8:30p ET Wednesday, April 12, 2006
Dear Friend of GATA and Gold:
Phillip Barton, a pension fund trustee in Australia,
has put together a compelling speculation on the
future of the U.S. dollar and gold, "The Fundamental
Difference."
Barton writes:
"What the Fed does now with interest rates is of no
real consequence except perhaps in affecting the
chronology of the impending crisis. In any case, long-
term interest rates in the United States are currently
controlled by the governments of other countries,
notably China. Either the Fed keeps interest rates
going higher or the foreign governments won't keep
lending the United States money.
"Cutting spending also isn't a solution as the money
has already been spent and the debts already incurred.
"The two solutions are:
"Inflate away the currency and pay off the debts in
dollars that aren't worth the paper they are written on.
"Or officially default on all debts -- the Argentine
solution.
"Option 1 is being applied right now, which is why the
United States is not allowing foreigners (the same people
who for years have lent the United States the $2-3 billion
a DAY that it has taken to keep the country solvent) to
buy businesses in the United States. Arguably that would
give them something of value for their money.
"That cannot be allowed to happen as there are enough
U.S. dollars floating around overseas in cash or digital
form to buy every major company in America. The Chinese
government alone holds almost $1 trillion in its reserves.
"It is also why M3, the most useful measure of the supply
of currency, is no longer being reported by the Federal
Reserve as of March 2006.
"The plan is to close the doors to America via protectionist
measures and tariffs, especially on Chinese imports and
investments, while inflating away the value of the dollar.
"That is why gold will continue to rise and why there is
nothing that anyone can do about it."
You can find Barton's essay at Gold-Eagle here:
http://www.gold-eagle.com/editorials_05/barton041106.html [1]
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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http://www.depression2.tv [24]
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http://www.howestreet.com [23]
http://www.minersmanual.com/minernews.html [26]
http://www.a1-guide-to-gold-investments.com/euro-vs-dollar.html [27]
http://www.goldcolony.com [28]
http://www.miningstocks.com [29]
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(Korelin Business Report -- audio)
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Eagle Ranch discussion site:
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Ted Butler silver commentary archive:
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