110614.pdf

Ivo Cerckel
honestmoney@maktoob.com