Interesting Times …

The Chi­nese have an ancient curse which states:

May You Live in Inter­est­ing Times”

Well guess what? That’s exact­ly what you are doing right now, but maybe
you just haven’t noticed it. Or maybe you just accept it now as nor­mal.

Let me explain. We are liv­ing in the most unusu­al (read inter­est­ing) set
of finan­cial cir­cum­stances that this world have ever seen.

Maybe you have been so exposed to it and so famil­iar with it that you now
accept it as nor­mal. We no longer have a sound finan­cial sys­tem. It has
been replaced with the biggest Ponzi Scheme of all time. What is
con­sid­ered nor­mal or accept­able has shift­ed, slow­ly but sure­ly with the
pas­sage of time.

Cen­tral Bankers are to be blamed for all of these woes (ok TBTF banks
too). But con­tin­u­al­ly manip­u­lat­ing the sup­ply of mon­ey in their respec­tive
sys­tems, they have dilut­ed all our pre­cious mon­ey. so much so, that we are
near­ing the point of col­lapse, where it is just not cred­i­ble any­more.

Take some pre­cau­tions and make sure that you have at least 5 per­cent of
your net worth in some form of mate­r­i­al asset: Gold, Sil­ver, farm­land,
land, or some­thing. Of all Gold is prob­a­bly the eas­i­est to han­dle. That’s
why we rec­om­mend gold. It’s REAL MONEY!

So to recap. Don’t loose the faith and keep stackin’ …

© Copy­right MMXIII

Quote — Ayn Rand on Destroyers, Money and Gold

Author, Playwright, novelist, amatuer philosopher, and essayist

Ayn Rand

When­ev­er destroy­ers appear among men, they start by destroy­ing mon­ey, for mon­ey is men’s pro­tec­tion and the base of a moral exis­tence. Destroy­ers seize gold and leave to its own­ers a coun­ter­feit pile of paper. Paper is a mort­gage on wealth that does not exist, backed by a gun aimed at those who are expect­ed to pro­duce it. This kills all objec­tive stan­dards and deliv­ers men into the arbi­trary set­ter of val­ues. Gold was an objec­tive val­ue, an equiv­a­lent of wealth pro­duced. Paper is a check drawn by legal loot­ers upon an account which is not theirs: Watch for the day when it bounces, marked “account over­drawn.” ”

  • Ayn Rand (Alisa Zinov’yev­na Rosen­baum)

More Gold­en Mon­ey Quotes

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Quote — JP Morgan on Gold

JP Morgan - Showing uus all that tings don't really change...

JP Mor­gan him­self. Any rela­tion to Cap’n Mor­gan?

Gold is Mon­ey. Every­thing Else is Cred­it”

  • JP Mor­gan (New York Banker, Decem­ber 18 and 19 1912)

So there you have it. Straight from the hors­es mouth.

And what is real­ly inter­est­ing here is how this quote came about. This was not some sim­ple quip on the street, or over a glass of wine too many after din­ner impress­ing friends. No Siree!

This my lit­tle chums, was deliv­ered straight from the hors­es mouth to con­gress when he was being cross-exam­ined by a “spe­cial com­mit­tee” for bank fix­ing which was going on back then! Or, in their words Appoint­ed for the Pur­pose of Inves­ti­gat­ing an Alleged Mon­ey Trust in“Wall Street.”

You see back then there was a strong sus­pi­cion that the bankers were col­lud­ing (Noh say it aint so! Gasp, shock, hor­ror. Not like LIBOR or some­thing?!), and this was called the “Mon­ey Trust”. This was before the Fed­er­al Reserve, but about the time of the Jekyll Island stuff (see here).

For those inter­est­ed, I have a tran­scrip­tion of said JP Mor­gans Tes­ti­mo­ny right here before the “Bank and Cur­ren­cy Com­mit­tee of the House of Rep­re­sen­ta­tives”. I invite you to notice that Jamey Dimon is much more smug these days (did you know that he is a bub­ble? So he is not just mak­ing the bub­bles, he actu­al­ly is a bub­ble him­self ;.).

Anoth­er lit­tle bit of bunk — Mr Mor­gan was almost 75 years young when the Titan­ic sank. He had his own pri­vate suite and prom­e­nade deck on the Titan­ic. He was sup­posed to join her for her maid­en voy­age but can­celled last minute, spar­ing him the fate of many of his oth­er mil­lion­aires bud­dies.

So there you go geezer — “Plus ça change, …” and all that… Things have not changed one bit…

More Gold­en Mon­ey Quotes

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UBS to Pay Over $450 Million to Settle Libor Probe

UBS are get­ting ham­mered (as they should be):

ZURICHUBS AG (UBS) is close to a set­tle­ment with U.S. and U.K. author­i­ties and is expect­ed pay more than $450 mil­lion over claims that some of its employ­ees report­ed false Libor rates to boost the bank’s prof­it, the New York Times report­ed Sun­day, cit­ing anony­mous offi­cials briefed on the mat­ter.

If the Zurich-based bank agrees to the deals with var­i­ous author­i­ties, the col­lec­tive penal­ties would yield the largest total fine to date relat­ed to the rate-rig­ging inquiry and would increase the like­li­hood that oth­er finan­cial insti­tu­tions would face stiff penal­ties, it report­ed.

UBS was­n’t imme­di­ate­ly avail­able to com­ment on the report.

Author­i­ties dealt their first blow in the rate-rig­ging case in June, when U.K. bank Bar­clays Plc (BARC.LN) agreed to a $450 mil­lion set­tle­ment.

U.S. offi­cials are hop­ing to com­plete a deal with UBS by the mid­dle of the month, accord­ing to offi­cials briefed on the mat­ter, the paper report­ed.”

see the full sto­ry:–00132

© Copy­right MMXII

Richard Russel Fears that Money will Die

Richard Rus­sell is con­vinced that we are in the End-Game of this finan­cial regime and that mon­ey will die because of the Fed­er­al Reserve inter­ven­tion and gov­ern­ment manip­u­la­tion.

Richard Russell

Richard Rusell was one of the first News Let­ter authors

Here is what he had to say:

At any rate, I’m per­son­al­ly torn between putting all my assets into bul­lion gold coins or leav­ing half in gold and half of my assets in US dol­lars. Very frankly, I’m no longer even think­ing of mak­ing mon­ey in the mar­kets — I just would love to keep my pur­chas­ing pow­er intact. On top of that, I don’t trust the gov­ern­ment, and I don’t trust the Fed or the Trea­sury. In their demand to mak­ing Fed notes the only legal ten­der mon­ey, I believe the Fed (and the gov­ern­ment) would stoop to any trick or law or machi­na­tion to ensure that Amer­i­cans must accept Fed notes as the only legal ten­der mon­ey.

The gov­ern­ment (Con­gress?) could pass a law out­law­ing any trans­ac­tions in gold or sil­ver or any pre­cious met­al. The gov­ern­ment could halt the trad­ing of gold or gold ETFs. Or there might be a dozen tricks that the gov­ern­ment could use that would out­law the use of gold as legal ten­der. Then, there are always tax­es as a bar­ri­er to even own­ing or trad­ing gold. As it is, the IRS treats gold as a col­lectible and tax­es you when you sell your gold.

So I dun­no, hold all your assets in gold bul­lion coins? Frankly, I’m afraid to. The bankers demand that I use their rot­ten fiat notes as mon­ey, and believe me, the bankers (the Fed) run the coun­try.

Thus, I am doomed to hold some dol­lars, and, in turn, my dol­lars are doomed to lose pur­chas­ing pow­er month after month, and year after year. Talk about rob­bery!

What about own­ing stocks as a way to keep your pur­chas­ing pow­er? Bill Gross of PIMCO thinks stocks will be a lousy invest­ment over com­ing years, and he thinks bonds will be even worse.”

Well sober­ing thoughts indeed but accord­ing to Jim Sin­clair there will be no chance of Gold-Con­fis­ca­tion — But does any­one real­ly know?

© Copy­right MMXII

So They Really Do Manipulate The Price Of Gold and Silver …



The sit­u­a­tion real­ly is get­ting real­ly, real­ly, real­ly weird. And then some.

If I did not know bet­ter I would say some­things gonna blow. After the now infa­mous let­ter from Greg Smith enti­tled “Why I Am Leav­ing Gold­man Sachs” to the New York Times, anoth­er open let­ter has been post­ed around same time, this time to the CFTC (Com­mod­i­ty Futures Trad­ing Com­mis­sion), but this time from JP Mor­gan Chase. Here’s a taster:

I believe I have worked here long enough to under­stand the tra­jec­to­ry of its cul­ture, its peo­ple and its iden­ti­ty. And I can hon­est­ly say that the envi­ron­ment now is as tox­ic and destruc­tive as I have ever seen it.”

If this is true — the impli­ca­tions are scary (and some­one is going to be fired in the morning…“I don’t care…Just fire some­one!”)

Of most inter­est to us Gold/Silver Bulls is that there is direct men­tion of con­trived manip­u­la­tion and even co-coor­di­nat­ed efforts from the Big 5 Invest­ment Banks to actu­al­ly dri­ve down the price of gold and sil­ver. The Bernanke (“Bilder­berg” Ben as he is now known) inci­dent (tes­ta­mo­ny — Feb 29 — leap year day) where Gold dropped 100 USD in a day (yes I was trad­ing at the time and watched the ver­ti­cal drop yel­low line with a sick­en­ing stom­ach sourced, nau­se­at­ing swelling and spin­ning sen­sa­tion ris­ing up through my body — get­ting gid­dy and heady — as only a trad­er could know — espe­cial­ly as I had just put in two large buys min­utes before …Bug­gerus Max­imus!) is explic­it­ly men­tioned which is a good thing:

Jan­u­ary is right around the time we start­ed increas­ing our short posi­tions quite sig­nif­i­cant­ly again and this most recent crash in gold and sil­ver dur­ing Bernanke’s speech on Feb­ru­ary 29th is of notable impor­tance, as we along with 4 oth­er major insti­tu­tions, orches­trat­ed the vio­lent $100 drop in Gold and sub­se­quent drops in sil­ver.”

I do lots of trades and every now and then you won­der “Is it me?… Or maybe I just can’t cut the mus­tard to trade any­more.” and then “Maybe I should just apply for that part-time job I saw in the win­dow of the florists”. Then you find out some­one is manip­u­lat­ing the bloody mar­ket. The game is rigged. Well ulti­mate­ly they won’t win THIS game with gold — that is why I am play­ing this game.

Seri­ous­ly, for years I read, and heard about the manip­u­la­tion of the Gold mar­kets, prices being con­trolled and my atti­tudes was that it can’t be true. As I get old­er I have to admit that that was naive to say the least.

If this let­ter (see below) is a hoax at least it will make peo­ple think. If it is true, maybe we could see a turn around in Wall Street men­tal­i­ty of staff who are actu­al­ly as sick­ened (maybe even more — I know how it is to work in a hell-hole cor­po­ra­tion) as we are! Maybe we will have a stream of whis­tle blow­ers come out of the woodwork…Weird, weird times my friend.

Here is the full open let­ter:

From: Z A N
JPMor­gan Chase

Com­ment No: 57019
Date: 3/14/2012

Com­ment Text:

Dear CFTC Staff,

Hel­lo, I am a cur­rent JPMor­gan Chase employ­ee. This is an open let­ter to all com­mis­sion­ers and reg­u­la­tors. I am email­ing you today b/c I know of insid­er infor­ma­tion that will be damn­ing at best for JPMor­gan Chase. I have decid­ed to play the role of whistle­blow­er b/c I no longer have faith and belief that what we are doing for soci­ety is bring­ing val­ue to peo­ple. I am now under the opin­ion that we are actu­al­ly putting hard work­ing Amer­i­cans unaware of what lays ahead at extreme mar­ket risk. This risk is unnec­es­sary and will lead to wide-scale mar­ket col­lapse if not han­dled prop­er­ly. With the release of Mr. Smith’s open let­ter to Gold­man, I too would like to set the record straight for JPM as well. I have seen the dis­rup­tive behav­ior of supe­ri­ors and no longer can say that I look up to employ­ees at the ED/MD lev­el here at JPM. Their smug exu­ber­ance and arro­gance per­me­ates the air just as pun­gent­ly as rot­ting veg­eta­bles. They all know too well of the back­door crony con­nec­tions they share inti­mate­ly with elect­ed offi­cials and with oth­er insti­tu­tions. It is appar­ent in every­thing they do, from the mea­ger attempts to manip­u­late LIBOR, there­fore con­trol­ling how almost all deriv­a­tives are priced to the inher­it and fraud­u­lent com­modi­ties manip­u­la­tion. They too may have one day stood for some­thing in the past in the client-employ­ee rela­tion­ship. Does any­one in today’s mar­ket real­ly care about the pro­tec­tion of their client? From the ruth­less and scan­dalous treat­ment of MF Glob­al client asset funds to the exces­sive bonus­es paid by com­pa­nies with bur­geon­ing lia­bil­i­ties. Yes, we at JPMor­gan that are in the know are fear­ful of a cas­cad­ing cred­it event being trig­gered in Greece as they have hid­den deriv­a­tives in excess of $1 Tril­lion USD. We at JPMor­gan own enough of these through coun­ter­par­ty risk and out­right prop trad­ing that our entire IB EDG space could be anni­hi­lat­ed with­in a few short days. The last ten years has been mar­ket by inflex­ion point after inflex­ion point with the most notable com­ing in 2008 after the acqui­si­tion of Bear.

I wish to remain anony­mous as of now as fear of ter­mi­na­tion mounts from what I am about to reveal. Robert Got­tlieb is not my real name; how­ev­er he is a trad­er that is involved in a law­suit for manip­u­la­tive trad­ing while work­ing with JPMor­gan Chase. He was acquired dur­ing our Bear Stearns acqui­si­tion and is known to be the noto­ri­ous per­son short­ing in the sil­ver future mar­ket from his trad­ing space, along with Blythe Mas­ters, his IB Glob­al boss. How­ev­er, with that said, we are manip­u­lat­ing the sil­ver futures mar­ket and play­ing a small­er (but still mas­sive­ly manip­u­la­tive) role in manip­u­lat­ing the gold futures mar­ket. We have a lit­tle over a 25% (give or take a per­cent­age) posi­tion in the short mar­ket for sil­ver futures and by your def­i­n­i­tion this denotes a larg­er posi­tion than for spec­u­la­tive pur­pos­es or for hedg­ing and is beyond the line of manip­u­la­tion.

On a side note, I do not work direct­ly with accounts that would have been direct­ly impact­ed by the MF Glob­al fias­co but I have heard through oth­er col­leagues that we have involve­ment in the hid­ing of client assets from MF Glob­al. This is anoth­er fraud­u­lent effort on our part and con­sti­tutes theft. I urge you to for­ward that part of the inves­ti­ga­tion on to the respec­tive author­i­ties.

There is some­thing else that you may find strange. Dur­ing month-end Decem­ber, we were all told by our man­agers that this was going to be a dis­mal year in terms of earn­ings and that we should not expect any bonus­es or pay rais­es. Then come mid-late Jan­u­ary it is made known that every­one received a pay raise and/or bonus, which is inter­est­ing b/c just a few weeks ago we were told that this was not like­ly and expect­ed to be paid noth­ing in addi­tion to base salary. Jan­u­ary is right around the time we start­ed increas­ing our short posi­tions quite sig­nif­i­cant­ly again and this most recent crash in gold and sil­ver dur­ing Bernanke’s speech on Feb­ru­ary 29th is of notable impor­tance, as we along with 4 oth­er major insti­tu­tions, orches­trat­ed the vio­lent $100 drop in Gold and sub­se­quent drops in sil­ver.

As reg­u­la­tors of the free peo­ple of this coun­try, I ask you to uphold the most impor­tant job in the world right now. That job is judge and over­seer of all that is jus­tice in the most sen­si­tive of com­mod­i­ty mar­kets. There are many mid­dle-income peo­ple that invest in the phys­i­cal assets of sil­ver, gold, as well as min­ing stocks that are being finan­cial­ly impact­ed in a neg­a­tive way b/c of our unscrupu­lous shorts in the pre­cious met­als com­mod­i­ty sec­tor. If you read the COT with intent you will find that com­mer­cials (even though we have no busi­ness being in the com­mer­cial sec­tor, which should be reserved for com­pa­nies that tru­ly pro­duce the met­al) are net short by a long shot in not only sil­ver, but gold.

It is rather sur­pris­ing that what should be well known lia­bil­i­ties on our bal­ance sheet have not erupt­ed into wider scale scru­ti­niza­tion. I call all hon­est and coura­geous JPMor­gan employ­ees to step up and fight the crony­ism and wide-scale manip­u­la­tion by report­ing the truth. We are only help­ing real­i­ty come to light there­fore allow­ing a real val­u­a­tion of our bank­ing indus­try which will give investors a chance to prop­er­ly adjust with­out being total­ly wiped out. I will be con­tact­ing a lawyer short­ly about this mat­ter, as I believe no oth­er whistle­blow­er at JPMor­gan has come for­ward yet. Our deep­est secrets lie with­in the hands of hon­est employ­ees and can be revealed through hon­est reg­u­la­tors that are will­ing to take a look inside one of Amer­i­ca’s best kept secrets. Please do not allow this to turn into anoth­er Enron.

Kind Regards,
‑The 1st Whistle­blow­er of Many

I eager­ly await the devel­op­ment of this sto­ry with bat­ed breath.

P.S. Gold is still floun­der­ing around 1,650 USD/Oz, dazed and con­fused (but not for long!).

© Copy­right MMXII