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To: John Hunt who wrote (36768)	7/7/1999 8:59:00 AM
From: J.L. Turner	Respond to of 116790

Interesting take on the feds: Reading an article in this April's Chronicles magazine, "Cajuns Uncaged," made my day. Last October, by nearly a 60 percent majority, Louisianians approved Amendment 1 to their state constitution. Amendment 1 declares: "The people of this state have the sole and exclusive right of governing themselves as a free and sovereign state; and do, and forever hereafter shall, exercise and enjoy every power, jurisdiction, and right pertaining thereto, which is not, or may not hereafter be, by them expressly delegated to the United States in Congress assembled." Louisiana's amendment would be entirely unnecessary if the White House, Congress and the U.S. Supreme Court didn't have disdain for the U.S. Constitution. What the citizens of Louisiana seek is already part of the protections found in our Constitution. The Ninth Amendment reads, "The enumeration in the Constitution of certain rights, shall not be construed to deny or disparage others retained by the people." The 10th Amendment reads, "The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people." Both the Ninth and 10th Amendments are held in the deepest contempt and disrespect by the White House, Congress and the Supreme Court. Why? Because these amendments were written to protect against consolidation of power by the federal government. Dismissal of the Ninth and 10th Amendments allows Congress to control our schools, mandate speed limits, and require employment and college admissions quotas, as well as other forms of Washington tyranny. Today, little states can do nothing without Washington's permission. That was not the Framers' vision. What would Williams do if he were Louisiana governor with such a mandate from the people? I would write Congress, stating that Louisiana citizens are reclaiming their rights guaranteed by the Constitution. Respecting the Constitution and disobeying Congress would surely invite retaliation. Congress might threaten to cut off Medicaid reimbursements and highway-construction funds if Louisiana didn't follow their dictates. Faced with congressional threats, I would go to the state legislature to establish a law enabling the state treasurer to establish a federal tax escrow account. All Louisiana citizens and businesses with federal tax obligations would be required by law to make those payments to Louisiana's federal tax escrow account. From that account, Louisiana citizens' federal obligations (income, profit and excise taxes) would periodically be sent to Washington. Then I'd send Congress another letter, informing them that if they retaliate against Louisiana citizens for obeying the Constitution by cutting off, say, $10 billion worth of Medicaid reimbursements or highway construction funds, we're simply going to reduce by $10 billion our periodic payments of tax obligations to Washington. You say, "Hey, Williams, things could get pretty nasty after that!" You're right and Congress might use armed force. "Governor" Williams would ask Louisianians just how far they are willing to go and what they're willing to sacrifice to protect those precious rights the Framers sought to guarantee by our Constitution. You say, "Williams, have you lost your marbles, challenging a powerful federal government?" I haven't lost my marbles any more than James Madison, Thomas Jefferson, George Washington and others lost theirs. After all, in 1776 -- when our Founders handed King George III the Declaration of Independence -- Great Britain was the mightiest power on the face of the earth. They knew that if they lost they'd be hung as traitors. Of course, all of this would be irrelevant if Congress, the White House and the Supreme Court followed their oaths of office to "protect and defend the Constitution of the United States." ---------------------------------------------------------------------------- ---- Walter E. Williams is the John M. Olin Distinguished Professor of Economics at George Mason University in Fairfax, Va.

To: John Hunt who wrote (36768)	7/7/1999 9:06:00 AM
From: Enigma	Read Replies (1) \| Respond to of 116790

Perhaps - but how do you account for the rapid acceleration in lease rates? - something else is afoot IMO. I'm trying to think through the possibility of massive replacement of old leases with new. In other words, leasing the same quantity of gold to repay an existing gold loan. The same # of ounces would result in a lower $ exposure and lease payout - but the risk of gold going up from here is greater. I don't know if anyone here has any experience of this from the leasing institution's side of things? d

To: John Hunt who wrote (36768)	7/7/1999 10:09:00 AM
From: lorne	Read Replies (3) \| Respond to of 116790

UK GOVT DISMISSES GOLD MKT CONSPIRACY THEORY AS "WILD FANTASY" London--Jul 7--The UK government today dismissed as "wild fantasy" gold market rumors that the UK was timing its gold auctions to help speculative short sellers. Some of the largest gold producers in the world wrote to UK Prime Minister Tony Blair this week asking him to investigate the conspiracy theories, but today a Treasury spokesman said, though it would answer the letters, there would be no investigation. (Story .13027) AUS' NORMANDY: GOLD PRICE SLUMP AFTER UK SALE SHOWS IGNORANCE Sydney--Jul 7--A further slump in the gold price overnight after the Bank of England's first gold auction reveals the extent of ignorance in the market about supply and demand conditions underpinning trade, Robert Champion de Crespigny, executive chairman of Australia's biggest gold producer, Normandy Mining Ltd., said today. (Story .22276) REPEATS: MITSUI: "SUSPICIOUSLY INFLATED NUMBER" UK GOLD BIDS London--Jul 6--The 4.174 million ounces worth of bids--or 5.2 times the offering--for gold received by the Bank of England is "a vastly, suspiciously inflated number," according to Mitsui Bussan analyst Andy Smith. He said gold auction bids above the BOE's lowest accepted price of US $261.20 per ounce probably amounted to less than a fifth of the total bids. (Story .12057) TAIWAN JUN GOLD IMPORTS 6.677 TONNES VS 4.098 TONNES IN JUN '98 Taipei--Jul 7--Taiwan's gold imports totaled 6.677 tonnes in June, compared with 4.098 tonnes a year earlier, a statement released by the Ministry of Finance said today. (Story .6016) crbindex.com