Written by Avery B. Goodman
If natural market forces were permitted to run free, naive folks would win the game. Insiders would lose a fortune, and independent gambling speculators would make a killing at the expense of well-connected casino operators (a/k/a derivative-issuing bankers). I cannot imagine what possesses otherwise intelligent people to believe that this would ever be allowed to occur. Was anyone naive enough to expect anything other than a major intervention by central planners to support the Euro?
There are always ridiculous excuses given. From technical analysis, to astrology to Elliott waves, it is all nonsense. What we saw was pure market manipulation and nothing but that. When you see the Euro rise when it should fall, you can bet that two institutions are involved. I am talking about the European Central Bank (ECB) and the Bank of International Settlements (BIS). I didn't mention the U.S. Treasury or the Federal Reserve. No doubt, they had some peripheral involvement as they always do, but mostly, they were probably observers.
European institutions have the kind of open, obvious and blatant disregard for honest markets that no equally corrupt American institution could ever get away with. In fact, the BIS has gone as far as touting its gold and currency manipulation prowess! For example, back in 2008, it issued a brochure for consumption by central bank policy-makers, and on page 17, it advertised that "our products" include "Gold & Forex Services -- Interventions"! In other words, they blatantly offered to rig gold and currencies upon request! This document came to light only by virtue of the hardworking and ever-watchful sleuths at GATA.
That was a long time ago. Let's fast forward to now...
