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Another argument for gold revaluation to avert debt deflation
8:50p ET Monday, February 15, 2010
Dear Friend of GATA and Gold:
New commentary by the pseudonymous FOFOA (Friend of Friend of Another), headlined "Greece Is the Word," explains the necessity of the Western financial system to revalue its gold upward by a huge amount to cover its otherwise unpayble debt. The commentary evokes the hint given on television in Canada in December 2008 by former Federal Reserve Governor Lyle Gramley (http://www.gata.org/node/6989) and the study published in May 2006 by the British economist Peter Millar (http://www.gata.org/node/4843), who, long before the recent financial market crash, estimated that averting debt deflation would require revaluing gold upward by seven to 20 times, gold then being priced at about $700. You can find FOFOA's analysis at his blog here:
http://fofoa.blogspot.com/2010/02/greece-is-word.html
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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