January 26, 2008 — Republican White House hopeful Ron Paul has made shining some light on the secretive President’s Working Group on Financial Markets – better known as the “Plunge Protection Team” – his pet cause.
The Texas congressman brought up the issue at Thursday night’s Republican debate in Florida. Paul asked candidate John McCain whether he would keep the Working Group and if the Arizona senator would open it up in order for the public to see how it works. …
On Wednesday, Paul indicated that the Working Group may have had something to do with that day’s nearly 300-point stock market rally.
Tag: plunge protection team
World Affairs Brief, January 25, 2008. Commentary and Insights on a Troubled World.
Copyright Joel Skousen. Partial quotations with attribution permitted. Cite source as Joel Skousen’s World Affairs Brief
BAILING OUT THE ECONOMY: HOW LONG CAN THEY KEEP DOING THIS?
If there was any doubt about the Fed’s willingness to flood the world with money in order to keep the existing economic order from collapsing, those doubts should now be completely put to rest. The financial Powers That Be (PTB) show no signs of allowing a real depression, let alone a collapse. Whether or not they can still pull it off is another question, but I think they will–their ability to keep manipulating the system continues to amaze me. They don’t, however, intend to do this indefinitely–and can’t. They only have to keep this debt system afloat until the next world war can wipe the slate clean–which may be still 5-10 years in the future. Who would have thought they could turn around the massive world bear market in stocks on Tuesday after Monday’s precipitous decline in world markets? But they did and the flood gates of fiat money are wide open. The only thing surprising in all this is that the PTB appear to be able to shovel money out the door and the dollar still hasn’t collapsed as it should–yet. This week, I will attempt to analyze why.
On Friday, Mr Bush convened the so-called Plunge Protection Team for its first known meeting in the Oval Office. The black arts unit – officially the President’s Working Group on Financial Markets – was created after the 1987 crash.
It appears to have powers to support the markets in a crisis with a host of instruments, mostly by through buying futures contracts on the stock indexes (DOW, S&P 500, NASDAQ and Russell) and key credit levers. And it has the means to fry “short” traders in the hottest of oils.