Internet link to Rep. Paul''s statement on gold legislation


10:17p ET Thursday, February 14, 2002

Dear Friend of GATA and Gold:

Here's the press release just issued by the
office of U.S. Rep. Ron Paul, R-Texas,
about the legislation he has introduced
in Congress to get the surreptitious gold
operations of the U.S. Treasury Department
under congressional control.

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

* * *

WASHINGTON -- U.S. Rep. Ron Paul, R-Texas,
this week introduced legislation designed to
curb the ability of the president and the
treasury secretary to manipulate worldwide
gold prices.

The "Monetary Freedom and Accountability Act"
restores proper congressional authority over
gold policy by requiring that body to vote
its approval before the president or
secretary buys or sells gold.

"The Constitution grants authority over
monetary policy specifically to Congress
alone, not to the executive or the
administration," Paul stated. "Yet Congress
has neglected its duty for decades, and now
our foolish fiat money system is run without
challenge exclusively by unelected Treasury
and Fed bureaucrats.

"As a result, the Treasury has been able to
engage in the buying and selling of gold to
manipulate the worldwide market price. Gold
is very important to markets and investors in
America and across the globe, and Congress
should not allow the administration to
interfere in the gold market behind closed
doors," Paul said.

The private Gold Antitrust Action Committee
held a press conference this week to discuss
federal manipulation of gold markets. The
group has uncovered evidence suggesting that
the Federal Reserve and the Treasury
Department, operating through the Exchange
Stabilization fund and in cooperation with
the International Monetary Fund, have been
systematically working to deflate the price
of gold.

Because rising gold prices are seen by
investors as a barometer of inflation, the
Fed has purportedly suppressed prices to
disguise the true nature of the financial
bubble of the 1990s.

"The Fed wants all of us to think the stock
market is not overvalued, and that credit and
monetary expansion can create lasting
prosperity," Paul concluded. "My bill will
make it harder for the Fed and the Treasury
to manipulate gold prices, which should
always serve as an unbiased indicator of the
true health of world markets."