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Stephen Roach: Blowing up bubbles, the Fed misleads the world
Maybe because the gold is already
gone and the whole shtick would
end up electrifying the gold market
instead of demoralizing it?
* * *
Britain's Brown Says
IMF Gold Sales
Still Being Discussed
From Reuters
Monday, April 25, 2005
http://www.reuters.com/financeNewsArticle.jhtml?
type=bondsNews&storyID=8286009§ion=investing
WASHINGTON -- British finance minister Gordon Brown said on Monday
that selling International Monetary Fund gold to fund debt relief for
poor countries was still "very much on the British agenda" despite
U.S. opposition.
Brown said Group of Seven rich countries were "virtually there" on a
deal to cancel World Bank and African Development Bank portions of
debt owed by poor countries, but were studying a report by IMF chief
Rodrigo Rato on possible IMF gold sales.
"There is a great deal of work to be done in discussions with other
countries, and Britain is still putting forward its proposals for a
resolution of this issue," Brown told a conference call after
receiving the 2005 Commitment to Development Award from the
Washington-based Center for Global Development and Foreign Policy
Magazine.
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