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G7 nations pledge to coordinate their currency market rigging
They say they want markets to value currencies but warn against "excessive volatility and disorderly movements in exchange rates" and pledge "to continue to consult closely on exchange markets and cooperate as appropriate." That is, they will let markets work except when markets become inconveniently "excessive" and "disorderly" and then they will coordinate their market rigging. They won't intervene except when they do. This is all doubletalk.
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G7 Reaffirms Commitment to Market Exchange Rates
Tuesday, February 12, 2013
LONDON -- Following is the text of a statement released Tuesday by the G7 nations -- the United States, Britain, France, Germany, Japan, Canada, and Italy.
"We, the G7 ministers and governors, reaffirm our longstanding commitment to market-determined exchange rates and to consult closely in regard to actions in foreign exchange markets.
"We reaffirm that our fiscal and monetary policies have been and will remain oriented toward meeting our respective domestic objectives using domestic instruments, and that we will not target exchange rates.
"We are agreed that excessive volatility and disorderly movements in exchange rates can have adverse implications for economic and financial stability. We will continue to consult closely on exchange markets and cooperate as appropriate."
Get the real story about the precious metals
from the Sprott Precious Metals Round Table
Now you don't have to travel to attend a financial conference to hear Sprott Asset Management's precious metals experts -- Eric Sprott, Rick Rule, and John Embry. They'll be holding a round-table discussion via the Internet at 2 p.m. ET Tuesday, February 12, and you can be part of it. Among their topics:
-- Why are precious metals such a compelling investment opportunity?
-- Why are non-G7 central banks buying gold? Do Western central banks have any left?
-- Why are investors buying as much silver as gold in dollar terms? What does this mean for the price of silver?
-- Is the growing supply deficit of platinum and palladium going to push their prices higher?
To register for this Internet conference and participate from the comfort of your own home or office, please visit:
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California Resource Investment Conference
Saturday-Sunday, February 23-24, 2013
Hyatt Regency Indian Wells Resort and Spa
Palm Desert, California
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Opinion Around the World Is Changing
in Favor of Gold -- Find Out Why
When Deutschebank calls gold "good money" and paper "bad money". ...
When the president of the German central bank, the Bundesbank, pays tribute to gold as "a timeless classic". ...
When a leading member of the policy committee of the People's Bank of China calls the gold standard "an excellent monetary system". ...
When a CNN reporter writes in The China Post that the "gold commission" plank in the 2012 Republican platform will "reverberate around the world". ...
When the Subcommittee on Domestic Monetary Policy of the U.S. House of Representatives twice called on economist, historian, and gold standard advocate Lewis E. Lehrman to testify. ...
World opinion is changing in favor of gold.
How can you learn why and what it will mean to you?
Read the newly updated and expanded edition of Lehrman's book, "The True Gold Standard."
Financial journalist James Grant says of "The True Gold Standard": "If you have ever wondered how the world can get from here to there -- from the chaos of depreciating paper to a convertible currency worthy of our children and our grandchildren -- wonder no more. The answer, brilliantly expounded, is between these covers. America has long needed a modern Alexander Hamilton. In Lewis E. Lehrman she has finally found him."
To buy a copy of "The True Gold Standard," please visit: