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What happened to central banking forum's essay on currency market intervention?
1p ET Tuesday, July 6, 2021
Dear Friend of GATA and Gold:
On Monday the Official Monetary and Financial Institutions Forum, which is based in London and describes itself as "an independent think tank for central banking, economic policy, and public investment, providing a neutral platform for public- and private-sector engagement worldwide," posted and publicized an essay about currency market intervention by central banks.
The publicity for the essay said:
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Commentary: Currency intervention can help counter Covid crisis
By Adam Glapiński in Warsaw
Emerging market central banks have successfully widened their arsenal of monetary measures to mitigate the economic effects of Covid-19. One of these methods is to accrue large foreign exchange reserves. This helps ensure that they do not suffer economic setbacks from larger countries' massive quantitative easing. With the top five central banks' total assets accounting for almost 28% of global GDP, smaller countries have a right to defend themselves.
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But late yesterday the link provided for the essay --
-- ceased functioning and the essay could not be found elsewhere on the organization's internet site.
Nor did a spokesman for the organization respond to a request for explanation of the essay's apparent removal.
Did whoever was on duty over the weekend at OMFIF's internet desk have to be reminded that currency market intervention by central banks is a subject too sensitive to be addressed in public, or at least too sensitive to be discussed in public by an organization that relies on the patronage of central banks?
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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