did with Bull Market Thinking.
Silver Doctor has allowed me to reproduce the transcript of what they have on the page in regards to what Jim Willie said about MF Global.
If this is true then this is completely Explosive and the Comex and JP Morgan stole everyone's money to avoid a default! But don't expect the government to hold them accountable, especially since the Judge assigned the trustee for MF Global that is a counsel for JP Morgan.
Portions of Jim Willie's interview with Bull Market Thinking:
The Youtube videos of the interview are at the bottom.
We had a COMEX system failure in November. COMEX was ready to default on gold and silver in November. Rather than honor delivery demands in gold and silver- JP Morgan simply stole the money in the accounts that were going to stand for delivery. They had their pockets picked while they were standing in line at the delivery window. Notices of delivery were replaced at stolen accounts!
JP Morgan averted both a COMEX default and a European sovereign debt implosion, and notice that JP Morgan increased the amount of silver in their registered vaults by precisely the amount that was supposed to be delivered!
This is just another financial 9/11, and THERE WILL BE MORE.
If JP Morgan can steal 140,000 futures accounts, what's to stop 250,000 MUTUAL FUND ACCOUNTS FROM BEING STOLEN!?!
The Fed was staring at 20 Lehmans in Europe!! 20 Lehmans almost happened, and the fed rushed in, lowered interest rates for banks. If there is another big implosion and there is another string of contagion and big banks are dead in the morning, don't expect there to be any money in the accounts in the morning.
I think we're going to see SEVERAL MILLION PRIVATE ACCOUNTS VANISH!
Pension funds, mutual funds- they're all at risk , and people I talk to HAVE NO CLUE. Put your money in GOLD AND SILVER!
We are at the verge of a very widespread, colossal theft of private accounts. It's getting really, really dangerous.
Quantitative Easing never ended. It just increased in deception. It increased while the deception got worse. TAKE A LOOK AT THE DATA! IT NEVER STOPPED! Hyper-monetary inflation is the new normal.
We have big European banks selling boatloads of sovereign bonds. The foreign creditors of the US are big sellers of Treasury Bonds. Operation Twist is QE3! Quantitative Easing is now the policy, its gone global! What they're trying to do is not talk about it, because talking about it hurts the dollar. They're just not talking about it! There's been a huge spurt in the past few months of derivatives- $9 Trillion in the past quarter alone from Morgan Stanley! Can you say $9 Trillion in interest rate swaps in order to create the impression that money is flowing into treasury bonds!?! This is getting incredibly dangerous! This just continues to make it worse!
No policy is working towards a solution. We don't have any insolvent banks being liquidated. We don't have any policy towards bringing back jobs from China. The deception and bad economic policy is hiding perpetual RUIN!
The two pillars of US economic policy are 1. Give money to the banks in the hopes they increase lending (but they only give more bonuses) 2. and panhandle consumers.
I think we need to give jobs to people so they can earn the money- increase industry!
Unless the housing market recovers, the banks face systemic failure!
I believe we saw two major failures with MF Global. I think it will end up being up to $5-$10 Billion dollars in stolen client accounts. I have one contact who they confiscated his entire account- I think he had over $100,000- it's missing. He made a complaint a few days ago that the receipts that prove his account- they were just seized by the receivership committee! They confiscated the evidence of his account! We have JP Morgan trying to sit on the board making decisions on stolen money, when they did the stealing!
We had a COMEX system failure in November. COMEX was ready to default on gold and silver in November. Rather than honor delivery demands in gold and silver- JP Morgan simply stole the money in the accounts that were going to stand for delivery. They had their pockets picked while they were standing in line at the delivery window. Notices of delivery were replaced at stolen accounts!
JP Morgan underwrites a lot of credit default swaps. JP Morgan makes a lot of money in this unregulated insurance. How are the sovereign bonds doing? They're doing lousy. In order to stay neutral, its always a good idea to buy the underlying asset. I think MF Global was set up to fail a long time ago to go down in flames- to steal clients' accounts when the inevitable finally happens. We were on the verge of the sovereign debt in Europe imploding. We saw a near event of an implosion in some of these sovereign bonds markets.
JP Morgan covered their butts by letting MF Global fail, and in the process stealing 140,000 accounts. Its not just MF Global accounts, its stealing many accounts that used MF Global for their clearing!
The FBI is investigating this, but they havent talked to Corzine yet. WHY!?! Because this is a cover-up, JUST LIKE MADOFF!
JP Morgan averted both a COMEX default and a European sovereign debt implosion, and notice that JP Morgan increased the amount of silver in their registered vaults by precisely the amount that was supposed to be delivered.
This is just another financial 9/11, and THERE WILL BE MORE.
If JP Morgan can steal 140,000 futures accounts, what's to stop 250,000 MUTUAL FUND ACCOUNTS FROM BEING STOLEN!?!
The Fed was staring at 20 Lehmans in Europe!! 20 Lehmans almost happened, and the fed rushed in, lowered interest rates. If there is another big implosion and there is another string of contagion and big banks are dead in the morning, don't expect there to be any money in the accounts in the morning.
I think we're going to see SEVERAL MILLION PRIVATE ACCOUNTS VANISH!
Pension funds, mutual funds- they're all at risk, and people I talk to HAVE NO CLUE.
Put your money in GOLD AND SILVER!
Here is the Youtube audio of the interview:
MF Global starts towards the end of this portion of the interview
This portion has the part of JP Morgan stealing people's money to stop a default of the Comex.
The numbers show European banks have sold a total of €178 billion ($238 billion) worth of insurance policies, in the form of financial derivatives known as credit-default swaps, on bonds issued by the financially struggling Greek, Irish, Italian, Portuguese and Spanish governments. If those bonds default, as some investors fear they might, banks could be on the hook for making large payments to the holders of the swaps.'
ReplyDeletePeople do not believe stories which point fingers at dishonest bankers but how can one not question allowing the bankers to push the cost of their mistakes on to the public. The bankers collected billions for the insurance premiums and now they do not want to pay for what they clearly are liable to pay.
How is this any different that the swaps which destroyed the USA? Few discuss that people who put less than 20 percent down on their homes were required to buy mortgage insurance. AIG was never forced to pay up on the mortgage insurance that they sold.
Leverage is a legal investing and finance strategy being used by everyone there is not a single product being sold by financial institutions backed by anything physically real. If you think you are really buying gold and silver by paying for a printed piece of paper you are an idiot and deserve to lose your money when said issuer defaults because they will default once the public becomes aware of how overly leveraged these instruments are and bankrupt the companies are and lose confidence in investing further in the Ponzi schemes. I personally find it hilarious and cannot wait to see the crying on T.V. by people who think making money is easy cause investment bankers created easy to profit pieces of paper valued by your personal greed to see yourself profit more from doing nothing.
ReplyDeletedoes any body know what the MF in MF Global means?
ReplyDeleteNo, but I can think of two good words for it. :)
ReplyDelete>>The numbers show European banks have sold a total of €178 billion ($238 billion) worth of insurance policies, in the form of financial derivatives known as credit-default swaps, on bonds issued by the financially struggling Greek, Irish, Italian, Portuguese and Spanish governments. If those bonds default, as some investors fear they might, banks could be on the hook for making large payments to the holders of the swaps.'<<<<
ReplyDeletedon't be silly - the ECB has already declared that the greek bond holders who took a 50% haircut -- that the haircut does not constitute a default. i.e. a semi default is not a default. so they could end up, say, taking a 90% haircut & yet it is not a default.
haha suckers!!
Ron Paul 2012. He is honest and understands that our economy is on the verge of collapse.
ReplyDelete"Uptopia"...Alow The Mad Hatter to explain it to Alice from Wonderland. "DOWN" is "UP" & "UP" is more "UP", Wrongulations are Regulations" and The Cheshire Cat's Bank Account vanishes, but the big smile remains!
ReplyDeleteThey cannot deliver, so they will not. Pretty simple, really. They introduced the tried-and-true fractional reserve ideas into the very heart of the precious metals market -- and few to none realized it or called them on it. Heck, Gerald Celente apparently fell for it. That anyone has anything remaining within a rigged system controlled by kleptomaniacal sociopaths boggles my mind. Paper is worth...paper. Godspeed
ReplyDeleteOccupy North Dakota and free the people there from property taxes and change their state bank too!!!
ReplyDeletehttp://jimijon.blogspot.com
They always find a way to dodge the bullet
ReplyDeletedoes any body know what the MF in MF Global means?
ReplyDeleteMann Futures
I know the two words I use for it. M F works real well.
ReplyDeleteMF===MoFo
ReplyDeletePeople rooting for the gold standard don't realize that the gold standard itself was a ponzi scheme. The politicians will alwayspromise more and try to deliver more without plans to finance it in order to secure re election, and eventually we will owe all of our debt in more gold than we have in the vaults. As the #1 debtor nation in the world, how do we go to a gold standard without shipping away all the gold in our vaults eventually? By closing the gold window and eventually eliminating the gold standard and creating a central bank. Then we are back at square one.
ReplyDeleteThe thing is, in the US the fed was designed to have an elastic money supply and expand the money supply only in times of emergency when there was a loss in confidence. They were designed to print when more than 6% tried to withdraw their money, thus preventing a run on the banks. The ECB european central bank, is not like the fed, they do not have the ability to expand the money supply.
The problem isn't the ability to expand the money supply, it's that politicians misunderstand the purpose of the fed as "lender of last resort" and ability to use the fed and public treasury as a tool for reelection. They want the fed to stop recessions from happening, and pump up the economy artificially, so they can get reelected.
The solution to the problem isn't a gold standard, because there was a reason the gold standard was unsustainable. Thanks to social programs (particularly the medicaare and social security ponzi schemes), and 2 wars (korean and vietnam) there wasn't enough gold in the vaults for nixon to pay even if he wanted to.
So guess what happened? An MF global type scheme where the US govt said "we are no longer making payments in gold" since we owed something like 40,000 tonnes of gold if everyone in the world demanded gold instead of dollars, and we only had 7,000 tonnes.
Guess what FDR did during the great depression, a force major, forcing everyone to sell their gold at an artificially low market price, for which they created fort knox (which has enough mysteries about what it is actually used for).
The solution is the ECB in Europe needs a central european Bond and an elastic money supply, but the US solution is a system structural reform including "no public debt unless in times of emergency", and that "emergency" should only be made by congress and the house. A war fund should also be set aside so that in times of war we don't have to spend more than we can afford.
"The thing is, in the US the fed was designed to have an elastic money supply and expand the money supply only in times of emergency"
DeleteNo it wasn't.
The Fed was supposed to consolidate and standardize banking to end the boom and bust cycles of the 1800s, of which there were plenty. That was it's mandate.
What it did instead was vastly increase the money supply which created the booming 20's, bankrupted the nation as a result, forced us onto a quasi gold standard, and then contracted the money supply after their actions made it impossible for Americans to own gold. After that, they stole all the gold, because gold confiscation was supposed to be temporary, but it's now owned by the Treasury department which now owes the Federal Reserve over 15 trillion dollars.
They always find a way to dodge the bullet.
ReplyDeleteWe've never had a true gold standard though. An ounce of gold was set to $35 and never changed as the paper/credit supply skyrocketed. You have to let the market set paper value of gold/silver, and the thing is, it already does! When people lose confidence in paper they flood into the precious metals market, and this is the best indicator of the strength of the economy. As gold and silver continue to rise in price, the worse our economy will become. The people with money have lost confidence in the government, have stopped investing, and have started buying assets to preserve their wealth, and they are going to be the ones to cause a panic as QE3 goes through.
ReplyDeleteI believe a lot more wackiness will occur in 2012. Let the show begin!