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Myrmikan's Dan Oliver: Fed's rate increases may aim to prevent commodity money
2:47p ET Tuesday, August 30, 2022
Dear Friend of GATA and Gold:
In his latest market analysis, Dan Oliver, founder and manager of Myrmikan Capital in New York, suspects that the Federal Reserve's policy of raising interest rates is aimed at protecting the U.S. dollar by aborting the transition of the world monetary system to a commodity basis.
Oliver writes: "The United States will not willingly abandon the global reserve status of its currency, which maintains its global hegemony. It did not when Saddam Hussein proposed selling oil in terms other than the dollar, nor when Muammar Gaddafi proposed setting up a gold-backed pan-African currency.
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"American neocons publicly call for [Russian President Vladimir] Putin to share a similar fate, but the methods used against Iraq and Libya are too risky against a nuclear-armed Russia -- the reason for aiding a proxy war to try to destabilize Russia without direct conflict.
"Another way to undermine the development of a competing, commodity-backed, BRICs currency is by targeting commodity prices. It is perhaps this political prerogative that is driving Fed policy, more than general management of the business cycle and inflation."
Oliver's analysis is headlined "The New Bancor" and it's posted in PDF format at Myrmikan's internet site here:
https://www.myrmikan.com/pub/Myrmikan_Research_2022_08_11.pdf
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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