The
German gold news Internet site Goldreporter wonders if the Swiss National
Bank was buying gold quietly in the weeks prior to the bank's repudiation of
its pegging the Swiss franc to the euro, anticipating that the bank's move
would send the gold price up fast:
http://www.goldreporter.de/will-the-swiss-nat...gold-now/gol...
Meanwhile
Bullion Star market analyst and GATA consultant Koos Jansen publicizes
speculation that the Swiss National Bank went short gold when it pegged the
franc to the euro on September 6, 2011, and dropped the peg last week to
cover its gold shorts:
https://www.bullionstar.com/blog/koos-jans...ve-a-theory-...
Somebody went short gold in a big way on
September 6, 2011, just minutes before the Swiss National Bank announced its
euro peg, and Hinde Capital CEO Ben Davies remarked that day on what seemed
like coordinated action by central banks to prevent gold from looking like
the successor to the Swiss franc as a safe-haven currency:
http://gata.org/node/10393
In any
case, the SNB's reversal of what it had insisted was its irrevocable policy
of pegging the franc should raise the biggest questions about central banking
as currently practiced.
After all, did the people of Switzerland realize that they had empowered an unelected agency to undertake actions of
far greater impact on their lives than the actions their elected agencies are empowered to
undertake?
These
actions have included, of course, the squandering of the national patrimony
(the nation's gold reserves), the steady devaluation of the currency for
three years, the overnight upward revaluation of their currency by as much as
30 percent, and the destruction of the country's export industries. Of course
nobody consulted with the Swiss people or their elected representatives about
these decisions. These decisions were all concocted in secret and implemented
as fait accomplis, making a sham of democracy.
Indeed,
as your secretary/treasurer has remarked from time to time, modern central
banking is a system by which the valuation of all capital, labor, goods, and
services in the world is taken away from markets and democratic processes and
bestowed upon an unelected and secretive elite. Gold price suppression to
support currencies is only a part of it.
Is any nominally democratic country aware
of the full range of market intervention being practiced by its own central
bank? Do mainstream financial news organizations even inquire about it, much
less report about it?
This is
essentially a totalitarian system, except that central banks are not yet
shooting people for complaining, though no one in authority is complaining.
Someone in authority should test them.
