04 April, 2008

USA TAIWAN GOLD RESERVES

Just so that we western CNN/BBC propagandised masses can put thinks into perspective, consider this:

"Taiwan's gold reserves came straight out of the vaults of China's Central Bank in Nanking.
When the Japanese were defeated and forced to retreat to Japan's main islands, the Bank of Taiwan was bankrupt. Japan's samurai fascists had squandered all of Japan's wealth on their megalomaniac campaign of hemispheric conquest, and had emptied Taiwan's coffers in the process. The Taiwan dollar in 1945 was worth roughly as much as Confederate money in 1865. In other words, it wasn't worth the paper it was printed on. No one in his right mind would accept Taiwan dollars, because they were fiat currency backed by nothing, nada.
Taiwan as a result had no way to rebuild.
In 1949, when Mao's CCP defeated the KMT, Chiang Kai-shek emptied out the vaults of China's Central Bank in Nanking, and shipped her entire gold reserves, 920,000 liangs worth, to Taipei. This gold was deposited in the vaults of the Bank of Taiwan and used to back the New Taiwan Dollar, making possible Taiwan's economic recovery and subsequent economic miracle. In the process vast expanses of China's mainland provinces and regions were impoverished for the benefit of one tiny offshore province, Taiwan.
Does the province of Taiwan really have no connection with rest of China?


1949 price 57mio US DOLLARS

1 Liang = 1.608 troy ounces 920,000 Liang = 1.623 million oz
At US$35 per ounce (1949 price), that's US$56.805 million

2008 price 518mio EURO

One troy ounce 31.103481 grammes 28 tons of gold.
today 18.500 euro per kilo = 518million euro

No wonder the USA backed the little country. There was REAL MONEY.

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posted by u2r2h at Friday, April 04, 2008

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