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Ronan Manly: LBMA is a fractional-reserve banking fraud like FTX
12:57p ET Wednesday, November 30, 2022
Dear Friend of GATA and Gold:
Bullion Star researcher Ronan Manly today shows how the fraudulent FTX cryptocurrency exchange was essentially a fractional-reserve-style banking operation and Ponzi scheme and likens it to the operations of the London Bullion Market Association, whose members have issued far more in gold credits than is available to them in real metal. But, Manly adds, while the documentation of this is available to mainstream financial news organizations, they won't touch it -- until, perhaps, the LBMA fraud collapses as well.
Manly's analysis is headlined "FTX Fiasco Highlights the Ponzi Nature of Modern Banking and the London Gold Market" and it's posted at Bullion Star here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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