Posted on 12/30/2009 5:06:02 PM PST by FromLori
GATA today brought suit against the U.S. Federal Reserve Board, seeking a court order for disclosure of the central bank's records of its surreptitious market intervention to suppress the monetary metal's price.
The suit was filed in U.S. District Court for the District of Columbia and targets Fed records involving gold swaps, exchanges of gold with foreign financial institutions. In a letter dated September 17 this year to GATA's law firm, William J. Olson P.C. of Vienna, Virginia, (http://www.lawandfreedom.com) Fed Board of Governors member Kevin M. Warsh acknowledged that the Fed has gold swap agreements with foreign banks but insisted that such documents remain secret:
http://www.gata.org/files/GATAFedResponse-09-17-2009.pdf
The lawsuit follows two years of GATA's efforts to obtain from the Federal Reserve and the U.S. Treasury Department a candid accounting of the U.S. government's involvement in the gold market. These efforts parallel those of U.S. Rep. Ron Paul, R-Texas, who long has been proposing legislation to audit the Fed. The Fed has wrapped in secrecy much of its massive intervention in the markets over the last year, and Paul's legislation recently was approved by the U.S. House of Representatives.
The Fed claims that its gold swap records involve "trade secrets" exempt from disclosure under the U.S. Freedom of Information Act.
While GATA has produced many U.S. government records showing both open and surreptitious intervention in the gold market in recent decades (see http://www.gata.org/node/8052), Fed Governor Warsh's letter is confirmation that the government is surreptitiously operating in the gold market in the present as well. That intervention constitutes a huge deception of financial markets as well as expropriation of precious metals miners and investors particularly. This deception and expropriation are what GATA was established in 1999 to expose and oppose.
Of course GATA's lawsuit against the Fed will take months if not years to resolve. We think we have a good chance of winning it in court. But we can win it outside court, and much sooner, if the suit can gain enough publicity from the financial news media and market analysts and prompt enough inquiry from them and from the public, the mining industry, and members of Congress.
So GATA urges its friends to publicize the suit and to urge journalists, market analysts, mining companies, and members of Congress to join us in seeking disclosure of the Fed's gold market intervention records. If enough clamor is directed at the Fed about these records, the gold price suppression scheme will lose its surreptitiousness and fail.
Unfortunately the World Gold Council, which each year collects tens of millions of dollars in membership fees from mining companies in the name of representing them and gold investors, refuses to question governments about their surreptitious interventions in the gold market. These interventions powerfully influence not only gold's price but the prices of government bonds and currencies, as well as interest rates generally and the value of all capital and labor in the world. There is no more important issue in the world economy than gold price suppression.
So what should have been the World Gold Council's work has fallen to GATA, a non-profit educational and civil rights organization that operates from month to month on donations from people who share its objective -- free and transparent markets in the precious metals and fair dealing among nations generally. As we prosecute our lawsuit against the Fed, we'll be grateful for your support. We promise to do something with it.
For information about supporting GATA, please visit:
http://www.gata.org/node/16
GATA's lawsuit against the Fed is listed in federal court records as civil case No. 09-2436 ESH, the letters being the initials of the district court judge assigned to it, Ellen S. Huvelle.
You can find the lawsuit here:
http://www.gata.org/files/GATALawsuitVs.Fed-12-30-2009.pdf
Well this should be interesting...........
Too bad they can’t file suit in Great Britain and France.
That major happening was a tiny blurb on the back page of Arizona Republic's business section.
lori thanks for the great posts! u always put up the best finacial articles.
Or, Brussells.
I remember Britain selling lots of gold around 2000. Sell low, buy high.
Oh gosh your welcome :) have some more coming up here lol.
its all i focus on now is the economy and the upcoming great great depression and collapse of the worlds financial market
getting ready to load up on the triple inverse etf’s
Guidance Required: What is a triple inverse etf?
a stock that goes up 2x or 3x when the market goes down or when a certain sector. example. faz goes up when the banking index goes down. srs goes up when the real estate index goes down. spxu goes up when the s &p goes down
Did you know you could have shorted Both FAZ and FAS one year ago and still make money ( go back 2 years even more). Those 3x funds are for suckers.
there should be dozens of lawsuits demanding accountability from the Feds.
I focus on it a lot too I am very worried about the future for my grandchildren anyway here’s another bad one
http://www.zerohedge.com/article/clusterfuck-nation-thinktanks-2010-forecast-definitely-not-rosy
I read that report and the financial reform thing ahaha what a joke ZH is also featuring
Financial Reform Just Camouflage for Wall Street’s Latest Power Play
http://www.marketoracle.co.uk/Article16141.html
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