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Casey has been given the evidence but seems not to have looked at it
9:24p ET Monday, May 20, 2013
Dear Friend of GATA and Gold:
Interviewed today by The Daily Bell, Casey Research Chairman Doug Casey once again dismisses complaints of gold market manipulation.
"I don't doubt that the powers-that-be would prefer to have the price of gold lower," Casey says, "just like they would prefer to have the price of wheat and copper and lumber and everything else lower. But there's no evidence that I've ever been shown other than, frankly, just assertions."
This is distressing but maybe, to get Clintonistic, it depends on the meaning of "shown." Though GATA has sent to Casey -- and once even handed to him face to face -- all sorts of documentation of gold market manipulation, if he has not looked at it, has he ever been "shown"? But then the question becomes whether he wants to look at it, and one might hope that anyone might want to look at the evidence before commenting on an issue.
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Among the evidence delivered to Casey by GATA, in some cases face to face, are these:
-- Confessions or imcriminating statements made by, among others, four Federal Reserve chairmen -- William McChesney Martin, Athur Burns, Paul Volcker, and Alan Greenspan, and a chairman of the Netherlands central bank who was also president of the Bank for International Settlements:
http://www.gata.org/node/10909
http://www.gata.org/node/11304
-- The statement of Fed Governor Kevin M. Warsh made in 2009 during GATA's freedom-of-information litigation against the Fed seeking access to its gold records. Warsh disclosed that the Fed has secret gold swap arrangements with foreign banks:
http://www.gata.org/files/GATAFedResponse-09-17-2009.pdf
-- The confidential March 1999 report of the International Monetary Fund confirming that Western central banks conceal their gold swaps and leases to facilitate surreptitious intervention in the currency markets:
http://www.gata.org/node/12016
-- A U.S. diplomatic cable from 1974, three years after gold was fully demonetized officially, reporting that Western European central banks were contemplating rigging the gold market by creating "some kind of an intermediary through which market interventions might be channeled -- possibly in the form of a buffer stock":
http://www.gata.org/node/12551
-- The Bank for International Settlements' actual advertisement of its services rigging the gold market for its central bank members:
http://www.gata.org/node/11012
There's a lot more documentation of the gold price suppression scheme in GATA's documentation archive here:
http://www.gata.org/taxonomy/term/21
It would have been nice if The Daily Bell's interviewer had been familiar with this documentation and had asked Casey about it specifically, element by element. Since that Internet site has reported about complaints of gold market manipulation before, this unfamiliarity during the Casey interview borders on negligence.
For example, is that secret March 1999 IMF report a forgery? Has anyone asked the IMF about it? Has anyone asked those central bankers if they were misquoted? Is the Power Point presentation attributed to the BIS a concoction too? Even if so, it probably won't be denied that the BIS trades in the gold and gold derivatives every day on behalf of its member central banks, since that trading is confirmed by the BIS' annual reports (unless they're forgeries too), so anyone could always ask the BIS just what it's doing in the gold market and why and for whom. That might be considered research -- as in Casey "Research."
So why won't anyone who doubts gold market manipulation ever discuss these specifics?
One can understand why another gold market analyst frequently quoted by the mainstream financial news media, Jeff Christian of CPM Group, refuses to discuss these specifics. Christian has acknowledged that most major central banks are clients of his firm. But what's Casey's disqualifying angle?
Since Casey so misleadingly affects to be unaware of the specifics delivered to him so often in the hope that he would review them, a little speculation becomes fair. Maybe it's because of his commitment to free-market libertarian principles and particularly his belief that nothing is bigger than the market.
If only it were so. But the power of infinite money creation, particularly infinite money creation in the world reserve currency, is infinitely bigger than any market, and that is precisely what gold price suppression is about.
In his interview with The Daily Bell, Casey acknowledges the likely motive of central banks in wanting gold and commodity prices lower. But he refuses to acknowledge opportunity along with the evidence lest faith in markets be shaken.
GATA believes in markets as much as anyone could. Indeed, gold price suppression is a catastrophe for the world precisely because it is the prerequisite for the destruction of all markets, the mechanism by which a few unelected elites strive to control the price of all capital, labor, goods, and services in the world, resulting in the worldwide misallocation of both capital and labor.
Markets won't be restored by pretending that they are invinceable. In fact, like democracy itself, markets always need protection against totalitarianism, and Casey's libertarian indifference is no help in that struggle.
The Daily Bell's interview with Casey is headlined "Doug Casey on Conspiracies, Gold, and the Continuing 'Greater Depression' of the World's Economies" and it's posted here:
http://www.thedailybell.com/30653/Doug-Casey-on-Conspiracies-Gold-and-th...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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