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Alasdair Macleod: No market crashes anymore, just currency risk
11:29a ET Friday, August 8, 2014
Dear Friend of GATA and Gold:
Market rigging by governments has become comprehensive, GoldMoney research director Alasdair Macleod writes today in what is probably his most profound and important commentary ever.
"We have known for years," Macleod writes, "that through intervention central banks have managed to control the prices of currencies, precious metals, and government bonds. But there is increasing evidence of direct buying of other financial assets, including equities. The means for continual price management are there: There are central banks, exchange stabilization funds, sovereign wealth funds, and government-controlled pension funds, which between them have limitless buying power."
Hence, Macleod writes, there probably will never be another bond or equity market crash.: "All market risk is being transferred from bonds, equities, and all other financial assets into currencies themselves, and it is the outcome of their purchasing power that will prove to be the final judgment in the debate of markets versus economic planning."
Macleod's commentary is headlined "Markets: Keep Calm and Carry On" and it's posted at GoldMoney here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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