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Straits Times
an hour ago
- Business
- Straits Times
Germany questions the safety of its gold reserves in New York under Trump
Germany has the world's second-largest stock of gold at 3,352 tonnes, with one-third of it stored in New York. PHOTO: REUTERS Germany questions the safety of its gold reserves in New York under Trump FRANKFURT/BERLIN - The safety of Germany's gold reserves held overseas and in New York in particular, until recently mainly a talking point for the country's far-right party and gold bugs, is becoming a matter of public debate with Donald Trump back in the White House. The Bundesbank, Germany's central bank, has the world's second-largest stock of gold at 3,352 tonnes. One-third of it is stored at the Federal Reserve Bank of New York for reasons dating back to the Cold War and the monetary system created in the wake of World War II. Those holdings have occasionally attracted scrutiny in the past, and the right-wing Alternative for Germany (AfD) has embraced calls for a return of the country's gold back home. US President Donald Trump's confrontations with longstanding allies over trade and security, and his attacks on the Fed, have revived the issue in recent weeks, and more mainstream voices have joined the debate. Germany's Taxpayers Federation sent letters this week to the Bundesbank and the Finance Ministry calling on them to repatriate the gold stored in the US. "Trump wants to control the Fed, which would also mean controlling the German gold reserves in the US," Mr Michael Jaeger, vice-president of the Taxpayers Federation, told Reuters. "It's our money, it should be brought back." Mr Markus Ferber, an influential member of the European Parliament for Germany's ruling Christian Democrats, said the US was "no longer the reliable partner it used to be." "Trump is erratic and one cannot rule out that someday he will come up with creative ideas how to treat foreign gold reserves," he told Reuters. "The Bundesbank's policy for gold reserves has to reflect the new geopolitical realities." Public broadcasters ZDF and ARD have also recently carried reports asking how safe Germany's gold is in New York. The Bundesbank said the New York Fed remained "an important storage location" for its gold. "We have no doubt that in the New York Fed we have a trustworthy, reliable partner for the storage of our gold holdings," the central bank said, in response to a Reuters enquiry. The German Finance Ministry referred Reuters queries on the matter to the central bank, while stressing the Bundesbank's independence. Any hint that Germany might be considering moving gold out of New York would be politically sensitive as it could be interpreted as lack of confidence in the Federal Reserve and its independence. US President Donald Trump's confrontations with longstanding allies over trade and security and his attacks on the US Fed have given Germans pause for thought over the security of the country's gold reserves. PHOTO: REUTERS More on this Topic Trump summons Fed's Powell, tells him he's making a mistake on interest rates The European Central Bank last week stressed its trust in the Fed as a reliable partner. But Mr Trump's frequent criticism of Fed chairman Jerome Powell, whose term ends in a year, has fuelled some concerns about the Fed's future independence and its long-standing commitments to its partners. Mr Peter Boehringer, the architect of the original decade-old gold campaign and now an AfD lawmaker, said he felt vindicated that the topic of repatriating gold reserves has now become a matter discussed by mainstream media and other lawmakers. "When I started asking about the gold, I was dismissed as a conspiracy theorist," he said. "Today, after Trump, my concerns are shared widely." Germany accumulated most of its gold during its 1950s-1960s export boom. A key advantage of storing some of it in New York during the Cold War was to keep it at a safe distance from Russia in case of an invasion. The gold also cemented a military alliance with the US, which still has dozens of military bases around Germany, including Europe's largest. With the Soviet Union long gone, the Bundesbank brought back 300 tonnes of gold from New York between 2014 and 2017, saying it wanted to "build confidence at home". But Russia's invasion of Ukraine, and the implicit threat it represents for the rest of Europe, was likely to complicate Germany's geopolitical calculus again. For Mr Ferber, this underscored the need for greater diversification across several, and potentially new, locations. Today, Germany's gold reserves are held at the Bundesbank headquarters in Frankfurt, in New York, and at the Bank of England in London. 'For gold reserves, diversification is key. Having all eggs in too few baskets is never advisable,' Mr Ferber said, without specifying where the gold should be brought. Mr Fritz Guentzler, a spokesperson for the Christian Democrats in the German Parliament, said he had no reason to mistrust the Fed but the Bundesbank should continue "regularly inspecting the stocks" of gold. The Bundesbank said it ran regular sample tests and had inspected 13 per cent of stock in New York over the years. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Time of India
4 hours ago
- Business
- Time of India
Retirement in Europe: How long will we have to work?
Representative image (AI) On May 22, the Danish parliament passed legislation raising the retirement age. The law, approved by 81 lawmakers with 21 voting against, sets the retirement age at 70 for all citizens born after December 31, 1970. Currently, the retirement age in Denmark is 67. By 2030, it will rise to 68, and by 2035 to 69. Last year, 47-year-old Social Democratic Prime Minister Mette Frederiksen stated that she would be open to reviewing the system once the official retirement age reached 70. International comparisons show just how differently retirement ages are regulated. In some countries, people continue to work even longer than they are legally required to. Will Germany follow Denmark's lead? Germany's new government is still trying to figure out how to deal with the country's struggling statutory pensions system. At a party convention of the ruling Christian Democratic Union (CDU) in Stuttgart recently, Germany's new chancellor, Friedrich Merz, praised himself and his Social Democratic coalition partner for having "written many good things into the coalition agreement" — the key issue of how to shore up the finances of the chronically underfunded pension system, however, isn't among them. Merz warned that "the way things are today can only last for a few more years at most." For Bernd Raffelhüschen, a former government economic advisor, the Danish reform effort is worth emulating. "We should raise the retirement age to 70 quickly so we can still catch at least part of the baby boomer generation," the economist told the Augsburger Allgemeine newspaper recently, referring to the large cohort of people born at the end of the 1950s and early 60s, who are currently retiring in huge numbers. Raffelhüschen said that because 1 million Germans will be leaving the workforce every year until 2035, this would push pension contributions higher for younger generations. Beveridge vs. Bismarck Pension financing in Europe follows two main models named after their founders: the Bismarck model, based on social legislation introduced by German Chancellor Otto von Bismarck in the 19th century, and the Beveridge model, developed in the 1940s. The Beveridge system is a welfare model that provides universal coverage and is tax-funded. It was devised by British economist William Henry Beveridge, a member of the UK Liberals' parliamentary faction. The Bismarck model, on the other hand, is an insurance-based system in which both workers and employers pay into a fund. In simplified terms, it's a so-called pay-as-you-go system where the working population finances the pensions of retirees through their contributions. This is why comparing pension systems across Europe is difficult — even more so as many countries use hybrid models combining aspects of both. The specifics, often complex, also vary widely between nations. Demographics, and the benefits of working longer — or shorter Germany's Bismarck-based system is increasingly under strain due to demographic changes. As the population ages and the workforce shrinks, there are more retirees and fewer people to fund the social insurance schemes. At the same time, people are living longer due to rising life expectancy, which means they draw pensions for more years. This puts mounting pressure on pay-as-you-go pension funds, with the result that either contributions must keep rising, or pension benefits may stagnate, failing to keep up with inflation. Alternatively, the overall pension level may have to drop Of course, a shorter working life and earlier retirement are appealing for most people as they can leave work before their physical capabilities decline and use the final third of their lives for meaningful activities or more time with family. There are also economic benefits, as more leisure time creates more opportunities to spend money, thus stimulating consumer demand and the broader economy. But working longer can also have advantages. Many people feel fit and engaged well into their 60s so that they may enjoy continuing to work, pass on their knowledge, and value interaction with younger colleagues. Employers benefit from retaining experienced staff and established routines, which may also help to mitigate the skilled labor shortage in Germany. Retiring a personal decision Looking at international statistics reveals that legal retirement age rarely aligns with when people actually stop working. In most cases, people retire earlier because their bodies can't keep up, or in creative professions, because of burnout. In a few countries like New Zealand, Japan, Sweden, or Greece, people often work beyond the official retirement age. Whether they do so voluntarily is unclear. The reasons are often too personal to be captured by statistics.\ The so-called gross replacement rate — the ratio of pension benefits to the final salary — plays a major role in people's decisions. If that gap is too wide, some workers can't afford to retire. The threat of old-age poverty could be reduced if pensions were high enough to provide financial security after a long career. But that would require money that the pension system currently lacks. On the other hand, raising contribution levels too much would limit workers' ability to save privately for retirement.
Daily Mirror
6 hours ago
- Daily Mirror
Desperate tourists sprint to secure poolside spots even after queuing for hour
British holidaymakers had been queuing up for an hour before they made a mad dash for the best sun loungers it is the latest incident of its kind caught on camera in recent weeks Desperate Brits have been snapped yet again running to secure the best sunbed spots after queuing for an hour. The sun-thirsty holidaymakers in Lanzarote made their move as soon as staff opened up the pool area, with some even breaking out into a little dash. They had been queuing from 8am onwards before an orderly queue turned into an all-out war. In the footage, one punter can even be seen throwing a rope barrier out of the way so he could get to the beds sooner. It is the latest incident of its kind captured on camera, sparking more ridicule. Isabelle Hanssen watched on stitches as pool-goers flooded her surroundings. The hilarious footage was captured at the Barceló Lanzarote Active Resort, Las Palmas. The Netherlands native enjoyed her holiday morning watch on Thursday. It came after she filmed Brits and Germans lining up for their desired beds the day before. Despite the rush from guests, Isabelle confirmed that there are more than enough sunbeds for all at the hotel. 'Nothing like the 9:30am sunbed sprint to start your relaxing holiday,' Isabelle told Luxury Travel Daily. Members of the public slammed the Brits' behaviour abroad. One said: 'Faith in humanity destroyed.' A second added: 'Clampits on tour.' A third said: 'Stayed many times at this exact hotel, never seen this happen.' A fourth wrote: 'Worst plan ever.' While a fifth said: 'Why? This would not be considered a holiday for me.' Earlier this week, scores of sun-seeking Brit holidaymakers were mocked after queuing for half an hour before desperately scrambling for sun loungers. Tourists in Benidorm could be seen lining up in the hotel before the gates to the pool opened, sparking a frantic bid to secure the best spots. Once they were allowed in, they rushed to the poolside sunbeds carrying towels. Mark and Karen Gregory, both 50, said people were queuing for half an hour before the pool opened at 10am on Sunday. It happened at the Hotel Rosamar in Benidorm. 'It was quite comical to see people trying to get the best spots," said Mark, from Swansea. 'People were queuing at least half an hour before the pool area opened. I reckon there were at least 50 to 60 people queuing that morning. 'They were mainly British but a lot of Spanish too. We're more 'go with the flow' type of people and don't bother with the sunbed wars. It's more fun to watch. 'When it comes to people reserving sunbeds with their towels, it's an age-old problem, there's not enough sunbeds for everyone. I understand why they do it of course but it's the ones who chuck their towels down at 8am and don't turn up till the afternoon that's the problem. 'At the end of the day it's all about having the best holiday possible and if that means queuing for the best sun beds so be it.'
The Guardian
6 hours ago
- General
- The Guardian
Chaos on German autobahns as Google Maps wrongly says they are closed
Confusion reigned on German autobahns and highways at the start of one of the busiest holiday breaks of the year on Thursday, after Google Maps indicated wrongly that vast swathes of them were closed. People using the navigation service around major conurbations such as Frankfurt, Hamburg and Berlin on motorways between western, northern, south-western and central Germany were confronted with maps sprinkled with a mass of red dots indicating stop signs. The phenomenon also affected parts of Belgium and the Netherlands. Those relying on Google Maps were left with the impression that large parts of Germany had ground to a halt. The situation was compounded by the fact that large numbers of Germans were on the road at the start of a four-day break for the Ascension holiday. The closure reports led to the clogging of alternative routes on smaller thoroughfares and lengthy delays as people scrambled to find detours. Police and road traffic control authorities were forced to answer a flood of queries as people contacted them for help. Drivers using or switching to alternative apps, such as Apple Maps or Waze, or turning to traffic news on their radios, were given a completely contrasting picture – reflecting reality – with traffic mostly flowing freely on the apparently affected routes. In ganz DeutschlandChaos bei Google Maps: Dienst zeigt unzählige falsche Sperrungenhttps:// Users took to social media to query the situation, as well as to vent their frustration. 'They can't have closed ALL the motorways,' one user said. 'It's like the autobahn system has suffered an acne outbreak,' quipped another. Some speculated over whether there had been a major terror incident, others suspected the intervention of a foreign state in a hack attack. The cause of the digital navigation breakdown is still unclear. Sign up to This is Europe The most pressing stories and debates for Europeans – from identity to economics to the environment after newsletter promotion A spokesperson for Google told German media it was sifting through the information trying to ascertain what had happened. He said once alerted to the irregularities by users, who are able to report suspected errors, the service started checking on and removing incorrect closure signs. He said: 'We cannot comment on specific cases.' He emphasised that the information is gathered from three main sources – a mix of third-party providers, public sources such as transport authorities, and the input of individual users. The map data is updated constantly, though the speed of this varies, he said. 'In general, these sources yield a strong basis on which comprehensive and up-to-date map information is based,' he said. Road users were advised to check more than one source of information when planning future journeys.
Local Germany
8 hours ago
- Politics
- Local Germany
OPINION: If Germany is to thrive it must help foreigners feel they belong here
What felt personal at first, we came to understand as part of something much deeper. Despite our earnest efforts to battle through German grammar, to enjoy woody white asparagus and to watch Tatort (still hoping and waiting for a good episode), the feeling of belonging here in our adopted homeland remained elusive. We've been here for more than three decades combined, and as journalists our job is to get to know the country – in many cases better than natives. In some ways, we have been eingedeutscht (Germanised): drinking Radler and sparkling water, and occasionally reporting cars for false parking (this is indeed one of Chris's pastimes). We have kids here and so have learned about Germany also through the experience of Hebammen, Kitas , and other parents. READ ALSO: 'Weeks of wild uncertainty' - The stress of choosing the right school in Germany But the feeling of being a guest – or as Germans might say a Fremdkörper (foreign object) – persists, despite the country's claims of offering a Willkommenskultur. When we started writing a book about Germany, we realised it's not just a subjective personal experience. It points to a deeper void at the heart of modern Germany. The initial goal of writing " Broken Republik " was to cover the cracks in the German economy, but that quickly expanded to political fragmentation and then internal divisions and racism. And we concluded that the red thread that ran through these issues was a national identity still unresolved. Postwar Germany is supported mainly by two pillars: shared prosperity ( Wohlstand für alle ) and the self-righteousness of having overcome Nazism. For decades, the formula held up well enough. Germany became a global industrial power on the back of sleek cars, and instead of parades and fireworks, it showcased Holocaust guilt. But the structure is showing foreboding cracks. Advertisement The economy has contracted two years in a row, inequality is worse than almost anywhere else in Europe, and the social safety net is fraying. With living standards at risk, trust in mainstream parties is falling and support for the Alternative für Deutschland (AfD) and its ethno-nationalist vision of Germany is rising (on par with Chancellor Friedrich Merz's conservative bloc, which has also adopted anti-migrant rhetoric). READ ALSO: How is Germany's future government planning to shake up immigration? That leaves the country vulnerable. Without a robust and inclusive civic identity, 'blood and soil' concepts re-emerge and fill the void. That process has started, but it doesn't have to continue. Despite all of its issues, Germany still functions and has a strong foundation. It's still the third-largest economy in the world. Its cities hum with energy, creativity, and layered history. From the North Sea coast to Alpine peaks, its landscapes offer stillness and awe. Advertisement Life here can be rich and full: walking home through tree-lined streets, swimming in a lake on a summer evening, sharing food and language in unexpected places. The culture stretches across centuries and continents — from Bach to Berlin club nights, Bauhaus to Turkish-German poetry, Syrian bakeries to Vietnamese corner shops. READ ALSO: Seven unmissable events happening around Germany in June 2025 This is a place where people can build lives, raise children and grow old. But belonging is still too often conditional. People walk along the river banks in Frankfurt. Why can't long-term residents in Germany vote? Photo: picture alliance/dpa | Andreas Arnold Germany makes it hard for newcomers. And if your skin colour is dark or you struggle with der, die, das, your pathways to belonging are even rockier. Even then, it's an either/or process. You are either all German or you're an Ausländer . And even then, it can be capricious. Members of the 2014 World Cup-winning squad, like Mesut Özil, have voiced this frustration: German when they win, foreign when they lose. The migration-background victims of the Hanau far-right shooting in 2020 struggled for official recognition and national mourning. These moments reveal a painful truth — that for millions, full belonging remains elusive, even in life and death. That has to change — not out of charity, but because the country's future depends on it. A society where millions feel unseen cannot remain cohesive. A democracy that excludes cannot stay strong. If Germany wants to thrive — economically, culturally, politically — it needs to open up not just its labour market or borders, but its idea of who truly belongs. Advertisement We've discovered that this is a foreign concept for Germans. They struggle to understand the alienation that the country produces because they don't know it any other way. But Wahldeutsche do. We have an important role to play here. We are part of the story but come with a different perspective. We don't need to just adapt and integrate. We can also form and shape. In a moment when the far right seeks to define who matters, silence is no longer a neutral act — it's surrender. Postwar Germany may have been unable to face these issues, but a new era is dawning. And the country's greatest challenge may also be its greatest chance: a new German nationhood built on inclusion. Because a Germany that sees identity as a layered yet cohesive whole – like a Black Forest cake – might yet become a homeland for all, and more dynamic than ever. Chris Reiter, originally from the US, is a senior editor at Bloomberg News in Berlin . Will Wilkes, originally from the UK, is automotive and industrial correspondent for Bloomberg News in Frankfurt. Follow these links to get more information about Broken Republik (Bloomsbury) and to purchase a copy. For information in German: Totally Kaputt (Piper Verlag).
