Thursday, July 19, 2001

Dear Friend of GATA and Gold:

If you would like America to know the real gold story, please contact Bill O'Reilly at oreilly@foxnews.com

GATA has just distributed around the United States the press release attached here.

BILL MURPHY, Chairman Gold Anti-Trust Action Committee Inc.

* * *

GATA Challenges "O'Reilly Factor" Regarding Treasury's Refusal to Answer Gold Questions

Business Editors

DALLAS (BUSINESS WIRE), July 19, 2001 -- The Gold Anti-Trust Action Committee, based in Dallas, has issued a challenge to Bill O'Reilly, the host of the FOX News top-rated cable news show, The O'Reilly Factor.

O'Reilly, who professes that he will take on any controversial issue, has ducked the Gold Anti-Trust Action Committee's allegations of the manipulation of the gold market by a cartel of bullion banks and a faction of the U.S. Government.

A lawsuit raising GATA's charges has been filed in U.S. District Court in Boston by GATA consultant Reginald H. Howe against the Bank for International Settlements; Federal Reserve Board Chairman Alan Greenspan; William J. McDonough, president of the Federal Reserve Bank of New York; bullion banks J. P. Morgan & Co., Chase Manhattan Corp., Citigroup Inc., Goldman Sachs Group Inc., and Deutsche Bank; and Lawrence H. Summers, former secretary of the treasury, who by law exercised control of the U.S. Exchange Stabilization Fund, subject only to approval by the president of the United States. GATA Chairman Bill Murphy says:

"Bill O'Reilly says he will take on any issue, but he seems afraid to take on the big money interests in America, just like everyone else. GATA supporters have been sending him emails, letters, and faxes for more than two years, and he has not responded to one of them." Recently GATA uncovered the most disturbing evidence yet of manipulation of the gold market. In its response to the Howe lawsuit, the Treasury Department denied any involvement in the gold market since 1978. Yet recently released minutes of the January 31, 1995, meeting of the Federal Reserves Federal Open Market Committee, over which Alan Greenspan presided, quoted the Fed's chief counsel, Virgil Mattingly, as referring to "gold swaps" undertaken by the Exchange Stabilization Fund. U.S. Reps. Ron Paul, R-Texas, and John B. Larson, D-Conn., and Sens. Joseph I. Lieberman, D-Conn., and Wayne Allard, R-Colo., among many other members of Congress, have asked Treasury Secretary Paul O'Neill for clarification of this discrepancy. But O'Neill, like former Treasury Secretary Summers, has refused to answer Congress on the gold manipulation issue.

The people of the United States have entrusted some 261.5 million ounces of their national gold to be held in trust by the Treasury Department, and its disposition is to be determined by Congress. The status of these assets is reported monthly at the Internet site of the Treasury Department's Financial Management Service:

http://www.fms.treas.gov/gold/index.html.

In August 2000, 3,400 tonnes of this gold at the U.S. Mint at West Point, N.Y., was classified as Gold Bullion Reserve. In September 2000, 1,700 tonnes of this gold was reclassified without explanation as Custodial Gold Bullion. In May 2001, all 3,400 tonnes were mysteriously reclassified, this time as Deep Storage Gold, again without explanation. It is unclear whether this gold is still owned by the U.S. government or whether its ownership has passed to other parties without congressional authorization. The Gold Anti-Trust Action Committee fears that something is amiss with America's gold!

GATA suggests that the Gold Cartel is suppressing the price of gold to conceal problems with the U.S. economy, thereby taking away a warning system of many Americans about making prudent decisions regarding stock market investments!

GATA feels strongly that every U.S. citizen should be aware of what has happened.

GATA also believes that the O'Reilly program's reporting of the evidence of manipulation of the gold market will attract a large audience.

GATA, a federally tax-exempt civil rights and educational corporation, is so confident of its evidence that it will donate $5,000 to the charity of O'Reilly's choice if it is shown to be substantially wrong. But if the O'Reilly program's reporting of GATA's complaint does attract a large audience, GATA will request O'Reilly put to Treasury Secretary O'Neill the questions members of Congress have already queried of him.

CONTACT: Gold Anti-Trust Action Committee, Dallas Bill Murphy, 214/522-3411 LePatron@L...

-- Meg Davis (meg9999@aol.com), July 19, 2001

Answers

Excellent post. Where is our supposed watchdog, the media? Nowhere to be found. It's a sad state of affairs when not even elected officials can get answers to legitimate questions from the executive branch of government. What happened to our REPUBLIC? It's even worse that the press and talking heads refuse to touch the subject. Who or what are they afraid of?

A similar situation exists with the ongoing saga of Robert Schulz, founder and director of "We the People". Mr. Schulz has been trying to get answers from the IRS to several simple questions re the validity and applicability of the "income tax". Several conferences to which IRS officials, the White House and members of congress were invited to respond resulted in nothing. CNN taped and aired one conference then vanished from the scene. Full page ads were inserted in several issues of USAToday re the same questions. USA Today then refused to carry any more. Finally Mr. Schulz and businessman Roland Croteau embarked on a fast until the government would offer to meet with them. This got a press conference with Representative Roscoe Bartlett (MD)on Tuesday, July 18, 2000. The press was conspicuous by its absence. Rep Bartlett formally requested the IRS to grant Mr. Schulz his right to petition the government for a redress of grievances. The IRS promptly offered a private meeting, with no hard records. Schulz said no dice. Why won't the government come clean? Why desn't the press cover the issues? Its only through forums like this and a few net news sources that the matters see the light of day. A very sad state of affairs!

-- Warren Ketler (wrkttl@earthlink.net), July 19, 2001.

Bill O'Reilly is just another media bag of air.Did ya ever notice that "real issues" almost never get a real investigation!

-- steven valdiserri (valsteve11@home.com), July 19, 2001.

Alas, Steven, you are all too right. And, judging from the lack of response on this forum there isn't much interest in trying to correct some rather serious problems in our former Republic.

-- Warren Ketler (wrkttl@earthlink.net), July 20, 2001.

<< judging from the lack of response on this forum >>

Warren, while I genuinely do appreciate reading about this and other political issues, I personally think this forum just isn't the place for extended discussions. People generally hop over here for news items, not debate. There are exceptions of course (see the various comments about global wamring, as one example). I am not being prescriptive, merely descriptive of GICC.

On the other hand, I have noticed this forum is not infrequently mentioned/linked in a number of other places where people *do* debate such issues.

-- Andre Weltman (aweltman@state.pa.us), July 23, 2001.

This gold issue may or may not be accurate, but the real problem is not in the gold reserve... At present it is the individual rights and property rights of every tax payer that backs our economy, our dollar and credit. Through our present tax system, the IRS can and does exert authority to demand tax payers' property to settle the debt of our country. This has been the case since 1913, when Congress passed the 16th amendment.

Weather the Fed issues a Federal Reserve Note or extends credit... each and every time the Fed issues another note or extend credit to its member banks, Treasury carries and passes on the debt to be satisfied by tax payers. With no gold standard in place, there is no limit to this artificial economy. We will continue to increase our debt to the point that we will have no choice but increase our taxes. One way or another, Congress will reach into our pockets and cover the issue with band-aide.

Good luck America!

-- Justo Perez (jujumon@earthlink.net), July 27, 2001.