Federal Reserve Admits Hiding Gold Swap Arrangements

Weiss

Federal Reserve Admits Hiding Gold Swap Arrangements, GATA Says

MANCHESTER, Conn.--(BUSINESS WIRE)--The Federal Reserve System has disclosed to the Gold Anti-Trust Action Committee Inc. that it has gold swap arrangements with foreign banks that it does not want the public to know about.

The disclosure, GATA says, contradicts denials provided by the Fed to GATA in 2001 and suggests that the Fed is indeed very much involved in the surreptitious international central bank manipulation of the gold price particularly and the currency markets generally.

At least according to GATA

tincup

More than ever..... we need a true audit on the FED.

Wolf359

Appalling.

roadrunner

I read the 5 page letter to GATA from the FED and it wasn't clear to me that they were claiming or even hinting that they had gold swaps though that was not Chris Powell's view on it. He's probably smarter than me so I'd like to see what others take on the letter is. Takes about 5 minutes to find the highlights.

The FED sort of referred to swaps in the tense of any type of assets....hence currency swaps, etc. I took it to mean that they don't give out swap information on "anything" per FOIA. Read that one paragraph towards the last few pages and see what you think. It's amazing what a lawyer can draft up in 5 pages to say something that should take 5 sentences.

Still, I don't think there's a chance in heck that the FED is not conducting gold swaps. Why wouldn't they? Means, motive, opportunity.....it's just common sense. Even Greenspan testified in front of Congress saying the FED was prepared to do whatever it took with gold (lease, sell, etc.) to keep the price at bay and the dollar supported.

roadrunner

yellowkid

Are you saying that the government was less than truthfull????

Cnitas

The Fed is not the government.

renman95

<< <i>The Fed is not the government. >>



Correct...a semi-private organization. But "yellow" is still correct albeit in a different manner.

Wolf359

<< <i>The Fed is not the government. >>



If we continue to follow the "Iceland model", the public won't care.

Remember, that Iceland's financial system imploded in October 2008 under the weight of debt, leading to a currency crisis, rising unemployment and public
protests resulting in the collapse of it's government and the ouster of it's central bankers.

Current numbers in the Iceland Depression:

"Registered Unemployment" 7.7% (Real figure higher)
Interest Rates 12%, overnight rate 16%
Inflation 11%