If we do not do what our duty tells us must be done, we will live in odium in the history of our progeny and our posterity... John Maxwell (Struggle For the Future; Jamaica Observer - Kingston, Jan 9, 2005)
GO GATA!!!
We know The Gold Cartel is in trouble. Whenever their available gold supply used to suppress the price has run way down, they rally their spokesmen to beat the drums for the IMF to sell gold to aid the poor. We have seen this modus operandi many times over the years.
The latest developments in this world sham/disgrace, which represents one of the most egregious examples of elitist hypocrisy of all time:
Use IMF gold to write off debt: Brown
January 17
By Lynn Bolin
UK Chancellor of the Exchequer Gordon Brown has voiced his support for plans for International Monetary Fund (IMF) gold reserves to be used to finance debt relief for the world's 70 poorest countries.
Addressing a gathering of 18 African finance ministers at the Commission for Africa meeting in Cape Town on Monday, Brown also called for the establishment of an international financing facility to generate an additional USD 50 billion annually in extra resources to help achieve the United Nations' (UN) Millennium Development Goals (MDG) by the target of 2015.
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That was today. On Friday this same bombastic bozo, the one who sold 400 tonnes of English citizens’ gold for $280 an ounce a few years ago, also said the following in this article:
U.K.'s Brown to Urge G-7 Ministers to Ease Poverty
Jan. 14 (Bloomberg) -- U.K. Chancellor of the Exchequer Gordon Brown will tell of ``shock'' and ``hope'' he experienced during a tour of Africa when he meets next month with finance ministers from the Group of Seven industrial nations and will urge them to alleviate poverty on the continent.
``It is right to tell the G-7 finance ministers and politicians that, as long as we fail to act, all those promises of help to parents and children we have made are not going to be redeemed,'' Brown told reporters traveling with him in an interview today in Dar Es Salaam, Tanzania. ``We have seen grinding, abject, relentless poverty and we have had a glimpse at the aching souls of the left-out millions.''….
Brown said much of his passion for helping the world's poor came from his father John and the tales of church missionaries he heard when growing up in Kircaldy, Scotland.
`Tragedy and Tribulations'
``My father was a Church of Scotland minister,'' Brown said. ``There were many contacts between the Church of Scotland and Africa and we repeatedly heard stories of people coming back from Africa. From a very, very early age you were hearing both the tragedy and tribulations of Africa.''
Brown said fatherhood had also encouraged him to seek greater aid and made him more emotional when he met young children in poverty. Brown has a 14-month old son and lost his first child, a daughter, after she died of a cerebral hemorrhage in Jan. 2002, 10 days after she was born.
``You're looking into the eyes of children all the time and you ask what their prospects are going to be,'' he said. ``It does influence you. It does influence you when you see the problems children face.''
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This guy doesn’t give a rat’s butt for the poor. If he did, he would be asking the richer nations to HOLD BACK on all gold sales. The price of gold would then soar and the economies in the sub-Saharan Africa would be enhanced enormously, especially as far as the poor are concerned. A soaring gold price, allowing substantially higher gold producer profitability, should put 100,000 miners back to work. Each miner supports 10 to 12 dependents. Then, you have the economic multiplier effect from this increased gold mining activity and so on and so on.
So how does South Africa respond? Their Finance Minister kowtows to the British clown like South Africa is an acquiescent colony of England:
Reuters – January 18
SA backs UK IMF gold plan for debt relief
The world's biggest gold producer, South Africa, backs a British proposal to use International Monetary Fund (IMF) gold reserves to write off the debts of poor countries, Finance Minister Trevor Manuel said yesterday.
Gordon Brown, Britain's finance minister, has suggested the IMF use some of its gold reserves to write off $12-billion of debt owed by the world's poorest countries as part of a wide-ranging plan for poverty relief.
Asked yesterday if he supported the proposal, Manuel said that revaluing of the IMF's gold was "very necessary".
So far, Brown has won little backing from global policymakers on his proposal for the IMF to support debt relief with a revaluation of its massive gold stocks - one of the biggest in the world - by selling and then buying back a portion.
South Africa's share of global output has slipped from 27% in 1993 to 15% in 2002, as high-grade deposits near the surface ran out of ore, hitting production. But it remains the top producer, and its backing for the plan is key.
Manuel was speaking on the sidelines of a two-day meeting of Britain's Commission for Africa, which aims to put poverty at the top of the global agenda as Britain takes the G-8 presidency.
He also said South Africa was not against selling the institution's gold reserves as long as this was managed so as to avoid swings in the price of the precious metal.
"We (as a global community) have done it before and can do it again, we shall do it again, but as a major gold producer we want to take part in the negotiations to ensure the price is managed."
Manuel said global sales of gold reserves by individual countries were inevitable given the diminished need to hold them, but sales by the IMF for debt relief should take priority.
Gold producers should expect gold sales, whether by the IMF for debt relief or by individual nations seeking to raise cash.
"As gold producers we have to be realistic, with so many countries sitting with huge gold reserves and these reserves not being used to defend exchange rates any longer as they were in the past, it's likely that they will sell," Manuel said.
"We would probably want to ask that if we could speed up debt relief and ensure that there is deeper debt relief for African countries, that the IMF sales get precedence over some of the other countries sales," he told reporters.
Brown's proposal is part of a wider plan to get donor countries to repatriate their share of World Bank and African Development Bank debts owed by developing countries, a process which Britain has already begun.
Under a 1971 agreement, most IMF gold is valued at just $40/oz to $50/oz, about a tenth of the current market price of more than $420/oz.
The IMF holds more than 100-million ounces of gold. Development agencies say revaluing the gold could raise some $30-billion for poor countries, although some nations are worried it could rattle markets. – Reuters
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This is the first time I have seen mention of selling IMF gold and then only buying back a portion. As far as I am concerned, Trevor Manuel ...