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James Turk: Gold''s bull market is reconfirmed
8:01p ET Sunday, September 25, 2005
Dear Friend of GATA and Gold:
Appended here is a news story about the same old
hapless hand wringing from the International
Monetary Fund about "global economic imbalances"
-- central banker talk for the United States'
financing its overconsumption by borrowing from
the rest of the world.
"Oh, we have to do something about this," the
central bankers whine, while declining to do what
could solve the problem instantly: Stop buying
U.S. government debt and stop selling gold.
As long as the rest of the world is wiling to pay
for it, why SHOULDN'T the United States wage
aggressive war, pass out prescription drugs for
free to its rich and poor citizens alike, and
rebuild everything in flood zones that were just
devastated by hurricanes and that will be
devastated again?
The old saying seems to be true: Owe someone
a small amount and you're under his thumb; owe
someone a big amount and he's under your thumb.
So Americans may cheer for their country's being
the world's biggest debtor. Who now can expect
them to do anything besides borrow all they can
from foreigners and then default on the debt if
anyone ever dares to call it? The foreigners will
still be wringing their hands haplessly and
wondering where their savings went.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
* * *
IMF Says Countries Must Work Together on Imbalances
From Reuters
Saturday, September 24, 2005
http://today.reuters.com/news/newsArticleSearch.aspx?
storyID=90457+24-Sep-2005+RTRS&srch=Rodrigo+Rato
WASHINGTON -- Global economic imbalances pose serious risks to the
world's prosperity, and countries must share the work of fixing
them, International Monetary Fund Managing Director Rodrigo Rato
said on Saturday.
"The question is not whether they will be reduced, but whether their
reduction will happen in an orderly or disorderly way," the fund
chief told delegates at semiannual meetings of the IMF and World
Bank.
In his speech, Rato called on oil producers to spend more to boost
output amid rocketing energy prices, on Europe and Japan to speed
economic growth, on Asia to increase investment and on the United
States to tighten fiscal discipline.
He also encouraged emerging countries to practice economic prudence
while risk premiums remain narrow and interest rates low, saying
such benign market conditions may be fleeting.
"The current exceptionally favorable conditions in financial markets
cannot be expected to last forever," Rato told the Washington
meeting.
Turning to emerging Asia, Rato noted steps toward currency
flexibility in China and Malaysia but said he saw more scope for
exchange rate flexibility in the region.
"The recent moves in China and Malaysia are welcome, and I hope that
the authorities will use the flexibility afforded by their new
arrangements," he said, adding that higher domestic demand in Asia
was also key to orderly global adjustments.
Rato also urged countries to work toward a favorable outcome of the
Doha Round of global trade talks.
"The large economies carry a particular responsibility to work for a
good agreement, and to head off pressures for protectionism, which
would be enormously damaging to the world economy," he said.
The IMF chief said the fund needed to ensure its advice was taken
seriously by its 184 member countries. He urged governments to
consider proposals to boost the stature of big emerging nations
within the institution.
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http://www.a1-guide-to-gold-investments.com/euro-vs-dollar.html
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Ted Butler silver commentary archive:
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----------------------------------------------------
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----------------------------------------------------
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