Federal Reserve Admits Hiding Gold Swap Arrangements, GATA Says

http://www.businesswire.com/portal/site/home/permalink/?ndmViewId=news_view&newsId=20090923005709&newsLang=en


-The Federal Reserve System has disclosed to the Gold Anti-Trust Action Committee Inc. that it has gold swap arrangements with foreign banks that it does not want the public to know about.

The disclosure, GATA says, contradicts denials provided by the Fed to GATA in 2001 and suggests that the Fed is indeed very much involved in the surreptitious international central bank manipulation of the gold price particularly and the currency markets generally.

The Fed's disclosure came this week in a letter to GATA's Washington-area lawyer, William J. Olson of Vienna, Virginia (http://www.lawandfreedom.com/), denying GATA's administrative appeal of a freedom-of-information request to the Fed for information about gold swaps, transactions in which monetary gold is temporarily exchanged between central banks or between central banks and bullion banks. (See the International Monetary Fund's treatise on gold swaps here: http://www.imf.org/external/bopage/pdf/99-10.pdf.)

The letter, dated September 17 and written by Federal Reserve Board member Kevin M. Warsh (see http://www.federalreserve.gov/aboutthefed/bios/board/warsh.htm), formerly a member of the President's Working Group on Financial Markets, detailed the Fed's position that the gold swap records sought by GATA are exempt from disclosure under the U.S. Freedom of information Act

more...

Now why would that not want to hide that info???

their next "investment conference"?

I wouldn't believe much that RW anti-Fed organizations say about the Fed. In fac`t, I am appalled at much of the RW anti-Fed propaganda circulated here.

I am shocked.

...about a meeting in 1995. Gee, you think anything might possibly have changed over the last 14 years? total BS from gold and parnoia salesmen.