Berlin follows Caracas in goldbug repatriation

Why are they doing it? Because the conspiracists have won.

You may have heard that the Bundesbank is planning to repatriate its gold from the New York Federal Reserve to its own coffers in Germany.

The AP reports:

The Bundesbank plans to bring back to Germany some of its 1,500 tonnes of gold stored in the vaults of the Federal Reserve in New York, and the 450 tonnes stashed with the Bank of France in Paris, reported the German newspaper Handelsblatt.

The central bank declined to comment on the report but will on Wednesday outline a plan to manage the reserves, which total about 3,400 tonnes, or 270,000 gold bars.Most of Germany's massive reserves have been stored abroad since the cold war amid fears of a Soviet invasion.

It's a similar story to one from 2011, when Venezuela announced it would be repatriating up to 211 tonnes of its gold from various vaults around the world. Here's how the FT reported it at the time:

Venezuela would need to transport the gold in several trips, traders said, since the high value of gold means it would be impossible to insure a single aircraft carrying 211 tonnes. It could take about 40 shipments to move the gold back to Caracas, traders estimated.

“It’s going to be quite a task. Logistically, I’m not sure if the central bank realises the magnitude of the task ahead of them,” said one senior gold banker.

It feels — although I can't put my finger on why (no snark intended, for once) — that the tone of the reporting around the Bundesbank's decision has been far more respectful than it was eighteen months ago. Then, it seems to have been taken as a given that the move was a mad power grab on Chavez's part, and all the economics blogs focused on the difficulty of actually carrying out the pledge.

Take Felix Salmon:

It seems to me that Chávez has four main choices here. He can go the FT’s route, and just fly the gold to Caracas while insuring each shipment for its market value. He can go the Spanish route, and try to transport the gold himself, perhaps making use of the Venezuelan navy. He could attempt the mother of all repo transactions. Or he could get clever.

This time, however, the analysis is focusing less on how the transportation will work, and more on patiently analysing the Bundesbank's decisions. Ezra Klein, for instance, writes:

So what the heck is Germany doing? It is a nation with a deep-seated fears about the stability of its currency, no doubt in part the legacy of the Weimar hyperinflation of the early 1920s. The fixation on its gold comes at a time when the world of finance seems in chaos. Germans are being asked to help rescue Greece and other European nations with troubled finances. The European Central Bank has bought bonds from some of those nations, which Germans widely view as tempting enormous inflation. Against that backdrop, it is perhaps not shocking that there is political resonance to the theory that the New York Fed and Banque de France may be putting one over on the Bundesbank and that some of Germany's gold might actually be missing.

This is doubtless partly because transporting up to 1,500 tonnes of gold between New York and Berlin is — probably rightly — seen as less risky than transporting 211 tonnes of gold from London to Venezuela. But it's also because Germany is a Very Serious Country full of Very Serious People and Venezuela is the home of Wacky Hugo.

Germany is repatriating hundreds of tonnes of gold because economic conspiracy theorists have gained a relatively substantial amount of political capital in the country. Venezuela did the same thing in 2011. They are both very silly places.

Photograph: Getty Images

Alex Hern is a technology reporter for the Guardian. He was formerly staff writer at the New Statesman. You should follow Alex on Twitter.

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Why gender became the ultimate forum for self-expression

Gender identity is now embedded in many people’s self-perception, as well as in day-to-day bureaucracy.

In November, the British high-street bank Metro announced that it was expanding its gender and title options. Customers could now register as “non-binary” rather than male or female, and as “Mx” rather than Miss, Ms, Mrs or Mr. In some ways, this development parallels the rise of Ms in the 1970s, which was popularised by feminists who wanted a title that didn’t identify women by their marital status. In practice, Ms marks women by their political affiliation instead (if you’re talking to a Ms, you’re probably talking to a feminist) but, even so, its first intention was to conceal rather than reveal information.

Mx does something different. To declare yourself a Mx is to disclose something about yourself: that your identity is outside what has become known as “the gender binary”, and you are neither man nor woman but something either in between or entirely other. This is a statement about who you are, and it comes with an implicit understanding that not being able to make that statement – or not having it recognised – is damaging. As the father of one gender-non-binary teenager told BuzzFeed UK: “When . . . you don’t identify as male or female and you only see those two boxes, then you don’t see yourself there . . . You are absent. That must hurt, and that’s what makes me angry.”

While users of Ms hoped that their title would supersede the ranking of spinsters and matrons, Mx relies for its meaning on the persistence of alternatives. You can only be non-binary if there’s a binary against which to define yourself. It is now recommended practice at some US universities for students to declare their preferred pronouns, and mandatory that these should be observed by others. Failure to do so is considered more than a breach of etiquette: “misgendering” is looked on as an act of bigotry, even a kind of verbal violence. This use of gender as self-assertion has an obvious appeal to teenagers and young adults as a parent-baffling subculture, but it starts much younger, too, with a small but growing number of primary-age children announcing that they are trans.

On one of its covers in 2014, Time magazine famously described transgender activism as “America’s next civil rights frontier”, but the proliferation of gender identity is at least as much a consumer choice issue. This was also the year that Facebook introduced its “custom” gender options, though it would perhaps be more accurate to describe them as “expansive presets”. Users can choose anything from “agender” to “two-spirit” via “bigender”, “gender questioning” and “transmasculine”, but what they can’t do is subvert the system by selecting an unapproved option. A feminist wishing to register her objections to the class structure of gender by typing in the word “oppressive”, for example, would be stymied here. However diversified gender identity becomes, it is a precept that everyone has one (if your identity and your body “agree”, you are said to be cisgender).

For some, asserting their identity is enough. For others, aligning their presentation with their sense of self will involve altering their appearance. At the least invasive level, that might demand cross-dressing. A natal female might choose to “bind” her breasts, flattening them to achieve a more masculine silhouette. Many seek prescriptions for opposite-sex hormones. At the most extreme, a trans individual will opt for surgical removal of their secondary sexual characteristics and gonads (more rarely, for surgical construction of opposite-sex genitalia), coupled with a lifetime of hormone replacement therapy.

Hormonal and surgical treatments have been possible only since the mid-to-late 20th century, and for many who choose them, these alterations prove life-changing in a positive way. But beyond the confines of the National Health Service, a consumerist edge to treatment becomes more obvious. There are doctors specialising in private transition medicine whose websites include statements such as “the only person that can actually diagnose [gender dysphoria] is the person living with the feelings”. In other words, the prescription is based not on a doctor’s medical judgement of the patient’s needs but on what the patient asks for (and is willing to pay for).

Plastic surgeons promise to transform transgender patients from “caterpillars” into “beautiful butterflies”, holding out the prospect of becoming one’s “true self”, in the same way they have long sold boob jobs and liposuction to women.

Not everyone accepts this brave new world. For conservatives in the United States, trans issues have become the next battle in the culture wars, and Republican politicians have introduced “bathroom laws” that would legally compel trans men and women to use toilets or changing rooms in line with their birth sex. Gender identity was an issue in last year’s US presidential election; a Tea Party-supporting talk-radio host tweeted: “If you want a country with 63 different genders, vote Hillary. If you want a country where men are men and women are women, vote Trump.” This vehement rejection of gender self-identification creates its own kind of identity politics.

That Donald Trump said that Caitlyn Jenner (the former Olympic decathlete whose transition became public in 2015) would be free to use “any bathroom she wanted” at Trump Towers did little to stop the perception that a vote for Trump was a vote against gender nonconformity. And, in some ways, Trump’s acceptance of Jenner’s right to use the ladies’ lavatories is not wholly at odds with the idea of a world where “men are men and women are women”: it’s just that some of the feminine people were born male and some of the masculine ones were born female. It is unclear what Trump’s presidency will mean for trans rights, but whatever happens in America will influence gender ideology worldwide.

Threats to legal abortion and equal marriage could strain some of the alliances within the trans, LGBT and feminist movements. A trans woman who has undergone surgery is in a very different situation from a male who identifies as a woman but does not want any treatment. A gay, lesbian or bisexual person who is discriminated against for their sexuality does not experience the same oppressions as a trans person (it is an article of faith that gender identity and sexuality are separate things, although in practice the division is not that neat). The political priorities of women who are victimised because they are female will not overlap perfectly with the priorities of transgender women – some of whom complained that the “pussy hats” and signs referring to female genitalia on the anti-Trump women’s marches in January were “exclusionary”.

Gender identity is now embedded in many people’s self-perception, as well as in day-to-day bureaucracy. But the messy relationship between sex and self is not going to be settled imminently.

Sarah Ditum is a frequent contributor to the New Statesman

Sarah Ditum is a journalist who writes regularly for the Guardian, New Statesman and others. Her website is here.

This article first appeared in the 16 February 2017 issue of the New Statesman, The New Times