New York Fed Intervenes In Currency Markets

Discussion in 'Wall St. News' started by PocketChange, Mar 18, 2011.

  1. How is it legal for a private corporation to manipulate the markets?

    WASHINGTON — The New York Federal Reserve Bank confirmed that it intervened in currency markets on Friday for the first time in more than a decade.

    The disclosure came a day after the Group of Seven major industrialized nations pledged in a statement to join in a coordinated effort to weaken the Japanese yen. The yen has surged in the last week to post-war record levels following the Japanese earthquake and tsunami.

    A spokesman at the New York Fed, which operates as the agent of the U.S. Treasury in currency operations, confirmed that it had intervened.
  2. cvds16


    how is it illegal for a private corporation to buy a currency ?
  3. benwm


    it's legal to break the rules when you make the rules
    that's why government's tax us - they can steal, we can't

    the Fed is a private entity, technically, but it doesn't operate as one, if it did you would not have QE or the PPT, both forms of market manipulation

    and nobody ever stopped JPMorgan from manipulating the silver markets either
  4. benwm


    buying a currency is legal, manipulation isn't, so it depends whether you define co-ordinated action as manipulation

    or is manipulation illegal in fx markets? I'm not sure actually...
  5. Coordinated, collaborative and conspiring efforts to keep the Yen in check are the acts they have engaged in. I suppose these acts could be prosecuted under RICO, Sherman Anti-Trust / Price Fixing and all proceeds seized under the Patriot act among a plethora of other charges for everyone else.

  6. There has been "manipulation" in the foreign exchange markets ever since they existed...

    Can't stand the heat, get out of the kitchen.
  7. Could be prosecuted under RICO and Sherman Anti... ??


    I see the conspiracy theorists on this site are back at it again.

    Im sorry but ppl like you should be banned from this site for being so rediculously airheaded.
  8. Lighten up francis... just a little sarcasm. But by all means ban me ;)

  9. rdg


    Seriously. It's a stated purpose of the NY Fed to intervene in foreign exchange markets to "...counter disorderly conditions in foreign exchange markets." Why is it so upsetting that they are doing what they are tasked with doing?
  10. Good to know there are at least a few in here that have some brains and common sense. :)
    #10     Mar 18, 2011