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Dear Friend of GATA and Gold:
If you listened closely to U.S. Rep. Ron Paul's
questioning of Federal Reserve General Counsel Scott G. Alvarez at a hearing
of the House Subcommittee on Domestic Monetary Policy and Technology last
week, you heard Paul mention the U.S. Treasury Department's Exchange
Stabilization Fund as a likely instigator of secret swaps involving the U.S.
gold reserve:
http://www.gata.org/node/9980
GATA often has cited the ESF as a probable gold
market rigger. Indeed, "Exchange Stabilization Fund" were just about the first words out of the mouth of the
GATA delegation that visited House Speaker Dennis Hastert at his office at
the Capitol on May 10, 2000. We complained that the U.S. government was
likely using the ESF to rig various markets, including the gold market. If
Hastert hadn't been so polite or discreet, he could have handed us a copy of
the statute establishing the ESF -- the Gold Reserve Act of 1934 -- and asked
us why we should be so indignant, and couldn't we read? For rigging the gold
market particularly and other markets generally is
explicitly what the ESF was created to do. The fund has the authority to
"deal" in virtually anything, and in secret:
http://www.law.cornell.edu/uscode/html/uscode31/usc_sec_31_00005302----0...
"The Department of the Treasury has a
stabilization fund. ... Decisions of the Secretary are final and may not be
reviewed by another officer or employee of the Government. ... Consistent
with the obligations of the Government in the International Monetary Fund on
orderly exchange arrangements and a stable system of exchange rates, the
Secretary or an agency designated by the Secretary, with the approval of the
President, may deal in gold, foreign exchange, and other instruments of
credit and securities the Secretary considers necessary. ..."
Besides the president and treasury secretary, only Kitco gold market analyst Jon Nadler and CPM Group
Managing Director Jeff Christian claim complete knowledge of what the ESF
does, which, they insist, is nothing, but they have not yet revealed how they
found out.
In the meantime, Eric de Carbonnel
of the Market Skeptics letter (http://www.marketskeptics.com/)
has assembled a extensively researched two-part
video about the ESF and has posted it at YouTube, where each section is about
nine minutes long. De Carbonnel concludes that the
ESF has been the nexus of U.S. government covert operations throughout the
world since World War II -- gold market rigging is but a small part of the
ESF's work. De Carbonnel notes that the agency
never has been investigated by Congress, though perhaps Paul will aim a few
critical questions its way at a hearing of his committee on June 23. (See http://www.gata.org/node/10004.) As always, pray for Paul's health and safety.
Part 1 of De Carbonnel's
video on the ESF can be found at YouTube here:
http://www.youtube.com/watch?v=2ssrcD5GdPQ&feature=player_embedded
Part 2 can be found at YouTube here:
http://www.youtube.com/watch?v=ImuVUab6WW0&am...player_embedded
Chris
Powell
GATA.org
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