GATA Renews Requests to Treasury, Fed for Gold Data
Responding to President Obama’s instruction to government agencies of January 21 this year, seeking greater openness in government, GATA today reformulated and resubmitted to the U.S. Treasury Department and Federal Reserve Board our requests of last year seeking access to records of swaps involving the U.S. gold reserve. You may recall that the Treasury entirely rejected GATA’s request last year while the Fed withheld most documents of any substance, contending, in part, that disclosure would harm certain proprietary interests, among others.
Disclosure note: Catherine is a board member of the Gold Anti-Trust Action Committee (GATA)
Why doesn’t the Oil comp bail out the car co. The car companys & the oil co. are in bed togather.
The oil comp tell the car comp how to build and how maney mile per gallen they should get. we the tax people get screwed all the way around.
From Seeking Alpha.com
For those of you that understand the revolving door that exists among the US Treasury, the US Federal Reserve, JP Morgan, Goldman Sachs (GS) and Citigroup, it should be obvious to you why JP Morgan, Goldman Sachs, and Citigroup have all survived this crisis thus far. Seasoned gold and silver investors have often speculated that data seems to incriminate JP Morgan and HSBC US as the two Big Banks that consistently short the majority of gold/silver contracts in the futures markets. So to re-establish any semblance of free markets again in America, the Big Banks must be broken up.
According to a PBS Frontline interview, Charles Geisst, a professor of finance at Manhattan College in NYC, stated, “Certainly, Citigroup [and then CEO Sandy Weill] pushed for legislation to get rid of Glass-Steagall, pass what was called HR10 at the time, which became the Financial Services Modernization Act [of 1999]… In the year previous to the Financial Services Modernization Act, the thing that overruled Glass-Steagall, Citibank spent $100 million on lobbying and public relations…They spent a small fortune, a king’s ransom, if you will, getting rid of Glass-Steagall. In fact, when thrown in with other financial firms’ lobbying, it was closer to $200 million over the short period of time.”
…Consider the $700+ trillion derivatives markets that nobody can seem to properly explain because they are unregulated and opaque, other than the fact that a good percent of this market is destined to blow up. And who do you think invented financial derivative products like Credit Default Swaps that are wreaking so much havoc on the financial system today? The Big Banks. Consider the fact that organizations like the Gold Anti-Trust Action Committee petitioned the US Federal Reserve Board and the US Treasury in 2008 for information regarding US gold swaps, but were denied information under the grounds that the disclosure of this information “would harm certain proprietary interests.” This secrecy regarding the US gold reserves and the secrecy of our $700+ trillion derivatives market is the very secrecy that President Kennedy referred to as “repugnant in a free and open society.” This should serve as a wake up call to us all.
Today, we find ourselves in a state of inertia that is induced by a fear created only by the fact that we have been dearly misinformed about the origins of this crisis. Our ignorance, in turn, is maintained by the secrecy and massive misinformation campaigns propagated by bankers. A misinformed, ignorant populace will remain in a state of inertia but an informed populace can create powerful change. The fact that we have been in a state of inertia for decades has created this obscene situation we face today. However, just as the law of inertia states that a body at rest is likely to stay at rest, the law of acceleration states that force equals mass times acceleration. Thus if we sincerely desire change, we must also seize the personal responsibility to inform all of our friends, our neighbors, and our co-workers about our fraudulent monetary system and the steps that can be taken to dissolve it.
http://seekingalpha.com/article/130931-let-s-keep-big-banks-from-ruining-america-forever
Who cares!!! Even IF the Gold is there its only worth $130 billion. Thats far less than AIG bailout!!! The money is completely fake. Supposedly “backed by taxpayers”? Give me a break. Tax receipts are collapsing, if that line were true the currencies value would be collapsing too. All lies!!! Catherine please help us. GATA must be heard!!! The people must be heard!!!