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Paul Craig Roberts: Fed defends dollar, QE, by suppressing gold price
12:30a ET Sunday, May 19, 2013
Dear Friend of GATA and Gold:
In his new commentary former Assistant U.S. Treasury Secretary Paul Craig Roberts squarely accuses the Federal Reserve of using the futures markets to suppress gold and silver prices to protect the U.S. dollar and the Fed's "quantative easing" policy.
"What," Roberts asks, "does this illegal manipulation of markets by the Federal Reserve tell us? It tells us that the Federal Reserve sees no way out of printing money in order to support the federal deficit and the insolvent banks. If the dollar came under attack and the Federal Reserve had to stop printing dollars, interest rates would rise. The bond and stock markets would collapse. The dollar would be abandoned as reserve currency. Washington would no longer be able to pay its bills and would lose its hegemony. The world of hubristic Washington would collapse."
Roberts' commentary is headlined "Washington Signals Dollar Deep Concerns" and it's posted at his Internet site here:
http://www.paulcraigroberts.org/2013/05/18/washington-signals-dollar-dee...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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