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Oliver Stone Blasts American Exceptionalism, Uncensors History

from breakingtheset:

Abby Martin Breaks the Set with Legendary Director Oliver Stone and Renowned Historian Peter Kuznick.

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2 comments to Oliver Stone Blasts American Exceptionalism, Uncensors History

  • Frank Zak

    6. Re Barrick’s Hedges, Part I

    GATA has insisted that Barrick Gold had stated in its legal motions in the suit brought against it by Blanchard that it was immune from prosecution because it had been acting as an agent of central banks. GATA dared me to refute that contention.

    I did refute it. In the debate I pointed out that on the day GATA alleges that Barrick made this claim, Barrick filed three motions in Federal Court in New Orleans. In none of them does Barrick made this claim. Nor does it make them anywhere else. GATA simply isn’t telling the truth. To allow people to see for themselves, CPM Group has posted the three filings on CPM Group’s website, Anyone can download these and read them, to see for themselves that GATA lied to them.

    7. Re Barrick’s Hedges, Part II

    In the debate, GATA’s response to my revealing itslies f about Barrick’s court filings was classic GATA: Change the subject.

    When I pointed out that Barrick had not said what GATA claimed Barrick had said, and asked Murphy to explain why GATA had lied about this, his response was to go on and on about how Barrick had lost billions of dollars in its hedges. That has nothing to do with GATA’s allegations.

    Furthermore, I would point out to readers here that if they review Barrick’s financial statements over the past 24 years or so, the financial performance of Barrick shows that for every billion dollars it lost on its hedges it gained several billion dollars in real value, in part due to higher revenues on unhedged gold sales and in part due to the rise in the value of its remaining enormous reserves. The hedges were designed to protect the company from adverse price moves – declines in prices and lower prices. The hedges worked. Meanwhile the company thrived. That is why the company is so valuable today and has such a high credit rating.

    There are two conclusions to note here. First, this is yet another is a fine example of how GATA tries to change the subject after it has been caught misrepresenting the truth. Second, it suggests that the collective wisdom of GATA’s leadership apparently cannot understand a corporate balance sheet, or chooses to distort financial reality intentionally. It shouldn’t matter to readers which is the case. The point is simply that GATA is not a credible information source.

    8. Conclusion

    I am tired of GATA and its supporters’ lies and distortions, and I am particularly offended to have had my personal and professional integrity directly attacked. If these people cannot say anything honest or important, they should leave us all alone.

    I will end with one final comment. One blogger criticized me by saying that I am a banker. I guess I am on some level. That is hardly a criticism, however. Clearly, GATA and its followers should get to know someone who can explain basic banking concepts to them. GATA’s leaders have expressed surprise, wonder, shock, and horror over some of the simplest facts and realities about the bullion markets. GATA represents itself to its followers as experts when they clearly are not. They prey on the lack of knowledge and fear of investors who have not studied the markets as well as they should have. The solution to that problem is investor education, not lies. All that the reckless pursuit of conspiracy theories do is distract investors from the much more important agenda of understanding the gold bullion marketplace and the fundamentals that drive the price of gold

  • JC

    Frank – stop spamming other topics with your diatribes. Time and place man…I’m starting to think you’re a paid shill for the government the way you promote certain topics.

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