You are here
The bigger question behind 'regulatory capture' at the CFTC
1:05p ET Friday, May 7, 2021
Dear Friend of GATA and Gold:
Chris Marcus of Arcadia Economics notes on YouTube this week that the U.S. Commodity Futures Trading Commission has named a Goldman Sachs commodity trading official, Alicia Crighton, as co-chair of a committee advising the commission about the commodity markets:
Of course this isn't exactly surprising, since regulatory agencies legitimately need advice and expertise from the interests they regulate, just as legislators need advice and expertise from industries and interests affected by legislation and obtain that advice and expertise through industry lobbyists. That's democracy.
It's also not exactly surprising that the CFTC would rely so heavily on Goldman Sachs, since for many years the main theme of business regulation in the United States has been what is called "regulatory capture" -- the domination of regulatory agencies by the interests being regulated, to the exclusion of the public interest.
... Dispatch continues below ...
Buy metals at GoldMoney and enjoy international storage
GoldMoney was established in 2001 by James and Geoff Turk and is safeguarding more than $1.7 billion in metals and currencies. Buy gold, silver, platinum, and palladium from GoldMoney over the Internet and store them in vaults in Canada, Hong Kong, Singapore, Switzerland, and the United Kingdom, taking advantage of GoldMoney's low storage rates, among the most competitive in the industry.
GoldMoney also offers delivery of 100-gram and 1-kilogram gold bars and 1-kilogram silver bars. To learn more, please visit:
Still, the CFTC easily could get advice and expertise from the commodity trading industry without putting industry people directly in charge of commission committees. The implication of such appointments is that "regulatory capture" is complete with the commission.
You'll know this has changed when, for example, the CFTC appoints silver market rigging investigator Ted Butler as co-chairman of a commission committee on transparency in the monetary metals markets, instead of simply brushing off Butler's specific and detailed questions, as the commission did this week:
In any case, all of the above is a bit beside the essence of the manipulation of the monetary metals markets.
All explanations of that manipulation lie behind the question the CFTC long has refused to answer for GATA and for U.S. Rep. Alex X. Mooney, R-West Virginia.
Does the commission have jurisdiction over manipulative trading undertaken by, at the behest of, or with the approval of the U.S. government, or is such manipulation authorized by the Gold Reserve Act of 1934, as amended since then, and other legislation and executive orders?
The architecture for manipulative and surreptitious futures market trading masterminded by the U.S. government long has been in plain view, just not widely understood, because mainstream financial news organizations and market analysts won't reporr it. Its components are:
-- The U.S. Treasury Department's Exchange Stabilization Fund, which is authorized by U.S. law to manipulate and rig not only all markets in the United States but all markets in the world, quite without the approval of the foreign governments with direct responsibility for those markets:
-- The Bank for International Settlements in Basle, Switzerland, which functions as a broker for its member central banks, whose admitted purposes include "the provision of international credits and joint efforts to influence asset prices (especially gold and foreign exchange) in circumstances where this might be thought useful," and which even advertises that secret interventions in the gold and currency markets are among its services to member central banks:
-- The Central Bank Incentive Program maintained by the CME Group, operator of the major U.S. futures exchanges, which offers governments and central banks volume trading discounts for secretly trading all U.S. futures contracts through exchange-approved brokers:
So probably the most effective aid any U.S. residents investing in the monetary metals could provide to the liberation of those markets -- and the liberation of markets generally around the world -- would be to ask their members of Congress to press the CFTC for an answer to this central question.
Of course the commission's repeated refusal to answer the question is almost as good as an answer. But only a formal answer might induce mainstream financial news organizations and market analysts to attempt some ordinary journalism about it, thereby alerting the world to stop being cheated of free markets.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
* * *
Toast to a free gold market
with great GATA-label wine
Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA's recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express.
Here's what the bottles look like:
Buyers can compose their case by choosing as many as four varietals from the list here:
GATA will receive a commission on each case of GATA-label wine sold. So if you like wine and buy it anyway, why not buy it in a way that supports our work to achieve free and transparent markets in the monetary metals?
To order a case of GATA-label wine, please e-mail Fay J Winery at email@example.com.
* * *
Support GATA by purchasing
Stuart Englert's "Rigged"
"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --
-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at firstname.lastname@example.org.
* * *
Help keep GATA going:
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit: