A plaque remaining from the Big Apple Night Club at West 135th Street and Seventh Avenue in Harlem.

Above, a 1934 plaque from the Big Apple Night Club at West 135th Street and Seventh Avenue in Harlem. Discarded as trash in 2006.

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Entry from April 15, 2016
“There are no markets anymore, just interventions”

Chris Powell, Secretary/Treasurer of the Gold Anti-Trust Action Committee (GATA), gave a speech titled “There are no markets anymore, just interventions” in April 2008. Powell said about central banking:

“For market intervention is exactly why central banking was invented. Intervening in markets is what central banks do. They have no other purpose.”

“There are no markets anymore, just interventions” quickly became a classic phrase of gold and silver traders, especially when discussing market manipulations.


Gold Anti-Trust Action Committee
Chris Powell, secretary/treasurer and director.
Powell has been managing editor of the Journal Inquirer, a daily newspaper in Manchester, Connecticut, since 1974. He began working at the paper when he left high school in 1967. He writes a column about Connecticut issues that is published in a dozen other newspapers in the state and Rhode Island and often appears on radio and television public-affairs programs in Connecticut.

From 2004 through 2009 he was legislative chairman of the Connecticut Council on Freedom of Information. In 2006 he was inducted into the Academy of New England Journalists by the New England chapter of the Society of Professional Journalists and the New England Society of Newspaper Editors.

GATA (Gold Anti-Trust Action Committee)
Chris Powell: There are no markets anymore, just interventions
Submitted by cpowell on Sat, 2008-04-19 05:18. Section: Essays
Remarks by Chris Powell, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
GATA Goes to Washington—Anybody Seen Our Gold?
Hyatt Regency Crystal City Hotel, Arlington, Virginia
Friday, April 18, 2008

(...)
For market intervention is exactly why central banking was invented. Intervening in markets is what central banks do. They have no other purpose.

Central banks admit intervening daily, even hourly, in the currency markets, buying and selling their own currencies and those of other governments to maintain exchange rates at what they consider politically desirable levels. Central banks admit doing the same in the government bond markets. Now there is even evidence that the Federal Reserve and Treasury Department have been intervening frequently in the U.S. stock markets since the crash of 1987.
(...)
Central bankers are supposed to be more capable of restraint than ordinary politicians, and maybe some are, but they are not always or even often capable of the necessary restraint. One market intervention encourages another and another and increases the political pressure to keep intervening to benefit special interests rather than the general interest—to benefit especially the financial interests, the banking and investment banking industries. These interventions, subsidies to special interests, increasingly are needed to prevent the previous imbalances from imploding.

And so we have come to an era of daily market interventions by central banks—so much so that the main purpose of central banking now is to prevent ordinary markets from happening at all.

Commodity Bull Market
Wednesday, September 10, 2008
There Are No Free Markets Anymore
There are no markets anymore, just interventions - Chris Powell, GATA

I cannot phrase the current state of the global markets any more succinctly than Chris Powell did in the title of his fantastic article for GATA.org.

Twitter
Ken Mediareader
‏@Spruce_gum
There are no markets - just interventions: http://bit.ly/42E4jT
8:49 PM - 28 Aug 2009

Twitter
Bui Tyril
‏@Tyril
Chris Powell: There are no markets anymore, just interventions—http://www.gata.org/node/6242
10:26 AM - 27 Mar 2010

The Market Oracle
A World of Manipulated Markets
Stock-Markets / Market Manipulation
Feb 24, 2014 - 12:18 PM GMT
By: James_Turk
“There are no markets anymore, just interventions.” — Chris Powell, Gold Anti-Trust Action Committee

Silver Doctors
Deutsche Bank Silver Settlement: GATA Vindicated!
Posted on April 15, 2016 by The Doc
(...)
“THERE ARE NO MARKETS ANYMORE; JUST INTERVENTIONS.” (Chris Powell, 2008, Washington Conference)

Posted by Barry Popik
New York CityBanking/Finance/Insurance • Friday, April 15, 2016 • Permalink