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GoldMoney interview: James Grant says only 'confidence' underpins dollar
10:31a PT Thursday, June 2, 2011
Dear Friend of GATA and Gold:
James Grant, editor of Grant's Interest Rate Observer and an insightful critic of the Federal Reserve, was interviewed by GoldMoney's James Turk last month in New York just prior to the spring dinner meeting of the Committee on Monetary Research and Education, at which they both spoke. In the interview they discuss the Fed's propping up the stock market and its cheating savers through zero interest rates, as well as the threat to the dollar caused by the profligacy of the U.S. government. Grant remarks that he is amazed that the dollar has managed to remain the world reserve currency for so long with nothing behind it except "confidence." Of course GATA would disagree with that assertion, as the dollar long has had something else behind it as well: the pervasive and largely surreptitious market-rigging operation GATA has documented over the years. (See http://www.gata.org/taxonomy/term/21.) Turk's discussion with Grant is a half hour long and you can watch it at the GoldMoney Internet site here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
Prophecy and Pacific Coast Nickel Begin
8,000-Meter Drilling Program Wellgreen Project
Company Press Release, June 2, 2011
VANCOUVER, British Columbia -- Prophecy Resource Corp. TSX-V:PCY, OTC-QX: PRPCF, Frankfurt: 1P2) and Pacific Coast Nickel Corp. (TSX-V: NKL, US-PINK: PNIKF, Frankfurt: P94) have begun an expansion drilling program on their Wellgreen platinum, nickel, and copper project in the Yukon Territory, Canada. The program has been commenced by Prophecy and will be completed by Pacific Coast Nickel upon completion of the arrangement transaction whereby Pacific Coast Nickel will acquire the Lynn Lake and Wellgreen properties from Prophecy.
The program includes 8,000 meters of solid-core diamond drilling from through September with up to three drills to test at least 17 infill and exploration targets. This drilling will augment the existing resource which is being updated to National Instrument 43-101 standards by Wardrop Engineering, a Tetra-tech company. The resource estimate (based on 701 drillings before 2011) is expected to be released in July. The 2011 drilling is aimed to further augment the
The grades and type of disseminated mineralization at Wellgreen are highly analogous to those observed in Minnesota's Duluth Complex.
For the complete company statement, please visit:
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Lewis E. Lehrman on How to Solve the U.S. Debt Problem
Lewis E. Lehrman, chairman of the Lehrman Institute, sponsor of The Gold Standard Now project, advises that to reduce the $1 1/2 trillion U.S. deficit, the Republican Party must initiate an investment program.
Working Americans are not saving, which enables the banks to lead the country into a cycle of debt, leverage, boom, panic, and bust.
Lehrman says: "Eliminating the budget deficit of a trillion and a half dollars cannot be done overnight. The proposal by U.S. Rep. Paul Ryan was very dramatic -- one Republican called it radical -- but it was not happily received. The solution, of course, is to design an American program for prosperity, because you can solve these entitlement problems with a growing economy.
"We need a tremendous program of investment, and investment comes from savings. When you pay savers, middle-income professionals and working people, 0 percent at the bank, you are not going to encourage them
to save. Then we are left with a bank cycle of debt, leverage, boom, panic, and bust."
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