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Politics : Dutch Central Bank Sale Announcement Imminent? -- Ignore unavailable to you. Want to Upgrade?

To: Bobby Yellin who wrote (4883)	3/27/1999 7:32:00 AM
From: Bill Murphy	Read Replies (2) \| Respond to of 81122

WHAT GATA IS ALL ABOUT-BY CHRIS POWELL ) Who is GATA contemplating taking anti-trust action against? GATA contemplates suing investment houses, gold trading companies, gold mining companies, and any others who have conspired and colluded to control the price and supply of gold, gold-related securities, and other commodities and securities. The investment houses that bailed out Long-Term Capital Management last summer in order to control the price and supply of the securities LTCM had bought and sold are primary suspects. So are the investment houses that soon after the LTCM bailout formed the Counterparty Risk Management Group. The LTCM bailout and the formation of the Counterparty Risk Management Group are acknowledged incidents of collusion by business operations that are supposed to be competitors. Of course whether this collusion violated anti-trust law is a matter of details and will have to be determined by a court. 2) Why is GATA contemplating such anti-trust action? GATA contemplates such anti-trust action because it believes in free and transparent markets generally and in the crucial monetary function of gold particularly. Gold is the truth teller, the barometer, about currencies, national economies, and the international economy. Tampering with the price of gold distorts economic measurements everywhere and facilitates the debasement of currencies as well as market manipulations that benefit governments and the rich at the expense of the great majority. Further, GATA resents the devastation that the suppression of the gold price has brought to the mining industry worldwide and especially to the economies of developing nations. 3) How long has GATA been going? GATA is, formally, the Gold Anti-Trust Action Committee Inc., a United States (Delaware) corporation formed to advocate and undertake litigation to liberate the price of gold. The committee was formed in January 1999 by Bill Murphy of Rye, N.H., a financial commentator and proprietor of the Internet site www.lemetropolecafe.com; John Meyer of Great Barrington, Mass., a money manager; Chris Powell of Manchester, Conn., a newspaper editor; and Boudewijn Wegerif, an economist and teacher in Stockholm, Sweden. The committee was prompted by Murphy's commentaries and investigation of collusion in the gold market and by an essay by Powell, published at Murphy's Internet site, calling upon gold's advocates and defenders to go beyond complaining about collusion and to start taking action against it, since it is illegal. 4) What support does GATA have? GATA's support builds every day as word of its cause spreads throughout the world. GATA has support from mining company executives and shareholders, miners themselves, and believers in gold's monetary function. While the committee has been operating less than two months, it has received dozens of financial contributions, and more than 200 registered supporters at its Internet discussion group, www.egroups.com/list/gata. But GATA's lawsuit targets the most powerful and richest interests in the world, and so GATA is constantly seeking more supporters and contributions to finance its lawsuit. 5) What success has GATA had so far? Perhaps GATA's greatest success so far has been to begin to reverse the demoralization among gold interests, who increasingly see that their survival and the restoration of free markets in all respects, not just in gold, depend on exposing the collusion of the major investment houses. GATA believes that once its lawsuit is filed, the "discovery" process in prosecuting the lawsuit will expose more and more collusion and particularly the unsupportable short positions in gold taken by the colluders. Exposure of this alone may be sufficient to end the collusion and liberate the gold price. GATA knows that the investment houses around the world are watching its work with fear, and gold interests watching it with hope. 6) What is GATA asking of you? GATA asks supporters to make a financial contribution toward sustaining the lawsuit (the cost of a first- rate law firm and its extensive investigation); to register at www.egroups.com/list/gata so they may be kept informed about the progress of GATA's work and contribute their own ideas to the movement; and to spread the word about GATA everywhere. GATA is frankly a political and educational cause and solicits support on those grounds, making no promises as to the outcome. We're up against forces that, because of their vast power and arrogance, have been called the "masters of the universe." But we believe that we still may prevail because the truth, a more just international economic order, and United States law are on our side. In the United States one man with the law is still a majority, no matter how powerful the lawbreakers. So "fiat justitia et ruant coeli" -- Let justice be done though the heavens fall.