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Rumors Grow that the U.S. Fed is Propping Up the Stock Market

Courtesy of Pam Martens.

Traders at the New York Fed Have Speed Dials to Wall Street's Biggest Firms

Traders at the New York Fed Have Speed Dials to Wall Street’s Biggest Firms (Source: Federal Reserve Educational Video)

It’s not every day that three well-credentialed men are willing to put their names and reputations behind the allegation that the U.S. Federal Reserve is rigging the stock market. But that’s exactly what happened yesterday. Paul Craig Roberts, a former Associate Editor of the Wall Street Journal and Assistant Secretary of the U.S. Treasury under President Ronald Reagan joined with Economist Michael Hudson and Wall Street veteran Dave Kranzler to write that “it appears that in May 2010, August 2015, January/February 2016, and currently in February 2018 the Fed is rigging the stock market by purchasing S&P equity index futures in order to arrest stock market declines.”

This is not the first time the Fed has come under such suspicion. In 2013 Time Magazine’s Dan Kadlec wrote the following about the unprecedented number of central banks that were moving into stock purchases:

“The U.S. Federal Reserve does not appear to have joined in the stock-buying trend. The Fed is not permitted to make direct stock purchases. But there is nothing to prevent it from funding a Special Purpose Vehicle that buys a broad basket of stocks through indexes or Exchange Traded Funds. In the past year, Wall Streeters have speculated the Fed would buy stocks as part of its quantitative-easing programs to stimulate the economy.”

More suspicions were raised on May 23 of last year when long-tenured New York Post financial writer, John Crudele, suggested that the heavy purchases of stocks by the Swiss central bank could be “as an agent of US financial authorities who fear that a big decline in stock prices would be against America’s national interest?”

According to the latest official annual report of the Swiss central bank, it held $140 billion in stocks as of December 31, 2016, a 30 percent increase over 2015. We also reported on August 25 of last year that the Swiss central bank had a very large appetite for big U.S. tech stocks. We wrote:

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