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Sep 24, 2009

www.economist.com
Dear Reader,

This week we have a special report on the mobile revolution in emerging markets. Mobile phones have transformed the lives of the world's poor. Mobile money could have just as big an impact. In Britain we focus on a gloomier topic. Sharp spending cuts are coming. We recommend where the axe should fall.

Here are some other pieces from this week's issue you might also be interested in. You can click straight through to each one and read it online at Economist.com using the links below.
John Micklethwait
John Micklethwait
Editor in Chief


This issue's cover
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THIS WEEK'S HIGHLIGHTS:

Obama's foreign policy
There's a lot of it, but it isn't all going well

Asian media
A change of government in Japan threatens the cosy ties between press and politicians

Bull run
Investors are betting on a vibrant recovery

The road to Copenhagen
How to avoid a train wreck

America's least-successful investor
The search is on



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Gata Dispatches

Fed admits hiding gold swap arrangements

11p Tuesday, September 22, 2009
Dear Friend of GATA and Gold:
The Federal Reserve System has disclosed to GATA that it has gold swap arrangements with foreign banks that it does not want the public to know about.
The disclosure 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.
Warsh wrote in part: "In connection with your appeal, I have confirmed that the information withheld under Exemption 4 consists of confidential commercial or financial information relating to the operations of the Federal Reserve Banks that was obtained within the meaning of Exemption 4. This includes information relating to swap arrangements with foreign banks on behalf of the Federal Reserve System and is not the type of information that is customarily disclosed to the public. This information was properly withheld from you."
When, in 2001, GATA discovered a reference to gold swaps in the minutes of the January 31-February 1, 1995, meeting of the Federal Reserve's Federal Open Market Committee and pressed the Fed, through two U.S. senators, for an explanation, Fed Chairman Alan Greenspan denied that the Fed was involved in gold swaps in any way. Greenspan also produced a memorandum written by the Fed official who had been quoted about gold swaps in the FOMC minutes, FOMC General Counsel J. Virgil Mattingly, in which Mattingly denied making any such comments. (See http://www.gata.org/node/1181.)
The Fed's September 17 letter to GATA confirming that the Fed has gold swap arrangements can be found here:
http://www.gata.org/files/GATAFedResponse-09-17-2009.pdf
While the letter is far from the first official admission of central bank scheming to suppress the price of gold (for documentation of some of these admissions, see http://www.gata.org/node/6242 and http://www.gata.org/node/7096), it comes at a sensitive time in the currency and gold markets. The U.S. dollar is showing unprecedented weakness, the gold price is showing unprecedented strength, Western European central banks appear to be withdrawing from gold sales and leasing, and the International Monetary Fund is being pressed to take the lead in the gold price suppression scheme by selling gold from its own supposed reserves in the guise of providing financial support for poor nations.
GATA will seek to bring a lawsuit in federal court to appeal the Fed's denial of our freedom-of-information request. While this will require many thousands of dollars, the Fed's admission that it aims to conceal documentation of its gold swap arrangements establishes that such a lawsuit would have a distinct target and not be just a fishing expedition.
In pursuit of such a lawsuit and its general objective of liberating the precious metals markets and making them fair and transparent, GATA again asks for your financial support and that of all gold and silver mining companies that are not at the mercy of market-manipulating governments and banks. GATA is recognized by the U.S. Internal Revenue Service as a non-profit educational and civil rights organization and contributions to it are federally tax-exempt in the United States. For information on donating to GATA, please visit here:
http://www.gata.org/node/16
You can also help GATA by bringing this dispatch to the attention of financial news organizations and urging them to investigate the Fed's involvement in gold swaps particularly and the gold (and silver) price suppression schemes generally.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

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Join GATA here:
The Silver Summit 2009
Thursday-Friday, September 24-25, 2009
Davenport Hotel, Spokane, Washington
http://thesilversummit.com

Toronto Resource Investment Conference
Saturday-Sunday, September 26-27, 2009
Intercontinental Hotel, Toronto, Ontario, Canada
http://www.cambridgeconferences.com/ch_tor2009.html

New Orleans Investment Conference
Thursday-Sunday, October 8-11, 2009
Hilton New Orleans Riverside Hotel, New Orleans, Louisiana

http://guest.cvent.com/EVENTS/Info/Custom.aspx?cid=21&e=a65db79c-b415-4b...

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Help keep GATA going
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
http://www.gata.org
To contribute to GATA, please visit:

http://www.gata.org/node/16