Paul Craig Roberts: We No Longer Have Free Markets

“We have all this propaganda about how globalism is bringing free capital markets to the world.  Well, there’s not one here (in the US).  If I’m correct in my conclusion about last Wednesday being an experiment in market manipulation, and then we add to that this policy of the Federal Reserve using its portfolio that it’s bought from quantitative easing for reverse repos, in order to further manipulate the market, then what does the market decide?  Nothing.  The prices of stocks today are due to the liquidity, and obviously also the bonds.  So the notion that there is a capital market that is pricing things is absurd.  These manipulations are pricing them.  How does this differ from central planning?”

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/12/21_Former_US_Treasury_Official_-_We_No_Longer_Have_Free_Markets.html

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