Taiwan Unleashes 'Plunge Protection Team' To Rescue Stocks Amid Korean Tensions

Amid a two-day tumble in stocks, Taipei-based Economic Daily News reports that the Taiwanese government unleashed its 'Plunge Protection Team' yesterday as the local stock market fell on growing tensions between the U.S. and North Korea.

Eight Taiwan government-run banks bought combined net NT$1.96 billion (around US$65 million) of shares Wednesday to stall the slump...


While their efforts did buy-the-dip briefly, the Taiwan Stock Exchange Index tumbled into the close and is yet to open tonight to see if PPT is reinvoked.

Ironically, this reported intervention comes just hours after The US Federal Reserve's Jim Bullard seemed to hint that The Fed itself had "reluctantly" manipulated equity prices.


small axe Wed, 08/09/2017 - 21:03 Permalink

unlimited funny money to the rescue ... it's time for the "markets" to ride off into the sunset and be done with the pretense of anything but state control.

Downtoolong Wed, 08/09/2017 - 21:09 Permalink

It's obvious; on this path the governments of the world will end up owning everything, and nothing.Capitalism and free markets are dead. Long live government sponsored capitalism and free markets. 

Rebelrebel7 (not verified) Thu, 08/10/2017 - 02:31 Permalink

I have to laugh at the idea of the plunge protection team in the US! Millions are unemployed, in poverty, even homeless, yet, there is a plunge protection team funded by the government to protect the stock mmarket! High stock prices do not create jobs! It sounds like the A team, a stupid '80's series! The stock could go to zero and the company wouldn't lose any money if the company focussed on selling It's product, not It's stock! From fiat currency to fiat stock!  Who buys this shit and why?! It's ridiculous! It's much worse now!https://seekingalpha.com/article/4040012-u-s-stock-market-tops-25-trill… the 2000 peak market cap to GDP ratio peak was 146.19% , it is now at 146.28%. Good night and good luck!