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Central bank prophet fears QE warfare pushing world financial system out of control
5:07p ET Tuesday, January 20, 2015
Dear Friend of GATA and Gold:
The London Telegraph's Ambrose Evans-Pritchard today interviews William White, the former official of the Bank for International Settlements who, in a speech in 2005 that he must have thought would not escape his immediate audience at the bank, admitted that a primary purpose of international central bank cooperation is to rig the gold market. White's telling admission is posted at GATA's Internet site here:
The Telegraph's report is linked below.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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Central Bank Prophet Fears QE Warfare Pushing World Financial System Out of Control
By Ambrose Evans-Pritchard
The Telegraph, London
Tuesday, January 20, 2015
The economic prophet who foresaw the Lehman crisis with uncanny accuracy is even more worried about the world's financial system going into 2015.
Beggar-thy-neighbour devaluations are spreading to every region. All the major central banks are stoking asset bubbles deliberately to put off the day of reckoning. This time emerging markets have been drawn into the quagmire as well, corrupted by the leakage from quantitative easing in the West.
"We are in a world that is dangerously unanchored," said William White, the Swiss-based chairman of the Organization of Economically Developed Countries' Review Committee. "We're seeing true currency wars and everybody is doing it, and I have no idea where this is going to end."
Mr White is a former chief economist to the Bank for International Settlements -- the bank of central banks -- and currently an adviser to German Chancellor Angela Merkel. ...
... For the remainder of the report:
http://www.telegraph.co.uk/finance/economics/11358316/Central-bank-proph...
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