Professor Antal Fekete: That's what happens when you are near the international airport but anyhow I'll continue and I say that the uh uh paper money is liable to collapse any time and it's whenever wherever it happens it happens as a surprise nobody's prepared and people uh are exposed to extreme economic pain they are not able to buy buy food for themselves for their children they are not able to buy medication pay doctor's Bill and uh in any case it is very disrupting for the family life but is disruptive for the society at large and that is the danger what is happening right now we have a metric we with which can measure just how close we are to such a collapse and its technical name is gold backwardation that means that you have to go to the gold Futures Market that is the biggest one is in New York City called COMX which is a branch of NYMEX the biggest uh exchange commodity exchange maybe in the whole world and when you get a quote for the price of gold for future delivery and also another quote for the price of gold delivered on the spot you will find that these are two different prices and you take the difference you subtract the uh second one from the first in other words take spread between the future normally this is positive and uh as long as it is there seem to be fair weather ahead but should this become negative which means that gold for spot delivery cost you more than gold for future delivery that's an extreme danger sign uh you might call it red alert I don't know how they call it in the military maybe orange aler whatever it is it's an it's indicating an extreme danger (airplane). So if you want to call it flashing redlight we have that condition for the past uh year or so.
Karen Hudes: And something happened in July which was the same thing that happened in 1971 before the United States went off the um the gold standard.
Professor Antal Fekete: 1971 yes no well that was uh Nixon's August this 15th president Nixon as they say closed the gold window that is a euphemism or a polite expression for saying that the United States reneged or defaulted on its gold obligation to foreign countries that's what it was.
Karen Hudes: What I was referring to is the fact that gold bullion is no longer being being leased because of the price of the leases.
Professor Antal Fekete: Yeah because the danger is now extreme that if you lease gold out you'll never see it again because what I call gold backwardation it's the condition as I explained the difference between the uh future nearby future price of gold and the cash price is going negative and that means that gold is disappearing very fast.
Karen Hudes: People are starting to hoard gold.
Professor Antal Fekete: The people are hoarding gold and and those who want to uh cover their short position they cannot getgold for any price so to speak.
Karen Hudes: And then when Germany asked to um patriate its gold from the Federal Reserve um was this a normal response when the Federal Reserve told Germany that it would not uh provide the gold.
Professor Antal Fekete: Yes, that's another sign and I understand the Germans were not even allowed to inspect it or if they have inspected it only at a distance they could not take a gold bar and check the serial number to see it, it is really the gold they have deposited at the time and as it turned out uh Germany did get some gold back in the meantime in the order of a couple tons I don't know.
Karen Hudes: There was a seven-year repay uh repatriation schedule and the Federal Reserve didn't even.
Professor Antal Fekete: Oh they did uh did uh make a move a gesture a token gesture which was in the order of three or five tons of gold I don't know exactly the figure.
Karen Hudes: Do you want to explain what's likely to happen with the COMX market now with the amount of gold that is leaving the COMX market.
Professor Antal Fekete: Okay let me just uh finish this because this is important so the Germans got some token amount of gold back and they looked at it and they realized it was not their gold because they had a list of the serial numbers of the bars and they didn't agree with the serial numbers on the bars they got as a matter of fact some of the bars they got back did not have the finess which the gold had the Germans deposited with the US uh Federal Reserve Bank of New York at the time so what happened and then all kinds of confusing answers came back that they had to refine it before shipping it which is a very foolish idea why would you have to refine gold before you ship it if anything you refine it after but anyhow that's the answer they got so the fact is that the gold which the Germans deposited in good faith in the 1950s say the late 1950s or over a period of time but that's not the important thing the important thing is that it was deposited on the agreement on the condition that is the original gold which will be returned to them and not some paper claim on gold or somebody else's gold but it's the very gold bars which they deposited would be returned to them and as uh the story came out this the uh Federal Reserve Bank of New York which was the custodian failed to do and now you can guess why well the obvious answer is because they don't have the gold anymore they have rehypothecated the gold in other words they have sold the gold against the paper pledges and this they didn't have the authority to do but they did it nevertheless and uh well I I can only say I'm not a German I'm not even a German sympathizer but I have to say that black is black and white is white. What happened in this case is that the Germans were short changed and they didn't even say ouch. Why didn't say ouch? Because they were not allowed to Germany is an occupied country just like Japan.
Karen Hudes: Well, there was the fact that a military helicopter buzzed the Frankfurt Consulate of the United States and broke all the China were you aware of this?
Professor Antal Fekete: Well, as far as I'm concerned this is a rumor has been has it been confirmed.
Karen Hudes: It was in Spiegel and the reason that the an official who did not want to be um named said that this was um uh to get the attention of the United States yes but could could you address the um issue about the amount of gold that's left in the COMX markets?
Professor Antal Fekete: Yeah the uh COMX has its own warehouses and they are dealing with in future contracts to deliver gold but not any gold is accepted for good delivery against comx contracts and those which are acceptable for delivery are called registered gold they are in registered warehouses which do to the payment on these contracts now the these figures are in the public domain they perhaps regret that and would like to change that but now it's too late the cat has been let out of the bag it's in the public domain every week they have to report how much uh gold is in the warehouse is ready for delivery and uh for the past two years the amount of gold available for uh delivery against these future contracts is going down down down. Uh there might be a blip on the screen that for window dressing purposes somebody makes a deposit to show that okay sometimes it goes up but if you take the average then it's very clear that the amount of gold is shrinking which is just another manifestation of what I call gold backwardation and the dangerous sign once the last gold bar is given out that's anybody's guess but by all indications it will be an an international disaster as as you say just the magnitude what happened in 1971 when uh the United States went uh or closed the gold window.
Karen Hudes: We were we were speaking about this earlier and I think there was another example and that is what happened just before civilization went into the Dark Ages do you want to try to compare it to that event.
Professor Antal Fekete: Yes, this is very interesting and I'm honestly surprised I'm a scholar and I'm honestly surpris why historians never pointed out the parallel between what happened, 1500 years ago and what is happening now, because uh what happened in 476 ad roughly 1500 years ago was that the western part of the Roman Empire which had also an Eastern part but what we are discuss in is what happened in the western part was uh the collapse of government in in uh in Rome effectively because Rome was the capital of the western part and and Constantinople today called Istanbul was the capital of the Eastern half of the Roman Empire.
Karen Hudes: And what was happening in the gold markets at that time?
Professor Antal Fekete: Well, the go disappeared first.
Karen Hudes: Like gold backwardation?
Professor Antal Fekete: Well the equivalent of in those days they didn't have future markets in gold which we have today and that's why I say we have a metric we can measure it scientifically very very accurately where we are on this scale in those days it didn't exist you just looked around and nobody would sell gold to you offer they had coins no paper money in those days and the coins uh were diluted they were supposed to be say 90% silver and 10% copper and then the ratio turned around it was 10% uh silver and 90% copper and the silver content continued to shrink until there was no silver no gold just copper and other uh base Metals in the coins and that's how people found out there was something very wrong with the monetary system and there is a famous law known Gresham's Law you I mean mostly everybody is heard about it and the the uh popular way of expressing it is that bad money drives out good money which means that if there's any problem good money disappears from circulation and bad money takes over and that's exactly what happened and gold disappeared completely there was no way to get gold against the coinage of the Western Roman Empire and what I blame the historians for is that they don't point out the connection between this disappearance of gold or if you like you can call it gold going into hiding with the What followed and what followed the Dark Ages followed but first there was blood in the streets because people couldn't buy food they couldn't buy uh Services they there was all kinds of shortages.
Karen Hudes: But the thing is there's no reason for that to happen now because as I mentioned there is an offer to the United States government to accept 170,500 metric tons of gold under these circumstances if this happened we would we would avoid all of these problems so these are not problems that are inevitable
the only thing is we simp simply have to say yes is there any reason
that you can imagine that we would not say yes to accept this go.
Professor Antal Fekete: Because the problem is that you have to make people believe that there is gold and it's it's going to be available,
Karen Hudes: We have all the documentation this is with the Bretton Woods institution this is with 180 administers of finance.
Professor Antal Fekete: Are not uh there's herd Instinct you know people are ready to believe rumors more than any documented evidence.
Karen Hudes: But we have the documented evidence and we will make the evidence available with. This YouTube.
Professor Antal Fekete: I'm not questioning that you do I'm only saying that. It's a big big job to make people accept your evidence and and avoid this kind of trouble.
Karen Hudes: I have a suggestion for anyone who sees the evidence that will be with the YouTube video and has any questions please get in touch with either me that's Karen Hudes at www.karenhudes.com or with Professor Fekete. Do you want to give a contact information or shall I you can you can forward it to me and I will forward it to Professor Fekete?
Professor Antal Fekete: As far as I'm concerned I'm not doubting that it's there but I still see a big problem to convince people to accept your statement.
Karen Hudes: I don't think it's a matter of of convincing people actually I think it's a matter of convincing the um the people whose job it is to protect the United States citizens and I will be following up with the National Council of Governors and I will be following up with the Department of Defense because this is absolutely Criminal that the these kinds of risks to grave risks to civilization should be taken for absolutely no reason it is absolutely unacceptable (airplane).
Professor Antal Fekete: Well all right then.
Karen Hudes: And the airplane things go too what you need is you have to set up a committee Congress both houses of Congress should be represent no they AB I'm sorry let me let me say why we would not entrust congress with this because Congress has refused to call a constitutional convention although 42 state legislator have demanded this so Congress
has put themselves out of the equation because they are derelect in their
duties to the American public so Congress has has relinquished its credibility.
Professor Antal Fekete: Well all right then ask the Supreme Court. Ask the military.
Karen Hudes: Supreme Court has, please, please I can speak to the Supreme Court because the Supreme Court has also abdicated its Duty when a188 Ministers of Finance had settled this problem and the the judicial conference refused to recognize the decision of 188 Ministers of Finance which would have prevented all of this from happening the Supreme Court has also relinquished its credibility with the American people. Not to mention the fact that there is a second hidden secret Constitution that the Supreme Court refuses to explain to the American people no the Supreme
Court is no longer credible either as a matter of fact the credit
rating of the United States is also on the line because of all of this illegality and corruption.
Professor Antal Fekete: Well I agree with you I'm only saying that this gives plenty of reason for people to doubt uh that the gold exists.
Karen Hudes: No it's the oppos- no it's just the opposite. The credibility of a group of media that has been lying systematically to the American. Public no wonder they don't know that the gold is there we will be
giving you evidence and if you have any questions about the evidence we
are giving you we will respond appropriately and you will demand that your officials keep this country strong which is where it ought to be.
Professor Antal Fekete: All right uh for example you mentioned the military I will say well if you think this is the right thing to do then appoint a committee 100% made up from the military from uh the services including the-
Karen Hudes: Uh no on you have been talking you have been talking about a dire
emergency I think what we need to do is we need to get all of the
militaries we need to get the military not only of the United States we
need to get the military of our partners, Russia and China, We need to get all of these militaries involved. Not not for war and we need to spend this gold to prevent gold back ration
and a destruction of civilization. That's what we need to do war.
Professor Antal Fekete: War
that the shooting.
Karen Hudes: War which would follow we don't need this we don't
need hunger we don't
need starvation we don't need pestilence. All we need is for the
American public and all of the rest of the people of the world to get
what is coming to them and we will show you the proof of what it is that is your patrimony and we are working together with the authorized signatory of the global collateral accounts where all of this gold is registered and we will give you
copies of all of the documentation showing you that this is registered
and that it belongs to all of the people on this planet.
Professor Antal Fekete: Well I don't
disagree with you and I wish you good luck I just don't see how I could play a role in this you know I will support whatever you say and uh and then let events take their own course.
Karen Hudes: We will let the people who see the proof of their gold help us to get the authorities to do the proper thing for the entire planet.
Professor Antal Fekete: Now whatever you say about the Supreme Court and Congress and federal agencies uh what about the states? What about the state governors? They have credibility and they are not responsible we are no no we are dealing
with them.
Karen Hudes: And we are also dealing with the county executives we are
dealing with all appropriate levels of government we will get everybody involved in resolving this problem and nipping it in the bud before anybody suffers anything.
Professor Antal Fekete: I agree. I agree but give
them a chance to get involved.
Karen Hudes: Oh they will be involved there's no
question they will absolutely be involved that's very good yes everybody any government anywhere will certainly be involved.
Professor Antal Fekete: Some civilian government should be involved.
Karen Hudes: Oh that is what the Breton Woods institutions were created for this will be done in full transparency of the entire world and each each representative of each country as many representatives as want to join in this exercise this is for the entire planet obviously this is not going to be done in secrecy.
Professor Antal Fekete: Yes, yes. I agree and I support it that's all I can say I'm not an American citizen and uh I live in on a different continent I live in Europe and I am if you like just a distant Observer but I agree with you 100% something must be done something can be done and you already worked out the plans and the way to handle this and it should be done and should be done soon because the clock is ticking and we get closer and closer to the point where it may become unmanageable.
Karen Hudes: That's right we're going to do it right away and thank you everyone for helping us in this effort. Thank you.
