Sunday, November 8, 2009
"I've Always Been Convinced that the Exchange Stabilization Fund is Involved in Stock [and] Commodity Transactions by Manipulating Price"
I'm reading Ron Paul's book "End the Fed", which is chock full of good quotes.
This one caught my eye:
I've always been convinced that the Exchange Stabilization Fund is involved in stock, commodity, and currency transactions by manipulating price.For more on the Exchange Stabilization Fund, see this, this and this.
As part of the ignored President’s Working Group on Financial Markets (Plunge Protection Team), the Treasury, along with the Fed, SEC, and CFTC, will continue to rescue the market any way possible. Unfortunately, it’s more like that its powers will be used to bail out friends at the expense of the rest of us.
For more on the Plunge Protection Team, see this, this and this.
And don't forget that the largest derivatives holders use their Counterparty Risk Management Policy Group (CRMPG) to literally collude - exchange secret information and formulate coordinated mutually beneficial actions - all with the government's blessings.