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Avery Goodman: Fed spent $23 billion in three days but still had trouble pushing up stocks
5:03p ET Thursday, August 27, 2015
Dear Friend of GATA and Gold:
Colorado securities lawyer Avery Goodman writes today that the U.S. stock market's recent recovery is entirely a matter of the Federal Reserve's injection of unprecedented amounts of money via "temporary open market operations" through primary dealers in U.S. government securities -- and for a while even the unprecedented amounts failed to halt the market's slide.
Goodman writes: "Absent money printing, there will be a very large decline in stock prices. We do not yet know the timing. If the decision is to print more money, as is likely, stocks will rise when looked at in nominal terms. However, the Fed will lose so much credibility that the value of the dollar will be greatly impacted. For that reason a significant delay in making that decision will probably occur. Stocks must fall first, and the techniques they are now using must be proven to be a definitive failure."
People should send Goodman's analysis to their members of Congress and ask them to report whether the Fed is operating as he describes and, if so, if the country has exchanged free markets for a covert command economy.
Goodman's analysis is headlined "The Fed Spent $23 Billion in 3 Days But Still Had a Hard Time Pushing Up Stocks" and it's posted at Seeking Alpha here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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