David Marsh and Mark Sobel: Foolhardy to cry manipulation about yuan

David Marsh and Mark Sobel: Foolhardy to cry manipulation about yuan by Chris Powell for GATA

Dear Friend of GATA and Gold:

In an interview posted this week, two officials of the Official Monetary and Financial Institutions Forum, a London-based organization cozy with central banks, note the irony of the United States’ designation of China as a currency manipulator.

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It’s not the irony that the United States, not China, long has been the biggest currency manipulator around, as GATA has been saying for close to 20 years and as former U.S. budget director David Stockman noted this week:


Instead the OMFIF officials note that the currency manipulator designation is ironic because China long had been manipulating its currency, the yuan, upward, above market valuation, and was sanctioned by the United States only when it began to let market forces push its currency down a little.

The interview is an exchange between OMFIF’s chairman and co-founder, David Marsh, and its U.S. chairman, Mark Sobel. It’s headlined “Foolhardy to Cry Manipulation” and it’s posted at the OMFIF internet site here:


CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
[email protected]

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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.