HON. RON PAUL of texas in the house of representatives
Wednesday, February 13, 2002
parts: "Federal dealings in gold can also adversely affect those countries with large gold mines, many of which are currently ravished by extreme poverty. Mr. Speaker, restoring a vibrant gold market could do more than any foreign aid program to restore
economic growth to these areas."
comment
Gold was probably around $300/oz back then and gold at $1800 these
days maybe suggesting they can't hold it down anymore, or more
likely they have sympathy for poor gold producing nations.
Part: "
Greenspan's remarks in 1998
explain how the price of gold has been suppressed at times
when it looked like the price of gold was increasing.''
Furthermore, Howe's complaint also cites remarks made
privately by Edward George, governor of the Bank of England
and a director of the BIS, to Nicholas J. Morrell, chief
executive of Lonmin Plc: ``We looked into the abyss if the
gold price rose further. A further rise would have taken down
one or several trading houses, which might have taken down
all the rest in their wake. Therefore, at any price, at any
cost, the central banks had to quell the gold price, manage
it. It was very difficult to get the gold price under
control, but we have now succeeded. The U.S. Fed was very
active in getting the gold price down. So was the U.K.
[United Kingdom].''
Whether the Fed and others in the alleged ``gold cartel''
have conspired to suppress the price of gold may, in the end,
be secondary to the growing need for financial transparency.
Wall Street insiders agree that as long as regulators,
analysts, accountants, and politicians can be lobbied and
``corrupted'' to permit special privileges, there will be
more Enron-size failures.
Securities and Exchange Commission Chairman Harvey L. Pitt,
well aware of the seriousness of these problems, recently
testified before the House Financial Services Committee that
``it is my hope there are not other Enrons out there, but I'm
not willing to rely on hope."
Whole Story:
https://www.govinfo.gov/content/pkg/CREC-2002-02-14/html/CREC-2002-02-14-pt1-PgE162-3.htm
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