Central Banks Destroy Our Markets & Democracy – Chris Powell with Greg Hunter

Posted by on December 21, 2014 in Economy with 0 Comments

Source:Greg Hunter

Join Greg Hunter as he goes One-on-One with Chris Powell, who is Secretary/Treasurer of the Gold Anti-Trust Action Committee (GATA). 

Powell says recent bombshell evidence shows intense central bank “interventions” at the CME Group, which handles $1 quadrillion ($1,000 trillion) worth of business annually.  Powell explains, “The greatest documentation that’s come out recently has been filings by the CME Group which operates the major futures exchange in the United States.  They filed a letter with the U.S. Commodity Futures Trading Commission (CFTC) . . . showing that central banks are receiving special volume discounts for trading futures on all the major futures exchanges, not just financial futures contracts and metals futures contracts, but even agricultural futures contracts.


The CME Group’s most recent 10-K filing with the U.S. Securities and Exchange Commission (SEC) lists its customers.  Included in that list are governments and central banks.  This is really a sensational development.  Nobody can trade against central banks, they create infinite money.  If central banks are secretly trading in the futures markets, there are no markets.  The CME Group defended this as a matter of adding liquidity to the futures markets, but it’s liquidity in the sense of the Atlantic Ocean.”

Powell goes on to say, “Again, central banks create infinite liquidity. Nobody can trade against them. That means central banks are controlling all futures prices in the United States.  Remarkably, this cannot be reported in the financial news media.  GATA has sent these documents to many news organizations around the world, and it simply cannot be talked about.  No major financial news organization dares to ask CME Group or any central bank ‘what about this secret trading with volume discounts by central banks in all the major U.S. futures markets?’  It simply cannot be discussed.

The documents don’t prove that any particular central bank is trading any particular futures contract on any given day, but they do show the central banks are trading secretly in all U.S. futures markets.  That means our market economy has been destroyed.  It really means our democracy has been destroyed because they don’t tell us what they are doing.  This is a real failure of financial journalism.  In fact, I argue that the greatest asset of central banks is not their power of infinite money creation right now, it is their power to control financial journalism.”

On the recent announcement by CME to enforce so-called trading collars on COMEX, Powell says, “Trading collars are not new in the futures markets.  They just happen to be new in the gold and silver futures markets on the COMEX.  The plan, as CME Group has explained it, is to close the gold futures market and the silver futures market for five minutes if there is a variation of $100 in gold and $3 in silver from the previous day’s close.  The timing of this is very interesting.  It is raising suspicions that something is up. . . .

We have to ask ‘why now’ in gold and silver?  Is there some special strain in the market that we don’t know about?  If we had financial journalism on planet Earth, somebody would call CME group and ask not only about the central bank discount trading program, but also about the timing of this restrain time on the gold and silver markets, but nobody does that.”

So, what does this mean for the price of gold and silver?  Powell contends, “GATA wants free and transparent markets and limited and accountable government, at least, in the western world.  We are not a gold standard organization.  We are not arguing that gold and silver prices ought to be anywhere in particular, but the logic of our research is that there is a vast un-coverable short position in the monetary metals, a fractional gold and silver backing system that essentially is being underwritten secretly by central banks, and the logic of that research is the free market price of the monetary metals is multiples of where they are now.”

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