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The first rule of mainstream financial journalism: Never question a central bank

By: Chris Powell, Secretary/Treasurer, GATA


-- Posted Thursday, 7 November 2013 | | Disqus

Dear Friend of GATA and Gold:

Reuters demonstrates again tonight its own uselessness to financial journalism and the uselessnes to financial journalism of mainstream news organizations generally:

* * *

World Central Banks to Hold Fire in Face of Weak Dollar: Analysts

By Andy Bruce
Reuters
Wednesday, November 6, 2013

LONDON -- Global central banks are unlikely to take steps to make their currencies more competitive against the U.S. dollar, whose current weakness should prove to be temporary, a Reuters poll found.

... For the full story:

http://www.reuters.com/article/2013/11/06/us-markets-forex-poll-euro-idU...

* * *

The first rule at Reuters and other mainstream financial news organizations, from the Financial Times to The Wall Street Journal to Fox News, is: Never put a critical question about central banking to central banks themselves. Never ask the people who are directly responsible and really know. Always ask someone else, someone who doesn't know.

Of course a question of what a central bank might do with interest rates is speculative and no central bank may want to commit itself. But a question of what a central bank is already doing is not speculative. It is a matter of basic accountability in a democratic system of government. And to discern what central banks might do with interest rates, it may be necessary only to determine what they are doing in the gold market.

That Western central banks are in the gold market around the clock every day has been documented in great detail -- for example just recently:

http://www.gata.org/node/13185

So not asking them about it and not reporting at least their refusals to answer, reporting instead empty speculation from "analysts" about what central banks might do, is no better than disinformation.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

Join GATA here:

New Orleans Investment Conference
Sunday-Wednesday, November 10-13, 2013
Hilton New Orleans Riverside Hotel
New Orleans, Louisiana

https://jeffersoncompanies.com/landing/speakers?IDPromotion=613011610080...

* * *

Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006:

http://www.goldrush21.com/order.html

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:

http://gata.org/node/wallstreetjournal

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.


-- Posted Thursday, 7 November 2013 | Digg This Article | Source: GoldSeek.com

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