by Stephen Goodson, former Director, South African Reserve Bank, now whistleblower
from the New Economic Rights Alliance <http://www.newera.org.za/> (of South Africa)
"Inside the South African Reserve Bank – It’s Origins and Secrets Exposed" is a fascinating and must-read book.
Most people have no idea what the purpose of the Reserve Bank is. It’s high time they learned the truth. Author, Stephen Goodson, paints the South African Reserve Bank as an insidious institution full of back-handing, back-stabbing, corrupt, power hungry psychopaths… (pretty much like any other bank!)
Goodson is a former Director of the Reserve Bank and, according to his book:
It is absolutely clear that the Board of the Reserve Bank has absolutely no idea how the money creation process works. In other words, they do not actually understand that, when a commercial bank creates a loan or an overdraft, the customer spends the money into existence. In other words, a bank loan creates brand new money.
The scandal of Gill Marcus, a Jew, the former Governor of the SARB, is both alarming and disturbing. After selling sandwiches in London, she studied economics and went to work for our Reserve Bank. She was so awful, that she was instructed to clear her desk in 2004 and leave the building. She was fired. However after secretly following [her predecessor] Tito Mboweni around, she created a black-list of all his ill-deeds. Later, she reappeared as Governor of SARB under mysterious circumstances.
Gill Marcus immediately removed the requirement that all Reserve Bank meetings must be transcribed and recorded. She shredded documents and changed the voting rights of shareholders. Then she introduced changes that would phase out the "old guard" and amended the rules to allow only herself to appoint new candidates.
Finally, she secretly allowed a Swedish company to print South Africa’s banknotes, while the local printing facility stood idle. This was a disaster. R800,000m worth of bank notes were put into circulation that did not even come close to meeting the required printing standards.
Shortly afterwards, R360million worth of banknotes had to be destroyed because they were "accidentally" printed with the same serial numbers. Since then, for secrecy reasons, the same company is still responsible for producing many of South Africa’s banknotes.
Kruger Rands have been found to be 5% short of the stated gold content. SilverDoctors.com <http://SilverDoctors.com> stated that this was likely to be a skimming operation by the South African Reserve Bank. If you purchased Kruger Rands after 2010, we suggest that you have them tested.
300 tonnes of gold valued at over R300 billion was stolen from the SARB, with the help of insiders as part of a bigger looting exercise valued at a massive R2.25 trillion.
A third of our foreign currency reserves are looked after by a single bank: JP Morgan, a bank who’s reputation and skulduggery goes sickeningly deep.
90% of our gold reserves are kept at the Bank of England. When Germany asked the Federal Reserve bank of the US for their gold back, they only returned a very small portion of what was agreed – and it turned out that the gold returned was fake.
The story seems almost too incredible to be true, could it be the same with our gold reserves? This is just another day at the office for the banksters. The question is… where is South Africa’s gold now? Not in the hands of the people that mine it, that’s for sure.