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Jason Hommel smashes the Silver Users Association over silver ETF
10p ET Thursday, February 16, 2006
Dear Friend of GATA and Gold:
U.S. Rep. Ron Paul, the Texas Republican who at
GATA's urging a few years introduced legislation to
require the U.S. Treasury Department to obtain the
approval of Congress for intervention in the gold
market, yesterday gave a speech in Congress that
was so important that it is sure to be ignored.
Paul not only cited the U.S. government's gold price
suppression scheme but also spelled out the
pernicious policies of imperialism that are operating
against the world economy.
Paul titled his speech "The End of Dollar Hegemony"
and it is appended here.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
* * *
The End of Dollar Hegemony
By U.S. Rep. Ron Paul
Wednesday, February 15, 2006
http://www.house.gov/paul/congrec/congrec2006/cr021506.htm
A hundred years ago it was called "dollar diplomacy." After World
War II, and especially after the fall of the Soviet Union in 1989,
that policy evolved into "dollar hegemony." But after all these
many years of great success, our dollar dominance is coming to an
end.
It has been said, rightly, that he who holds the gold makes the
rules. In earlier times it was readily accepted that fair and
honest trade required an exchange for something of real value.
First it was simply barter of goods. Then it was discovered that
gold held a universal attraction, and was a convenient substitute
for more cumbersome barter transactions. Not only did gold
facilitate exchange of goods and services, it served as a store of
value for those who wanted to save for a rainy day.
Though money developed naturally in the marketplace, as governments
grew in power they assumed monopoly control over money. Sometimes
governments succeeded in guaranteeing the quality and purity of
gold, but in time governments learned to outspend their revenues.
New or higher taxes always incurred the disapproval of the people,
so it wasn't long before Kings and Caesars learned how to inflate
their currencies by reducing the amount of gold in each coin --
always hoping their subjects wouldn't discover the fraud. But the
people always did, and they strenuously objected.
This helped pressure leaders to seek more gold by conquering other
nations. The people became accustomed to living beyond their means,
and enjoyed the circuses and bread. Financing extravagances by
conquering foreign lands seemed a logical alternative to working
harder and producing more. Besides, conquering nations not only
brought home gold, they brought home slaves as well. Taxing the
people in conquered territories also provided an incentive to build
empires. This system of government worked well for a while, but the
moral decline of the people led to an unwillingness to produce for
themselves. There was a limit to the number of countries that could
be sacked for their wealth, and this always brought empires to an
end. When gold no longer could be obtained, their military might
crumbled. In those days those who held the gold truly wrote the
rules and lived well.
That general rule has held fast throughout the ages. When gold was
used, and the rules protected honest commerce, productive nations
thrived. Whenever wealthy nations -- those with powerful armies and
gold -- strived only for empire and easy fortunes to support welfare
at home, those nations failed.
Today the principles are the same, but the process is quite
different. Gold no longer is the currency of the realm; paper is.
The truth now is: "He who prints the money makes the rules" -- at
least for the time being. Although gold is not used, the goals are
the same: compel foreign countries to produce and subsidize the
country with military superiority and control over the monetary
printing presses.
Since printing paper money is nothing short of counterfeiting, the
issuer of the international currency must always be the country with
the military might to guarantee control over the system. This
magnificent scheme seems the perfect system for obtaining perpetual
wealth for the country that issues the de facto world currency. The
one problem, however, is that such a system destroys the character
of the counterfeiting nation's people -- just as was the case when
gold was the currency and it was obtained by conquering other
nations. And this destroys the incentive to save and produce, while
encouraging debt and runaway welfare.
The pressure at home to inflate the currency comes from the
corporate welfare recipients, as well as those who demand handouts
as compensation for their needs and perceived injuries by
others. In both cases personal responsibility for one's actions is
rejected.
When paper money is rejected, or when gold runs out, wealth and
political stability are lost. The country then must go from living
beyond its means to living beneath its means, until the economic and
political systems adjust to the new rules -- rules no longer written
by those who ran the now defunct printing press.
"Dollar Diplomacy," a policy instituted by William Howard Taft and
his Secretary of State Philander C. Knox, was designed to enhance
U.S. commercial investments in Latin America and the Far East.
McKinley concocted a war against Spain in 1898, and(Teddy)
Roosevelt's corollary to the Monroe Doctrine preceded Taft's
aggressive approach to using the U.S. dollar and diplomatic
influence to secure U.S. investments abroad. This earned the
popular title of "Dollar Diplomacy." The significance of
Roosevelt's change was that our intervention now could be justified
by the mere "appearance" that a country of interest to us was
politically or fiscally vulnerable to European control. Not only
did we claim a right, but even an official U.S.
government "obligation" to protect our commercial interests from
Europeans.
This new policy came on the heels of the "gunboat" diplomacy of the
late 19th century, and it meant we could buy influence before
resorting to the threat of force. By the time the "dollar
diplomacy" of William Howard Taft was clearly articulated, the seeds
of American empire were planted. And they were destined to grow in
the fertile political soil of a country that lost its love and
respect for the republic bequeathed to us by the authors of the
Constitution. And indeed they did. It wasn't too long before
dollar "diplomacy" became dollar "hegemony" in the second half of
the 20th century.
This transition only could have occurred with a dramatic change in
monetary policy and the nature of the dollar itself.
Congress created the Federal Reserve System in 1913. Between then
and 1971 the principle of sound money was systematically
undermined. Between 1913 and 1971, the Federal Reserve found it
much easier to expand the money supply at will for financing war or
manipulating the economy with little resistance from Congress --
while benefiting the special interests that influence government.
Dollar dominance got a huge boost after World War II. We were
spared the destruction that so many other nations suffered, and our
coffers were filled with the world's gold. But the world chose not
to return to the discipline of the gold standard, and the
politicians applauded. Printing money to pay the bills was a lot
more popular than taxing or restraining unnecessary spending. In
spite of the short-term benefits, imbalances were institutionalized
for decades to come.
The 1944 Bretton Woods agreement solidified the dollar as the
preeminent world reserve currency, replacing the British pound. Due
to our political and military muscle, and because we had a huge
amount of physical gold, the world readily accepted our dollar
(defined as 1/35th of an ounce of gold) as the world's reserve
currency. The dollar was said to be "as good as gold," and
convertible to all foreign central banks at that rate. For American
citizens, however, it remained illegal to own. This was a gold-
exchange standard that from inception was doomed to fail.
The U.S. did exactly what many predicted she would do. She printed
more dollars for which there was no gold backing. But the world was
content to accept those dollars for more than 25 years with little
question-- until the French and others in the late 1960s demanded we
fulfill our promise to pay one ounce of gold for each $35 they
delivered to the U.S. Treasury. This resulted in a huge gold drain
that brought an end to a very poorly devised pseudo-gold standard.
It all ended on August 15, 1971, when Nixon closed the gold window
and refused to pay out any of our remaining 280 million ounces of
gold. In essence, we declared our insolvency and everyone
recognized some other monetary system had to be devised in order to
bring stability to the markets.
Amazingly, a new system was devised which allowed the U.S. to
operate the printing presses for the world reserve currency with no
restraints placed on it -- not even a pretense of gold
convertibility, none whatsoever! Though the new policy was even
more deeply flawed, it nevertheless opened the door for dollar
hegemony to spread.
Realizing the world was embarking on something new and mind
boggling, elite money managers, with especially strong support from
U.S. authorities, struck an agreement with OPEC to price oil in U.S.
dollars exclusively for all worldwide transactions. This gave the
dollar a special place among world currencies and in
essence "backed" the dollar with oil. In return, the U.S. promised
to protect the various oil-rich kingdoms in the Persian Gulf against
threat of invasion or domestic coup. This arrangement helped ignite
the radical Islamic movement among those who resented our influence
in the region. The arrangement gave the dollar artificial strength,
with tremendous financial benefits for the United States. It
allowed us to export our monetary inflation by buying oil and other
goods at a great discount as dollar influence flourished.
This post-Bretton Woods system was much more fragile than the system
that existed between 1945 and 1971. Though the dollar/oil
arrangement was helpful, it was not nearly as stable as the pseudo
gold standard under Bretton Woods. It certainly was less stable
than the gold standard of the late 19th century.
During the 1970s the dollar nearly collapsed, as oil prices surged
and gold skyrocketed to $800 an ounce. By 1979 interest rates of 21%
were required to rescue the system. The pressure on the dollar in
the 1970s, in spite of the benefits accrued to it, reflected
reckless budget deficits and monetary inflation during the 1960s.
The markets were not fooled by LBJ's claim that we could afford
both "guns and butter."
Once again the dollar was rescued, and this ushered in the age of
true dollar hegemony lasting from the early 1980s to the present.
With tremendous cooperation coming from the central banks and
international commercial banks, the dollar was accepted as if it
were gold.
Fed Chair Alan Greenspan, on several occasions before the House
Banking Committee, answered my challenges to him about his
previously held favorable views on gold by claiming that he and
other central bankers had gotten paper money -- i.e. the dollar
system -- to respond as if it were gold. Each time I strongly
disagreed, and pointed out that if they had achieved such a feat
they would have defied centuries of economic history regarding the
need for money to be something of real value. He smugly and
confidently concurred with this.
In recent years central banks and various financial institutions,
all with vested interests in maintaining a workable fiat dollar
standard, were not secretive about selling and loaning large amounts
of gold to the market even while decreasing gold prices raised
serious questions about the wisdom of such a policy. They never
admitted to gold price fixing, but the evidence is abundant that
they believed if the gold price fell it would convey a sense of
confidence to the market, confidence that they indeed had achieved
amazing success in turning paper into gold.
Increasing gold prices historically are viewed as an indicator of
distrust in paper currency. This recent effort was not a whole lot
different than the U.S. Treasury selling gold at $35 an ounce in the
1960s, in an attempt to convince the world the dollar was sound and
as good as gold. Even during the Depression, one of Roosevelt's
first acts was to remove free market gold pricing as an indication
of a flawed monetary system by making it illegal for American
citizens to own gold. Economic law eventually limited that effort,
as it did in the early 1970s when our Treasury and the IMF tried to
fix the price of gold by dumping tons into the market to dampen the
enthusiasm of those seeking a safe haven for a falling dollar after
gold ownership was re-legalized.
Once again the effort between 1980 and 2000 to fool the market as to
the true value of the dollar proved unsuccessful. In the past 5
years the dollar has been devalued in terms of gold by more than
50%. You just can't fool all the people all the time, even with the
power of the mighty printing press and money creating system of the
Federal Reserve.
Even with all the shortcomings of the fiat monetary system, dollar
influence thrived. The results seemed beneficial, but gross
distortions built into the system remained. And true to form,
Washington politicians are only too anxious to solve the problems
cropping up with window dressing, while failing to understand and
deal with the underlying flawed policy. Protectionism, fixing
exchange rates, punitive tariffs, politically motivated sanctions,
corporate subsidies, international trade management, price controls,
interest rate and wage controls, super-nationalist sentiments,
threats of force, and even war are resorted toall to solve the
problems artificially created by deeply flawed monetary and economic
systems.
In the short run, the issuer of a fiat reserve currency can accrue
great economic benefits. In the long run, it poses a threat to the
country issuing the world currency. In this case that's the United
States. As long as foreign countries take our dollars in return for
real goods, we come out ahead. This is a benefit many in Congress
fail to recognize, as they bash China for maintaining a positive
trade balance with us. But this leads to a loss of manufacturing
jobs to overseas markets, as we become more dependent on others and
less self-sufficient. Foreign countries accumulate our dollars due
to their high savings rates, and graciously loan them back to us at
low interest rates to finance our excessive consumption.
It sounds like a great deal for everyone, except the time will come
when our dollars -- due to their depreciation-- will be received
less enthusiastically or even be rejected by foreign countries.
That could create a whole new ballgame and force us to pay a price
for living beyond our means and our production. The shift in
sentiment regarding the dollar has already started, but the worst is
yet to come.
The agreement with OPEC in the 1970s to price oil in dollars has
provided tremendous artificial strength to the dollar as the
preeminent reserve currency. This has created a universal demand
for the dollar, and soaks up the huge number of new dollars
generated each year. Last year alone M3 increased over $700 billion.
The artificial demand for our dollar, along with our military might,
places us in the unique position to "rule" the world without
productive work or savings, and without limits on consumer spending
or deficits. The problem is, it can't last.
Price inflation is raising its ugly head, and the NASDAQ bubble --
generated by easy money -- has burst. The housing bubble likewise
created is deflating. Gold prices have doubled, and federal spending
is out of sight with zero political will to rein it in. The trade
deficit last year was over $728 billion. A $2 trillion war is
raging, and plans are being laid to expand the war into Iran and
possibly Syria. The only restraining force will be the world's
rejection of the dollar. It's bound to come and create conditions
worse than 1979-1980, which required 21% interest rates to correct.
But everything possible will be done to protect the dollar in the
meantime. We have a shared interest with those who hold our dollars
to keep the whole charade going.
Greenspan, in his first speech after leaving the Fed, said that gold
prices were up because of concern about terrorism, and not because
of monetary concerns or because he created too many dollars during
his tenure. Gold has to be discredited and the dollar propped up.
Even when the dollar comes under serious attack by market forces,
the central banks and the IMF surely will do everything conceivable
to soak up the dollars in hope of restoring stability. Eventually
they will fail.
Most importantly, the dollar/oil relationship has to be maintained
to keep the dollar as a preeminent currency. Any attack on this
relationship will be forcefully challengedas it already has been.
In November 2000 Saddam Hussein demanded Euros for his oil. His
arrogance was a threat to the dollar; his lack of any military might
was never a threat. At the first cabinet meeting with the new
administration in 2001, as reported by Treasury Secretary Paul
O'Neill, the major topic was how we would get rid of Saddam Hussein -
- though there was no evidence whatsoever he posed a threat to us.
This deep concern for Saddam Hussein surprised and shocked O'Neill.
It now is common knowledge that the immediate reaction of the
administration after 9/11 revolved around how they could connect
Saddam Hussein to the attacks, to justify an invasion and overthrow
of his government. Even with no evidence of any connection to 9/11,
or evidence of weapons of mass destruction, public and congressional
support was generated through distortions and flat-out
misrepresentation of the facts to justify overthrowing Saddam
Hussein.
There was no public talk of removing Saddam Hussein because of his
attack on the integrity of the dollar as a reserve currency by
selling oil in Euros. Many believe this was the real reason for our
obsession with Iraq. I doubt it was the only reason, but it may
well have played a significant role in our motivation to wage war.
Within a very short period after the military victory, all Iraqi oil
sales were carried out in dollars. The Euro was abandoned.
In 2001, Venezuela's ambassador to Russia spoke of Venezuela
switching to the Euro for all their oil sales. Within a year there
was a coup attempt against Chavez, reportedly with assistance from
our CIA.
After these attempts to nudge the Euro toward replacing the dollar
as the world's reserve currency were met with resistance, the sharp
fall of the dollar against the Euro was reversed. These events may
well have played a significant role in maintaining dollar dominance.
It's become clear the U.S. administration was sympathetic to those
who plotted the overthrow of Chavez, and was embarrassed by its
failure. The fact that Chavez was democratically elected had little
influence on which side we supported.
Now, a new attempt is being made against the petrodollar system.
Iran, another member of the "axis of evil," has announced her plans
to initiate an oil bourse in March of this year. Guess what, the
oil sales will be priced Euros, not dollars.
Most Americans forget how our policies have systematically and
needlessly antagonized the Iranians over the years. In 1953 the CIA
helped overthrow a democratically elected president, Mohammed
Mossadeqh, and install the authoritarian Shah, who was friendly to
the U.S. The Iranians were still fuming over this when the hostages
were seized in 1979. Our alliance with Saddam Hussein in his
invasion of Iran in the early 1980s did not help matters, and
obviously did not do much for our relationship with Saddam Hussein.
The administration announcement in 2001 that Iran was part of the
axis of evil didn't do much to improve the diplomatic relationship
between our two countries. Recent threats over nuclear power, while
ignoring the fact that they are surrounded by countries with nuclear
weapons, doesn't seem to register with those who continue to provoke
Iran. With what most Muslims perceive as our war against Islam, and
this recent history, there's little wonder why Iran might choose to
harm America by undermining the dollar. Iran, like Iraq, has zero
capability to attack us. But that didn't stop us from turning
Saddam Hussein into a modern-day Hitler ready to take over the
world. Now Iran, especially since she's made plans for pricing oil
in Euros, has been on the receiving end of a propaganda war not
unlike that waged against Iraq before our invasion.
It's not likely that maintaining dollar supremacy was the only
motivating factor for the war against Iraq, nor for agitating
against Iran. Though the real reasons for going to war are complex,
we now know the reasons given before the war started, like the
presence of weapons of mass destruction and Saddam Hussein's
connection to 9/11, were false. The dollar's importance is obvious,
but this does not diminish the influence of the distinct plans laid
out years ago by the neo-conservatives to remake the Middle East.
Israel's influence, as well as that of the Christian Zionists,
likewise played a role in prosecuting this war. Protecting "our"
oil supplies has influenced our Middle East policy for decades.
But the truth is that paying the bills for this aggressive
intervention is impossible the old fashioned way, with more taxes,
more savings, and more production by the American people. Much of
the expense of the Persian Gulf War in 1991 was shouldered by many
of our willing allies. That's not so today. Now, more than ever,
the dollar hegemony -- it's dominance as the world reserve currency -
- is required to finance our huge war expenditures. This $2
trillion never-ending war must be paid for, one way or another.
Dollar hegemony provides the vehicle to do just that.
For the most part the true victims aren't aware of how they pay the
bills. The license to create money out of thin air allows the bills
to be paid through price inflation. American citizens, as well as
average citizens of Japan, China, and other countries suffer from
price inflation, which represents the "tax" that pays the bills for
our military adventures. That is until the fraud is discovered, and
the foreign producers decide not to take dollars nor hold them very
long in payment for their goods. Everything possible is done to
prevent the fraud of the monetary system from being exposed to the
masses who suffer from it. If oil markets replace dollars with
Euros, it would in time curtail our ability to continue to print,
without restraint, the world's reserve currency.
It is an unbelievable benefit to us to import valuable goods and
export depreciating dollars. The exporting countries have become
addicted to our purchases for their economic growth. This
dependency makes them allies in continuing the fraud, and their
participation keeps the dollar's value artificially high. If this
system were workable long term, American citizens would never have
to work again. We too could enjoy "bread and circuses" just as the
Romans did, but their gold finally ran out and the inability of Rome
to continue to plunder conquered nations brought an end to her
empire.
The same thing will happen to us if we don't change our ways.
Though we don't occupy foreign countries to directly plunder, we
nevertheless have spread our troops across 130 nations of the
world. Our intense effort to spread our power in the oil-rich
Middle East is not a coincidence. But unlike the old days, we don't
declare direct ownership of the natural resources -- we just insist
that we can buy what we want and pay for it with our paper money.
Any country that challenges our authority does so at great risk.
Once again Congress has bought into the war propaganda against Iran,
just as it did against Iraq. Arguments are now made for attacking
Iran economically, and militarily if necessary. These arguments
are all based on the same false reasons given for the ill-fated and
costly occupation of Iraq.
Our whole economic system depends on continuing the current monetary
arrangement, which means recycling the dollar is crucial.
Currently, we borrow over $700 billion every year from our gracious
benefactors, who work hard and take our paper for their goods. Then
we borrow all the money we need to secure the empire (DOD budget
$450 billion) plus more. The military might we enjoy becomes
the "backing" of our currency. There are no other countries that
can challenge our military superiority, and therefore they have
little choice but to accept the dollars we declare are
today's "gold." This is why countries that challenge the system --
like Iraq, Iran and Venezuela -- become targets of our plans for
regime change.
Ironically, dollar superiority depends on our strong military, and
our strong military depends on the dollar. As long as foreign
recipients take our dollars for real goods and are willing to
finance our extravagant consumption and militarism, the status quo
will continue regardless of how huge our foreign debt and current
account deficit become.
But real threats come from our political adversaries who are
incapable of confronting us militarily, yet are not bashful about
confronting us economically. That's why we see the new challenge
from Iran being taken so seriously. The urgent arguments about Iran
posing a military threat to the security of the United States are no
more plausible than the false charges levied against Iraq. Yet
there is no effort to resist this march to confrontation by those
who grandstand for political reasons against the Iraq war.
It seems that the people and Congress are easily persuaded by the
jingoism of the preemptive war promoters. It's only after the cost
in human life and dollars are tallied up that the people object to
unwise militarism.
The strange thing is that the failure in Iraq is now apparent to a
large majority of American people, yet they and Congress are
acquiescing to the call for a needless and dangerous confrontation
with Iran.
But then again, our failure to find Osama bin Laden and destroy his
network did not dissuade us from taking on the Iraqis in a war
totally unrelated to 9/11.
Concern for pricing oil only in dollars helps explain our
willingness to drop everything and teach Saddam Hussein a lesson for
his defiance in demanding Euros for oil.
And once again there's this urgent call for sanctions and threats of
force against Iran at the precise time Iran is opening a new oil
exchange with all transactions in Euros.
Using force to compel people to accept money without real value can
only work in the short run. It ultimately leads to economic
dislocation, both domestic and international, and always ends with a
price to be paid.
The economic law that honest exchange demands only things of real
value as currency cannot be repealed. The chaos that one day will
ensue from our 35-year experiment with worldwide fiat money will
require a return to money of real value. We will know that day is
approaching when oil-producing countries demand gold, or its
equivalent, for their oil rather than dollars or Euros. The sooner
the better.
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Donors of $200 or more will receive copies
of "The ABCs of Gold Investing" by Michael
Kosares, proprietor of Centennial Precious
Metals in Denver, Colorado, and "The Coming
Collapse of the Dollar" by James Turk and
John Rubino.
GATA is a civil rights and educational
organization under the U.S. Internal Revenue
Code and contributions to it are tax-deductible
in the United States.
