While key Western banks are artificially restraining gold prices to breathe life into the diluted and devalued [counterfeit] dollar system, Russia, China and other emerging economies are involved in ‘the genial move’ to establish an entirely different gold market, according to economic author and historian F. William Engdahl and reported by Russia’s Sputnik News.
Key central banks including the Federal Reserve, Bank of England and Western market players have long been accused of clandestine gold price manipulation aimed at preserving the dollar’s role as ‘world reserve currency primus.’
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“The COMEX gold futures market in New York and the Over-the-Counter (OTC) trades cleared through the London Bullion Market Association (LBMA) do set prices which are followed most widely in the world. They are also markets dominated by a handful of huge players, the seven LBMA gold clearing banks –
- the corrupt JP MorganChase bank;
- the scandal-ridden UBS bank of Zurich;
- The Bank of Nova Scotia – ScotiaMocatta, the world’s oldest bullion bank which began as banker to the British East India Company, the group that ran the China Opium Wars;
- the scandal-ridden Deutsche Bank;
- the scandal-ridden Barclays Bank of London;
- HSBC of London, the house bank of the Mexican drug cartels; and
- the scandal and fraud-ridden Societe Generale of Paris.”
“However, rather than scream and cry ‘fraud’ at the owners of the COMEX/CME of the LBMA Big Seven clearing banks, these countries [China & Russia] are involved in the genial move to create an entirely different gold market, one that not JP MorganChase or HSBC or Deutsche Bank control, but one that China, Russia and others of a like mind control.”