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The Gold Question, 1974 Memo - U.S. need to suppress the price of Gold

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#1
Today's The Day... Are You Ready?

Chuck Butler's: A Pfennig For Your Thoughts

July 14, 2017

Well… In lieu of a FWIW today, I have this for you, as promised… this is a memo regarding how the U.S. needed to suppress the price of Gold back in 1974… Well, if it was done then, who’s to say that it isn’t being done now? Read on, or hit the link at the bottom to see the office letterhead, etc. that the memo was written on… Here it is, as promised

A long memorandum written in March 1974 by a U.S. State Department official for Secretary of State Henry Kissinger and copied to future Federal Reserve Chairman Paul Volcker, then the Treasury Department's undersecretary for monetary affairs, describes the desire of the United States and its options to prevent European countries from increasing the use of gold in the international financial system.

The memo, titled "Gold and the Monetary System: Potential U.S.-E.C. Conflict," was recently discovered in the State Department archive by GoldMoney Vice President John Butler and brought to GATA's attention this week by GoldMoney research chief Alasdair Macleod. It emphasizes the longstanding U.S. government policy of subverting gold as a reserve currency in favor of the Special Drawing Rights issued by the International Monetary Fund, an agency then and now largely controlled by the United States.

The memo's author, Sidney Weintraub, deputy assistant secretary of state for international finance and development, wrote:

"To encourage and facilitate the eventual demonetization of gold, our position is to keep the present gold price, maintain the present Bretton Woods agreement ban against official gold purchases at above the official price, and encourage the gradual disposition of monetary gold through sales in the private market.

"An alternative route to demonetization could involve a substitution of SDRs for gold with the IMF, with the latter selling the gold gradually on the private market, and allocating the profits on such sales either to the original gold holders or by other agreement."

Weintraub copied his memo to Volcker just a month before Secretary Kissinger met with his assistant undersecretary of state for economic and business affairs, Thomas O. Enders, to hear a similar argument. Whichever nation or group of nations controls the most gold, Enders explained to Kissinger, can control the currency markets by changing gold's value periodically. Thus, Enders said, replacing gold as an international reserve with SDRs was in the interest of the United States.

See memo here: http://www.gata.org/files/WeintraubMemo-03-06-1974.pdf

Well, how about that? There's another memo from Kissinger around that same time, regarding the need for Gold suppression, out on WikiLeaks, that I used to have, but have misplaced it, and when this one came across my desk, I figured it was as damaging as the other one. And did you see the mention above about the used of SDR's? (Special Drawing Rights) A recent Economist magazine even had a cover story on how they believe that very soon, everyone in the world will be using the same currency... Brother! I shake my head in disbelief and disgust!


Chuck Butler
Creator & Editor
A Pfennig For Your Thoughts
 

BarnacleBob

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"was recently discovered in the State Department archive by GoldMoney Vice President John Butler and brought to GATA's attention this week by GoldMoney research"
Oh no, not this sh^t again! This has been known since before the year 2000. Its been talked to death before.... round after round after round.

Recently discovered, sheesh! This is not new news to the GIM old timers. Who is Chuck Butler, Silver Ted Butlers golden brother??? LMAO
 
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Oh no, not this sh^t again! This has been known since before the year 2000. Its been talked to death before.... round after round after round.

Recently discovered, sheesh! This is not new news to the GIM old timers. Who is Chuck Butler, Silver Ted Butlers golden brother??? LMAO
Okay then . . . I have been a member of GIM since 2004 (maybe 2003). Now I have a good memory but sometimes its short, so yes, this specific document may have been discussed to death in the past, but I don’t remember.

I guess the document was just discovered by others and so they are bringing its "discovery" forth like they should.

Though “old timers” such as yourself may not be interested in reading or discussing the document again, it is possible there are “new timers” who have never seen the document before and may find it of interest.

Chuck Butler is the Managing Director of EverBank Global Markets Group and he has been writing the “Daily Pfennig” for as long as I can remember.
 

BarnacleBob

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Okay then . . . I have been a member of GIM since 2004 (maybe 2003). Now I have a good memory but sometimes its short, so yes, this specific document may have been discussed to death in the past, but I don’t remember.

I guess the document was just discovered by others and so they are bringing its "discovery" forth like they should.

Though “old timers” such as yourself may not be interested in reading or discussing the document again, it is possible there are “new timers” who have never seen the document before and may find it of interest.

Chuck Butler is the Managing Director of EverBank Global Markets Group and he has been writing the “Daily Pfennig” for as long as I can remember.
True, its just salesman being salesman. I think anyone interested in PM's should be aware of such things, what I dont like is advertising "newly" discovered, etc... If you want to really learn about the defacto gold price manipulation by .gov read about the London Gold Pool.

Its a crazy world.... when authorities, etc. et al create the illusion & a system that operates on instant credit. Its even crazier when that credit is notionally ideated to be more valuable than refined substance & specie. But here we are!

Strange isnt it, if you travel with more than $10k physical cash or gold, etc. these items are subject to seizure for money laundering, etc., yet you can travel with unlimited credit limits on credit cards, etc. with no questions asked. Mr. Gresham got it correct; "Bad money drives out good money," same can be said of human societies & states; "Bad people drive out good people." This is a fact, just observe the migrations of good people out of the metropolitan cities such as Detroit, Chicago, St Louis, etc...

"Credit is good, money is bad", oddly good people seek good money, usurpers & bad people seek exploitable bad money." Seems to me that the State itself thru its policies has painted itself into a corner.... with no good way out, meaning its very survival is contingent upon creating ever greater volumes of bad people to remain in business.
 

Bottom Feeder

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Its even crazier when that credit is notionally ideated to be more valuable than refined substance & specie.
Thanks, bob;

ideate

past tense: ideated; past participle: ideated

form an idea of; imagine or conceive.
"the arc whose ideated center is a nodal point in the composition"

form ideas; think.
BF