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To: d:oug who wrote (47408)	1/24/2000 8:37:00 PM
From: d:oug	Read Replies (1) \| Respond to of 116760

(GATA News) "Is he [Alan Greenspan] saying: I had nothing to do with the manipulation of the gold market...? Is he distancing himself from former Treasury Secretary Rubin and present Secretary Summers? Subj: Alan Greenspan's Letter To Senator Lieberman In Response To GATA Date: 1/24/00 2:29:49 PM EST From: LePatron@LeMetropoleCafe.com Le Metropole members, Alan Greenspan has served commentary at the Matisse Table. It is his letter to Senator Lieberman in response to the questions asked of him by The Gold Anti-Trust Action Committee on December 9, 1999 in a center spread open letter in Washington's Roll Call newspaper. A copy of this letter was sent to Alan Yonan Jr. of Dow Jones who forwarded a copy of it to me. GATA found it a bit unusual that Alan Yonan was able to comment on the letter even before we received notice of the letter from Senator Lieberman. It would appear that Chairman Greenspan wanted his side of the story out as soon as possible. Senator Lieberman wrote to Alan Greenspan on January 10th and Greenspan responded to the Senator January 19th. Here is some analysis from our camp on the letter. It would seem that Mr. Greenspan sidestepped certain questions while agreeing with GATA that it would be inappropriate for the Federal Reserve to manipulate the gold market: Our questions were directed as such: "Does the Federal Reserve or the Treasury Department." The Treasury was not mentioned once in Mr. Greenspan's response. It was most notable that Alan Greenspan stated over and over that the Federal Reserve owns no gold so that it.. GATA knows that the Federal Reserve does not own the U.S. gold. The Treasury does. Why does he keep making the statement? It would seem that Alan Greenspan is acknowledging that central banks are leasing gold to hold down the price with this statement: ..., given the observed willingness of some foreign central banks - not the Federal Reserve - to lease gold in response to price increases. Who are the borrowers? Alan Greenspan does not deal with the subject that the N.Y. Federal Reserve might be managing the gold market in behalf of the Treasury's gold. He states that the Federal Reserve is not managing the Fed's gold, which we all know, they do not own. GATA would still like to know if the N.Y. Fed, a quasi-private institution, is regarded differently than the "Federal Reserve System" itself and are they involved in the gold market in any manner in behalf of the Treasury or foreign central banks. James Turk made an astute observation about paragraph 3, page 2 in which Greenspan states: "As for question 1, the Federal Reserve does not, either on its own behalf or on behalf of others, including other government agencies, lend gold or silver,.." James noted the phrase "but not limited to" was left out after "government agencies." In legalese that means Mr. Greenspan has not included the Treasury in his response as it is the government itself, not a government agency. The world dissects Alan Greenspan's every word. He is known as the master of couching every thing he says. There are no mistakes in his deliveries. Does Alan Greenspan want to get as far away as possible from the budding scandal about the manipulation of the gold market? Is this his way of saying: I know there will be a big problem some day as the gold loans are too big (10,000 tonnes?) and the bullion banks are in way over their heads? Keep me out of it! ????? Is he saying: I had nothing to do with the manipulation of the gold market and is saying as such in a discreet a manner as possible? Is he distancing himself from former Treasury Secretary Rubin and present Secretary Summers? Remember, it was Secretary Rubin who was the former CEO of Goldman Sachs and has all the bullion bank connections. There is much more that will be said about all of this in time. Mr. Greenspan mentioned to Senator Lieberman to let him know if he could be of any further assistance. We will request that Senator Lieberman clarify some of the points brought out above. In the meantime, we await Treasury Secretary Summer's response. Stay tuned. All the best, Bill Murphy, Le Patron, Le Metropole Cafe The above mention of GATA is as follows. Bill Murphy, Chairman, Gold Anti Trust Action (GATA) gata.org GATA related articles can be obtained at the pay for view site. Bill Murphy, Le Patron, Le Metropole Cafe lemetropolecafe.com