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Rob Kirby: Suppressing interest rates, Morgan Chase is the Fed

Section: Daily Dispatches

3p ET Tuesday, August 4, 2009

Dear Friend of GATA and Gold:

GATA consultant Rob Kirby of Kirby Analytics in Toronto has updated the address he delivered at GATA's Washington conference about J.P. Morgan Chase & Co.'s interest rate derivatives portfolio. Kirby writes that this portfolio "serves no observable or commercially productive purpose" but "exerts pressure on the global interest rate complex." He concludes that Morgan Chase's interest rate derivatives book is not hedged and that Morgan Chase is actually just a front for the Federal Reserve. Since Morgan Chase often has acted openly for the Fed in recent months, this should not be such a stunning revelation to anyone except, of course, the mainstream financial press. Kirby's address is headlined "The Elephant in the Room: More Pieces of the Puzzle" and you can find it at GoldSeek here:

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

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