Plenty of evidence of the Plunge Protection Team

Section:

3:24p ET Sunday, April 6, 2003

Dear Friend of GATA and Gold:

GoldSeek.com has posted commentary by John Mauldin,
president of Millennium Wave Advisors, who writes that
the ever-more-widely-suspected Plunge Protection Team
can't possibly exist, because evidence of it would turn up
on government accounting books somewhere and thus
spill the beans. You can find Mauldin's commentary here:

news.goldseek.com/MillenniumWaveAdvisors/1049569027.php

Some friends of GATA have asked for a response to
Mauldin, so here's a quick and by no means complete
one.

Whatever the Plunge Protection Team is -- and yes, we're not
likely to find an engraved plaque on an office building
somewhere in the Washington or New York area -- Mauldin
seems not to have heard of the Treasury Department's
Exchange Stabilization Fund, which answers to no one,
not even Congress, nor to have wondered why Fort Knox
hasn't been audited since the London Gold Pool broke down
in 1968.

Nor does Mauldin seem to have noticed the recent speeches
by Fed Chairman Alan Greenspan and Fed Governor Ben
Bernanke proclaiming the Fed's ability to purchase all sorts
of assets to avoid deflation -- speeches that frankly
contemplate creating a Plunge Protection Team if one isn't
already in place.

Mauldin makes no mention of the constant and open intervention
in the currency markets by the Japanese government, much of
which is a matter of propping up the dollar, nor of the
Japanese government's massive buying of bank shares to prop
up the Japanese stock market.

These things have or could have a huge impact on the value
of the dollar and the U.S. bond and equity markets and yet
they do not all turn up on the public records of government
accounts in the United States. Indeed, the ESF's accounts
and the U.S. government's gold accounts are effectively
secret to begin with.

So before asserting that something like a Plunge Protection
Team couldn't possibly exist, Mauldin should look a lot
more broadly for its traces.

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

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