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With access to enough money, you can rig any market
1:45p ET Saturday, February 25, 2012
Dear Friend of GATA and Gold:
Three researchers from the New England Complex Systems Institute in Cambridge, Mass. (http://necsi.edu/) -- Vedant Misra, Marco Lagi, and Yaneer Bar-Yam -- last month published a research paper identifying what seems to have been an enormous short-side manipulation of Citigroup stock in November 2007. While that was five years ago, the study indicates how easy it is for large financial institutions to manipulate markets in the absence of rigorous oversight by market regulators, particularly after the repeal of the "uptick" rule for short sales.
That is, anyone with access to enough money can rig any market at all, a principle whose application to the commodity markets and central banks may have been first articulated by the British economist Peter Warburton in his 2001 essay, "The Debasement of World Currency -- It Is Inflation But Not As We Know it":
The New England Complex System Institute's study is titled "Evidence of Market Manipulation in the Financial Crisis" and it's posted in PDF format at the institute's Internet site here:
http://necsi.edu/research/economics/bearraid.pdf
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
Golden Phoenix Discusses Royalty Mining Growth Strategy
on '21st Century Business' on Fox Business Network
Golden Phoenix Minerals Inc. has discussed its royalty mining growth strategy on the Fox Business Network program "21st Century Business" with host Jackie Bales. Golden Phoenix's director of corporate communications, Robert Ian, told how the company narrows its focus to project generation and future royalty streams. He explained why Golden Phoenix believes it's better to own joint-venture interests in several producing mines instead of full exposure to just one project.
"21st Century Business" has been airing for 15 years. Previous hosts have included Gen. Alexander Haig, Gen.l Norman Schwarzkopf, and Secretary of Defense Caspar Weinberger. Golden Phoenix appeared as paid programming on this broadcast.
To view the program with Golden Phoenix, please visit Golden Phoenix's Internet site here:
http://goldenphoenix.us/fox-business-network/
Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006:
http://www.goldrush21.com/order.html
Or by purchasing a colorful GATA T-shirt:
Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:
http://gata.org/node/wallstreetjournal
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