fort knox bullion bars show up in dubai, page-27

Grov - getting a bit late so i'll keep this short.

Firstly, the full Summers paper would be hard work even for a trained economist. It was way above my head. I've left for those smarter than me to break it down a bit. Reg Howe from GATA was one of those that did, so you may want to look at that

http://www.goldensextant.com/Gibson%27sParadox.html#anchor82230

Secondly, indeed truely free market are idealistic and not realisticly attainable. The question as always comes down to as you mentioned is who are they intervened in for the benefit of? In many instances (at least in the past)it is the average citizen (esp when currency markets are concerned). Of course if something is done for the benefit of the countries citizens then it is arguably done with the best intentions.

Unfortunately of late (5-10) years I do not believe this to be the case ESPECIALLY in the US. To me the evidence continues to mount that it is indeed done for the benefit of the 'elite rich'. The scale and opaqueness of the OTC derivatives market, the executive pay packets, the significant lobbying for the removal of Glass Stengall Act, the corrupt practices of ratings agencies, the prolifigacy of infusion of Goldman executives to powerful positions within the US administration, the untransparent deals organised by the FED & JPM which avoid the scrutiny of congress, regulators as well as a host of other things along the same lines indicates much in my opinion.

Each week seems to bring more cicumstantial evidence and the sheer weight of it makes it hard for me to think otherwise. Always open to evidence to the contrary however. Just not much of this coming my way.

Two final things. First, in the same vein as you once asked how could one convince us there was no 'conspiracy'. I'll turn it back to you. Paulson et al will never write a signed affidavit (?) declaring in detail what I and many suspect they do. How can those of you in the 'dont know' or 'don't believe camp' ever be convinced that they in fact do surrupticiously intervene in the price of gold?

Secondly, remember the words of Paul Volker in his memoirs:

'Joint intervention in gold sales to prevent a steep rise in the price of gold, however, was not undertaken. That was a mistake'