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Australian scholar says futures markets suppress commodity prices, keep producing nations poor
5:58p ET Monday, October 27, 2014
Dear Friend of GATA and Gold:
Fourteen years ago the British economist Peter Warburton wrote that Western central banks were using the futures and derivatives markets and intermediary investment banks to control commodity prices --
-- giving rise to the adage: "The futures markets aren't manipulated. The futures markets are the manipulation."
Today MineWeb's Lawrence Williams interviews a mathematician and former stockbroker who holds a doctorate in math from the University of Melbourne, Australia, Fraser Murrell --
-- and who emphatically concurs, describing the futures markets as the mechanism by which the financially sophisticated West loots the developing world, which is dependent for its livelihood on the production of natural resources. The Western countries sustaining these futures markets, Murrell argues, thereby perpetuate poverty in the developing countries.
Of course this has been GATA's complaint for many years, but nobody at GATA has a Ph.D., just tinfoil hats.
Williams' interview with Murrell is headlined "Futures Markets Keep Precious Metals Prices Depressed" and it's posted at MineWeb here:
CHRIS POWELL, Secretary/Treasurer
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