Dear Friend of GATA and Gold...
Here's the press release just issued by the office of U.S. Rep. Ron Paul,
R-Texas, about the legislation he has introduced in Congress to get the
surreptitious gold operations of the U.S. Treasury Department under congressional
control.
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WASHINGTON - U.S. Rep. Ron Paul, R-Texas, this week introduced
legislation designed to curb the ability of the president and the treasury
secretary to manipulate worldwide gold prices.
The "Monetary Freedom and Accountability Act" restores proper
congressional authority over gold policy by requiring that body to vote
its approval before the president or secretary buys or sells gold.
"The Constitution grants authority over monetary policy specifically
to Congress alone, not to the executive or the administration," Paul
stated. "Yet Congress has neglected its duty for decades, and now
our foolish fiat money system is run without challenge exclusively by
unelected Treasury and Fed bureaucrats.
"As a result, the Treasury has been able to engage in the buying
and selling of gold to manipulate the worldwide market price. Gold is very
important to markets and investors in America and across the globe, and
Congress should not allow the administration to interfere in the gold
market behind closed doors," Paul said.
The private Gold Antitrust Action Committee held a press conference this
week to discuss federal manipulation of gold markets. The group has uncovered
evidence suggesting that the Federal Reserve and the Treasury Department,
operating through the Exchange Stabilization fund and in cooperation with
the International Monetary Fund, have been systematically working to deflate
the price of gold.
Because rising gold prices are seen by investors as a barometer of inflation,
the Fed has purportedly suppressed prices to disguise the true nature
of the financial bubble of the 1990s.
"The Fed wants all of us to think the stock market is not overvalued,
and that credit and monetary expansion can create lasting prosperity,"
Paul concluded. "My bill will make it harder for the Fed and the
Treasury to manipulate gold prices, which should always serve as an unbiased
indicator of the true health of world markets."
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