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Pam and Russ Martens: What was the ESF doing during the rioting at the Capitol?

Section: Daily Dispatches

Death and Mayhem Inside the Capitol Building and the Stock Market Gains 437.8 Points. Why?

By Pam and Russ Martens
Wall Street on Parade
Thursday, January 7, 2021

... While all of this mayhem and insurrection played out on television screens around the world, and world leaders were forced to confront the possibility that there would not be a peaceful transition to a new president in the United States, the Dow Jones Industrial Average yawned at the chaos. This is certainly not a normal reaction for the U.S. stock market, especially since it's already in bubble territory.

There was the distinct impression among market watchers that an invisible hand was once again intervening to prevent a crash in the market as the violent events unfolded.

Thoughts turned immediately to Treasury Secretary Steve Mnuchin's Exchange Stabilization Fund, which, under the law (31 U.S.C. §5302) "may deal in gold, foreign exchange, and other instruments of credit and securities the Secretary considers necessary." Conveniently, the Exchange Stabilization Fund has grown from $94.3 billion in assets prior to Trump taking office to $682 billion as of September 30, 2020.

... For the full report:


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