Sunday, Aug 17, 2008
the unprecedented propping up of the dollar and bombing of gold and oil the week before the curtain opened
Information Clearing House: How To Conceal Massive Economic Collapse
“On July 16, 2008 . . . , the Federal Reserve reported holding $2,349 billion of US government paper in custody for central banks. In its report released today, this amount had grown over the past three weeks to $2,401 billion, a 38.4% annual rate of growth. . . . So central banks were accumulating dollars over the past three weeks at a rate far above what one would expect as a result of the US trade deficit. The logical conclusion is that they were intervening in currency markets. They were buying dollars for the purpose of propping it up, to keep the dollar from falling off the edge of the cliff and doing so ignited a short covering rally, which is not too difficult to do given the leverage employed in the markets these days by hedge funds and others.”2 Gold and oil had to be pushed down
3 Comments
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1. harold said...
Sort of makes sense. It will be interesting to see what happens to gold and oil over the next few weeks.
2. rotten tomato said...
Very well put, and more or less what I thought too. Who's gonna save us when voting either republicans or democrats, makes no change in the scheme of things? Maybe that the economic collapse of the US will pull the rug from under their geopolitical ambitions in the same way it happened to the soviets?
3. plato said...
Goes a long way in explaining the stubborn resistance in the markets. With the PPT the markets are anything but 'Free'. Manipulation is always false and never lasts as it creates more and more problems as opposed to a remedy- each one masking the last. War or the threat of terror as diversions are acts of physical and mental pain over-riding comparatively 'small problems' or shall we say normal/everyday problems. We all know this anyway. We also all have strong reasoning regarding Georgia and the motive but seem helpless.
Sad to see the West behaving in such a manner and on such a devious scale. Unfortunately IMHO this unabated manipulation has spread so far we are no longer in control of our destiny. Our only chance is that Europe doesn't blindly follow 'The Leader'