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Move Over, Adam Smith: The Visible Hand of Uncle Sam

Published online by Cambridge University Press:  07 May 2025

John Embry  and
Andrew Hepburn
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[John Embry and Andrew Hepburn provide a valuable entry into the world of finance. The two analysts illuminate the shadowy trail of the “Plunge Protection Team” in its apparent mission to rig the American stock markets. Their account is backed up by considerable indirect evidence as well as statements by credible insiders. If their account is correct, it means that US markets look a lot like the Japanese markets that were long derided for being a site of repeated official manipulation. A more important conclusion may be that US markets are even shakier than many believe.

Type
Research Article
Information
Asia-Pacific Journal , Volume 2 , Issue 7 , July 2004 , e8
Creative Commons
Creative Common License - CCCreative Common License - BYCreative Common License - NCCreative Common License - ND
This is an Open Access article, distributed under the terms of the Creative Commons Attribution-NonCommercial-No Derivatives licence (http://creativecommons.org/licenses/by-nc-nd/4.0/), which permits non-commercial re-use, distribution, and reproduction in any medium, provided the original work is unaltered and is properly cited. The written permission of Cambridge University Press must be obtained for commercial re-use or in order to create a derivative work.
Copyright
Copyright © The Authors 2004