-- Posted Friday, 2 September 2011 | | Disqus
Dear Friend of GATA and Gold:
Commentaries in The Wall Street Journal today and The New York Times yesterday plainly confessed the emnity of government and financial institutions generally toward gold.
The commentary in The Wall Street Journal, written by David Malpass, a Treasury Department official during the Reagan administration, quotes former Federal Reserve Chairman Paul Volcker as having repeatedly declared gold to be "the enemy," something GATA Chairman Bill Murphy has cited about Volcker from time to time in his daily "Midas" column at LeMetropoleCafe.com. Malpass writes that "sound monetary policy will produce lower gold prices," which are desirable because "piling trillions into foreign countries, gold, and idle Treasury bonds sucks capital away from growth. The Fed should put an end to it."
At least Malpass blames the Fed for creating the huge distortions in the world economy.
The commentary in The New York Times, written by the newspaper's "DealBook" columnist Steven M. Davidoff, proposes that the U.S. Commodity Futures Trading Commission force commodity exchanges to raise margin requirements for gold trading to quash "speculation" in the monetary metal, and even "to limit the gold acquired individually and by the ETFs. All of these measures would have to be coordinated and put into effect on a global basis."
Coordinated and put into effect on a global basis? As in a "conspiracy" of central bankers?
Mr. Davidoff, it's already in operation.
So much for free markets.
Of course free markets died long ago at the hands of the U.S. government. (See http://www.gata.org/node/6242.) But why does GATA face such resistance in pointing this out in regard to manipulation of the gold market particularly? Could it be any less obvious than the sun's rising in the east?
The Wall Street Journal and New York Times commentaries are appended.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
* * *
Beyond the Gold and Bond Bubbles
Shouldn't the Fed Try to Improve Incentives to Invest in Growing Businesses?
By David Malpass
The Wall Street Journal
Wednesday, August 31, 2011
http://online.wsj.com/article/SB1000142405311190487540457653292173566499...
* * *
How to Deflate a Gold Bubble (That Might Not Even Exist)
By Steven M. Davidoff
The New York Times
Tuesday, August 30, 2011
http://dealbook.nytimes.com/2011/08/30/how-to-deflate-a-gold-bubble-that...
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-- Posted Friday, 2 September 2011 | Digg This Article
| Source: GoldSeek.com
