Will ''flexibility'' in exchange rates really mean more currency debasement?

9:59p ET Thursday, February 5, 2004

Dear Friend of GATA and Gold:

There are two interesting items tonight at
CBSMarketWatch about this weekend's meeting
of the Western finance ministers in Boca Raton,
Fla. One is a news story by Rachel Konig, the
other a commentary by Paul Erdman. Links are
appended.

Also appended is an appeal from GATA supporter
Josef M. Seda, a former holder of shares of the
Bank for International Settlements, who seeks
to hear from other former shareholders who might
be interested in another possible class-action
lawsuit against the bank. His e-mail address
appears at the bottom of the appeal.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

* * *

U.S. will discourage dollar prop at G-7
By Rachel Konig
CBSMarketWatch.com

CHICAGO, Feb. 5 -- U.S. finance officials aren't expected to
offer overseas counterparts much salve for the sting of a
weaker dollar when they gather in sun-soaked south Florida
this weekend for the G-7 finance ministers meeting.

a href=http://cbs.marketwatch.com/news/story.asp?guid=%7B6C01155D%2D53D2%http:/...
2D4C11%2DB5C5%2D678410F1528E%7Damp;siteid=mktw

Or try this abbreviated link:

a href=http://www.shrinkmylink.com/mvyhttp://www.shrinkmylink.com/mvy/a

* * *

Paul Erdman argues for more currency debasement,
starting with the euro:

a href=http://cbs.marketwatch.com/news/story.asp?guid=%7BA3772742%2D1252%http:/...
2D43BD%2DA4B5%2DD5B7EE65E2A4%7Damp;siteid=mktw

Or try this abbreviated link:

a href=http://www.shrinkmylink.com/nvyhttp://www.shrinkmylink.com/nvy/a

* * *

Notice to all Former Private Minority Shareholders
of Stock in the Bank for International Settlements

By Josef M. Seda
January 30, 2004

On September 11, 2000, the Board of Directors of the Bank
for International Settlements (BIS) decided to exclude private
minority shareholding of BIS stock. BIS determined the
compensation for compulsory stock repurchase at a ruling
price of 16,000 Swiss francs per share. The BIS stated that
the repurchase price was set on the basis of an asset
valuation by JP Morgan amp; Co. SA and was therefore fair
and equitable, and set the effective repurchase date as
January 8, 2001.

Many shareholders, trusting the good names of the BIS
and JP Morgan, believed that they were getting a fair and
equitable settlement. The BIS did not suspend trading of
its stock. The shares traded at a slim discount of about
50 Swiss francs below the announced compensation, and
since there was nothing further to gain by holding through
to January 8, 2002, a number of minority shareholders sold
their shares ahead of the official
repurchase date.

However, a few more erudite shareholders did not think that
they were getting a fair and equitable stock repurchase price
and initiated a class-action suit against BIS at the
International Court in The Hague. Consequently, all private
shareholders received another announcement from BIS dated
November 25, 2002, informing them of the decision of the
Arbitral Tribunal in The Hague ordering the BIS to increase
the compensation to the injured parties by another 50
percent.

However, when complying with the court order, the BIS paid
the compensation only to those shareholders who held stock
as of January 8, 2001, thereby defrauding those who sold the
stock before that date of their lawful entitlement for the second
time.

It is a maxim of law that a wrong must be rectified at its source.
The wrong was committed by the BIS at the time of its initial
announcement of September 11, 2000, when an inappropriate
and false repurchase price was disseminated to the private
minority shareholders. The decision of the Arbitral Tribunal in
The Hague was clearly not carried back far enough to redress
the first wrong from which the action originated. We believe
that no judge of honour may be blind to this principle.

We are hereby calling on all former minority private
shareholders of the BIS who sold their shares between
September 11, 2000, and January 8, 2001, in good faith and
based on the integrity and credentials of BIS and J.P. Morgan
to participate in a class action with the intent to have the order
of the Arbitral Tribunal in The Hague back dated to
September 11, 2000.

If you wish to take part, please contact me at:
excelinc@telus.net

----------------------------------------------------

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----------------------------------------------------

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