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For starters, its owners
are heavily indebted to a bullion bank.
* * *
1:36p ET Sunday, February 22, 2015
Dear Friend of GATA and Gold:
If you're wondering why mainstream financial news organizations
refuse to report the biggest financial news story in history -- the rigging
of all major markets by Western central banks -- another reason has emerged
in the last few days with the resignation of the chief political writer of
the London Telegraph, Peter Oborne.
The Telegraph is a great newspaper with a wide scope, the
standard bearer of the British Conservative Party, whose reporting is often
cited favorably by GATA and frequently has been brave, as when a couple of
years ago it exposed the scandal of expense padding by members of Parliament,
including Conservative members.
But the Telegraph won't touch surreptitious intervention by Western central
banks in the gold market any more than any other respectable Western
financial news organization will, and departing the Telegraph, Oborne
complained that the newspaper had gone soft in its reporting about a big
investment bank that is a major advertiser, HSBC. Reports about Oborne's
resignation are collected at the Google news archive here:
http://tinyurl.com/kxgj4fc
On Friday one of the Telegraph's two main competitors among the
serious British papers, the Financial Times, suggested that its rival's
softness on HSBC may involve far more than advertising:
* * *
Telegraph Owners' Yodel owed L242 Million to HSBC
Henry Mance and Claer Barrett
Financial Times, London
Friday, February 20, 2015
A struggling delivery business controlled by the Barclay
brothers, owners of the Daily Telegraph, owed L242 milions to HSBC at a time
when the newspaper allegedly discouraged critical coverage of the bank.
Yodel, the UK's second-largest parcel carrier, refinanced its
debt with HSBC in December 2012. Peter Oborne, who resigned as the
Telegraph's chief political commentator this week, has said negative stories
about the bank were discouraged from "the start of 2013 onwards."
...
... For the remainder of the report:
http://www.ft.com/intl/cms/s/0/d6af687c-b8d2-11e4-b8e6-00144feab7de.html
* * *
Of course in addition to being an accomplice lately in various
crimes involving money laundering and tax evasion, HSBC is a major bullion
bank as well as custodian of the gold purportedly held by the exchange-traded
fund GLD even as the bank is believed to be a big short in the gold market,
thereby putting its GLD clients in what may seem like the awkward position of
entrusting their gold to an entity with a huge interest in keeping the
monetary metal's price down.
At least three editors of the Telegraph know all about the
Western central bank gold price suppression scheme because your
secretary/treasurer has corresponded with them about it for years and a
couple of months ago even discussed it with one of them at great length in
person in London. This editor was sympathetic, found gold price suppression
entirely plausible now that most other markets are acknowledged to have been
manipulated -- and volunteered that any mainstream financial journalist who
put a critical question about anything to any central bank
probably would be fired.
That is, the huge indebtedness of the Telegraph's owners to HSBC
is probably not entirely why the newspaper can't report gold market rigging
by central banks, but of course that indebtedness can't be encouraging
investigative journalism either.
Seven years ago GATA figured that it might encourage news
reporting about its work by placing a full-page color advertisement in the
foremost financial publication in the United States, The Wall Street Journal.
It was your secretary/treasurer's idea, in large part because of his career
as a newspaper editor. GATA's board concurred and the ad was written,
designed, and published at a cost of $264,000:
http://www.gata.org/node/wallstreetjournal
But absolutely nothing came of it. We didn't even get invited to
the Journal's Christmas party that year, and now that we're broke, your
secretary/treasurer wishes that it all could be undone.
Your secretary/treasurer has often provided GATA's documentation
to several of the Journal's reporters and a few years ago even met with one
of them at length at the newspaper's office in New York. But you'll have to
spend a lot more than $264,000 to get The Wall Street Journal to pay
attention to gold price suppression when every other page of its first
section carries advertisements from JPMorganChase, Goldman Sachs, and other
banks involved in the gold market, including -- yes -- HSBC itself.
Freedom of the press, the American journalist and essayist A.J.
Liebling noted, belongs to those who own one, and in recent decades most
Western news organizations have been so conglomerated and corporatized that
even if they are not owned outright by the financial establishment, they are
owned in outlook and spirit.
Thank God for the Internet, whose ease of access is subverting
all establishments. But while the Internet provides plenty of different
views, it provides little more actual journalism than already was being provided
without the Internet. Ninety-nine point nine percent of all journalism in the
world continues to be provided by news organizations that preceded the
Internet.
So one needs to learn how to read and watch news organizations.
Nearly all have their political ideologies, blind spots, and sacred cows.
Those who aspire to citizenship must strive to be as inclusive as possible,
to pay attention to many sources of news, crediting and discounting them as
necessary to adjust for their biases. On a worldwide scale, this means
striving to bring to the East the news from the West that will be blocked by
the government-controlled Eastern press, and to bring to the West the news
that will be blocked by the government-controlled Western press.
A breach in the blockade will come eventually, through GATA's
work or someone else's. This is all just another case of the phenomenon of
human psychology described long ago by the Hans Christian Andersen fairy tale
"The Emperor's New Clothes," in which nonsense that is obvious to
all continues only because it can't be acknowledged in polite company, as
such acknowledgment would show that the leaders of society are as vain and
foolish as everyone else.
Maybe as gold and silver mining companies increasingly fail
while imaginary metal, "paper" gold and silver, becomes so much
cheaper than the real thing, even a mining company executive may blurt out
something, if only from frustration. But it sure won't be from courage.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
* * *
Join GATA here:
Mining Investment Asia Conference
Resorts World Convention Centre
8 Sentosa Gateway, Sentosa Island
Singapore
Wednesday-Friday, March 18-20, 2015
http://www.mininginvestmentasia.com/
Mines and Money Conference
Hong Kong Convention and Exhibition Centre
1 Expo Drive, Wan Chai
Hong Kong Special Administrative Region, China
Monday-Friday, March 23-27, 2015
http://www.minesandmoney.com/hongkong/
* * *
Support GATA by purchasing recordings of the proceedings of the
2014 New Orleans Investment Conference:
https://jeffersoncompanies.com/landing/2014-av-powell
Or by purchasing DVDs of GATA's London conference in August 2011
or GATA's 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
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