Awoke
8th April 2010, 10:44 PM
Peter Keusgen: More IMF duplicity on gold
Submitted by cpowell on 05:28PM ET Thursday, April 8, 2010. Section: Daily Dispatches
8:15p ET Thursday, April 8, 2010
Dear Friend of GATA and Gold:
In commentary posted today at the Ostrich Head blog, our friend Peter Keusgen has taken a closer look at the protocols of the International Monetary Fund and found a provision that appears to allow IMF members to loan gold that belongs to the IMF, or at least to allow IMF members to count gold as being in two places at once. Some years ago GATA called attention to the IMF's dubious gold accounting, but Keusgen adds some interesting details.
As usual the idea is to make Western central bank gold reserves look far larger than they are so that they may be used to manipulate and intimidate the gold market without ever allowing the public and the market to verify any official assertions. Indeed, as your secretary/treasurer likes to remark, the location and disposition of Western central bank gold reserves are far more sensitive secrets -- the deadly secrets of the hugely vulnerable fractional reserve gold banking system -- than the plans for construction of nuclear weapons.
Keusgen's commentary is headlined "IMF Gold Holdings: Why Mine the Stuff When Your Accountants Can Create It?" and you can find it at the Ostrich Head blog here:
http://theostrichhead.typepad.com/index/2010/04/imf-gold-holdings-why-mine-the-stuff-when-your-accountants-can-create-it.html
Courtesy of GATA
Submitted by cpowell on 05:28PM ET Thursday, April 8, 2010. Section: Daily Dispatches
8:15p ET Thursday, April 8, 2010
Dear Friend of GATA and Gold:
In commentary posted today at the Ostrich Head blog, our friend Peter Keusgen has taken a closer look at the protocols of the International Monetary Fund and found a provision that appears to allow IMF members to loan gold that belongs to the IMF, or at least to allow IMF members to count gold as being in two places at once. Some years ago GATA called attention to the IMF's dubious gold accounting, but Keusgen adds some interesting details.
As usual the idea is to make Western central bank gold reserves look far larger than they are so that they may be used to manipulate and intimidate the gold market without ever allowing the public and the market to verify any official assertions. Indeed, as your secretary/treasurer likes to remark, the location and disposition of Western central bank gold reserves are far more sensitive secrets -- the deadly secrets of the hugely vulnerable fractional reserve gold banking system -- than the plans for construction of nuclear weapons.
Keusgen's commentary is headlined "IMF Gold Holdings: Why Mine the Stuff When Your Accountants Can Create It?" and you can find it at the Ostrich Head blog here:
http://theostrichhead.typepad.com/index/2010/04/imf-gold-holdings-why-mine-the-stuff-when-your-accountants-can-create-it.html
Courtesy of GATA