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German Economics Minister Confirms Fed Manipulates The FX Market
The German Economics Minister Rainer Bruederle has just confirmed precisely what many have known and said for years, namely that the US Federal Reserve is active in the secondary markets, in this particular case in FX. While not so much of a secret for some of the fringe players such as a the SNB, BOE and BOJ, the Fed has never had a formal statement on currency intervention, as, of course, it would have been seen as a sign of weakness (and allegedly could be considered an unconstitutional activity). And why would anybody dream of manipulating the world's strongest currency. Of course, if Bernanke manipulates currencies, as has now been confirmed, it is more than clear that he directly buys and sells stocks in the secondary market, and/or Treasuries in the primary. We wonder what other juicy disclosure Bernanke's trans-Atlantic CB colleagues will announce once they are cornered about their recent market manipulative conduct.
From Dow Jones:
The U.S. Federal Reserve is also active in currency markets, German Economics Minister Rainer Bruederle said Friday.
His comments come on the heels of remarks made by his Swiss counterpart who said that the Swiss National Bank purchased euros to buttress the single currency.
"It is a regular procedure of central banks," to intervene in currency markets, Bruederle said. "It is not a secret," that central banks have a foreign exchange rate target, he added.
Bruederle said "eruptive" movements have to be avoided. He previously said that China holds 25 percent of its foreign exchange reserves in euros.
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Clearly he misspoke or was taken out of context ;)
What a joke. Like it matters, anyway...
would that be the good minister, the Fed or bernanke? or all of the above
Looks like time is running short...
Can't you change your surname - it turns me off everytime I see it. How about "Turkey Ferguson".
Actually the name's fine. It's the hat that makes me want to vomit. :>)
I think Turd is meant to mean Third.
Na, that hats ok, its that Turd on a Rope tie he is wearing...
How about "Log" Ferguson?
Better?
In your defense winks... my freind Chuck always says:
"That's about as popular as a turd in the punchbowl..."
lulz
Turd would need special permission from TD and Marla to change. The Turd will always be a Turd. Go ahead winks, try to change yours to, say stinks (blinks, dinks, finks, kinks, etc. your choice). You can't do it the system won't let you.
Phooey. Now I will never have a cool ZH name.
My apologies. I thought it was generally understood that "Turd Ferguson" made his initial appearance on SNL a few years back. See below.
http://www.hulu.com/watch/12203/saturday-night-live-celebrity-jeopardy--...
No need to apologize to me, at all. All things are possible here on ZH. I have talked to Turds, cats, and other pussies on ZH. I am Alice in Wonderland (as in, I wonder where this economy will land) amidst you all. Talking to a dope smoking caterpillar is nothing compared to talking to a steaming pile of wookie doo.
In all seriousness, this crew is brave, smart, and prescient, everyone readily agrees on that. But this crew is also creative as hell.
Be all that you can be, Mr. Ferguson. If it inspires you to be a Turd when you are here, I for one welcome it. If we stand a chance of making it, creativity and inspiration, qualities you will only find in those who can think outside the box, are desperately needed. Turds are fertilizer of the richest kind. I salute you, Sir Turd.
We should have a tea party theme day where we all dress up as Wonderland characters!
Why how excellent Mr. LennonHendrix. Will you vanish, all but your grin?
)
/
That depends a good deal on the lighting.
Turd Ferguson = Very good alias
my only question is - can you be polished?
+++ That was fun Bert.
That's one frank furter
LOL
Have you been waiting for the correct news story to spring that wiener on us or were you inspired out of the Gulden's...er...blue?
Actually that's the first time I've sprung my wiener in the appropriate context
Breaking News!
DaveyJones is a flasher, having sprung his wiener on Zero Hedge.
Details at 6.
I give this weiner comment a "blue" ribbon.
Now there are a lot of men posting here. No more blue weiner jokes, k?
Do you mean that's one frank fer Turd.
What's next - the Fed confirms Bernanke is balding?
he just has a large forehead. He's all brain!
No - THIS is a large forehead..
http://images.businessweek.com/ss/08/01/0102_bizpeople/image/lloyd-blank...
A kosher Napoleon...
Little man, big problems...
Big bald head and weasely eyes. Fab combo. All that money and he looks that shitty. He's only 55 for corn sakes! You mean he couldn't afford to get Fabio's scalp transplanted or something? Even Andy Warhol budgeted for wigs.
What a good job of avoiding eruptive movements.
and so begins the battle for middle - earth (which in this case is the anglo-saxon world of the us and uk against the euroland)....... oh this is gonna get good!
Let us discuss. Let us come to understanding. We do not want to move too quickly. We must all work for ... stability.
Rahm on the left.
Alan "Crazy Chester" Greenspan on the right?
+100
My lord, let us not waste this crisis.
Oh the mentatcity of them all!
+1 LOL!!
So this is in addition to the Trashury's Exchange Stabilization Fund?
http://www.ustreas.gov/offices/international-affairs/esf/
Probably.
Probably not - seems like the Treasury's fund would have to hit the government's ledgers (e.g. buying $10B worth of Euros would add $10B to the official U.S. debt), whereas a FedRes program could use $$ just created out of thin air.
Edit - that appears to be the case, from looking at Wikipedia:
http://en.wikipedia.org/wiki/Exchange_Stabilization_Fund
The Treasury's fund level was $105 Billion as of last October, including (cough cough) $58 Billion in IMF SDR's.
Are you disagreeing with yourself?
My wording is odd, but no - I'm saying I was correct, in that the Treasury and the Federal Reserve manipulation are separate programs.
He did not ask if they were the same program, only that both are currently running.
Eruptive. Yeah steady ticking down is eruptive and 200 pip jumps up are perfectly normal.
Just imagine how bad it would be without intervention! [Vapid stare, blinks]
Imagine how bad it's going to be when the intervention finally fails, and the system is even more out of whack than it would have been otherwise.
Ya no kidding. This one time I had kidnapped this girl. And she was all violent and scratching me and kicking me. I was like this chic is violent and I kept imagining how much more violent she would have been if I hadn't tied her all up.
These market maker guys they think they can facade things and "restore calm" to the market. But all the do is take the responses to another realm or build such huge opposing forces that it breaks apart anyway.
When Geithner labeled China a "currency manipulator" there was a diplomatic shitstorm that lasted weeks. Watch this one blow over in about 9 seconds.
Other juicy disclosures? How about the Fed's gold swaps Mr. Bruederle?
SSSsstttt! Or the ZH servers go down again.
PPT WHERE ARE YOU!!
They are calling clients trying to get them to take the losing trade side.
Benny is a price-fixing, anti-capitalist, like other central bankers who have a "plan" for the rest of us.
Time to put on the PPT light on. Tum TiTitum tum tum tum TU TUM TUM TUM!
The elite succumb to infighting, ratting each other out.
Sweet.
Had to read succumb three times not to read scumbag there. Dyslexic?
.
All political bums succumb to scum when the powers place them under their thumb
Twongue Tister but Twrue.
This seems to be the case indeed. Remember, once you fleece all of the ignorati, then only the elite are left with the digital/paper wealth items that were looted. We may end up witnessing the robbery of the robbers if you will. Hell even if you won't.
Hopefully sooner, rather than later, we can rebuild on sound money, 100% banking reserve system as our freedom depends on it.
Fiat Paper Money = Servitude
Sound Full Reserve Banking = Sovereignty
The elite succumb to infighting, ratting each other out.
http://www.youtube.com/watch?v=H8MIULx7WSc
And the MSM is trying to pin china as being currency manipulators? Pot...Kettle... Black?
Indeed they do, more so in the SNP Futures. Thats how Goldman always wins. The fed buys with there unlimited capital and Goldman unloads on the Fed. Now every now and then they need to loose as not to draw to much attention. Witness the credit crisis wink wink.
lets re-introduce the Vitters amendment.
'Ben's da manipulator...twisted manipulator' - Prodigy( remix)
'Inhale..inhale...we're all the victims'
Does anybody else here think we will get through june without this thing going down?
We haven't even started the next phase: bank holidays -> IRA and 401(k) seizures ->market closures -> rioting -> shit starts burning -> martial law, THEN printing money like fevered dervishes really begins. We're still in the hopium "we need another stimulus" phase. All the CBs will cooperate on at least one more stimulus and coordinated devaluation on a agreed-on basis. We haven't even seen any "patriotic shared sacrifice" speeches in the U.S.
Crash end of june is what I keep seeing. Which puts us to 2nd dip in down of great depression and much bigger unemployment. So same thing that has been going on for the last year and half with about 50 percent more force on both sides.
Every politician and every military person is going to be thinking exactly what they thought during the cuban missile crisis.
We just can't screw this up.
If all this is coming out before the bell rings, I can't wait for the post bell news cycle....
Top kill made it worse.
20 banks closed.
Germany's leaving the EU.
Korea goes hot.
Katla erupts.
Have a great weekend, and hope you don't remember any of these events come Tuesday because that's the point of us releasing big news on Friday afternoon suckers.
It'll be busier than the Olympic closing ceremony.
Saturday headline:
"Icelandic volcano Katla erupts, blowing Germany clear out of the Eurozone and killing everyone on the Korean peninsula"
Will this news affect Icelands volcano?
If the Icelandic debt is forgiven, they will turn the vulcanoes off. ;-)
The U.S. Federal Reserve is also active in currency markets, German Economics Minister Rainer Bruederle said Friday.
This is what the FX swaps are all about.
China is in deep trouble ...no? it has huge $ holdings, huge euro holdings.....what was china thinking??
Nothing to see here.
Sick man got owned again, by the same crooked Western bankster mafia; again.
We'll give you these shiny beads (worthless paper), for unfettered access to your slave population. Xie xie, good deal....
Anyone notice how China made there comments on Europe while Geithner was over there. How much you wanna bet Goldman had inside info on the whole thing.
Recent poll regarding Auditing the Fed.
http://www.rasmussenreports.com/public_content/business/general_business...
So.... How "represented" do you feel?
I don't get CNBC. The have Cabrerra-Caruso in a tight top and they keep cutting away to bald guys!
Did they not see their last ratings book? Cramer has the lowest rated show.
Put the effin' camera on her tits and leave it there. Is it so hard?
That's because the producers are like barney frank: bald head lovers.
Rock on! Nice one.
Is it so hard?
I don't know, dude. How hard is it?
Yet another one of Bennie's dingle berries out in the open.
Its ok Ben, it's all over now; put the gun down.
Fuck reason.
This is command, sniper 1, sniper 2, do you have a shot? This is sniper 1, over, I've got a clear LOS. Take the shot sniper 1, repeat, take the shot.
Click.
M.I.A. - Paper Planes (All I Wanna Do Is `Bang Bang´And Take Your Money)http://www.youtube.com/watch?v=7sei-eEjy4g&feature=related
Body slumps on the floor; "Command this is recon, target down, copy." "Recon this is command, is the target dead? Copy." "The brains on the wall suggest so, copy."
Beastie Boys - Sure Shot:http://www.youtube.com/watch?v=JhqyZeUlE8U
1 oz Canadian Maple Leaf to the first person that takes out Bernanke's kneecaps.
How many for his head on a tungsten platter?
I'd do either, just for fun.
I wonder, did you know that we're living in the age of Kali?
What does one do in the age of Kali? Whatever Kali commands, that's what!
Duplicate
1st Merkel's announcements and actions, now 2nd Bruederle.
3rd will be a huge fucking lawsuit by European investors holding US garbage paper.
The system is about to get reset.
Merkel's visit to the Arab nations last week was about Euros and oil.
China is buying Euros as a result.
Reserve currency status for the Euro when nobody expects it.
Hmmmm. That is a very interesting line of thought...
Europe takes the high road (austerity, real regulation).
PIIGS are demoted to second tier but somehow remain w/in EMU.
Europe's top trading partners (China, Russia, certain Arab interests) grant 'reserve currency' status to Euro.
FX (and geopolitical?) dymanics go bonkers.
Is continental europe really this desperate/hostile? Being in the US now, I don't have a good feel for the pulse/mood in europe, esp. the continent. It makes sense, nonetheless.
My presumption has been that US/anglo banks & european banks (& japanese banks) are basically run by the same interests. If I re-think that presumption, then things are even worse than I presumed (esp. from an american perspective).
Silly question - isn't this all war with different means. IE, why fire bullets at the upstart Reserve Currency (€), when you can have GS and the Fed take out entire nation state's economies?
Isn't there a concurrence in time to the € becoming included in Crude Oil trading and predatory attacks from Wallstreet on the €?
If so, is the US just stalling the inevitable? Or do you believe that the $ will reign supreme again and we all will live in a Busby Berkley dream?
(Oh, and go easy on me, 'tis my first post, eh? Sorry if that has all been discussed prior)
The U.S. Federal Reserve is also active in currency markets,
I notice this is not in quotes as you have it.
Is this inferred, or an actual quote?
Can't they start with the eating-of-their-own already?
I have a friend who has a small strip of grass in front of his property (commercial) where people constantly bring their dogs to crap. He has started pouring bacon fat on the dog crap. The dogs now clean up each other's messes.
At least he is keeping gold cheap enough to load the boat...for now.
another step in turning the Money Corner.
Yes of course they do. The central banks, including the Federal Reserve, act to manipulate markets to "manage the economy." Our Federal Reserve is contracting our money supply and banks are now making it very difficult to borrow. That is how depressions are caused. What they claim their role is to avoid is exactly what they do under the euphemism "business cycle." I believe we have no more than 2 years left before we are in a full fledged depression. Now is the time to conserve what wealth you may still have, get and stay liquid and of course, gold and silver are good to hold. George Soros moved out of the equity markets and into gold last year. It is actually getting late.
Wealth equals power.
Power is hard to give-up.
No surpise the Fed's are doing whatever it takes to keep the US in first place among nations.
The corruption and fraud is systemic. Every act of market manipulation by the Fed defrauds the individuals on the other side of the fed thinking they are operating in a Free Market... Expct major foreign players who have lost hundreds of millions or billions because of the Feds fraud to take retribution...
We are too doped, distracted, and whipped to take care of it ourselves, it is our only hope.
Today's 3 trillions only equal to 3 billions dollar in 1930's, so we still repeat 1930's resolution and will be in super deflation for a while, unless Ben prints 30 trillions.
i would have changed the title of the article to Dog Bites Man
the german economics minister needs to get a new news source....talk about being a day late and a dollar short.
As mentioned before, I have been detecting EURO buying support for some time. But the weekly and monthly trends remain very bearish.
http://stockmarket618.wordpress.com
http://www.zerohedge.com/forum/latest-market-outlook-1