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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: IngotWeTrust who wrote (30312)	3/19/1999 6:36:00 AM
From: long-gone	Read Replies (2) \| Respond to of 116906

Statement from US Rep. Ron Paul on Clinton Administration Proposal that the IMF sell-off gold holdings "The Clinton Administration's proposal for the International Monetary Fund to sell some of their gold holdings should be rejected outright as misguided and historically offensive. "I am pleased Rep. Jim Saxton's Joint Economic Committee has today criticized the proposed gold sales, stating in a press release that it 'will accommodate more IMF loans, subsidies, and moral hazard problems.' A renewed IMF would further distort the market pricing of credit and aid the transfer of wealth from taxpayers to a few select groups: officials of inept, and often corrupt and brutal, governments; already over-paid international bureaucrats who don't pay taxes themselves; and Wall Street fat cats. "In short, the debt relief proposal is an admission of failure of the IMF's 'paper gold' policies. The IMF pushes irresponsible monetary policies with ever-larger debt burdens on client countries. These policies only exacerbate human suffering around the world as citizens of poor countries suffer the burden of a higher cost of government, higher cost of capital and reduced economic growth. "This is a prime example of harming nations with the very mechanism which purports to be helping them. For example, Ghana is one of the Heavily Indebted Poor Countries (HIPC) the debt relief proposal is meant to help. However, 40% of Ghana's total exports come from gold whose price would fall. Such a move will also destabilize Nelson Mandela's South Africa, which is the largest producer of gold in the world. Needless to say, producers of gold in the United States will be similarly hard hit. "It is ironic that proponents of U.S. membership in the IMF argue we have a claim to an asset. However, by selling off the IMF's only real 'assets,' any possible value to the US evaporates. "It should not be forgotten that the money the U.S. used to pay our initial contribution to the IMF came from the 'paper profit' of President Franklin Roosevelt's forced confiscation of gold from the American people. The gold that the U.S. government transferred to the IMF should be returned to the American people, from whom it was forcibly taken. "I am so amazed by the cavalier attitude toward the American people and the citizens of countries around the world, that I today introduced HR1147 to withdraw the US from the IMF and HR1148 to abolish the Federal Reserve." house.gov