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Coins & bullion since 1973



Alan Greenspan: Maestro or Music Man?

Round Table Members Make Their Case
(As posted December 2001)

Essay Contest Winners

USAGOLD (11/29/01; 19:37:04MT - usagold.com msg#: 66079)


This idea came to me while having lunch today and browsing over the latest GRANT'S Interest Rate Observer. It seems that one of James Grant's friends -- a fellow named Paul L. Kasreil who does economic research for Northern Trust Co. -- posed a most far-reaching question. One that is making the rounds among people who talk markets as well as those who enjoy the same as a worthy pre-occupation.

The question is this:

---------------------------- Alan Greenspan: Maestro or Music Man? ----------------------------

The book, "Maestro", was the subject of a great deal of conversation here when it came out several months ago and opinion was pretty much divided on it -- some thought it characterized a master at the peak of his powers. Others saw it as a whitewash of a Fed chairman who simply injected liquidity willy-nilly at a time when the world had no where to turn but the dollar. Some called him genius. Others called him lucky. Still others called him confused -- pumping money into the system at one turn and deriding "irrational exuberance" the next.

But Maestro or Music Man?? Now that's intriguing, and very much worth a contest.

For those of you scratching your head at the choice, I will remind you that The Music Man, one of America's all-time favorite musicals, is the story of band director/con artist. The following from famed critic, Clifford Ridley captures the Music Man for our purposes:

"Bierko is a younger Hill than Preston, yet with his slicked-back hair, his self- dramatizing gestures and his roving eyes constantly scouting for trouble, he's every inch the two-bit con man. As advertised, he delivers Hill's fervid patter with dash and musicality; and at the end, when he's unmasked by the unconditional love of a good woman, he's quite touching."

And then here's a passage from the preface to Bob Woodward's "Maestro" which more than adequately captures the essence of the Maestro side of the coin:

"Greenspan is slated to remain chairman of the Federal Reserve until 2004. Not only is he a major figure in the world's economic past, he is central to its future. He has been frank enough to stand before the new and amazing economic circumstances that he helped create and in the end declare them a mystery. It is impossible to account fully for the continuing high growth, record employment, low inflation and high stock market."

And, toward the end of this important book:

"Greenspan also represents something more than the confidence wing of the American Personality. He stands at the point where the country's eternal optimism meets the country's abiding suspicion that something will go wrong. . . That fear also creates a kind of excitement and anticipation. Greenspan stands at the crossroads of optimisim and pessimism. Each of us is a character in the nation's great economic soap opera; Greenspan is both director and producer."

So, the question before the table is this:

"Alan Greenspan, Maestro or Music Man?" Lovable Con-Man or Brilliant Fed Chairman?

I will leave with another thought of Mr. Kasreil -- as I think the computer cannot be taken out of the present equation without missing a major part of the analysis:

"Economics how do we measure that? Well, I can tell you there has been a very measurable increase in productivity, at least at my shop. When I joined the Northern Trust over 15 years ago, it took three senior economists and three research assistants about two weeks to come out with an inaccurate economic forecast, and with this laptop, I can do it all by myself in one day."

The world, I know, is not spinning any faster than it used to be but who among us would deny that it is. . . .So Maestro or Music Man? You be the judge.

Each entry must address the question in sufficient length but no more than is absolutely necessary to make the point -- the eternal bane of the writer. The contest will be judged not on the choice you make but on the erudition and argumentative skills used to make your case. The entry-post must also include some reference as to what the future might bring by the end of the year (for posterity's sake). As always, the post must conclude with how all of this relates to gold and gold ownership -- and it is there that the worm turns, where the contest will decided. (The posting contest will go from this moment through Sunday, December 9, 2001)

The Results:
The winner was promised a
pre-1933 gold French Angel from the USAGOLD Treasury, two runners-up guaranteed a Mexican Azteca silver coin. We had several exceptional commentaries to choose from, and when the votes were in, claiming the gold was miner49er. He provided a post of such even-handed depth and breadth that it warrants further exposure at the Gilded Opinion -- author permitting, of course. Runner up silver prizes are awarded to R Powell and Econoclast for very worthy commentaries, and also for Elwood, who scored serious points for style -- just the way we like it here at USAGOLD.

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miner49er (12/8/01; 22:38:16MT - usagold.com msg#: 66639)
Alan Greenspan: Maestro or Music Man?

A paradoxical irony exists in the life of any prominent figure. On the one hand, an abundance of information is usually available that can fuel almost any interpretation of the individual. On the other, truly only a handful of people ever really get to know a person. And can even one of these genuinely comprehend the myriad complexities that make up the circumstances into which one's life is cast; or know the thought processes that comprise the soul? Fortunate are those who have any to simply appreciate, no less comprehend.

The life of Alan Greenspan intersected with the current of world history in 1987 when he was appointed Chairman of the Board of Governors of the U. S. Federal Reserve System. The vast sum of experiences, thoughts, and actions of Alan Greenspan now became united with the even more vast, and incomprehensible history of "the Fed." Alan Greenspan was as he was in that year, and the Fed was as it was, and consequently the state of the U. S. economy, and importantly for us, its effect on our lives.

The public knowledge of Alan Greenspan is, as with others, a mixture of fact and hearsay. From this has been formed the entire spectrum of opinion: from saint to sinner, messiah to madman, maestro to music man. Even if a man cannot be satisfactorily "known" solely on the basis of his actions, he is surely judged by them. And the basis on which Alan Greenspan is almost entirely judged involves one and only one action -- the adjustment of interest rates -- and most frequently just the rate charged for overnight use of funds by member banks of the Federal Reserve, or the Fed Funds rate.

Not only do most people have no more than a superficial knowledge of what these transactions are, fewer still have any capacity to knowledgeably discuss their impact. Yet everyone has an opinion about them, and by extension an opinion about the man who dictates them.

An entity comes into existence when the pressure exerted by its proponents overcomes its opposition. And the composition of its proponents inevitably includes the coalesced forces of the gamut of self-interests. Not a coalition, as these forces are not necessarily in league with the others, but their synthesis nonetheless exists. Among the mix are the true-believers, the crooks and con-men, and the opportunists. Each beholds in the entity the potential advantages to their benefit. Each plays off the other as much as they do the opposition until the momentum obtains a life of its own, and if successful, the entity itself is born.

So it was with the Federal Reserve System in 1913. True believers subscribed to the need for, summarily, a "lender of last resort" to avoid the bank panics of the past. Crooks and con-men recognized the possibilities for abuse, and opportunists saw that riding this wave could get them in on the ground floor of something really big. Notwithstanding the abuse of parliamentary procedure that brought the Fed into existence right before the Congressional Christmas recess, the public was evidently ready for such an animal, or at least enough disposed to acquiescence, that opposition to the enactment never gained a footing.

What Chairman Greenspan inherited some 74 years later was truly nothing less than a beast. A system whose suffusion had saturated every pore of the globe, and had so permeated our lives that we were not even conscious of its influence. Indeed many argue that the system itself is no longer the primary actor, but rather has been marginalized to impotency in the shadows of its offspring: the U. S. dollar based credit system, and derivatives markets -- the real forces to be reckoned with in today's financial world.

The United States and all those entrenched in U. S. dollar based assets are engaged in a formidable struggle with a rising competitive currency, the euro. The struggle is for primacy in being the chief global reserve currency, and unit of account for trade settlement. Each faction comprises the whole range of self-interests, some visible, some not; some identifiable, some not, or mis-identified. And in this complicated and confusing mist of information (fact and hearsay), opinions flourish, and ignorance remains the inspiring genius behind most editorial pages.

It is in this world that this chief Governor must truly govern, which literally means to steer. In the spirit of the Statesman he must navigate not to arrive at perfection, but at what is practicable; not for justice, upon which no two factions will agree; but for an equilibrium in which no faction is so disaffected as to threaten a damaging engagement, or powerful enough in relation to the remaining powers as to make such a threat a reality.

This the role of a Central Banker!? What of simply maintaining the integrity of the currency? Well I suppose if he were the very first Fed Governor, and got to write the rules, and had plenipotentiary powers vested in him, he might be able to do just that... for a while anyway... But his position is not granted the luxury of armchair analysis, and a test lab for practice. He is dealt the hand he is dealt, and must enter the game in progress. The actions he takes are realtime, and irreversible. He has not inherited a text book case study with the answers at the back. Where he intersects with the sum total of all history is where he must begin his work. And as we attempt to discuss what he has done with it all, we must confront our own struggles to interpret the little we know without further distorting it with our own biases.

Alan Greenspan has acted to the best of his not small abilities. He has had to restrain, assuage, and compromise with all forces. Where there has been folly, he must not expose the fool, where impropriety, he cannot be the whistle-blower, as his role is not policeman. Has the pressure of a perceived unfixable situation caused him to err, and err again? Only as often as you or I, and probably less. Has such pressure ever caused him to stretch or even break the rules? I don't know, but we have all done as much on our own scale somewhere in our lives. Does the Fed operate within its charter? No, I think it has clearly overstepped its bounds, but it is no easy, possibly even feasible matter to try and turn back the clock here. Given the momentum of things as they are unfolding, to try to go back from here would do no more than register a footnote of one man's quixotic gesture to change a world that did not want to be changed.

The role of the Statesman is to limit conflict, and mitigate the catastrophic; hence fostering an environment for stability. He must attempt this by deploying his strategy against opposing and often hostile forces who are not prone to cooperate for so vague a notion as the "common good," but must be compelled to cooperate because it is perceived to be in their best interest. Is this his chartered role? No, not really. But if you found yourself suddenly in charge of a juggernaut hurtling uncontrollably who-knows-where, you might be inclined to don a few different hats in order to gain some control.

In light of all this, what does the future hold? Fundamentally, the U. S. dollar, the issued note of the Federal Reserve, is in terminal condition as far as its role as a global reserve asset, implying its ability to represent a stable value store. I believe it was given an extension of life to this end as a result of the "War on Terrorism." Support was provided to allow a semblance of soundness to legitimize the immense expansion of our debt to fund the war effort, and increased security measures. This was so because the world generally agreed that it was in their interests to let us use our resources to contain and hopefully subdue a rogue entity who had demonstrated both the will and capacity to upset the stability of the world order.

Once the perception is that the crisis has abated, support will no longer be guaranteed. We may be at that point now (witness the stress in bonds, which is very possibly a foreign liquidation of dollars).

With the U. S. Treasury unable to convincingly affect the long end of the yield curve to their advantage, the Fed will probably lobby Congress early next session for authority to deal in mortgage-backed GSEs. They will get their wishes. This will probably drop yields for a moment, and maybe two if this ignites housing, and encourages home-equity mortgages to the end that consumer spending spikes. But even at that it will likely be short-lived.

The current spike in silver is a head fake, and silver will come out of the woodwork to pour on this fire before it gets out of control. It will come from some big player, who will certainly be compensated for the favor.

A sudden overwhelming rise in the gold price will be resisted. Such a rise would so risk a tectonic shift in the balance of power that the ensuing unknowns can not be tolerated. Political nobodies, who have substantial gold, collectively become a force to be reckoned with if gold goes up a hundred-fold. The unpredictability of these new powers as to how they would behave generates tremendous political pressure to manage any price rise carefully.

The bigger players are however leaving hints all over the place that gold will rise again. They seem to be suggesting relatively small, and controlled increases. Collectively their endeavors will synthesize into bringing this general theme to fruition. Once more, not necessarily in league (although such conspiring probably does exist), but rather by their diverse interests best being served by a similar outcome.

I think we are best to heed the clues left us by the big guns, but act according to the wisdom offered us by Mike, Randy, FOA, Another, and countless others, i.e., to buy the physical metal itself. These big players, who have unfathomable power to influence things, are likely to be successful in their undertakings (in the short term, anyway). In order to achieve their ends, some nasty activity will take place, and if you are holding paper that can be manipulated at will, you will suffer.

So buy gold, not its substitutes. Live your life each day as much as possible without worrying what "they" are going to do next. With a savings vehicle as road-tested as the yellow metal, that is still being sold at fire-sale prices, you really cannot go wrong.

Personally, I don't want gold to go to $20,000 tomorrow (or even $2,000), and it's not for want of further accumulation. In fact if you really reflected upon what life would be like if the global economy blew up so badly, and so quickly that it would precipitate such a rise, you wouldn't either. It is for the avoidance of such catastrophes that the Fed acts today (and other Central Banks) so contrary to its original charge. It has evolved into this both by its own actions, and the actions (or want of actions) of others. It has acted on a global scale, influenced by massive world wars, political cataclysms, and upheavals of such orders of magnitude for nearly 88 years that it is indeed more surprising that it has not transformed even more radically.

While we may argue forever about how bad things really are or were, and make conjecture about what would have happened had this or that been done, we were not in the hot seat, experiencing the relentless pressures, the tests of our convictions, the challenges to our integrity, receiving insults and derisions, and tempted by the beguiling and intoxicating potions of power and praise. In light of that, I think Alan Greenspan has done his job well. Not without mistakes and even regrets -- yet I'm sure he would be the first to jump up and admit that; but he has done well.

So my hats off to Maestro Greenspan; and gold -- get you some...


R Powell (12/5/01; 13:20:31MT - usagold.com msg#: 66450)
Alan Greenspan, Maestro or Music Man?

The answer calls for a judgement of actions and decisions. It requires an estimate or opinion of past performance. By what criterion shall we judge the Fed. chairman? Can extenuating circumstances mollify criticism or enhance praise?

I submit that Alan Greenspan, when appointed chairman, became one of the most powerful players in an ongoing game already in progress. There were economic forces, conditions and circumstances working and evolving in the framework of an incomprehensibly complex global web. The game was already afoot with the rules predetermined, some apparent, some not; some adhered to and some not. Tough conditions, indeed.

Has Greenspan, as Maestro, welded those forces at his disposal in such a way so as to ensure or produce a prosperous and healthy economy? Or acted so as to provide the environment necessary for one? Is this then the criterion by which we should judge the Fed. chairman? If so, shall we judge by this prosperous and healthy economic standard only? That is, does this end justify what some may consider the unethical or deceitful means employed to attain this desired economic state?

I submit that Alan Greenspan, as Music Man (flim-flam man), well knows the importance that public confidence plays in the state of the economy. Although a view of the total economic struggle or anything close to a complete comprehension of it are assets not entirely available to him, still Alan Greenspan knows that the appearance of control, instilling confidence, must always be maintained. Indeed, "The essence of financial distress is loss of confidence." (Manias, Panics and Crashes, Kindleberger)

Whether led with the deft hand of a master or the deceit of a confidence man or with a combination of both, we are, none the less, now approaching the end of 2001. The question now becomes that which great men have asked throughout our history, "How fares the Union?" Specifically, in our judgement of the Fed. chairman, do we have a prosperous and healthy economy?

My opinion is that we do not. I believe that the economy has suffered an implosion from the bursting of an irrational, speculative bubble. This is not unique to economic history but still very painful. It may have been prevented with monetary restraint. The overvaluation of stock prices has begun a corrective phase. The ongoing creation of fiat money (debt), the cost of its creation and supporting its continued existence remains. The excess use of credit has created a disruption of the economic forces or the invisible hand which normally acts to stabilize the monetary system. The expansion and uplifting of one nation's fiat currency to that of the world's reserve may precipitate more unforeseen and undesireable results. Only time will reveal the potential dangers of this global monetary (credit) explosion. Greenspan's term in office has witnessed the bursting of a speculative stock price bubble, will it also preside over a debt (credit) crisis? Excess speculation always implies credit. "Credit was the Siamese twin of speculation; they were born at the same time and exhibited the same nature; inextricably linked, they could never be totally separated." (Devil Take The Hindmost, Edward Chancellor).

My verdict is that Alan Greenspan has presided over a great speculative mania during which that which we call money has completely escaped his control. In that this event, even though it created temporary prosperity for some, did not ensure or produce a prosperous and healthy economy but instead has sown the seeds of a monetary crisis, I find Alan Greenspan's perforance a dismal failure. However, it is also my belief that monetary control was never within the scope of his powers. Perhaps this is as it should be.

Alan Greenspan is neither "Maestro" nor "Music Man" and is exonerated as the sole perpetrator of our present "grim" situation. Although most influencial in the unfolding of these events, no one man, no matter how influencial, can control them entirely.

As to his handling of the present situation -- specifically his reaction of providing more unbridled liquidity -- I believe he is guilty of attempting to preserve the present unbalanced situation by further endangering the future. In this, he has assumed the role of lender of last resort, controller of central banks. "Central banks should act one way (lending freely) to halt the panic, but another (leaving the market to its own devices) to improve the chances of preventing future panics. Actuality inevitably dominates contingency. Today wins over tomorrow." (Manias, Panics, and Crashes, Charles Kindleberger).

In conclusion, I perceive Alan Greenspan as more an unwitting accomplice in a rigged game than a master player or confidence man. Our present economic situation appears to have evolved to the brink of a monetary or credit crisis which could precipitate a global systemic meltdown. Should this occur or appear likely to occur, confidence in all man-made paper assets, born from obligation or credit, will be destroyed. This confidence is based on perceived value or the future fulfillment of another's obligation or performance. Any crisis in confidence destroys all value of these so-called assets. Real or tangible possessions will retain value although that value, expressed as a number of monetary units, will change. Needless to say, the most widely acceptable or recognised store of value throughout history has been and is precious metals -- silver and gold!! Gold will always remain aloof from and immune to the economic follies of man.

Econoclast (12/8/01; 01:54:37MT - usagold.com msg#: 66611)
Alan Greenspan: Maestro or Music Man?

The answer to that question is so important as we search for the clues that will reveal the future direction of the economy, and more specifically, how economic events will affect our shared passion, the value and worth of gold.

Is Alan Greenspan truly the "master of the universe"? Does he have the knowledge and the power to "play" the United States, and by extension, the world's economy as if he were Gabriel playing the trumpet? Or is he simply a Music Man? A relatively powerless cog in a highly complicated and chaotic system, conning the world into believing there exists a person who understands it all and knows which levers to pull to keep it humming.

This author humbly submits to the notion that Alan Greenspan incorporates aspects of both the Maestro, and the Music Man into his persona. The ultimate judgment of which label reigns supreme will not be able to be determined until the march of time has overtaken our economy and we have gained the clarity that comes from being able to look at the question in a historical context.

Alan Greenspan became chairman of the Federal Reserve in 1987. He inherited an economic and monetary system that was the antithesis of the system he espoused in his younger days as a contemporary of the famous Ayn Rand.

An important question that must be addressed is: What is the nature of the position of Federal Reserve chairman? Does the world's most prominent banker, no matter who holds the title, have the level of power necessary to control the economy? Yes, the chairman is a powerful actor on the world stage and must have an extremely high level of knowledge and understanding to avoid making a catastrophic "wrong" decision. But also, as we all know, banking itself is a confidence game, so therefore, an important tool of the Maestro is the ability, when necessary, to become the Music Man. Perhaps the economy needs a Music Man to play the role of Maestro?

As complex as our economy has become, even a Maestro in the position of Federal Reserve chairman does not have the power to control it. He can no longer control the money supply due to the growth of the commercial credit industry, and also due to the fact that our "Maestro" admits that he no longer even knows what "money" is. He can tamper with the money supply and also with interest rates, but the control of either has evolved beyond his abilities and the ability of his position. He has shown himself to be the Maestro through applying short-term patches here and there just to keep the economy working as long as it has, despite its foundational and structural weaknesses. His position has evolved so that his greatest tool is to be a Music Man perceived by the world as being a Maestro.

Another important question to address while attempting to determine whether Mr. Greenspan is a Maestro or a Music Man is: What are his true motivations?

The answer to this may never be known. The author can see four possible answers to the question of his motives. First, he is an active participant in trying to set up a New World Order that will deliver control of the world to an elite group of banking/corporate fascists. Second, he is working within the financial and monetary system he inherited to optimize its functioning for the benefit of the citizens of the United States. Third, he is working for the benefit of the banks, believing that is the best course for the economy and the citizens. Fourth, and probably just wishful thinking, he has a secret and grand scheme to bring down the whole house of cards in a way that will bring the end of the welfare state that he detested early in his career, along with the return of sound money.

Without the advantage of being able to look at the outcomes of his actions and his motivations from a historical viewpoint, it is impossible to know, and just conjecture to label him Maestro or Music Man.

Whatever the answer to that question, he has managed to keep "the wheels on the wagon" through both ups and downs while presidents have come and gone. Although our economy seems to be heading to a more precarious and unbalanced position on a day by day basis, with his precious tool of "increased liquidity" and his abilities to be preceived as the Maestro by both Wall St. and the public, there is no reason to think that the Music Man will lose the confidence of the world during this month. The economic world turns slowly, and its timing has never been correctly predicted.

In the long run, however, there is one thing we can be sure of. Gold will again shine as a result of his steering of the economy. No matter what his true motivations are. And whether he is a Maestro or Music Man. If the economy is set up to fail, it will be delivered to the very people who currently own almost all the gold--gold will shine. If it is to fail because he is a disciple of John Galt--gold will shine. If he is merely a Music Man, held up as a Maestro, and doing the best he can, his economy will ultimately fail due to its reliance on unbacked and unsound money. Gold will return to prominence when the inevitable transpires.

Elwood (12/3/01; 13:43:52MT - usagold.com msg#: 66318)
"Alan Greenspan, Maestro or Music Man?"

Alan Greenspan conducts the Financial System Pops in his beautifully rendered "Variations on a Theme of Classical Inflation in D-Flat"

In the realm of Romantic monetary manifestations, Inflation enjoys unmatched staying power. The majority of its mature works have been repertoire staples from the time they were composed, and likely will remain so as long as bankers walk the earth.

Most of Inflation's output is concentrated within small forms, where its evil genius truly takes wing. Its Chinese and Roman inheritance is reflected in the heroic manias and incredibly varied crashes. The coin-clipping, edge-shaving, and over-worked printing presses reveal the influence of statists' bel canto melodic filigree along with the air of the tulip bulb dealers of Holland where Inflation cum options contract also held court. The more complex and personal works, however, embody a strong classical streak. If the Etudes of Asian Contagion represent the New Testament of debasement technique, the subject's youthful bank failures, variations on currency devaluation, and sundry occasional national emergencies reveal that Inflation's thieving style was pretty much solidified from an early age.

Tackling Inflation en masse is a formidable challenge even for as voracious an inflationist as Alan Greenspan, who busies himself with "tiny" projects like the LTCM debacle, bailout de Mexico, and, once again, lowering his rates. Originating in the late 1980s, his complete Inflation cycle is bundled as a specially priced box set for the upcoming meltdown of the world financial system. There's much to admire here. Greenspan's dynamically charged, gutsy conducting style exemplifies Rothbard's analogy of Inflation's music to "consumers buried in flowers." Like his one-time teacher Ayn Rand, Greenspan has a keen feeling for Inflation's polyphonic textures, abetted by his active and imaginative left hand, the US Treasury Department. His leisurely, exploratory approach to the Bonds, Gold, the LTCM Ballade, and the late interest rate adjustments uncover details that often go unnoticed, yet also weaken the rhythmic fiber of the more lyrical, harmonically dense Argentine Waltz. On the other hand, the slower Etudes breeze by with freely singing cantabiles, and the musically slight but liquidity-draining early rate increases of '99 came off with idiomatic flair. Not so for the mature polonaises of '00-'01, which are spongy and prosaic compared with Rubin's rhythmic spring and lilting authority.

The works for Congressional Testimony and Greenspeak Overtures, though, shine with unpressured inflection and more sympathetic conducting than usual. It's interesting to compare Greenspan's ruminative conducting in the orchestral version of the FOMC Prelude and Grande Polonaise de Humphrey-Hawkins with the ECB's leaner, more unbuttoned unaccompanied version. The Third World Waltzes offer fascinating contrasts as well, from the inflationist's melancholy, cello-like rising left hand line in the Asia minor to his bracing, poker-faced reading of the American bubble. It's hit and miss with the Preludes: some are sharply profiled and projected, while others seem less digested, as if they had been "gotten up" for the microphone. By the same token, few inflationists take on the thankless Gold Crush Sonata in public, yet Greenspan's strong and committed conducting elevates the music beyond the ambitious student work it is. He also manages to make the curious, seldom played "Central Banks Stand Ready Op. 46" sound more unimportant than usual, and makes as cogent a case for rarities like bullion, collectibles and golden works of art all the more appealing.

Greenspan's engineering takes on a metallic hue at loud moments, yet is more consistent than the uneven, tubby sonics hampering much of those from Sub-Saharan Africa and nations in which bananas or corned beef are the primary cash crop. The latter and the Asian Tiger's complete Inflation for the Ages (both omitting the concerted works) are packaged in space-saving cardboard, as opposed to these individual jewel cases housed in a thin box. No single inflationist can do equal justice to all of these works, yet Greenspan's stimulating and often masterly artistry is well worth the modest cost of 15 years of depression for the price of 10.

Verdict: Music Man

© 2001 All material is copyrighted property of the indicated contributor, presented at USAGOLD by permission. All rights reserved.

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