Monday (18th June) Will Not Be The End Of The (Banking) World, Sorry
Irredeemable Currency Session 2 (Solutions), 1 of 2
“Origins, irredeemable debt-based paper ‘money’, interest rates, inflation, arbitrage, gold backwardation, what is credit, an exchange of wealth for income, why do we have credit, senescence and urgency, annuitant and entrepreneur, annuitand and inventor, asymmetry, fifth actor: the capitalist, where does the capitalist get his capital, sixth actor: the investment banker.”
Irredeemable Currency Session 2 (Solutions), 2 of 2
“What does this capital market do, another kind of credit which is not debt, the real bill, some arbitrages, notes, fractional reserve, corrupt and failing system today, debt-based, debt-laced, collapsing, free market in money and credit, gold and silver circulate, banking, bonds, real bills, etc., three problems that must be solved (only three?), ensure payment of all debts in nominal terms, keep accounts, pensions, annuities, payrolls, etc. solvent, begin gold and silver circulation but bid/ask spread is far too wide, gresham’s law, living body vs corpse, prerequisites: repeal legal tender laws, repeal the nullification of gold clauses in contracts, no tax including capital gains tax, no real losers except for the rent seekers, a gold income, government should sell gold bonds.”
“a process of insolvency and when the bond defaults there’s no bid and when there’s no bid on the bond the currency goes to ZERO.”
“The worst case is that Rome is going to burn. This isn’t going to be 1929, this is going to be 472 AD.”
The USA had a smaller debt-to-GDP ratio back in 1929-33 than today so today’s higher debt-to-GDP ratio does suggest that this will be worse than 1929-33.
ECB Declines To Respond To Bloomberg FOIA Request On Greek-Goldman Swaps
They would be admitting they and Goldman Sachs and the then Greek leadership are all crooks.
The 25 Most Dangerous People in Financial Media – 1. Keiser/Herbert
“1. Max Keiser and Stacy Herbert (The Keiser Report)”
“2. Tyler Durden (Zero Hedge)”
“6. Herb Greenberg (CNBC)” – ha ha ha
“21. Kayla Tausche (CNBC)” – ha ha ha
Bank Holidays Begin in France? Banque Postal Stops Wires & Cash Transactions Friday
“due to ‘technical glitches’, and also stopped cash transactions beginning at 8am Friday!”
What Does The non-Federal non-Reserve Do? (1h3m)
“Note the specific wording at the end of the Act: “…to establish more effective supervision of banking in the United States; AND for other purposes.“”
Blank cheque anyone ?
RED ALERT from International Banker: Euro Has Collapsed!
“The source states that Greeks are now withdrawing €3.5 Billion a day, not the 1 billion being reported, with similar numbers for the rest of the PIIGS.”
Quiet Bank Runs Taking Place in Europe Now-Alasdair MacLeod–14.June.2012
“Alasdair Macleod of the GoldMoney Foundation joined us for a discussion of the escalating bank runs now taking place in Europe. Confidence in Greek, Spanish and Italian banks is at an all time low. It is estimated that $1 billion per day is flowing out of these banks and into “safer” banks in Germany and Switzerland. Eventually currency controls will have to be implemented, but this may coincide with suspension of passport free travel throughout Europe. While Americans may sleep easily at night, believing their savings are insured by the FDIC and believing the Federal Government will never let the banks fail, Europeans aren’t under any such illusions. They’re seeking relative safety, rather than the promise of a return. Italy has reached the point where return of capital is far more important than return on capital.”
“When euros leave Greece the National Bank of Greece creates euros to replace. When those euros arrive in Germany, they’re withdrawn from circulation by Bundesbank and in the books of the 2 central banks a loan is created whereby the National Bank of Greece owes the money to the Bundesbank. When I last looked at the balance for the capital flight, and remember this is something, this shouldn’t occur, this should all balance out, there shouldn’t be these huge great loans developing but at the last count the Bundesbank was owed just under 700 billion euros. That’s a measure of the capital flight that has occurred up until the end of last month.”
The Greatest Hoax Ever Perpetrated on (Hu)Mankind
“A few years ago, when J.P. Morgan grew their derivatives book by 12 Trillion in one quarter [Q3/07] – I did some back of the napkin math – and figured out how many 5 and 10 year bonds the Morgue would have necessarily had to transact on their swaps alone – if they are hedged. The bonds required to hedge the growth in Morgan’s Swap book were 1.4 billion more in one day than what was mathematically available to the entire domestic bond market for a whole quarter?”
“Put simply, interest rate swaps create more settlement demand for bonds than the U.S. issues.”
“This is why U.S. bonds “appear” to be “scarce” – which the bought-and-paid-for mainstream financial press explains to us is “a flight to quality”. Better stated, it’s a “FORCED FLIGHT [or sleight, perhaps?] TO FRAUD”.”
“What is important for people to realize is that interest rate swaps have two-way counterparty risk – meaning both sides of the trade must have adequate/available credit lines for each other before they can transact.”
“Ladies and gentlemen, the ENTIRE GLOBAL BANKING COMMUNITY DOES NOT HAVE SUFFICIENT CREDIT LINES, FOR MS, TO ALLOW MORGAN STANLEY TO GROW THEIR SWAP BOOK BY 8 TRILLION IN 6 MONTHS. Do remember, the Federal Reserve has purview over Bank Holding Companies – so the Fed necessarily knows “who” the other side of these trades really is – and they are implicitly “comfortable” with the counter-party risk.”
“In light of the psychedelic, incomprehensibly large amounts of swaps being consummated between Morgan Stanley and this “unidentified” counterparty – it is most likely that the counterparty is none other than the U.S. Treasury’s Exchange Stabilization Fund [ESF] – an entity that is accountable to NO ONE, has absolutely ZERO oversight and operates above ALL LAWS.”
“The U.S. Bond market has been “gamed” beyond belief and the only institution in the world with the means and motive to conduct this business is the U.S. Treasury [ESF] in conjunction with/acting through the New York Federal Reserve. As such, U.S. bond pricing and interest rates are set 100 % arbitrarily and today represent the BIGGEST FINANCIAL HOAX ever perpetrated on mankind.”
Council on Foreign Relations on America’s “Road to Nowhere”
“highlight the demise of the United States’ infrastructure”
Contrast this lack of infrastructure spending with the plentiful infrastructure spending of the 1930s.
Congress: “Mr. Schiff, The Time Has Expired” Schiff: “Unfortunately You’re Right”
To save what the U.S. Congress calls the free market, government has to stomp all over the marketplace.
Government has to intervene in the marketplace to repair the damage from the government’s previous intervention.
Ron Paul ~ Floor Speech About Syria: June 19 2012
Give the neo-imperialists hell, Ron Paul.
Nigel Farage: “Listen! The Whole Thing’s a Giant Ponzi Scheme!”
‘Just The Facts’ On The JPM ‘Whale’ Unwind Rumor
“The bottom-line is that the ‘price’ changes in IG9, HY9, and IG18 do not suggest any ‘recent’ change in the unwind scale and while we would expect that JPM has been unwinding (at least the hedge of the hedge), no-one knows how much and given the market’s awareness of the position, IG9 would dramatically underperform its whale-driven rally move (which it has not yet). Anything else is speculation – though it is clear that IG9 tranche notionals suggest the original tail-risk position remains on the books.”
MF Global Customers “Get the Chance” To Auction Off Hopes For the Full Return of Stolen Funds
“And it is an old axiom ‘that Caesar’s wife must be above suspicion.’ And in this case, she is at least caught outdoors in her nightie.”
€750 BILLION for creditors of Spain and Italy but where is the $1 BILLION for those defrauded by MF Global ?
Rick Santelli: Mainstream Media Doesn’t Care about MF Global
Rick Santelli Rant :Hidden Regulatory Agendas
Alphabet soup and we have forgotten the regulation that’s so simple.
Rick Santelli Interviews Bart Chilton on CFTC Incompetence
“CFTC delays conflict of interest rule.”
The implementation of this rule will doom the crooks on Wall Street.
“MF Global … there’s still 744 million in the UK … what the Brits say is that once that 744 million crossed the pond it lost it’s identity as customer money.”
Deutsche Bank: “The Spanish Recapitalization Is Not Working” – A Market Shock Is Required
“DB says: “Unfortunately, the market reaction was clearly negative, with Spanish 10 year rate brushing past 7% for the first time since 1996. Two main elements probably explain the market reaction: first, the increase in public debt triggered by the recapitalization whose cost will stay on the sovereign’s balance sheet under the current rules); second the seniority attached to ESM loans, if this scheme is used as the final channel for the EU loan instead of the EFSF.””
No f**king kidding, the ‘bailout’ just made the Spanish bond less attractive.
Ponzi Austerity: Interviewed on the Keiser Report
“Greece borrowed 4.2 billion euros from the EFSF so as immediately to pass it on to the ECB so as to redeem Greek government bonds that the ECB had previously purchased in a failed attempt to shore up their price. This new loan boosted Greece’s debt substantially but netted the ECB a profit of around 840 million (courtesy of the 20% discount at which the ECB had purchased these bonds). That’s all true and accurate. But it is incorrect that ECB bankers pocketed that 840 million. Who did? No one! It was lost inside the ECB’s balance sheet!”
The Federal Reserve Cartel
“But their monopoly over the global economy does not end at the edge of the oil patch. According to company 10K filings to the SEC, the Four Horsemen of Banking are among the top ten stock holders of virtually every Fortune 500 corporation.”
“So who then are the stockholders in these money center banks?”
“This information is guarded much more closely. My queries to bank regulatory agencies regarding stock ownership in the top 25 US bank holding companies were given Freedom of Information Act status, before being denied on “national security” grounds. This is rather ironic, since many of the bank’s stockholders reside in Europe.”
“J. Pierpont Morgan, who once stated,”
“Competition is a sin”, now opined gleefully, “Think of it. All competing railroad traffic west of St. Louis placed in the control of about thirty men.” ”
“Morgan and Edward Harriman’s banker Kuhn Loeb held a monopoly over the railroads, while banking dynasties Lehman, Goldman Sachs and Lazard joined the Rockefellers in controlling the US industrial base. ”
“In 1903 Banker’s Trust was set up by the Eight Families. Benjamin Strong of Banker’s Trust was the first Governor of the New York Federal Reserve Bank.”
“The 1913 creation of the Fed fused the power of the Eight Families to the military and diplomatic might of the US government. If their overseas loans went unpaid, the oligarchs could now deploy US Marines to collect the debts.”
“Several Western states banned the bankers. Populist preacher William Jennings Bryan was thrice the Democratic nominee for President from 1896 -1908. The central theme of his anti-imperialist campaign was that America was falling into a trap of “financial servitude to British capital”.
“Teddy Roosevelt defeated Bryan in 1908, but was forced by this spreading populist wildfire to enact the Sherman Anti-Trust Act. He then went after the Standard Oil Trust.”
“In 1912 the Pujo hearings were held, addressing concentration of power on Wall Street. That same year Mrs. Edward Harriman sold her substantial shares in New York’s Guaranty Trust Bank to J.P. Morgan, creating Morgan Guaranty Trust. Judge Louis Brandeis convinced President Woodrow Wilson to call for an end to interlocking board directorates. In 1914 the Clayton Anti-Trust Act was passed.”
This is the first time I have heard of the Sherman Anti-Trust Act and the Clayton Anti-Trust Act. I am learning a lot of ignored history.
Just Buying Time When the End is Near: David Schectman
2m10s “GATA’s Secretary and Chris Powell has a classic quote: ‘There are no markets anymore, only interventions’. And this applies to every aspect of economics and finance in the Western world. Free markets are dead.”
All interventions eventually fail and this one will be no different. And when the big reset comes can you say you acquired all the physical silver that could have gotten your hands on ?
3m “When I look at investing, Sean, I don’t think it exists. You’re dealing in a casino atmosphere that’s rigged against you in which the big money is in the hands of hedge funds and banks whose motive for profits has nothing to do with the big picture.”
Ron Paul’s June 15th Message to Supporters: The End of the Big Government Authoritarians
6m05s “What we’re in right now is the failure of Keynesianism, the failure of central banking, failure of fiat money.”
“A Matter Of Life And Death”: The Collapsing Greek Health-Care System Is In Critical Condition
“They are depriving of you of life, Persefoni, because in old times, when a given country was enslaved, there was a specific aggressor that the people could revolt against. Now, when the slave-master is debt, and thus one’s own desire to live beyond their means, it is far more difficult to look in the mirror and to revolt against what one sees. Which is why, one day at a time, the Greek civilization will continue to suffer the terminal consequences of infinite debt serfdom, until finally, after two thousand years, it no longer exists.”
Iceland economy grows at fastest pace since crash
“Increases in domestic consumption, tourism and exports have seen the Icelandic economy expand in the year’s first quarter at its fastest pace since the 2008 banking crisis. According to statistics released on Friday June 8, annual economic growth for the first three months of 2012 was at 4.5 percent while GDP grew 2.4 percent, the highest rate since the first quarter of 2008. Annual growth for 2011 was also up 2.7 percent, while the fourth quarter was up 1.9 percent on the same period of 2010.”
I wonder how our puppet masters are going to trick us into a war with Iceland.
The Sudden Rise of Peer-to-Peer (P2P) Commerce
The borrower meets the saver in direct fashion and cuts out the middle man because the middle men are bankrupt.
Ron, Rand & Total Collapse Before the NOV Election – Mike Rivero
“Under capitalism, when you make money you get to keep it and if you lose money then you are on the hook for it.”
“Under (anti-)socialism, if you make money it’s taxed away from you to better society, if you lose money society is taxed to cover the losses so you can start again.”
“But under fascism if you make money you get to keep it but if you lose money it’s socialised across the entire population so that you can dump the losses and go back and try again.”
Bob Hoye-Wall Street’s Partying Like It’s 1873-With Similar Results–20.Jun.12
“Legendary investor and financial market historian Bob Hoye joined us for another compelling interview. If you really believe this time is different, think again. Bob has traced this financial calamity and compared it to earlier collapses and the similarities are quite striking. While we inhabitants of the modern world take solace in believing that we’ve learned so much and progressed so far, when it comes to economic matters, nothing really ever changes. And those who refuse to learn from economic cycles are doomed to repeat them over and over. Just ask Spain and Greece and the world’s major banks. Until we completely abandon the economic intervention efforts of Keynesianism, what you see now is what we’ll always wind up with. Only each crash is progressively worse and more destructive than the last one.”
“And by the way, all that money that world’s governments and central banks have printed out of thin air, in an effort to try to keep the good times rolling, has all been wasted.”
Wasted from the general public’s perspective but the bankers keeping lining their pockets.
The Ineptocracy Is Taking Over-Joanne Nova–21.Jun.12
“Whether we’re talking about climate change, the United Nations, Taxis or anything else the government touches, anyplace in the world, the Ineptocracy always winds up in charge. It’s just human nature. That’s why we need limited government, to keep their reverse Midas Touch from destroying everything in its path.”
“For those of you not familiar with the work, here’s the definition. In-ep-toc’-ra-cy – a system of government where the least capable to lead are elected by the least capable of producing, and where the members of society least likely to sustain themselves or succeed, are rewarded with goods and services paid for by the confiscated wealth of a diminishing number of producers.”
“NOT ALLOWED TO SEE THE TEXT ON THE TREATIES.”
The Master Narrative Nobody Dares Admit: Centralization Has Failed
JH MINT: Socialite says Socialism is Anti-Socialhttp://www.brotherjohnf.com/archives/43565
Treaty Negotiated In Secret – Hidden Even from Congressmen Who Oversee Treaties – Threatens to Destroy National Sovereignty
Can we please have open government ?
Irish Politicians Demand Their Finance Minister Be Arrested For Attending 2012 Criminal Bilderberg Meeting
Hugo Price and Max Keiser can save Greece
“Physical silver is the key to ending worldwide Bankster oppression.”
Those Who See Will Survive the Coming Monetary System Collapse
“It seems not a terrible lot has changed since the 1400s. Leonardo da Vinci then stated, “There are three classes of people: those who see. Those who see when they are shown. Those who do not see.””
“While we can’t be certain of the percentages of each back then, certainly, today, those who do not see are the vast majority. Those who see when they are shown are very unusual. And those who see sometimes seem as rare as astatine – an element so rare that the total amount on Earth is thought to be less than 28 grams (1 ounce) at any given time.”
“Certainly, the nearly universal public indoctrination system is responsible for the low level of displayed awareness on Earth today. Just comparing Leonardo da Vinci to an equally famous person of today, Barack Obomba, is proof of the devolution”
LISTEN NOW – Stock Market is a Farce, We’re at the End Game, Gold, Miners & More – Bill Fleckenstein
“Why is everyone economically illiterate ?”
“Ultimately I think the bond market, as I’ve said before, or the dollar will take the printing press away from the Fed and that will the biggest economic event of our lifetimes probably since Nixon closed the gold window.”
Vaccinated children have up to 500% more disease than unvaccinated children
Government report: Many vaccines are expired or improperly stored, putting children at serious risk
“which could render them ineffective or even dangerous.”
Charlotte Iserbyt: The Miseducation of America
“While working there she discovered a long-term strategic plan by the tax exempt foundations to transform America from a nation of rugged individualists and problem solvers to a country of servile, brainwashed minions who simply regurgitate whatever they’re told.”
The Deadly Danger of Drones
One World Under Drone.
There Never Was An American Empire Only A Machine That Consumed Us All
“Please note that bankruptcy of the governments of America, Great Britain and Europe is part of the Great Banker Plan to take all of our wealth and transfer it to themselves. As I phrased it recently,”
“The Fundamental Fact of Your Existence as a modern man or woman is that the bankers of New York and London want to reduce you to Debt Slavery.”
“Accept that fact and move on to the solution.”
“The purpose of war in the 20th and 21st centuries was to generate debts you can never possibly pay so you will become a Debt Slave owned by the New York and London banks. Now you understand why you are the enemy. A well known psychologist recently asked me why 75 American Senators voted to allow 30,000 drones not just to surveil Americans but to also actually shoot us in the streets. The majority of those 30,000 drones will be armed. No Judge. No jury. Just immediate and summary execution for any American who displeases someone somewhere. No matter if the person with a finger on the button to kill you is just a teenager who thinks he is playing a video game.”
“It was beyond the normal framework of that psychologist’s mind to comprehend the evil nature of bankers who see you as their enemy. That is one reason for the lack of opposition to Wall Street’s psychotic behavior. Normal people are not capable of comprehending Pure Evil.”
“Let me explain how banking really works in the modern world. It is a means of enslaving everyone who is not a multi-billionaire. Even millionaires will be broken when the dollar, the pound and the euro collapse.”
$9 Billion in ‘Stimulus’ for Solar, Wind Projects Made 910 Final Jobs — $9.8 Million Per Job
The Cost of Perpetual War
Harvard Law Professor (Roberto Unger) Demolishes Obama
“A little old, but very important if you haven’t seen it. Roberto Unger, one of Obama’s law professors at Harvard and an adviser during the 2008 election, has totally thrown our Puppet in Chief under the bus. Now, whether or not you agreed with the promises Obama made during his 2008 campaign, many people did and despite disagreeing with him on many of his economic ideas, a considerable chunk of independents voted for him thinking he would prosecute the banksters, defend civil liberties and stop the endless warfare. Of course we now know that none of that happened. So here we have it. One of the guys who should be out there defending Obama absolutely demolishes him publicly.”
“The best quote that really does summarize Obama’s policy more than anything else…”
““Obama’s policies amount to financial confidence and food stamps.””
4m45s “And above all, take politics out of the shadow of money.”
5m40s “We need to democratise the markets.”
Faster And Furiouser: Darrell Issa Strikes Back, Holds Eric Holder In Contempt
What 9/11 Teaches Us About the Silver Market
“Apparently, on September 6 and 7, the Chicago Board Options Exchange harbored 4,744 put options on the aforementioned airline”
NSA refuses Congress’ plea for spy stats
“NSA won’t reveal # of Americans spied on citing privacy concerns.”
These alphabet agencies are forgetting that the Congress is their boss and besides the number is probably 317 million so the fourth amendment requirement of probable cause probably means that every American is probably guilty of something that will be revealed by spying on all of them.
Will Toledo, Ohio Be The First Major American City To Be Owned By China?
“In fact, some cities are in danger of becoming completely dominated by Chinese ownership. One of those cities is Toledo, Ohio. In many “rust belt” areas, real estate can be had for a song, and the Chinese are taking full advantage of this. America was once the wealthiest nation on earth, but now we are drowning in debt and we are being sold off in chunks to the highest bidder.”
Finger Monkeys – so cute
Senators Grovel, Embarrass Themselves at Dimon Hearinghttp://www.rollingstone.com/politics/blogs/taibblog/senators-grovel-embarrass-themselves-at-dimon-hearing-20120615
“Some of the weirder moments of the hearing:
43:27 In Dimon’s prepared statement, he notes that the “original intent” of his firm’s Chief Investment Office was to hedge the company against a “systemic event.” This turns out to be the first sortie in what would become an hours-long campaign to blur the lines between hedging and betting.
After explaining the “original intent” of the unit, he never quite comes out and says, “Of course, there came a point in time where we stopped worrying about hedging Chase’s portfolio and just decided to use all of our excess federally-insured money to turn CIO into the world’s hugest and most dangerous hedge fund.”
Instead, what he says is that Chase “embarked on a complex strategy that entailed adding positions that it believed would offset the existing ones.”
Then, when he gets to the part of his presentation where he has to sell this con to the Senators – the idea that his “safe” hedging department somehow accidentally “morphed” into a giant gambling operation – he begins slurring his words and stammering.
Dimon’s performance was oddly nervous, grating, and maladroit throughout. He didn’t look like an experienced public speaker and one of the most powerful men in the world, but more like a traveling salesman stammering and rambling in an attempt to talk a night judge out of a pandering bust.
He particularly kept swallowing the word “granular,” which repeatedly came out as “granyer.” The phrase, “CIO, particularly the synthetic credit portfolio, should have gotten more scrutiny,” came out like CIO partick-ler the synth-por-shoulda more scrooney. I don’t mention this to pick on the guy’s public presentation, but more because it seemed like Dimon’s speech got more manic and incoherent the more he dissembled and covered up.
54:30 Alabama Republican Richard Shelby, whose hometown of Birmingham, Alabama was raped by Dimon’s company and will be in bankruptcy for a generation thanks to Chase’s criminal Jefferson County swap deals, leads off his questioning by tossing Dimon a softball, asking him what risk CIO was managing.
“You were managing risk, what were you managing?” he asks, quickly reassuring Dimon that he won’t be asked to divulge any trade secrets that might hurt his business. “Without divulging your proprietary interests, we don’t want you to do that!” he gushes.
To Shelby’s credit, he does go on to ask Dimon a real question, asking him whether the losses in CIO resulted from a genuine hedge, or from a bet. He presses Dimon on whether the portfolio was designed to offset other investments, or designed to make money on its own. Dimon, as he would all day, answers by taking the rhetorical fork in the road.
“What they were meant to do was, in benign environments, maybe make a little bit of money,” he says. “But if there was a crisis, like Lehman, like Eurozone, it would actually reduce risk dramatically by making money.”
Huh? Dimon continually tried this cup-and-ball trick, where he’d first call something a hedge and then two seconds later say it was a directional bet that made money. A lot of Wall Street hotshots will try this with non-financial audiences, puffing out jargon-rich clouds of contradictory verbiage (“benign environments?”) in the hope that the intimidated listener stands down and accepts it all as true and correct and not what it is, i.e. incoherent bullshit.
But Shelby, again to his credit, doesn’t let him get away with it, not yet anyway. “So were you investing, or hedging?” he asks.
“No, I would call this hedging at this time,” Dimon says. “This was hedging the risk of the company. It would protect the company in the event things got really bad …. If credit went bad, this would do really well.””
“I’m no expert, but this doesn’t sound like a hedge to me, it sounds like a massive short on corporate credit. But Shelby finally lets it pass.”
“69:13 Midway through the hearing, there’s a long stretch where everybody’s basically asking Dimon’s advice on how to run the economy, and how to design the Volcker rule. Republican Mike Crapo of Idaho’s penetrating question is, “What is a proper hedge in the context of the Volcker rule?””
“This is a guy who just committed a massive blunder with federally-insured money, a guy who is here answering questions because his company, at his direction, clearly and intentionally violated the spirit of the Volcker rule, and these clowns on the Banking Committee are asking Dimonfor advice on how to write the rule! It was incredible. Can you imagine senators asking the captain of the Exxon Valdez what his ideas are for new shipping safety regulations – and taking him seriously when he says he doesn’t think they’re a good idea?”
“Merkley, who offered the key Volcker rule amendment in the Dodd-Frank negotiations, was the only member who pointed out the lunacy of this argument. Nobody is saying participation in the capital markets should be cut back; nobody’s trying to ban investment banking or hedge funds. The only thing anyone is suggesting is that you shouldn’t be able to bankroll a risky hedge fund with federally-insured money.
You can either be a commercial bank, with all the federal support that entails, or you can be a high-risk gambler. But you shouldn’t be allowed to be both. We could have Chase Commercial Bank, and Chase Investments Inc., and they can each be as big as they want, but those companies should be separate. Why do we need companies like Chase that are both things, under one tent?
The real answer, from Jamie Dimon’s point of view, is simple – there’s no way he could have a $350 billion hedge fund if he didn’t have mountains of federally-insured money to play with, and a steady stream of low-interest loans from the Fed. Merkley points this out:
“How many companies on the planet have been offered half a trillion dollars in low-interest loans? Not many,” he says. “But the basic concept of the Volcker rule is that banks are in the lending business, not the hedge fund business. Would you agree?”
Dimon, taking his time with this dangerous question, answers: “We’re not in the hedge fund business.”
This is an obvious lie – that’s exactly what Chase’s CIO unit is, a giant hedge fund. Merkley goes on to point this out, noting that executives at CIO had already admitted that they were told to change their strategy and accumulate high-yield assets, and specifically risky credit derivatives, instead of safer, government-backed securities. Moreover, this was all at Dimon’s specific direction.
“That sounds like operating a hedge fund,” says Merkley, “and doing so at your direction, with government-insured deposits.””
Why the Senate Won’t Touch Jamie Dimon: JPM Derivatives Prop Up U.S. Debt
“So should Dimon be regarded as a national hero? Not if past conduct is any gauge. Besides the recent $3 billion in JPMorgan losses, which look more like illegal speculation than legal hedging, there is JPM’s use of its conflicting positions as clearing house and creditor of MF Global to siphon off funds that should have gone into customer accounts, and its responsibility in dooming Lehman Brothers by withholding $7 billion in cash and collateral. There is also the fact that Dimon sat on the board of the New York Federal Reserve when it lent $55 billion to JPMorgan in 2008 to buy Bear Stearns for pennies on the dollar. Dimon then owned nearly three million shares of JPM stock and options, in clear violation of 18 U.S.C. Section 208, which makes that sort of conflict of interest a felony.”
“Financial analyst John Olagues, a former stock options market maker, points out that the loan was guaranteed by $55 billion of Bear Stearns assets. If Bear had that much in assets, the Fed could have given it the loan directly, saving it from being swallowed up by JPMorgan. But Bear did not have a director on the board of the NY Fed.”
“Is there no alternative but to succumb to the Mafia-like Wall Street protection racket of a covert derivatives trade in interest rate swaps? As Willie and Kirby observe, that scheme itself must ultimately fail, and may have failed already. They point to evidence that the JPM losses are not just $3 billion but $30 billion or more, and that JPM is actually bankrupt.”
“The private creation of money at interest is the granddaddy of all pyramid schemes; and like all such schemes, it must eventually collapse, despite a quadrillion dollar derivatives edifice propping it up. Willie and Kirby think that time is upon us. We need to have alternative, public and cooperative systems ready to replace the old system when it comes crashing down.”
Capital Controls Coming
“In the second and third scenarios, the result will be capital controls ranging from bank closures (like FDR’s 1933 bank holiday), to expropriation of bank accounts (as when Argentina converted dollar-based accounts to pesos in 2002), to restrictions on the movement of wealth across borders. Planing for such capital controls is well under way”
Outrageous: Newsweek editor promotes drone strikes (This Passes for “Journalism”?)
“Automatically consider every military age male in the strike region to be an enemy combatant.”
If the strike region encompassed a piece of two way highway and a guy just happened to travelling in the other direction to that of the intended target that DOES NOT MAKE THAT GUY AN ENEMY COMBATANT.
We are definitely living in the world of George Orwell’s 1984.
Do these people know how stupid they sound ?
This meaningless green drivel, by environment guru: Scientist’s U-turn on doomsday claim
“Ex climate change advocate now believes sea levels rising is not a problem”
“He was once a guru to environmentalists, claiming climate change would kill billions of humans by the end of this century.”
“But it seems James Lovelock has had a change of heart.”
“On the eve of a major environmental summit, he has attacked the modern green movement – declaring its theories ‘meaningless drivel’.”
Hong Kong Exchanges Outbid JPM, Goldman, Acquire LMEhttp://www.silverdoctors.com/hong-kong-exchanges-outbid-jpm-goldman-acquire-lme/#more-8336
China (HKE) Buying London Metal Exchange!
The chairman of the board of directors of En+ group that has a relationship with the Hong Kong Mercantile Exchange, not HGE, was Nathaniel Rothschild but now it is Oleg Deripaska.
Forget Greece, Watch China
“We go to Chris Duane … because he is the master deconstructor.”
Part 1 7m10s “The thing that’s going against the Rothschilds is their history, they destroyed China, they were behind the Opium Wars, the Rothschilds funded England, England ruled the world, England did two 20 year wars against China which ripped apart that nation, which impoverished it, which gave rise to Mao and to me I think the Chinese are taking and taking whatever the Rothschilds give them but at the end of the day they’re going to get the carpet yanked out from underneath them.”
I do hope I live to see the downfall of the Rothschilds.
Part 2 “More potential powerful power is an awakened humanity that gets the game. Because I’ll tell you what. As powerful as the Rothschilds and Rockefellers are, as powerful as the Chinese Communist ruling power, they are completely wake as soon as humanity wakes up and says ‘this is all the Wizard of Oz. They’re just men behind the curtains. This is a game and I just need to walk away from it, take my assets, my intelligence and walk away from toxic thoughts, toxic people, toxic relationships, toxic jobs, toxic investment, toxic state and just walk away. Because these parasitical psychopaths that are at the top of these hierarchical power structures whether it’s London, Washington, Beijing, Moscow, they’re useless, they’re powerless without our active or willing participation in supporting them.”
“And that is where humanity is going to go. As much as they would like to have World War 3, maybe have China go against the United States, let’s blow up the whole world, let’s redo it like we did in World War 2. I think humanity is going to say ‘you know what, China is not our enemy than Iran or Iraq or Libya.”
1m40s “That’s why statism is bankrupt.”
Everyone who is reading this email needs to take advantage of the fact that the silver market has been destroyed these past 140 years because the time is coming when the masses recognise silver’s fundamentals and realise that silver is most assuredly not in a bubble.
Everyone, including Chris Duane, will be amazed when silver is restored to it’s true value albeit denominated in each of the illusory paper currencies but one day in the not too distant future all of today’s fiat paper currencies will end up in the dustbin of history because that is where all of the preceding fiat paper currencies have ended up.
SBSS 37. Blood On The Street
SBSS 38 Ideas Are More Powerful Than Bombs
Zbigniew Brzezinski is at 11m10s saying “The other major change in international affairs is that for the first time in all of human history, mankind is politically awakened. That’s a total new reality, total new reality. It has not been so for most of human history until the last 100 years. And in the course of the last 100 years the whole world has become politically awakened. And no matter where you go politics is a matter of social engagement and most people know what is generally going on in the world and are consciously aware of the global inequities, inequalities, lack of respect, exploitation. Mankind is politically awakened and is stirring.”
What have the elites done about combating global inequities, inequalities, lack of respect, exploitation ? Have they been creating these things and profiting from these things ?
Fake Al Qaeda Actors EXPOSED! Adam Gadahn & Yousef al-Khattab
FAKE TERROR – THE ROAD TO WAR AND DICTATORSHIP
“It’s the oldest trick in the book, dating back to Roman times; creating the enemies you need.”
“In 70 BC, an ambitious minor politician and extremely wealthy man, Marcus Licinius Crassus, wanted to rule Rome. Just to give you an idea of what sort of man Crassus really was, he is credited with invention of the fire brigade. But in Crassus’ version, his fire-fighting slaves would race to the scene of a burning building whereupon Crassus would offer to buy it on the spot for a tiny fraction of its worth. If the owner sold, Crassus’ slaves would put out the fire. If the owner refused to sell, Crassus allowed the building to burn to the ground. By means of this device, Crassus eventually came to be the largest single private land holder in Rome, and used some of his wealth to help back Julius Caesar against Cicero.”
“In 70 BC Rome was still a Republic, which placed very strict limits on what Rulers could do, and more importantly NOT do. But Crassus had no intentions of enduring such limits to his personal power, and contrived a plan.”
“Crassus seized upon the slave revolt led by Spartacus in order to strike terror into the hearts of Rome, whose garrison Spartacus had already defeated in battle.”
“Terrified of the impending arrival of the much-feared army of gladiators, Rome declared Crassus Praetor. Crassus then crushed Spartacus’ army and even though Pompey took the credit, Crassus was elected Consul of Rome the following year.”
“Are the terrorists really a threat, or just patsies with fake bombs and Casio watches, paid for by Cicero and given brown shirts to wear by Hitler?”
Fake Al Qaeda
New Face of Terror: FBI creates bogeyman out of Occupy
Entrapment to taint the grass roots movement. Monitor, induce and facilitate each fabricated plot.
UN Plans to Expand the Phony Water Crisis … ‘Smart Water Meters’ on the Wayhttp://thedailybell.com/4001/Anthony-Wile-Rio20-Plans-to-Expand-the-Phony-Water-Crisis-Smart-Water-Meters-on-the-Way
“The results will doubtless be a further weakening of property rights around the world under the guise of communitarianism and outright socialism.”
For whoever wants to keep score: man-made global warming is phony, energy crisis is phony and now we have a phony water crisis.
The Nightmare Gathers Force
“Taking antibodies from women with a rare condition known as “immune infertility” and isolating the genes that regulated the manufacture of those antibodies, they inserted them into the corn plants, creating, in essence, a biological weapon for population control. And who was helping to finance this endeavor? The Gates’ Foundation (which includes the Buffet Foundation) and the Rockefeller Foundation, through a project called The Alliance for a Green Revolution”
If You Do Not Learn Real History, You Will Be Dead Really Soon
“Edith Cavell was a British nurse in World War I who wrote in the April 15th issue of the Nursing Mirror of her plan to bring the Great War to a speedy conclusion. She was executed under orders from William Wiseman the head of MI6 for North America.”
“She had discovered that the British relief program to feed the Belgian widows and orphans was a fraud used by the Rothschild interests to prolong the war. They did not feed the Belgians. The food was put on rail cars and sent across the lines to feed the German soldiers. The relief efforts were headed by the exceedingly despicable Herbert Hoover who profited from this enterprise. He was a Rothschild business partner in Rio Tinto Zinc. Hoover also organized the relief program to save the Russians from starvation under a fellow Rothschild associate, Joe Stalin.”
“Ferdinand Lundberg in America’s Sixty Families told us that an associate of JP Morgan went around America in 1915 telling businessmen that America could prolong the war in Europe by promising to enter the war after the elections of 1916. This would be wonderful thing to do because it would bankrupt England and France making America the world financial capital.”
“That the prolongation of the Great War killed millions, made the Soviet revolution possible which killed more than sixty million and set the horrors of WW II in motion is of no consequence to men who think like bankers in terms of human life.”
“Do you now understand what America has been doing since WW I? Are you prepared to accept what fate the Rothschild banking network has planned for you?”
“The US government which had resisted evil from time to time was taken over by a coup with the assassination of President Kennedy in 1963. He was assassinated on the anniversary of the first meeting to create the privately owned Federal Reserve bank on November 22, 1910. It was a clear message that America was not allowed to replace Federal Reserve Note with US Treasury Banknotes as JFK had done with Executive Order 11110. This would have saved U.S. taxpayers trillions of dollars in fraudulent payments to the bankers. Israel also told the U.S. that their nuclear weapons program was not subject to American objections. And of course there was the desire to get the United States into the the Vietnam war so it would be lost thus hastening the destruction of America. Hint: That is why North Korea was given to Stalin after the war. The bankers wanted to kill Americans in the Korean War and run the country into the ground.”
November 22, 1910 vs November 22, 1963 – I suppose this is just another coincidence.
“It is no accident that George H.W. Bush made his first public declaration of the New World Order on 9-11-1990 11 years before his son presided over the 911 betrayal of America.”
The bulls**t that was the First Persian Gulf War 9-11-1990 vs 9-11-2001 – I suppose this is just another coincidence.
“My Spanish speaking friends might note that the coup against Salvador Allende occurred on 9-11-1973.”
9-11-1973 vs 9-11-2001 – I suppose this is just another coincidence.
“Now that you understand real history you know what the men who think they own both you and your government will do to you after they have squeezed the last penny out of you and have no further use for you, your friends and your family.”
After you see too many evil coincidences, you wake up to our real enemy.
“Indeed, at the height of the global financial crisis Antonio Maria Costa, then the head of the UN Office on Drugs and Crime told The Observer “he has seen evidence that the proceeds of organised crime were ‘the only liquid investment capital’ available to some banks on the brink of collapse last year. He said that a majority of the $352bn (£216bn) of drugs profits was absorbed into the economic system as a result.””
“The alleged US’s “war on drugs” may well never end, because the banks which launder drug money are making such an intense profit from this practice.”
Roosevelt’s ‘Secret Map’ Speech
“Roosevelt was not the first or the last American president to lie to the people. But rarely has a major American political figure given a speech as loaded with brazen falsehood as Franklin Roosevelt did in his Navy Day address of October 27, 1941, which was delivered to a large meeting in Washington, DC, and broadcast live over nationwide radio.”
“At a press conference the day after the address, a reporter rather naturally asked the President for a copy of the “secret map.” Roosevelt refused, but insisted that it had come from “a source which is undoubtedly reliable.””
“The full story did not emerge until many years later. The map did exist, but it was a forgery produced by the British intelligence service”
A VIRUS CALLED FEAR
Do not be afraid.
The Unforgettable Fire
Terrorists won’t be killing us, it might be radiation from Fukushima that kills us.
“If the President Does It, It’s Legal?”
“In May 2011 the Pentagon declared that another country’s cyber-attacks—computer sabotage, against the US—could be considered an “act of war.” Then, one morning in 2012 readers of the New York Times woke up to headlines announcing that the Stuxnet worm had been dispatched into Iran’s nuclear facilities to shut down its computer-controlled centrifuges (essential to nuclear fuel processing) by order of President Obama and executed by the US and Israel. The info had been leaked to the paper by anonymous “high ranking officials.” In other words, the speculation about Stuxnet was at an end. It was an act of war ordered by the president alone.”
Flame virus ‘created by US and Israel as part of intensifying cyber warfare’
Stuxnet and now Flame, both created by the US.
Big Powers Move In On Syria: WW3 Set To Blow?
“As we saw in Iceland, and Egypt, and historically in the French, Russian, and American revolutions, popular uprisings start in the core of the nation, in the big cities. The millions of Egyptians in Tahrir square have no parallel in Damascus. As the “activity map” shows, the so-called Free Syria army are infiltrating from outside Syria, along the paths indicated by the blue arrows.”
“This map proves that the conflict in Syria is not a popular uprising but an attempted overthrow by outside parties.”
The United Nations Charter Chapter VII authorizes the Security Council to approve military intervention in a country only as a response to a breach of, or threat to, international security. The Libyan conflict was supposedly internal – there was no military threat to any other country – but external forces were involved and we are seeing the same bulls**t happening with Syria.
As U.S. Rep. Dennis Kucinich, D-Ohio, said: “NATO’s top commanders may have acted under color of international law but they are not exempt from international law.”
As many of you well know, every U.S. war since its civil war has origins based in lies
1) Sinking of the USS Maine in Havana harbour was not Spanish sabotage,
2) Sinking of the civilian liner Lusitania was carrying munitions – the military using human shields,
3) Attack on Pearl Harbour was decidedly not unforeseen,
4) Vietnam’s Gulf of Tonkin incident with North Vietnam torpedoes that never happened,
5) Kuwaiti incubators, 6) Iraqi WMD that did not exist,
7) Misleading footage of the 2008 situation between Russia and Georgia in South Ossetia,
8) Cropped footage falsely portraying a rally in Iran as protesting government,
9) Claimed footage from Tripoli’s Green Square, Libya was actually from India,
10) Supposed Syrian incubators that were actually from Egypt,
11) Non-journalist news packaged as from journalists,
12) Supposed independent analysts appearing on media had been briefed by the Pentagon,
13) Fake social media personas.
Hidden US-Israeli Military Agenda: “Break Syria into Pieces”
THE HOULA MASSACRE DETAILED INDEPENDENT INVESTIGATION: The Syrian Opposition Terrorists “Killed Families Loyal to the Assad Government”