Another Newmont shareholder joins the Fellerman appeal

Section:

11:47a ET Saturday, April 8, 2006

Dear Friend of GATA and Gold:

Our friend Dan Tessler of AU Capital in Bethesda, Maryland,
shares this excerpt from the firm's client letter.

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

* * *

No influence in world finance is more corrosive or less recognized
than the systematic distortion of US economic reality by government
agencies. Now comes John Williams to tell us that it's worse than we
knew. Williams is a true student and expert analyst of official data
and reporting methods, and a man of balanced judgment. He says the
following and quite a lot more to Kate Welling of Welling &
Weeden.A transcript of the entire interview is available on the
Internet at:

http://www.weedenco.com/welling/Downloads/2006/0804welling022106.pdf.

-- "... The changes [in government reporting methodologies] are
nothing short of remarkable and the pattern over time is what I call
Pollyanna Creep. ... What has happened over time is that the
methodologies employed to create the widely followed series ... the
GDP, the CPI, the employment numbers, all have had biases built into
them that result in overstating economic growth and
understating inflation."

-- "Real CPI right now is running about 8 percent. ... If you were
to peel back changes that were made in the CPI going back to the
Carter years, you'd see that [the yearly rise in] the CPI would now
be 3.5-4 percent higher [than reported]. ... If the same CPI were
used today as was used when Jimmy Carter was president, Social
Security checks would be 70 percent higher."

-- "... Accounting for Social Security and Medicare ... we've had
three years in a row here where the GAAP deficit has been basically
$3.5 trillion [annually]. So the deficit and the total obligations
of the government are increasing by roughly the amount of GDP every
three years. In fact ... total federal obligations at the end of
September [2005] were $51 trillion, over four times the level of
GDP."

-- "Real unemployment right now ... meaning figured the way it was
estimated back during the Great Depression ... is running about 12
percent."

The policy perspective of the new Federal Reserve Chairman, Ben
Bernanke, perfectly supports a continuation and, as "necessary," an
acceleration of that pattern.It's dry and a little frightening, but
do read his 2003 advice for the Bank of Japan as excerpted by Paul
McCulley for PIMCO, a pillar of the US bond market, at:

http://www.pimco.com/LeftNav/Late+Breaking+Commentary/FF/2006/FF+Apri
l+2006.htm

"This was Gentle Ben's real 'helicopter speech,'" says McCulley.

In short, Bernanke argues that unlimited monetization of unlimited
fiscal deficits is the way to address any deflation of credit
excess. Fight credit with credit!

The best measure of such policy at work has been the M3 monetary
aggregate, which has been growing three times faster than reported
GDP and maybe eight times faster than what John Williams might call
real GDP.

Naturally, the Fed has ceased to publish it.

Goodbye, Pollyanna. Hello, George (Orwell).

----------------------------------------------------

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----------------------------------------------------

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