Richnorth: Why am I defending the C.B.s?
Actually, I am not. I simply tried to make the point that the C.B.s are not in a united conspiracy for the reasons that I gave. That is not to say that one or the other may or may not have some plan or preferance in regards to gold. I have read many articles and happen to have in front of me one by Frank Veneroso, Dec. 9/97, in which he expresses the opinion that "one or several European Central Banks broke rank". He mentions an "uncooperative behaviour on the part of some central banks". He goes on to emphasize over and over again that the cause of the fall in the POG has been C.B. selling. "the market was absolutely contained by central bank selling." This is but one individual, but there are others.
There is no limit as to the number of theories explaining the reason for the POG, or the C.B. involvement. I wish it were so easy and obvious that I could be convinced. Don't forget, most C.B.s are an extension of national governments, with head honchos regularly fired by the newly elected government. That is how Canada's own Thiessen got his job!
I wouldn't be on this thread if I thought things were rosy. The C.B.s must bear their share of blame for the economic mess world-wide. But an even greater blame has to be put on the governments who created the mess in the first place. C.B.s are trying to manage this, but they may in the end be too clever by one half. I too believe we are in great danger of world-wide economic collapse, but I have great respect for the "fixers" who have demonstrated time and again their mastery against all odds. After all, look around the world, see what man has wrought. It has worked....so far anyway!
Phil
As an addendum read the following:
Message 3055417
When you see the estimated figure of loss to the C.B.s in terms of interest (15 billion annually), you can understand the temptation to sell and lease. |
