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There are no markets anymore, just interventions -- in 20,000 words

By: Chris Powell, Secretary/Treasurer, GATA

 -- Published: Friday, 16 October 2015 | Print  | Disqus 

Dear Friend of GATA and Gold:

Perth Mint research director Bron Suchecki today calls attention to an erudite but exceedingly long analysis of modern markets by Christopher R. Cole of Artemis Capital Management in Austin, Texas, whose central point seems to be that for years now central banks have undertaken pre-emptive market manipulation, purchasing a substantial portion of their own nations' bond and equity markets and effectively placing a put under those markets.

Cole writes: "As markets now fully price the expectation of central bank control, we are now only one voltage switch away from the razor's edge of risk" -- the "voltage switch" being a reference to the mechanism that barely prevented the explosion of a nuclear bomb in the crash of a B-52 bomber in North Carolina in 1961.

Suchecki writes of Cole's analysis: "One point that caught my eye and that I think goes a long way to explaining gold's bear market is his identification of a shift from the central bank put, 'policy action employed in response to, but not prior to, the onset of a crisis,' to pre-emptive central banking, which is 'monetary action in anticipation of future financial stress to avert a market crash before it starts.'"

To your secretary/treasurer Cole's analysis sounds like an enormously long-winded elaboration on a high school graduate's remark at GATA's conference in Washington seven years ago: "There are no markets anymore, just interventions":

And while Cole sees the markets as being "only one voltage switch away from the razor's edge of risk," that high school graduate wonders why, if central banks and governments have already purchased a substantial share of their bond and equity markets, and if they have already started surreptitiously trading all futures markets, including the commodity markets --

-- they can't just purchase the remainder of the markets and thereby end markets -- and risk -- altogether and forever. Indeed, that high school graduate suspects that the best that advocates of free markets and democracy can hope for in the near future is simply to drag this comprehensive "financial repression" enough into the open so that even mainstream financial news organizations are forced to acknowledge it and so the discussion about returning to a market economy and democracy can begin.

Suchecki's report is headlined "The Gold Warrior," contains a link to Cole's analysis, and is posted at the Perth Mint's Internet site here:

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

* * *

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