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Aug 31, 2014

Central banks get discounts for trading EVERYTHING through CME Group and Comex - GATA I THE GATA DISPATCH - AUGUST 31, 2014.

Central banks get discounts for trading EVERYTHING through CME Group and Comex

Submitted by cpowell on 10:40AM ET Sunday, August 31, 2014. Section: Daily Dispatches
8:45p ET Saturday, August 30, 2014
Dear Friend of GATA and Gold:
When a high school graduate told GATA's conference in Washington six years ago that "there are no markets anymore, just interventions" --
-- he didn't know the half of it.
For Zero Hedge reports tonight --
-- that Eric Scott Hunsader, founder of market data research firm Nanex in Winnetka, Illinois (http://www.nanex.net), which exposed the algorithm trading responsible for the flash crash in gold futures on January 6 this year --
-- has discovered documentation at the U.S. Commodity Futures Trading Commission showing that CME Group, operator of various futures markets, including the New York Commodity Exchange (Comex), has been providing to central banks outside the United States, since at least July 1, 2013, a program of discounts for trading equity market, bond market, and commodity market futures, including gold and silver futures.
The documentation consists of a letter, dated January 29 this year, from CME Group's managing director and chief regulatory counsel, Christopher Bowen, notifying the CFTC of changes to the discount trading program for central banks. In his letter, Bowen insists, "The program's incentive structure does not impact the exchanges' ability to perform their trade practice and market surveillance obligations under the CEA [Commodity Exchange Act]. The exchanges' market regulation staff will monitor trading in the program's products to prevent manipulative trading and market abuse."
The letter is posted at the CFTC's Internet site here --
-- and, for safety's sake, at GATA's Internet site here:
Of course the CME Group letter does not say that any central banks have actually been using the trading discount program. But it does confirm that the trading mechanism has been established, and presumably it would not have been established and maintained if there had been no interest among central banks. In any case more documentation is available, as the CME Group letter says: "The program is subject to the exchanges' record retention policies which comply with the CEA."
That central banks are active in the currency and government bond markets long has been grudgingly acknowledged. GATA has documented extensively the surreptitious interventions of central banks in the gold market:
And now the CME Group filing with the CFTC indicates that central banks are surreptitiously active in the marketscomprehensively, bringing their power of infinite money creation to bear against ordinary market forces and ordinary investors -- without even telling them.
Those who expect the stock market bubble to pop may want to reconsider as long as central banks are prepared and equipped to buy everything.
This dispatch will be sent separately to representatives of most major Western financial news organizations. Will even one of them decide that comprehensive surreptitious market intervention by central banks is news?
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.


* * *

NYT | Today's Headlines - August 31, 2014: ISIS Displaying a Deft Command of Varied Media.

The New York TimesMost Popular | Video | My Account

Today's Headlines

Sunday, August 31, 2014


Top News
ISIS Displaying a Deft Command of Varied Media

By SCOTT SHANE and BEN HUBBARD

ISIS, the Islamic State in Iraq and Syria, is using every contemporary mode of messaging to recruit fighters, intimidate enemies and promote its claim to have established a caliphate.
Representative John Lewis of Georgia has described Ferguson, Mo., as a rallying point.
At Risk in Senate, Democrats Seek to Rally Blacks

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With their Senate majority imperiled, Democrats are trying to mobilize African-Americans outraged by the shooting in Ferguson, Mo., to help them retain control of at least one chamber of Congress.
. Interactive  Interactive: Who Will Win the Senate?
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A growing number of credit unions and nonprofit groups are using lotteries to encourage low-income families to save.
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In the continuing protests over the killing of a black teenager by a white police officer, protesters were encouraged to tie up traffic on the Labor Day holiday.

OPINION | OPINION

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Aug 30, 2014

YouTube | RT has uploaded Keiser Report: Fast Food Tax Evasion (E647) - August 30, 2014-.



RT has uploaded Keiser Report: Fast Food Tax Evasion (E647)




Keiser Report: Fast Food Tax Evasion (E647)
RT
In this episode of the Keiser Report, Max Keiser and Stacy Herbert discuss Burger King, yet another company fleeing America for yet another ‘free’ healthcare nation, Canada. Meanwhile, back in America naked incidents are on the rise and, in Europe, suicide tourism rises four-fold. In the second half, Max interviews Trace Mayer about bitcoin, central banking and geopolitics.

YouTube | Al Jazeera English has uploaded Henrique Capriles: 'I am a democrat'.



Al Jazeera English has uploaded Henrique Capriles: 'I am a democrat'


Henrique Capriles: 'I am a democrat'
Al Jazeera English