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For how many millennia do John Plender and the FT plan to disparage gold?
9:41a ET Sunday, May 29, 2016
Dear Friend of GATA and Gold:
Annoyed at former International Monetary Fund economist Kenneth Rogoff for having lent some respectability to gold this month, for having recommended that developing countries hold less of their foreign exchange reserves in zero-interest developed-nation bonds and more in gold --
-- Financial Times columnist John Plender today can't concede Rogoff's point without disparaging the monetary metal:
"Gold," Plender writes, "has been a bubble for millennia."
Some bubble! Don't millennia compare pretty well with the individual human lifespan? For how many millennia are Plender and the Financial Times planning to keep disparaging the monetary metal?
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Repeating the appalling rookie mistake Rogoff himself made, Plender writes that gold "yields no dividends or interest," though central banks and others lend gold at interest every day just as government currencies are lent at interest.
Then Plender knocks gold for volatility and "capriciousness."
Of course the Financial Times could always shed a little light on gold's volatility and capriciousness by inquiring into the long and continuing history of surreptitious intervention in the gold market by Western central banks, which, when they don't think anyone outside their circle is listening, acknowledge that they trade gold and gold derivatives "nearly on a daily basis" to control and usually suppress the monetary metal's price and thereby protect their own currencies.
Extensive documentation of this market rigging has been compiled by the Gold Anti-Trust Action Committee here --
-- and this documentation often has been given to journalists at the Financial Times, including Plender himself.
Inadvertently showing how easy it would be for journalists to validate this documentation, just a few weeks ago the president of the Federal Reserve Bank of New York, William Dudley, clumsily refused at a public forum in Virginia to answer a question about whether the Fed is involved in gold swaps --
-- gold swaps having been identified by a secret 1999 report of the International Monetary Fund as a primary mechanism of gold price suppression:
Of course the Financial Times is entitled to its politics -- statist and establishment as opposed to individualist and questioning. But the FT purports to be a news organization as well as an advocate of a political ideology. So the FT should show more interest in exposing what governments are doing in what are mistakenly assumed to be free markets.
The FT should not be opining so arrogantly about gold's place in the world monetary system without first putting to central banks a few critical questions about their surreptitious involvement in the gold market and the policy purposes behind it. And yet as far as your secretary/treasurer can tell, the FT has never attempted that. Indeed, the first rule of journalism at the Financial Times seems to be: Never put a critical question to a central bank.
As a result, when it comes to gold and indeed much else, the FT remains capable only of disinformation.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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