venerdì 27 gennaio 2012
January 26, 2012 - White Hats Report #35
Romney Camp Dung-Founded: No Integrity, No Ethics, No Honor.
This article is one of a series exposing theft, deceit, tax evasion, and bribery of public officials. It
questions a Presidential candidate who would associate with such people, much less take money from them. This money is then hidden offshore to evade taxes in a conspiracy with ruthless criminals, all knowing the true Beneficial Owner of the funds was being cheated of his income at every turn. These actions bring consequences. Knowledge is power.
We expose three key names of consequence today. Mitt Romney, Dr Michael Herzog and Paul Guenette are now challenged to publicly explain why they ruthlessly cheated an American national causing loss of important projects, tax revenue and the denial of hope and dignity to many Katrina victims.
Exclusive: Senate investigating HSBC for money laundering
Central bank policy is obscuring market values, Warsh tells Stanford audience
Submitted by cpowell on Fri, 2012-01-27 02:53. Section: Daily Dispatches
10:04p ET Thursday, January 26, 2012
Dear Friend of GATA and Gold:
Central banks are now so heavily influencing asset prices that investors are unable to ascertain market values, former Federal Reserve Board of Governors member Kevin M. Warsh told the Stanford University Institute for Economic Policy Research tonight.
Fed disinformation hides greater inflation, Rickards tells King World News
Submitted by cpowell on Fri, 2012-01-27 18:09. Section: Daily Dispatches
1:07p ET Friday, January 27, 2012
Dear Friend of GATA and Gold:
Geopolitical analyst James G. Rickards tells King World News today that the Federal Reserve is engaged in a massive disinformation campaign about its intentions, which are far more inflationary than believed. Rickards adds that the U.S. economic embargo of Iran may hasten the move of other countries away from the dollar as a trading currency. An excerpt from the interview is posted at the King World News blog here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
Gold Anti-Trust Action Committee Inc.
Nigeria: Thrown into Chaos and a State of Civil War: The Role of the IMF
by F. William Engdahl
Global Research, January 27, 2012
Nigeria, Africa’s most populous nation and its largest oil producer, is from all evidence being systematically thrown into chaos and a state of civil war. The recent surprise decision by the government of Goodluck Jonathan to abruptly lift subsidies on imported gasoline and other fuel has a far more sinister background than mere corruption and the Washington-based International Monetary Fund (IMF) is playing a key role. China appears to be the likely loser along with Nigeria’s population.
Parasite Capitalism: Human Awakening Calling Time On the Beast
by Finian Cunningham
Global Research, January 27, 2012
Listen to this fable. A man was lying in bed, tired and tormented. Tired because it was the early hours and yet he could not sleep; tormented because the cause of his tiredness was a mosquito, lurking somewhere in the darkness that would sporadically make its presence known by homing in on the man’s head, its whining buzz ringing in his ear. Try as he might, the man could not find any rest. Covering his head with the bed sheet only made him hot and breathless, the clammy discomfort made all the worse because of the climate.
Australian PM Julia Gillard forced to flee mob at Australia Day event
By Ian Saleh, Washington Post
Australia’s tenuous and complicated relationship with its indigenous population came to a head in Canberra on Thursday when Australian Prime Minister Julia Gillard had to flee a mob of protesting aboriginal activists, the Associated Press reported.
Gillard and Opposition leader Tony Abbott were forced to wait for riot police to escort them from an Australia Day event after hundreds of supporters of the city’s Aboriginal Tent Embassy began protesting outside.
Corporate Rule Is Not Inevitable
7 signs the corporatocracy is losing its legitimacy ... and 7 populist tools to help shut it down.
YES!Magazine, Jan 20, 2012
You may remember that there was a time when apartheid in South Africa seemed unstoppable.
Sure, there were international boycotts of South African businesses, banks, and tourist attractions. There were heroic activists in South Africa, who were going to prison and even dying for freedom. But the conventional wisdom remained that these were principled gestures with little chance of upending the entrenched system of white rule.
“Be patient,” activists were told. “Don’t expect too much against powerful interests with a lot of money invested in the status quo.”
giovedì 26 gennaio 2012
Recent literature on complementary currencies
Posted by: "Gill Seyfang (ENV)" firstname.lastname@example.org gillseyfang
Thu Jan 26, 2012 4:47 am (PST)
I'm pleased to forward this email from Rolf Schroeder, who compiles a wonderful database of CC literature. This is his list of most recent additions to the database. Please explore the database yourselves to find new research papers, and contribute anything else you know about,
International Journal of Community Currency Research
please find below a list with new publications and unpublished works. 66 contributions of the year 2011 and 2 of the year 2012 have, so far, been entered into the databank of the "Bibliography" (www.cc-literature.org <http://www.cc-literature.org/>). Not yet included are the Lyon conference papers. Below, I did not include the IJCCR publications readily available under www.ijccr.net
Somebody in Lyon suggested to include some essential information about key authors. Here you are - a start has been made with Colin C. Williams a) in the "Focus" section and b) as pdf attachment to each and every entry. Other authors will follow.
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Adams, C., & Mouatt, S. (2012). Alternatives to the global financial sector: Local complementary currencies, LETS, and time backed currencies. In Z. Luo (Ed.), Advanced analytics for green and sustainable economic development: Supply chain models and financial technologies (pp. 64-78). Hershey, PA: IGI Global. doi:
Associazione Nazionale Banche del Tempo (Ed.). (2011). Banca del Tempo: L'Esperienza e il Valore sociale di una grande Rete di Relazioni e Saperi tra Cittadini. Milano: Altra Economia.
Barnes, G. (2011). Liquidity networks: Local trading systems using a debt-free electronic currency. In R. Douthwaite, & G. Fallon (Eds.), Fleeing vesuvius: Overcoming the risks of economic and environmental collapse (pp. 80-85). Gabriola Island: New Society Publishers.
Blanc, J., & Fare, M. (2011). Le rôle des pouvoirs publics dans le déploiement de monnaies sociales. Territoires, (515), 24-29.
Breitstein, L., & Dini, P. (2012). A social constructivist analysis of the 2007 banking crisis: Building trust and transparency through community currencies. Journal of Banking Regulation, 13(1), 36-62. doi:http://dx.doi. org/10.1057/ jbr.2011. 16 Retrieved from http://dx.doi.org/10.1057/jbr.2011.16
Caminha, U., & Figueiredo, M. (2011). Atividade financeira e moeda: Análise da experiência do conjunto palmeiras em fortaleza-CE. [Financial activity and currency: analisys of the experience of “conjunto palmeiras” in Fortaleza-CE (translation as provided in the journal)] Revista Direito GV, 7(1), 99-130. doi:http://dx.doi. org/10.1590/ S1808-2432201100 0100006 Retrieved from
Cochrane, A. (2011). Alternative approaches to local and regional development. In A. Pike, A. Rodríguez-Pose & J. Tomaney (Eds.), Handbook of local and regional development (pp. 97-105). Abingdon; New York: Routledge.
Collom, E. (2011, Motivations and differential participation in a community currency system:
the dynamics within a local social movement organization. Sociological Forum, 26, 144-168. doi:http://dx.doi. org/10.1111/ j.1573-7861. 2010.01228. x Retrieved from
Darlaston-Jones, W. J. (2011). Endless possibilities: Achieving transformative change on poverty using community currencies. The Australian Community Psychologist, 23(1), 46-58. Retrieved from http://www.groups. psychology. org.au/Assets/ Files/ACP- 23-1-Darlaston- Jones.pdf;
de Freitas, C. (2011). La Banque Palmas : une expérience phare de banque communautaire. Territoires, (515), 30-32.
Deconinck, G., Joachain, H., Klopfert, F., Holzemer, L., De Craemer, K., Qiu, Z., et al. (2011). An approach towards socially acceptable energy saving policies via monetary instruments on the smart meter infrastructure. Paper presented at the Leuven. 1-6. Retrieved from
Douthwaite, R. (2011). Degrowth and the supply of money in an energy-scarce world. Ecological Economics, , 1-7. doi:http://dx.doi. org/10.1016/ j.ecolecon. 2011.03.020 Retri eved from
Douthwaite, R. (2011). The supply of money in an energy-scarce world. In R. Douthwaite, & G. Fallon (Eds.), Fleeing vesuvius: Overcoming the risks of economic and environmental collapse (pp. 52-79). Gabriola Island: New Society Publishers.
Dunne, J. (2011). Complementary currency systems. In P. U. Petit (Ed.), Earth capitalism: Creating a new civilization through a responsible market economy (pp. 137-152). Piscataway, NJ: Transaction Publishers, Rutgers.
Ensenbach, K. (2011). Strafrechtsschutz von Komplementärwä hrungen. Juristische Arbeitsblätter, 43(5), 341-345.
Galler, F., & Rost, N. (2011). Solidarökonomischer Aufbruch der Region Berchtesgadener Land: Ein alternatives kleinräumiges Wirtschafts- und Gesellschaftsmodell stellt sich vor. In S. Elsen (Ed.), Ökosoziale Transformation: Solidarische Ökonomie und die Gestaltung des Gemeinwesens. Perspektiven und Ansätze von unten (pp. 415-433). Neu-Ulm: AG Spak Bücher.
Gibson-Graham, J. K. (2011). A feminist project of belonging for the anthropocene. Gender, Place and Culture, 18(1), 1-21. doi:http://dx.doi. org/10.1080/ 0966369X. 2011.535295 Retrieved from
Hart, K. (2011). The financial crisis and the end of all-purpose money. Economic sociology_the European Electronic Newsletter, 12(2), 4-10. Retrieved from
Helmeczi, I. N., & Kóczán, G. (2011). A "helyi pénznek" nevezett utalványokról. [There is an English version of this article available. Title: On trade vouchers called "Local money"] MNB-SZEMLE, , 30-43. Retrieved from http://www.mnb.hu/Root/Dokumentumtar/MNB/Kiadvanyok/mnbhu_mnbszemle/mnbhu_msz_201104/helmeczi-koczan.pdf
Helmeczi, I. N., & Kóczán, G. (2011). On trade vouchers called "local money". [A "helyi pénznek" nevezett utalványokról] MNB Bulletin, , 30-43. Retrieved from
Khromov, D. (2011, Wednesday, April 13, 2011). Ithaca hours revival would require community support. Ithaca Times, Retrieved from
Lang, E., & Wintergerst, T. (2011). Am Puls des langen Lebens: Soziale Innovationen für die alternde Gesellschaft. München: oekom.
Lasker, J., Collom, E., Bealer, T., Niclaus, E., Young, J., Kratzer, Z., et al. (2011). Time banking and health: The role of a community currency organization in enhancing well-being. Health Promotion Practice, 12(1), 102-115. doi:http://dx.doi. org/10.1177/ 1524839909353022 Retrieved from
Leblanc, N. (2011). La monnaie, nouvel espace de démocratie ? Territoires, (515), 22-23.
Lietaer, B. (2011). Complementary currencies at work. In S. Mouatt, & C. Adams (Eds.), Corporate and social transformation of money and banking: Breaking the serfdom(pp. 160-178). Houndsmills and New York: Palgrave Macmillan.
Lietaer, B., & Hallsmith, G. (2011). Creating wealth: Growing local economies with local currencies. Gabriola Island: New Society Publishers.
Luscombe, J. (2011). Alternative development in Ecuador: Prospects for Equitable Growth. Unpublished manuscript. Retrieved 24.1.2012, from
Martignoni, J. (2011). Typologie von Komplementärwä hrungen und Erfolgsfaktoren von Komplementärwä hrungsorganisati onen. Unpublished MBA, Institut für Verbands- Stiftungs- und Genossenschaftsmana gement (VMI), Universität Freiburg/Schweiz, Freiburg, Schweiz. Retrieved from
Mehew, E., & Galuppo, G. (2011). In The Western Union Company (Ed.), Alternative value exchange systems and methods (705/26.1; 705/37 ed.). USA: G06Q 30/00; G06Q 40/00. Retrieved from
Mouatt, S., & Adams, C. (2011). Introduction. In S. Mouatt, & C. Adams (Eds.), Corporate and social transformation of money and banking: Breaking the serfdom (pp. 1-21). Houndsmills and New York: Palgrave Macmillan.
Pacione, M. (2011). Local money - A response to the globalisation of capital?
. Quaestiones Geographicae, 30(4), 9-19. doi:http://dx.doi. org/10.2478/ v10117-011- 0033-x Retrieved from
Parádi-Dolgos, A., Gál, V., & Kovács, T. (2011). The penetration of local currencies, a possible solution to the financial challenges of globalization. Regional and Business Studies, 3(1), 421-427. Retrieved from
Pfajfar, D., Sgro, G., & Wagner, W. (2011). Are alternative currencies a substitute or a complement to fiat money? evidence from cross-country data. Unpublished manuscript. Retrieved 3.10.2011, from
Phillips-Nania, E. (2010/2011). Local food currency: An economic tool for community health. Vermont Journal of Environmental Law, 12, 400-412. Retrieved from
Santana E., M. E. (2011). Los mercados alternativos y la Economía solidaria. CAOS - Revista Eletrônica de Ciências Sociais, 16, 136-146. Retrieved from
Santana Echeagaray, M. E. (2011). Recrear el dinero en una economía solidaria. Polis, Revista de la Universidad Bolivariana, 10(29), 261-280. Retrieved from
Schmid, L. (2011). Seniorengenossensch aften als Plattform partizipativer Selbsthilfe - Nutzen für Mitglieder und die Gesellschaft. Zeitschrift für das gesamte Genossenschaftswese n, 61(1), 19-33.
Schuster, L. (2011). Emissionsrechte als Carbon Currency: Gedanken zu den Währungsaspekten des CO2-Handels. In K. Dosch (Ed.), Mehr Mut beim Klimaschutz: Plädoyer für einen persönlichen Emissionshandel (pp. 189-231). Aachen: Aachener Stiftung Kathy Beys.
Thiel, C. (2011). Das "bessere" Geld: Eine ethnographische Studie zur sozialen Konstruktion von Geld am Beispiel von Regionalwährungen. Wiesbaden: VS Verlag für Sozialwissenschafte n.
Tóth, I. B. (2011). The function of local currencies in local economic development: The bavarian ‘Chiemgauer regiogeld’ and the ‘Kékfrank’ in sopron. Public Finance Quarterly, (1), 67-78. Retrieved from
Tóth, I. B. (2011). A helyi valuta szerepe a lokális gazdaságfejleszté sben: A bajor chimsee regiogeld és a soproni kékfrank-utalvá ny kezdeményezés. Pénzügyi Szemle (Public Finance Quarterly), (1), 66-77. Retrieved from
Whitaker, C. (2011). L'ébullition des monnaies complémentaires françaises. Territoires, (515), 33-35.
Williams, C. C. (2011). Geographical variations in the nature of community engagement: A total social organization of labour approach. Community Development Journal,46(2) , 213-228. doi:http:/dx.doi. org/10.1093/cdj/bsp063 Retrieved from
Wulf, B. (2011). Tauschringe gründen und gestalten: Bernd Wulf im Gespräch mit Michael Maass. Norderstedt: Books on Demand.
Zelizer, V. A. (2011). Economic lives: How culture shapes the economy. Princeton and Oxford: Princeton University Press.
------------ --------- ---------
Dr Gill Seyfang
RCUK Academic Fellow in Sustainable Consumption
Science, Society and Sustainability (3S) Research Group
School of Environmental Sciences
University of East Anglia
Norwich NR4 7TJ, UK
tel: +44(0)1603 592956
Personal: www.uea.ac.uk/ ~e175/<http://www.uea.ac.uk/~e175/>
Research: www.grassrootsinnovations.org/ <http://www.grassrootsinnovations.org/>
Rescates financieros en Europa permiten privatizaciones de bienes y riquezas estatales
por Leandro Albani
Caracas, 24 Ene. AVN.- Los rescates financieros que en la actualidad se aplican en Europa tienen el objetivo de aumentar las deudas públicas de los países y, ante la imposibilidad de pagar esos compromisos, despojarlos de sus empresas públicas y sus riquezas.
Así lo afirmó el el politólogo italiano, Attillio Folliero, en una entrevista con la Agencia Venezolana de Noticias (AVN).
"El rescate tiene un objetivo preciso y es aumentar la deuda pública, llevándola a un nivel impagable para después poder despojar a los países desarrollados de sus mejoras empresas estatales y sus riquezas", expresó el también profesor universitario.
Folliero señaló que en estos momentos, los países europeos tienen una deuda alta y, cuanto más se acreciente a través de préstamos de organismos internacionales, "menor será el precio para los 'interesados' en adquirir las riquezas de un país y sus grandes empresas estatales".
Grecia, Portugal, Italia y España son las naciones del viejo continente que más han avanzado en esta dirección, liberalizando sus economías, aplicando medidas de ajuste y dictando leyes que permiten las privatizaciones y los despidos masivos, requisitos impuestos por el FMI y la Unión Europea (UE) a cambio de ayudas financieras.
Estas políticas son denunciadas de forma permanente en las protestas de sindicatos y movimientos de indigandos en Europa.
Para Folliero, la actual crisis en el continente "no se va a resolver en tiempos rápidos", porque está relacionada con "la aceleración del ocaso del Occidente".
El politólogo italiano vaticinó que en un futuro se podrán presenciar "manifestaciones impactantes", porque comenzarán a repercutir problemas estructurales como el hambre.
"Europa no tiene futuro porque además hay que añadir que no tiene ningún tipo de recursos naturales. Por supuesto tiene grandes riquezas, grandes empresas tecnológicas o grandes reservas de oro", pero "serán despojadas, robadas por las grandes transnacionales".
Folliero aseveró que "la crisis no ha llegado a su punto más crítico y aun cuando llegara y pasara el punto más crítico, Europa seguirá en crisis, en el sentido que nunca más alcanzara el poder y la riqueza a la cual había llegado".
Leandro Albani AVN 24/01/2012 10:07
mercoledì 25 gennaio 2012
Why All the Robo-Signing? Shining a
Light on the Shadow Banking System
Wednesday 25 January 2012
by: Ellen Brown, Truthout | News Analysis
The Wall Street Journal reported on January 19 that the Obama administration was pushing heavily to get the 50 state attorneys general to agree to a settlement with five major banks in the "robo-signing" scandal. The scandal involves employees signing names not their own, under titles they did not really have, attesting to the veracity of documents they had not really reviewed. Investigation is revealing that it did not just happen occasionally, but was an industry-wide practice, dating back to the late 1990s; and that it may have clouded the titles of millions of homes. If the settlement is agreed to, it will let Wall Street bankers off the hook for crimes that would land the rest of us in jail - fraud, forgery, securities violations and tax evasion.
Italian Trucker Blockades Cost EUR200 Million A Day - Report
Published January 25, 2012
ROME – A nationwide blockade by Italian truckers is costing the country's economy at least EUR200 million a day, Italian business daily Il Sole 24 Ore reported Wednesday.
The paper said at least EUR50 million in fresh product is being lost to sales each day and noted that carmaker Fiat SpA (F.MI) has had to shut down some shifts due to the fact that supplies are not being delivered.
Appliance-makers Indesit Co. SpA (IND.MI), Whirlpool Corp. (WHR) and Electrolux AB (ELUXY) are also cutting back on shifts due to supply problems, while Italy's many shoe-making enterprises are also running out of material.
Italian truckers are protesting the high cost of fuel, which the government's latest austerity measures increased by adding a new excise tax, as well as high road tolls, which the government did not cut in its liberalization decree. Episodes of violence have occurred during the protest.
The disruption has led to shortages of gasoline and food. Markets in the city of Rome are receiving 70% less fruit and vegetables than usual, which has triggered an equal jump in prices for some items, pushing the humble zucchini or courgette to command as much as EUR6.50 a kilogram, daily Il Messaggero reported.
martedì 24 gennaio 2012
Gold-market rigging has many whistleblowers; they're just always ignored
Submitted by cpowell on Mon, 2012-01-23 01:45. Section: Documentation
Remarks by Chris Powell
Secretary/Treasurer, Gold Anti-Trust Action Committee Inc.
Vancouver Resource Investment Conference
Vancouver Convention Center West
Vancouver, British Columbia, Canada
Sunday, January 21, 2012
Secretary/Treasurer, Gold Anti-Trust Action Committee Inc.
Vancouver Resource Investment Conference
Vancouver Convention Center West
Vancouver, British Columbia, Canada
Sunday, January 21, 2012
Many people ask why, if there really is a gold price suppression scheme -- a scheme of currency market intervention to support the dollar and other currencies against the true international reserve currency, gold -- some whistleblowers haven't come forward to expose it.
In fact, the whistle has been blown on the gold price suppression scheme manytimes over the years, and by the highest authorities. They just haven't yet been recognized as whistleblowers by the news media and financial analysts.
Many of you may have heard of Federal Reserve Chairman Alan Greenspan's famous remark about gold in his testimony to Congress in July 1998: "Central banks stand ready to lease gold in increasing quantities should the price rise."
That is, Greenspan contradicted the usual central bank explanation for leasing gold -- supposedly to earn a little interest on a dead asset -- and admitted that gold leasing is all about suppressing the price. Greenspan's admission is still posted at the Fed's Internet site:
And at GATA's:But the official whistleblowing goes far beyond that.
A few years ago a sensational memorandum was discovered in the archives of William McChesney Martin, the longest-serving chairman of the Fed, from 1951 to 1970. His archives are in the possession of the Missouri Historical Society and material from them is posted on the Internet site of the Federal Reserve Bank of St. Louis.
The sensational memorandum is dated April 5, 1961, and is titled "U.S. Foreign Exchange Operations: Needs and Methods." It is a detailed plan of surreptitious intervention by the U.S. government to rig the currency and gold markets to support the dollar and to conceal, obscure, or even falsify U.S. government records and reports so that the rigging might not be discovered.
We don't know if the plan was ever fully implemented but the memo proves that at least such surreptitious market rigging was contemplated by the U.S. government in the greatest detail:
Paul Volcker was the U.S. Treasury Department's undersecretary for international monetary affairs from 1969 to 1974 and became Fed chairman in 1979. He lately has been an adviser to President Obama. Volcker has written some memoirs that as far as we can tell have been published only in excerpts by The Nikkei Weekly in Japan.
On November 15, 2004, The Nikkei Weekly published the following excerpt from Volcker's memiors about the U.S. dollar revaluation that took place on February 12, 1973. Volcker writes:
"That day the United States announced that the dollar would be devalued by 10 percent. By switching the yen to a floating exchange rate, the Japanese currency appreciated, and a sufficient realignment in exchange rates was realized. Joint intervention in gold sales to prevent a steep rise in the price of gold, however, was not undertaken. That was a mistake."
Got that? A former Federal Reserve chairman, the one credited for wringing inflation out of the U.S. dollar in the late 1970s and early 1980s, now a presidential adviser, says that for the U.S. government not to rig the gold market was a mistake.
Volcker is still around to answer questions, but as far as we know, no financial journalist has ever asked him why not rigging the gold market was a mistake.
Arthur Burns was Fed chairman from 1970 to 1978. On June 3, 1975, Burns wrote a letter to President Ford about surreptitious efforts by the Fed to suppress the gold price. This letter is available from various sources of declassified U.S. government records and is posted at GATA's Internet site:
Burns told the president: "I have a secret understanding in writing with the Bundesbank, concurred in by Mr. Schmidt" -- that's Helmut Schmidt, West Germany's chancellor at the time -- "that Germany will not buy gold, either from the market or from another government, at a price above the official price of $42.22 per ounce."
Burns added, "I am convinced that by far the best position for us to take at this time is to resist arrangements that provide wide latitude for central banks and governments to purchase gold at a market-related price."
That is, the chairman of the Fed in 1975, four years after the dollar was disconnected from any formal convertibility into gold, told the president that the U.S. government should discourage market pricing of gold.
A few weeks ago the German freelance journalist Lars Schall contacted Schmidt's office about the Burns letter. Schmidt replied through a secretary that he could not remember the secret understanding the letter described, but he did not deny it.
The whistleblowing about gold price suppression by former Fed Chairmen Greenspan, Martin, Volcker, and Burns may seem a bit like history. But there was similar whistleblowing two years ago.
Evaluating GATA's freedom-of-information request for access to the Fed's gold documents, a member of the Fed's Board of Governors, Kevin M. Warsh, replied to GATA's lawyer in September 2009 that among the gold records the Fed insisted on keeping secret were records of the Fed's gold swap arrangements with foreign banks:
Of course the only purpose of gold swap arrangements is market intervention.
Fed Governor Warsh did not write that those gold swap arrangements had actually been implemented. But our German freelance journalist friend Schall and others have gotten the Bundesbank to make statements that come close to confirming that the Bundesbank has undertaken gold swaps with the United States to pursue what the Bundesbank calls its "strategic" activities in the market:
And just last month Warsh, having resigned from the Fed's board, wrote an essay in The Wall Street Journal about the increasingly popular topic of "financial repression" -- that is, government intervention against markets. Warsh wrote that "policy makers are finding it tempting to pursue 'financial repression' -- suppressing market prices that they don't like":
A few weeks later a columnist for the Financial Times cited Warsh's commentary in her own column in the FT:
But neither she nor anyone else, as far as GATA has been able to determine, went back to Warsh to ask the obvious and compelling questions:
-- Which policy makers are trying to suppress market prices?
-- Which prices are they trying to suppress?
-- Exactly how do you know about these efforts to suppress certain prices? Do you know from the experience of your five years as a member of the Fed's Board of Governors?
-- In a democratic country do the public and the markets have the right to know plainly and specifically the public policy of "financial repression" here, so they might understand which markets are being targeted, which markets really aren't markets anymore at all?
Since the news media and financial writers do not seem inclined to ask Warsh the obvious and compelling questions raised by his essay, GATA sought to do so. We reached Warsh through the Hoover Institution at Stanford University in California, where he has become a visiting fellow, and asked if we could interview him about his essay in the Wall Street Journal about "financial repression." Warsh was slow to respond but he did respond after a couple of weeks, very cordially and apologizing for the delay.
While not answering the request for an interview, Warsh replied that this coming Thursday at Stanford he plans to make his first public comments since leaving the Fed, that these comments will elaborate on "financial repression," and that the university will make his comments widely available. Warsh even had a university publicist contact me so that I would have quick access to his comments. They may be of the greatest interest to advocates of free markets and democracy.
Will Warsh's comments be of any interest to the financial news media? I wouldn't count on it. But I mention these incidents of whistleblowing about the gold market, all of which are described in the "Documentation" section at GATA's Internet site -- http://www.gata.org/taxonomy/term/21 -- just to show that the question isn't why isn't there any whistleblowing in the gold market but rather why it isn't reported.
Monti will be defeat by democracy, truth and conscience, more than by taxi drivers!
In reference to Mr. Giugliano's article of Dec. 29 ("Monti needs more than Europe's cheers to hold Rome"), what is being described as "resistances" by a system of "closed shop professions" must be more properly viewed as the passionate effort by forces engaged in an actual democratic resistance against the transformation of Italy from a republic into an oligarchical state. Taxi drivers, pharmacists, newsvendors, shopkeepers - before being workers, are citizens who still enjoy voting rights and who put pressure on a system which – despite the "freezing" of the constitutional process of selection of the Prime minister by a series of national and international forces – is still centered around Parliament and voting rights which these persons still enjoy. This is the primary obstacle to a neo-liberal blueprint aiming at putting the country - with its economic, productive and distributive expressions, both state-owned and shared among a multitude of citizens - in the hands of a financial oligarchy which has domineered upon the nation at least since 1992 (the year of the famous "Britannia" deals).
The second obstacle faced by Mr. Monti is truth. All above mentioned citizen-workers are mobilizing to make their co-citizens clear that the current media campaign is not truthful. Since most television and radio talk-shows do not allow or severely limit a real debate, union organizations and single workers have established a real parallel information system by using the social network, leaflets and word-of-mouth advertising.
The third and last obstacle faced by Monti is represented by that properly human ontological quality called conscience. This is the sea where the River of Truth finds its mouth: it finds it in a few members of Parliament, in some journalists, in many citizens.
Therefore, it is not some magical power by taxi-drivers that is stopping Monti, but this mix of democracy, truth and conscience which is keeping the country still safe from ultimately falling in the hands of financial sharks!
Uritaxi (national taxi drivers union), Tuscany region