Markets" and pundits dismissal thereof as conspiracy theory :
http://www.dailynewscaster.com/category/wall-street/
THEN listen to http://www.liveleak.com/view?i=ca2_1234032281, in which
Rep. Paul Kanjorski, Chairman of the United States House of
Representatives, Capital Markets Subcommittee explains how the Federal
Reserve told Congress members last Sept 15 about a "tremendous draw-down
of money market accounts in the United States, to the tune of $550
billion dollars". According to Kanjorski, this electronic transfer
occurred over the period of an hour or two, and the "Money was being
removed electronically. The treasury tried to help with $150 Billion,
but could not stem the tide. It was an electronic run on the banks. The
treasury intervened but had they not closed down the accounts they
estimated that by 2 PM that afternoon -within 3 hours - $5.5 Trillion
would have been withdrawn and collapsed and within 24 hours the world
economy."
Kanjorski goes on to say that "Somebody threw us in the middle of the
Atlantic Ocean, without a life raft and we're trying to determine what's
the closest shore and whether there's any chance in the world to swim
that far - we don't know." As monetary expert Byron Dale asks: SOMEONE?
WHO would have the economic power to deliver a coordinated economic
strike against the United States - in the same hour?" (Maybe we the
people could help the "experts" figure it out?)
As to the supposedly mythical Plunge Protection Team, read Executive
Order 12631 signed by Reagan in 1988:
http://www.archives.gov/federal-register/codification/executive-order/12631.html
And this 1997 Washington Post article "The Plunge Protection Team" :
http://www.washingtonpost.com/wp-srv/business/longterm/blackm/plunge.htm
AND this August 2007 article on the Plunge Protection Team which has the
infamous Stephanopoulos quote mentioned in the above CNBC clip along
with numerous charts accompanied by analysis:
http://www.marketoracle.co.uk/Article1771.html
<EXCERPT>
Is the legendary PPT just a myth, conjured up by a bunch of
conspiratorial nuts? Former president Clinton advisor, George
Stephanopoulos told "Good Morning America" on Sept 17, 2001, "There are
various efforts going on in public and behind the scenes by the Fed and
other government officials to guard against a free-fall in the market,
what is called the "Plunge Protection Team."
"The Federal Reserve, big major banks, representatives of the New York
Stock Exchange and the other exchanges have an informal agreement to
come in and start to buy stock if there appears to be a problem. They
acted more formally in 1998, during the Long term Capital Crisis, and
propped up the currency markets. And, they have plans in place if the
markets start to fall.". . .The big question is whether US Treasury
chief Henry Paulson and Fed chief Bernanke are pursuing a more active
interventionist policy than what was originally mandated for the PPT?
The turnover of interest rate, currency and stock index derivatives rose
24% to $533 trillion in the first quarter [of 2007], and that's a big
time bomb that can blow-up at anytime. It requires constant surveillance
and "vigilance" over the world's greatest casinos. Warren Buffett calls
derivatives "weapons of mass destruction."
If correct, then the PPT is "watching the markets closely", (Japanese
code words for intervention) and Paulson and Bernanke aim to prevent a
10% correction at all costs. There are glaring signals in the
marketplace that indicate when the PPT appears to be intervening in
stock index futures, and these signals were revealed in the August 3rd
edition of Global Money Trends, with plenty of cool charts. . .
<END SNIP>
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