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'Free-market' congressman misses point about secret futures trading by central banks

By: Chris Powell

 -- Published: Thursday, 1 January 2015 | Print  | Disqus 

Dear Friend of GATA and Gold:

Zero Hedge tonight reports correspondence between Florida resident James W. Lovely and his U.S. representative, Dennis A. Ross, prompted by Lovely's concern about surreptitious trading in U.S. futures markets by central banks, trading confirmed by the U.S. government records disclosed three months ago through Zero Hedge by the founder of the Winnetka, Illinois, market research firm Nanex, Eric Scott Hunsader:

Lovely tells the congressman that "trading the futures market against central banks is like playing no-limit poker against a billionaire. You will always be run out of the market and the market will be controlled by those who can print money for margin (or the next ante)."

Though the congressman is a member of the House Committee on Financial Services and its Subcommittee on Capital Markets and Government-Sponsored Enterprises, his reply to Lovely seems to be little more than a form drafted by a staff member who doesn't grasp the constituent's point -- the destruction of free markets. Ironically, the biography of Ross posted on his congressional Internet site --

-- recalls the severe political penalty Ross paid when he was a member of Florida's House of Representatives -- the loss of a committee chairmanship -- "for voting against his party and with his free-market principles."

Ross almost certainly is not as obtuse as his reply to Lovely suggests. More likely Ross, whose district, Florida's 15th, covers an area east of Tampa including Lakeland, never read Lovely's letter at all and, as with most members of Congress, his actual attention cannot be achieved through ordinary correspondence by anyone who has not recently donated at least $5,000 to his election campaign. But repeated correspondence or attendance at any meetings the congressman holds back in his district might start to break through, and Lovely's effort is a start. Imagine if a few thousand Americans began writing to their congressmen seeking accountability for secret futures market trading by central banks and sent copies of that correspondence not only to Zero Hedge but to their local newspapers.

If he has a piece of paper, an envelope, and a postage stamp, even the lowliest citizen can participate meaningfully in this struggle.

Zero Hedge's report is headlined "Congressman Confirms Foreign Central Banks Buying U.S. Stock Futures Is Good for Liquidity" and it's posted here:

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

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 -- Published: Thursday, 1 January 2015 | E-Mail  | Print  | Source:

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