Eric King: “Chris, we have
had this announcement today from the CFTC that they have dropped their
investigation of silver manipulation.”
Powell: “A lot of the complaints
which have been made about market manipulation over the years have been directed
at JP Morgan. In recent years, JP Morgan has said they are innocent of
manipulating the metals markets -- that they don’t trade in the metals markets
in their own account, they do it just for clients.
I am inclined to take them at their
word, insofar as those ‘clients’ are likely to be the US government. The US
government very likely trades in the metals markets every single day, either
through agents or through the Bank for International Settlements. Remember, the
BIS is a gold bank whose only clients are governments....
“If the CFTC discovered that the
rigging of the monetary metals markets is essentially government policy, being
conducted through intermediaries, then it would not be able to act against
government agents.
By federal law, the Gold Exchange
Act of 1934 specifically authorizes the US government to rig not only the gold
market, but to rig any (financial) market surreptitiously through the Exchange
Stabilization Fund. If the CFTC has discovered that market rigging is taking
place because of US government policy, then according to law there is nothing to
be done about it.”
Eric King: “Can you talk about your appearances in
court on this matter, the major law firms, who they represented and what
transpired?”
Powell: “I bumped into the
Exchange Stabilization Fund and JP Morgan back in 2001, when we were
underwriting Reg Howe’s lawsuit against the Bank for International Settlements,
the Fed, the US Treasury, JP Morgan, and other bullion banks. Reg was charging
them with gold market manipulation.
In one hearing I attended in US
District Court in Boston, an assistant US attorney got up, speaking on behalf of
the US government, and he said that the US government under the Exchange
Stabilization Fund Statute, the Gold Reserve Act of 1934, had precisely the
power to interfere with the pricing of gold that the lawsuit complained of --
that is, a US government lawyer declared in open court, in 2001, that rigging
the gold market as government policy is totally authorized by law.
You will find the US Treasury
Department quoting the Gold Reserve Act as saying the Exchange Stabilization
Fund can intervene, as I said previously, not only in the gold market, but in
any financial market. This intervention power is essentially an economic
declaration of war against every other nation in the world.
At that historic hearing in Boston,
I witnessed one man, Reg Howe, who was essentially taking on the greatest powers
on Earth. He sat as one man, a Harvard trained lawyer, against an army of
lawyers representing all of the high-powered defendants in the case.
Of course the army of lawyers were
representing the Fed and the US Treasury, but they were also representing JP
Morgan, Goldman Sachs and other investment banks. It was literally like David
against an army of Goliaths. I’ll never forget that scene for the rest of my
life. But in that hearing in Boston, the government, allied with the major
bullion banks, was saying, ‘We have the power, under the law, to rig the gold
market and any other financial market.’
The mainstream media will never
admit to this fact because they are essentially part of a machine. But there it
is, the United States government claims the power to rig the gold market and
every financial market, and to do it in secret.”
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