Treachery, Deception and Lies

Treachery, convoluted Deception and Lies

6/1/19, I listened to Rob Kirby today tell us the story from 1998, when Mario Draghi was Minister of Finance in Italy and head of the Bank of Italy. He was advised by Jim Rickard’s from Long Term Capital to sell 400 tons of gold to Russia for Russian Bonds. Russia defaulted on the bond payments. This was covered up, those involve were sworn to keep the coverup secret. Investment banks had to take a “hair cut”. Bear Stearns refused to do so. Later, in the 2008 financial crisis, all the banks except Bear Stearns and Lehman Brother were rescued. In 1998 Long Term Capital had to cover up the Russian default to protect the Bank of Italy as it was needed to create the Euro, which was introduced as an ‘accounting currency’ on 1 January 1999. Rob Kirby said he found only one story published about this series of event. It reminded me of the stories in “The Gold Warriors” by Sterling and Peggy Seagrave.

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