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With a sling and a stone
4:22p ET Wednesday, September 18, 2013
Dear Friend of GATA and Gold:
Congratulations to those in the GATA, King World News, and GoldMoney communities who have contended that the pounding done to the monetary metals in recent months was engineered to allow the bullion banks to escape their short positions, to support the Federal Reserve's repudiation of its plan to reduce its bond buying, and to support money printing by central banks generally. Special recognition in this respect may go to Sprott Asset Management's Eric Sprott and John Embry, GoldMoney's James Turk and Alasdair Macleod, market analyst Ted Butler, Andrew Maguire, and Hong Kong fund manager Bill Kaye, among others.
Today's retreat from "tapering" by the Fed may have exposed the whole U.S. government as a big bluff in regard to the economy. Despite the government's propaganda, the economy never was improving and the markets have been responding only to that bluff and to direct government intervention. This has made a few favored people rich and has impoverished the rest, and it now essentially has been acknowledged to have largely failed to do much for the greater good.
... Dispatch continues below ...
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Reality, markets, and even democracy now may reassert themselves -- too slowly, of course, but definitely. The emperor is naked and people increasingly see it, as Robin Griffiths of Cazenove Capital Management did at King World News today:
At least the lesson of history is that the bad guys fail because they always go too far. Yes, far enough to cause terrible suffering and sometimes even great horror, but not far enough to wipe out humanity or every decent human instinct -- at least not yet.
Of course the bad guys still have enormous power and will do anything to preserve it, and their opposition remains only lightly armed, but these days even 1st Samuel may worry them a little:
And David put his hand in his bag, and took thence a stone, and slung it, and smote the Philistine in his forehead, that the stone sunk into his forehead; and he fell upon his face to the earth. So David prevailed over the Philistine with a sling and a stone, and smote the Philistine, and slew him; but there was no sword in the hand of David.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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Join GATA here:
Gold Investment Symposium 2013
Luna Park Conference Center, Sydney, Australia
Wednesday-Thursday, October 16-17, 2013
Mines and Money Australia
Melbourne Conference and Exhibition Centre
Tuesday, October 29-Friday, November 1, 2013
New Orleans Investment Conference
Sunday-Wednesday, November 10-13, 2013
Hilton New Orleans Riverside Hotel
New Orleans, Louisiana
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