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Eric King:  “Chris, we have had this announcement today from the CFTC that they have dropped their investigation of silver manipulation.”


Powell:  “A lot of the complaints which have been made about market manipulation over the years have been directed at JP Morgan.  In recent years, JP Morgan has said they are innocent of manipulating the metals markets -- that they don’t trade in the metals markets in their own account, they do it just for clients.


I am inclined to take them at their word, insofar as those ‘clients’ are likely to be the US government.  The US government very likely trades in the metals markets every single day, either through agents or through the Bank for International Settlements.  Remember, the BIS is a gold bank whose only clients are governments....


Continue reading the Chris Powell interview below...




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“If the CFTC discovered that the rigging of the monetary metals markets is essentially government policy, being conducted through intermediaries, then it would not be able to act against government agents. 


By federal law, the Gold Exchange Act of 1934 specifically authorizes the US government to rig not only the gold market, but to rig any (financial) market surreptitiously through the Exchange Stabilization Fund.  If the CFTC has discovered that market rigging is taking place because of US government policy, then according to law there is nothing to be done about it.”


Eric King:  “Can you talk about your appearances in court on this matter, the major law firms, who they represented and what transpired?”


Powell:  “I bumped into the Exchange Stabilization Fund and JP Morgan back in 2001, when we were underwriting Reg Howe’s lawsuit against the Bank for International Settlements, the Fed, the US Treasury, JP Morgan, and other bullion banks.  Reg was charging them with gold market manipulation.


In one hearing I attended in US District Court in Boston, an assistant US attorney got up, speaking on behalf of the US government, and he said that the US government under the Exchange Stabilization Fund Statute, the Gold Reserve Act of 1934, had precisely the power to interfere with the pricing of gold that the lawsuit complained of -- that is, a US government lawyer declared in open court, in 2001, that rigging the gold market as government policy is totally authorized by law.


You will find the US Treasury Department quoting the Gold Reserve Act as saying the Exchange Stabilization Fund can intervene, as I said previously, not only in the gold market, but in any financial market.  This intervention power is essentially an economic declaration of war against every other nation in the world.


At that historic hearing in Boston, I witnessed one man, Reg Howe, who was essentially taking on the greatest powers on Earth.  He sat as one man, a Harvard trained lawyer, against an army of lawyers representing all of the high-powered defendants in the case. 


Of course the army of lawyers were representing the Fed and the US Treasury, but they were also representing JP Morgan, Goldman Sachs and other investment banks.  It was literally like David against an army of Goliaths.  I’ll never forget that scene for the rest of my life.  But in that hearing in Boston, the government, allied with the major bullion banks, was saying, ‘We have the power, under the law, to rig the gold market and any other financial market.’


The mainstream media will never admit to this fact because they are essentially part of a machine.  But there it is, the United States government claims the power to rig the gold market and every financial market, and to do it in secret.”


Eric King:  “So, Chris, the reality here is there was no way for the CFTC to charge JP Morgan or any other bank involved in this scheme if they were simply acting as an agent for the US government.”


Powell:  “If that’s the case, and I believe it is the case, then the CFTC would have to conclude that it could not bring ordinary securities law to bear because that law was trumped by the Gold Reserve Act and the authority given to the Exchange Stabilization Fund.


I would just like for KWN readers around the world to understand that the CFTC’s conclusion today that it cannot act regarding silver market rigging in no way discredits complaints of silver market manipulation.  This, in all likelihood, means that the CFTC already knew or has recently discovered that the market rigging is being conducted by the US government.  As such it is exempt from ordinary securities law.”


Eric King:  “So this investigation had to be killed because the CFTC can’t make an announcement of that nature.”


Powell: “You are absolutely right that this issue cannot be discussed in any detail because it always leads back to surreptitious manipulation of the markets by the government.  That’s why all of the documents we have collected over the years such as the secret International Monetary Fund Report from March of 1999, which said that Western central banks hide their gold swaps and leases to facilitate currency market intervention -- none of this can be discussed in detail. 


If you start looking at these secret government documents, it immediately leads to government intervention.  If the government intervention becomes known and understood, its utility collapses.  The concealment, the secretive nature are so vital to the rigging of the markets.  This is why it is such a struggle to expose the manipulation that is really going on in gold and silver as well as other markets because the most powerful governments on Earth are standing against you.”


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© 2013 by King World News®. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.  However, linking directly to the blog page is permitted and encouraged.

 

The audio interviews with William Kaye, Dr. Paul Craig Roberts, Chris Powell, Michael Pento, Eric Sprott, Andrew Maguire, Grant Williams, Bill Fleckenstein, Pierre Lassonde, Art Cashin and Egon von Greyerz are available now. Also, other outstanding recent KWN interviews include Marc Faber and Felix Zulauf to listen CLICKING HERE.


Eric King

KingWorldNews.com

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