Indians Swapping Their Gold For ‘Magic Beans

by Jeff Nielson, Sprott Money

Most likely all readers are familiar with the fairy-tale “Jack and the Beanstalk”. It’s a fable about a naïve boy given responsibility for selling the family cow, and obtaining fair value in that transaction, which in that Medieval time (or almost any other point in history) would have meant being paid in gold or silver. However, along the way to the market; Jack meets a shady individual who offers to swap the boy his “magic beans” for the family cow, and the guileless Jack accepts the offer.

In the fairy-tale; the beans are, in fact, “magic”. This leads Jack off on an adventure, where he narrowly escapes being eaten by a man-eating giant, and instead ends up with a goose that lays golden eggs. A more appropriate title for the fairy-tale would have been “Lucky Jack and the Beanstalk” – to reflect the moral of the story.

That “moral” is obvious, even to the children who read it. In the real world; there are no “magic beans”. Those foolish enough to fall prey to hucksters offering “magic beans” will not end up with a goose that lays golden eggs, because in the real world there are no such geese. Thus those foolish enough to swap their items of value for “magic beans” will end up with nothing (except the worthless beans).

In the real world; there is an abundance of such con-men. We call them bankers. Instead of attempting to trade “magic beans” for our items of value; they use scraps of paper, with a few cents’ worth of colourful ink smeared on the surface, along with impressive-sounding words and serial numbers.

In our own culture; the warnings against having dealings with these financial vampires go back literally thousands of years. Matthew 21:12 (of the Christian bible):

And Jesus entered the temple and drove out all who bought and sold in the temple, and he overturned the tables of the money-changers and the seats of those who sold pigeons.

While religious scriptures are often ambiguous; here we have no such doubts, since Matthew 21:12 has long been shortened to a simple adage in our culture: beware the money-changers [i.e. the bankers]. Sadly few of the Zombies of 21st century Western cultures pay any heed to ancient wisdom, recent wisdom, or simple, common sense.

Rather than shunning the “money-changers”, we allow them to rule over us, via the “central banks” of this crime syndicate. These vehicles for financial crime (and economic control) have been created literally above the law. The banksters themselves openly boast this fact, but they do so euphemistically.

They declare themselves to be “independent” of our governments, and thus independent of their (our) laws. As a matter of elementary logic; the only way that any entity can be “independent” of any/all authorities in a particular jurisdiction (and their laws) is if that entity is above those authorities, and above those laws. The ultimate example of the lawlessness of these institutions is the lynchpin for this crime syndicate – the Bank for International Settlements (“the central bank of central banks”).

Located in Switzerland; the BIS has not simply declared itself to be above the law, it has declared that its (palatial) premises are sovereign soil. No “outsiders” are allowed to set foot inside this ‘bank’, including any/all Swiss authorities, without the written permission of one of two senior BIS officials.

It is common knowledge that the BIS was created for the express purpose of providing the necessary money-laundering to enable Western industrialists to continue to sell arms to Adolph Hitler, and the Third Reich, even after the nations in which these oligarchs were domiciled were officially at war with Germany. Indeed, if Prescott Bush (father of George Bush Sr., grandfather of George Bush Jr.) had done all his “business” through the BIS, he likely would have never been caught and convicted of “trading with the enemy”.

At the international level, at least, the word “banker” is simply a synonym for professional criminal. It is with this context in mind that we can view the attempts of these criminals to cheat the nation of India, and the population of India out of their wealth, out of their gold, or both.

Previous commentaries have detailed these previous attempts, and previous failures. However, these financial psychopaths are nothing if not persistent. They failed in their attempt to get Indians to buy their paper-called-gold: paper certificates (i.e. magic beans) which the banksters assure their Chumps are “as good as gold”. They failed in their attempt to block the flow of gold into India.

But “three times is a charm”, so goes the saying. After failing miserably in its first, two attempts; it appears that the One Bank is about to succeed in its third (recent) financial attack on the gold market of India. All it took was for these con-men to dust-off one of their most notorious gold scams, and add a slightly new wrinkle to it.

With India’s government as a direct accomplice; the bankers are bringing their “gold leasing” scam to India. For those readers new to this form of financial crime; it is a simple task to spell-out this particular form of fraud.

Gold generates no income,” the bankers have told us all this, thousands of times, as one of their means for discouraging the foolish from holding any of their wealth in eternally valuable precious metals. What the bankers always omit from that propaganda is that productive members of society don’t need to “generate income” from their wealth. They only need a secure vessel to store that wealth, so that it doesn’t rapidly dissipate through the fraud of “inflation”, as does all paper wealth.

Gold generates no income, and thus “gold leasing” is a prima facie fraud. How can you pay interest (according to the terms of the “lease”) on any item which generates no income? The simple answer is there is no way to do so – legitimately. The only way one can pay interest when borrowing an item which generates no income itself is through the fraud of “conversion”: selling something (in this case, the borrowed gold) which that person/entity does not own.

In the case of Western gold-leasing; this fraud has become extremely murky, since our puppet governments have allowed this crime syndicate to create a totally opaque financial system, where we never get more than a glimpse into the financial management of our own monetary systems. In the case of the new, gold-leasing fraud which the One Bank is bringing to India, the fraud could not be more transparent. It has been dubbed the “gold deposit scheme” by the bankers, and their lackeys in the Corporate media, as labeling it the “steal all your gold scheme” was seen as being a bit too on-the-nose for the bankers’ liking.

“Let us ‘store’ your gold,” hiss these financial snakes, “And if you do so; we’ll pay you Interest.”

How will India’s government, the host for this financial fraud, “pay interest” on something which generates no income? Simple. The government will “lend” this gold to India’s legions of jewellery-makers, and they will pay the interest.

How will these jewellery-makers pay interest on something which generates no income? Apparently no one in India’s population of 1.25 billion people has thought to ask that question, because there is only one, possible answer. The jewellers will take the gold, make it into jewellery, and sell the jewellery, at which point the gold is gone, forever.

A source in the Indian media has indicated that this “scheme” (i.e. scam) has been well-received by the people of India, and more importantly the temples of India, who are the initial targets of this Great Gold Heist:

“We would be happy to deposit our gold to nationalised banks if the policy is beneficial, safe and earns good interest,” said Narendra Murai Rane, chairman of the trust for the Siddhivinayak temple, portions of which are gold-plated.

The Sri Siddhivinayak temple, alone, has a hoard of 158 kilos of gold, valued at $67 million (USD), even at the current, ultra-depressed price for the yellow metal. Given that this gold-leasing scam is neither “beneficial” nor “safe”; what could have enticed these temple trustees into becoming willing Chumps to this obvious scam?

It is the “good interest” which the bankers are offering their Chumps: the princely sum of 5%, payable not in gold (of course) but rather in the banksters’ scraps of paper. In this real life Jack-and-the-Beanstalk scam; the hucksters have done more than offer “magic beans” (i.e. their scraps of coloured paper) for the gold in India’s temples. They have offered to pay the Chumps additional magic beans, over time, their “interest payments”.

The banksters’ initial goal is to steal 200 tonnes of India’s gold per year via this blatant/obvious fraud, but over the longer term; their goals are much more ambitious than merely looting India’s temples, one by one.

The gold deposit scheme is also aimed at mobilizing [i.e. stealing] huge stashes of gold held by households. Indian households are believed to have nearly 17,000 tonnes of gold in the form of bars, coins and jewellery. However the government will have to come up with extremely tempting interest rate [sic] in order to convince customers to deposit household gold in the scheme.

Note how difficult it is for this media mouthpiece to attempt to discuss this “scheme” without it sounding like a scam. And one can practically hear the bankers drooling over this “17,000 tonnes” of gold – enough for a lifetime of stealing.

Most of this “household gold” is held, in fact, by India’s agrarian population, still the vast majority in this ‘poor’ nation. Thus the Corporate media itself is suggesting it will be considerably more difficult (i.e. require a lot more magic beans) to steal the gold of India’s peasants than it is to steal the gold from their temples (and their temple leaders).

Jack and the Beanstalk is a fairy-tale about naivety and con-men, but it’s also a fable about greed. It was greed which tempted Jack into accepting the “magic beans”, because he was trying to get “a better deal” than could be obtained via dealings with a legitimate market.

India’s vast stockpiles of gold already serve an extremely useful purpose: safeguarding the wealth of the people, and the nation itself from the same, rapacious financial crimes which these thieves-in-suits have perpetrated with such devastating success, across the Western world.

Attempting to steal the gold of the Eastern world has proven much more difficult than “mobilizing” all the gold in the West. Now, however, it appears the Thieves have finally come up with a successful formula. All it took was to roll-out a new version of the old, Jack-and-the-Beanstalk scam.

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