Reply #1: Market WrapUp [View All]

[ozymandius]

Crime Scene Investigation
BY ROB KIRBY

Last week on Thursday February 5th, 2009, The President’s Working Group On Financial Markets held their first official soiree with former New York Federal Reserve Bank President, Timothy Geithner, installed as President Obama’s pick as Treasury Secretary.

In the spirit of “Change has come to America” and transparency, cameras were invited in for the ‘proverbial photo-op’ in what was no doubt an attempt to demystify this shadowy organization. You can see this press conference for yourself beginning at the 3:20 minute mark of this http://notcorporatemedia.com/1384/peter-schiff-lays-it-down-again">video excerpt.

Twenty-one years ago, the President's Working Group on Financial Markets was created by Executive Order 12631, signed on March 18, 1988 by United States President Ronald Reagan.

...

Over the past decade, much has been written and documented regarding claims about what the Working Group really does. While the mainstream financial press generally dismisses these activities as conspiracy theories, preferring the romantic notion that free markets really exist, the Working Group acts in concert with its agents (J.P. Morgan, Goldman Sachs et al) to:

* manipulate currencies, including precious metals
* manipulate stock markets and bond markets using various means like “moral suasion” or falsified / massaged economic data
* surreptitiously change benchmarks, utilizing data keepers like the BLS
* purchase and sale of stocks and stock idex futures
* utilize various derivatives icluding interest rate swaps in close co-ordination with Federal Reserve Open Market Operations.

Taken together, these activities are more akin to Central Planned “economies” than that espoused by free markets and the Constitution for the United States of America.

http://www.financialsense.com/Market/wrapup.htm