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The Philippines -- another rich country insisting on being poor

By: Chris Powell, Secretary/Treasurer, GATA

 -- Published: Friday, 25 September 2015 | Print  | Disqus 

Dear Friend of GATA and Gold:

The New York Times today published an interesting report about an exhibition in Manhattan of artistic gold relics from the Philippines. The first two paragraphs are appended, along with a link to the full report.

But the report may be most important for an observation deeper into the text: "Gold was always plentiful in the Philippines, readily collected by panning. Today the country is said to have the world's second richest gold deposits."

"Second richest gold deposits" -- and yet the Philippines is a dreadfully poor country.

Of course part of this is that the country has a long history of foreign occupation, first by Spain, then by the United States, then by Japan, then briefly by the United States again, before gaining independence, so it is a new country.

Part of it is the oppression the country suffered for decades while nominally independent under a U.S.-supported dictatorship. Part of it is the corruption that endures today in the country's young democracy.

But part of it also is the suppression by Western central banks of gold prices particularly and of commodity prices generally. All countries get started by developing their natural resources. Thus gold and commodity price suppression is another form of imperialism.

The International Monetary Fund's rule prohibiting countries from linking their currencies to gold is a mechanism of enforcement for that imperialism.

Consenting to this imperialism, the Philippines is another rich country insisting on being poor.

A year ago your secretary/treasurer wrote to the central bank of the Philippines, Bangko Sentral ng Pilipinas, noting that he would be traveling to Asia in a few weeks and would be grateful for an appointment with the bank so that the documentation of the gold price suppression scheme might be presented and explained:

Upon his return your secretary/treasurer got a letter from the bank saying it was too busy. Busy being a tool, really.

If you know any patriots in the Philippines, please pass this along to them. The country has so much potential and is full of lovely people who love Americans in spite of everything. They deserve better.

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

* * *

Review: 'Philippine Gold: Treasures of Forgotten Kingdoms'

By Ken Johnson
The New York Times
Thursday, September 24, 2015

More than half a millennium before Ferdinand Magellan reached the archipelago now called the Philippines in 1521, a number of related societies thrived there. Little is known about them. They left no enduring architecture, monuments or literature. One thing is certain, however: They were astoundingly skillful goldsmiths.

A generous sample of those underknown peoples’ work in gold is presented in “Philippine Gold: Treasures of Forgotten Kingdoms,” a gorgeous and historically intriguing exhibition of about 120 pieces from the 10th through the 13th centuries. ...

... For the remainder of the report:

* * *

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