‘Accountability and transparency’ in central banking? Not until news organizations attempt journalism

image/GATA.org

‘Accountability and transparency’ in central banking? Not until news organizations attempt journalism by Chris Powell for GATA

Dear Friend of GATA and Gold:

Central banks get away with the flaming hypocrisy illustrated below because mainstream news organizations don’t dare to put a critical question to them.

Here, if David Lawder and Leika Kihara of Reuters were serious journalists, and their editor, Paul Simao, had the wit for his job, someone from Reuters would have asked the managing director of the International Monetary Fund, Christine Lagarde — in the name of the “accountability, transparency, and effective communication” she purported to be advocating — to identify the markets in which her member central banks are surreptitiously trading and when they are surreptitiously trading, and to explain the objectives of their surreptitious trading.

Instead Reuters makes itself a mere press-release service, like PR Newswire.

How easy it would be for any news organization to show central bankers up and shut them up. A single critical question would do it, but there isn’t one in all of Earthly journalism.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

* * *

IMF Chief Calls for Central Bank Accountability, Communication

By David Lawder and Leika Kihara
Editing by Paul Simao
Reuters
Saturday, April 13, 2019

https://www.reuters.com/article/us-imf-worldbank-lagarde/imf-chief-calls…

WASHINGTON — International Monetary Fund Managing Director Christine Lagarde said today accountability, transparency, and effective communication were key components for central banks to be credible in delivering their mandates.

“Independence has served them well in the course of time and will continue to do so,” Lagarde said at a news conference when asked whether some central banks were facing threats to their independence in setting monetary policy.

* * *

Help keep GATA going:

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

Sharing is caring!

Chris Powell

The Gold Anti-Trust Action Committee was organized in the fall of 1998 to expose, oppose, and litigate against collusion to control the price and supply of gold and related financial instruments. The committee arose from essays by Bill Murphy, a financial commentator on the Internet (LeMetropoleCafe.com), and by Chris Powell, a newspaper editor in Connecticut. Murphy's essays reported evidence of collusion among financial institutions to suppress the price of gold. Powell, whose newspaper had been involved in antitrust litigation, replied with an essay proposing that gold mining and investor interests should act on Murphy's essays by bringing antitrust lawsuits against financial institutions involved in the collusion against gold. The response to these essays was so favorable that the committee was formed and formally incorporated in Delaware in January 1999. Murphy became chairman and Powell secretary and treasurer.