GATA vs The Evil Empire
So there was this "debate" back on Friday...
First of all, I despise staged-for-public-consumption "debates". The format allows for nothing but simple, talking point regurgitation and rarely are the presenters allowed to confront/refute the contentions of their opponent. One guy can say something outrageous like "and unlike my bed-wetting opponent, I don't endorse legalized heroin distribution and beastiality". The "opponent" is likely so focused on what talking point he's going to spew next that he didn't even hear the charges made against him and the "moderator" simply wants to move onto the next question anyway. Thereby, the charges are left hanging in the air and the viewer is left with the impression that "maybe that one guy really is a nervous, dog-humping junkie".
And so, last Friday, one of these "debates" took place at an event called "The Silver Summit" in Spokane, Washington. The "opponents" were Bill Murphy of GATA and Jeff Christian of the CPM Group. I think by now you aware of which side of the manipulation debate I fall on. However, in the spirit of full disclosure and free information, I present below the entire debate. A few caveats before you watch:
1) As described above, the format stinks. There should have been more free interaction between Bill and Jeff.
2) It's only 30 minutes long. This should easily have been at least 90 minutes.
3) The highlight of the entire video might just be the blonde that introduces it. Talk about hard assets!
4) As much as you might hope/pray, Bill never once sprints at Jeff and takes him down AFL-style. How he controlled the temptation to do so is beyond me.
OK, now some follow-up. First, Chris Powell adds some clarity:
Peter Grandich weighs in:
And then there's this from the FT, too:
At the end of the day, you can believe what you choose to believe. However, if it is widely accepted that central banks actively manipulate the currency markets (interventions) and bond markets (QE), why is it so hard to believe that they "manage" the price of gold, too?
Have a great Monday. TF