Central banks now rig all asset prices, Stockman says

6:18p ET Sunday, June 6, 2014

Dear Friend of GATA and Gold:

Former U.S. Rep. and U.S. budget director David Stockman, interviewed by the Mises Institute about his new book, "The Great Deformation: The Corruption of Capitalism in America," earns his tinfoil hat with a denunciation of the Federal Reserve.

"The system we have now," Stockman says, "is one in which the Fed decides, through a Politburo of planners sitting in Washington, how much liquidity is necessary, what the interest rate should be, what the unemployment rate should be, and what economic growth should be.

"There is no honest pricing left at all anywhere in the world because central banks everywhere manipulate and rig the price of all financial assets. We can't even analyze the economy in the traditional sense anymore because so much of it depends not on market forces but on the whims of people at the Fed."

Stockman's interview is headlined "The Epochal Error of Modern Central Banking" and it's posted at his Internet site, David Stockman's Contra Corner, here:

http://davidstockmanscontracorner.com/exposing-crony-capitalists/

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.