Jeffrey M. Christian, Managing Director of CPM, and formerly of Goldman Sachs, in testimony of the Commodity Futures Trading Commission, confesses that for every physically existing bar of gold bullion (lawful Money) traded by the London Bullion Market Association, there are 100 paper claims (Bills of Credit) against it: “[T]he giant Ponzi trading of gold ledger entries can be sustained only if there is never a liquidity crisis in the REAL physical market. … They will find out they are “unsecured creditors.” (emphasis in the original)

       NOTE: About this time the London Bullion Market Association began restricting information (that it had previously made public) to its member banks.

       [added 3/20/2021] Thanks to Freedom’s Phoenix for this entry.