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Internet link to Dow Jones Newswires story on dollar devaluation
8:21a ET Monday, September 27, 2004
Dear Friend of GATA and Gold:
While an in-the-clear Internet link is not available
for the Dow Jones Newswires story below, GATA has
confirmed its genuineness, so the question becomes
the reliability of the unidentified sources of the
source publication, the British paper The Business.
The consequences of the possible international
financial policy cited by those sources -- a
20-percent devaluation of the U.S. dollar -- would
either take the dollar gold price from $400 to $480
or else bring into the open the central bank policy
of suppressing the gold price.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
* * *
UK Paper Says Pressure Grows On G7
To Agree to U.S. Dollar Devaluation
By Neal Keane
Dow Jones Newswires
Sunday, September 26, 2004
LONDON -- U.S. President George Bush is being urged
to signal a dollar devaluation of up to 20 percent to
rebalance the global economy ahead of Friday's Group
of Seven and International Monetary Fund meetings in
Washington, the U.K.'s The Business newspaper
reported.
Senior U.S. administration officials in Washington have
over the past few days tried to influence the White
House and U.S. Treasury to put pressure on the G7 to
agree to a dollar depreciation in its final statement, the
newspaper said.
Recent data have shown the U.S. current account and
trade deficits running at record levels, and economists
have said a dollar depreciation is needed to rein these
in.
The euro was quoted at $1.2260 in late New York trade
Friday, compared with $1.2273 on Thursday. The dollar
was fetching 110.64 yen versus 110.63 yen, and 1.2624
Swiss francs versus 1.2598. The pound was trading at
$1.8041, up from $1.7982.
The G7 will also call on the world's oil producers to take
further action to bring down prices, The Sunday Times
reported. Crude oil reached almost $49 a barrel in New
York Friday, amid continued concerns that high energy
costs will sap global growth.
Spurring economic growth will be high on the agenda at
the meetings of G7 finance ministers and central bankers
next week, U.S. Treasury Secretary John Snow said
Friday.
"The promotion of economic freedom, opportunity and
growth throughout the world will be a key topic," he said
in a statement in New York City.
G7 officials meeting in Washington next week will be
representing Canada, Italy, France, Germany, Japan,
the U.K. and the U.S. Officials from China will also be
present.
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