Ron Paul: Central bankers constantly rig the gold price

Section:

The Dollar Dilemma: Where to From Here?

By Ron Paul
Mises Institute, Auburn, Alabama
Friday, June 22, 2018

It's a fallacy to believe the US has a free market economy. The economy is run by a conglomerate of individuals and special interests, in and out of government, including the Deep State, which controls central economic planning.

Rigging the economy is required to prevent market forces from demanding a halt to the mistakes that planners continuously make. This deceptive policy can last only for a limited time. Ultimately, the market proves more powerful than government manipulation of economic events. The longer the process lasts, the greater the bubble that always bursts. The planners in charge have many tools to perpetuate confidence in an unstable system, but common sense should tell us that grave dangers lie ahead.

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Their policies strive to convince the unknowing that the dollar is strong and its status as the world's reserve currency is secure, no matter how many new dollars they create of out of thin air. It is claimed that our foreign debt is always someone else's fault and never related to our own monetary and economic mismanagement.

Official government reports inevitably claim inflation is low and we must work harder to increase it, claiming price increases somehow mystically indicate economic growth.

The Consumer Price Index is the statistic manipulated to try to prove this point just as they use misleading GDP numbers to do the same. Many people now recognizing these reports are nothing more than propaganda. Anybody who pays the bills to maintain a household knows the truth about inflation.

Ever since the Great Depression, controlling the dollar price of gold and deciding who gets to hold gold was official policy. This advanced the Federal Reserve's original goal of demonetizing precious metals, which was fully achieved in August 1971. Today, even though the official position of all central banks is that gold is not money, central bankers constantly rig the dollar price of gold, pretending the dollar is stronger than it really is. Just as the market overrode the artificial price of $35 per ounce in the 1970s, today's price will soar when the dollar is dethroned as the king of the world's currencies. ...

... For the remainder of the report:

https://mises.org/wire/dollar-dilemma-where-here

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