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--- Begin Message ----Caveat Lector- 12:40a ET Tuesday, June 10, 2003Dear Friend of GATA and Gold: The mechanism by which the U.S. government manipulates the various markets was brilliantly and succinctly explained by today's editions of The King Report, a daily publication of M. Ramsey King Securities of Burr Ridge, Ill. (telephone 630-789-0607). An excerpt is appended. CHRIS POWELL, Secretary/Treasurer Gold Anti-Trust Action Committee Inc. * * * >From The King Report for Tuesday, June 10, 2003 Published by M. Ramsey King Securities [EMAIL PROTECTED] Monday's decline was the continuation of Friday's action, which was at least one large hedgie trying to get out of a massive long SPM position. In a vein similar to Friday's session, someone marked up SPMs overnight on Sunday and the wee hours of Monday to the tune of almost 10.00 points -- the same amount that occurred prior to Friday's session. The tactic of pump and dump is alive and well. Freddie Mac's possible accounting problems weighed on other financials that employ similar strategies. Today's operators use the same techniques of marking up and cornering markets that Jesse Livermore did in the early 1900s and Jay Gould and Jim Fisk exploited after the Civil War. The only difference is there are a multiple more operators now and they exercise leverage that old operators could only dream about. After the 1929 crash, legislation prevented speculators from cornering markets and pumping up stocks to unload on the gullible. The principal measures were position limits on futures/options and margin regulation. But after the 1987 crash, Easy Al and his ilk learned that futures could be used to manipulate markets. And as we have recounted many times, Fed Governor Robert Heller in 1989 stated that instead of "saving" the stock market by pumping humongous amounts of credit and then having to deal with the consequences of that excess credit later, the Fed should just buy futures contracts and prop up the market if that was their goal. The many people who hope to find a paper trail of Fed or Treasury intervention don't understand how the Fed and Treasury effect market manipulation. There will never be a paper trail -- not in the Exchange Stabilization Fund or on any ledger.�No, a New York Fed official will ask some Wall Street confederates to do the desired task.�The quid pro quo is the most precious currency on The Street -� INFORMATION.�It can be imprecise: "You know, I wouldn't be short the Canadian dollar." But it is more likely to be direct. That's why the market moves ahead of economic releases. And that's why Easy Al arduously dissuades Congress from regulating the financial weapons of mass destruction, also known as OTC derivatives.�First of all he doesn't want anyone trying to price JP Morgan or some other big bank's derivative book. Secondly, he doesn't want position limits on the big players he needs to do his bidding. How much of the derivative market's estimated +$100 trillion of notional value is the generation of false earnings via early recognition of asset sales or revenue and the indefinite deferral of expenses or losses including losses on investments and other assets? And we mean industrial as well as financial companies. -END- ------------------------ Yahoo! Groups Sponsor ---------------------~--> <FONT COLOR="#000099">Get A Free Psychic Reading! Your Online Answer To Life's Important Questions. </FONT><A HREF="http://us.click.yahoo.com/Lj3uPC/Me7FAA/ySSFAA/WfTolB/TM";><B>Click Here!</B></A> ---------------------------------------------------------------------~-> Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/ www.ctrl.org DECLARATION & DISCLAIMER ========== CTRL is a discussion & informational exchange list. Proselytizing propagandic screeds are unwelcomed. Substance—not soap-boxing—please! These are sordid matters and 'conspiracy theory'—with its many half-truths, mis- directions and outright frauds—is used politically by different groups with major and minor effects spread throughout the spectrum of time and thought. That being said, CTRLgives no endorsement to the validity of posts, and always suggests to readers; be wary of what you read. CTRL gives no credence to Holocaust denial and nazi's need not apply. Let us please be civil and as always, Caveat Lector. ======================================================================== Archives Available at: http://www.mail-archive.com/[EMAIL PROTECTED]/ <A HREF="http://www.mail-archive.com/[EMAIL PROTECTED]/">ctrl</A> ======================================================================== To subscribe to Conspiracy Theory Research List[CTRL] send email: SUBSCRIBE CTRL [to:] [EMAIL PROTECTED] To UNsubscribe to Conspiracy Theory Research List[CTRL] send email: SIGNOFF CTRL [to:] [EMAIL PROTECTED] Om
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