The Telegraph
By Thomas Pascoe
The new media and the 24-hour news cycle have a great deal to answer
for, not least encouraging a political class which would otherwise be
happily engaged expensing duck houses into the belief that it should
demonstrate perpetual action on our behalf – hence the endless stream of
badly drafted legislation from the corridors of Whitehall. It does, however, reveal things that would otherwise be ignored. The issue of manipulation in the gold market which
I wrote about last week is a case in point. The ball of half-truths and
downright lies which have surrounded the issue for a long time is
beginning to unspool in an issue internet activists kept alive long
before it was acknowledged by the mainstream media.
People ask why the issue is important at a time of naked market
manipulation of the Libor rate. The answer is simple: the Libor
manipulation scandal can be seen as the thin end of the wedge in terms
of government market manipulation.
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