“…what is
the reason for this “seemingly random monetary mess that multiplies its
momentum every day? The answer, in one word, control. The
elite/insiders already have control of the financial system, but they wanted
more, much more…and it was not random, it was planned.”
(emphasis added)
“How will
all the above manifest itself in your life? The answer:
“All you own will shrink...your income, assets, net worth, will shrink
year after year in real terms inflation adjusted and possibly also nominally.”
HS Letter, April 27,
2008.
Harry Schultz, Eminence Grise of
the Newsletter writing Fraternity sees the Threat to Profits posed by the
Fed-led Cartel* quite clearly.
The Cartel* ‘End
Game’, as Deepcaster has named it, involves Stealthily transferring
ever more Wealth to The Cartel at the expense of Investors/Citizens around
the world. (See below, and “Coping with the Superpower Cartel
Threat” (1/30/09) in the ‘Articles by Deepcaster’ cache at www.deepcaster.com.)
Of course, The Fed-led
Cartel’s increasing Power and Profits are threatened by Rep Ron
Paul’s ‘Audit the Fed’ Bill (H.R. 1207) which
fortunately has garnered a large Majority of the U.S. House of
Representatives as co-sponsors.
The private for-profit Fed has
predictability responded with a not-so-veiled counter-Threat delivered via
Chairman Bernanke’s recent Testimony to Congress.
“Federal
Reserve chairman Ben Bernanke unleashed an alarming veiled threat of
financial terrorism when he was questioned by Rep. Duncan on Thursday about
his response to the fact that a majority of Congress (is) co-sponsoring Ron
Pauls H.R. 1207 bill to audit the Federal Reserve.
Bernanke clearly
regarded the bills intent as hostile to the institution he represents:
“My concern
about the legislation is that if the GAO is auditing not only the operational
aspects of the programs and the details of the programs but making judgments
about our policy decisions (it) would effectively be a takeover of policy by
the Congress and a repudiation of the Federal Reserve (which) would be highly
destructive to the stability of the financial system, the Dollar and our
national economic situation.”
The brunt of
Bernankes statement is as crystal clear as a threat from a common street thug
-- back off from the Fed, or the economy gets it.
The chairman clearly
implies that any attempt to restore monetary powers constitutionally granted
to the Congress would be seen as a takeover and that the defensive and
repudiated Fed would respond destructively.
Of course
Congress’ constitutional power over money is enumerated in Article I,
Section 8 of the U.S. Constitution:
“The Congress
shall have power To coin money, regulate the value thereof, and of foreign
coin, and fix the standard of weights and measures;” “
Bernanke Threatens
Economic Collapse If Fed Audited
Aaron Dykes,
Infowars, Friday, June 26, 2009
It is thus understandable that a
large majority of the Members of the U.S. House of Representatives has signed
on to a Bill (H.R. H.R. 1207) to audit the private for-profit U.S. Federal
Reserve.
That is because, whether all the
signatories are fully aware of it or not, Fed Policies and actions are The Primary
Cause of the Economic and Financial Crises from which we suffer today, as we
show below and elsewhere.
Indeed, there is clear and
convincing evidence that the Fed leads a Cartel of key Central Bankers and
favored Mega-Financial Institutions in an ongoing Regime of Overt and
Covert Manipulation of the Precious Metals Equities, Strategic
Commodities and other Markets, as we also demonstrate below.
*We encourage those
who doubt the scope and power of Intervention by a Fed-led Cartel of Key
Central Bankers and favored financial institutions to read Deepcaster’s
December, 2008 Letter containing a summary overview of Overt and Covert
Intervention entitled “A Strategy for Profiting from the Cartel’s
Dark Interventions & Evolving Techniques” and Deepcaster’s
July, 2008 Letter entitled “Market Intervention, Data Manipulation - -
Increasing Risks, The Cartel End Game, and Latest Forecast” at www.deepcaster.com. Also consider the
substantial evidence collected by the Gold AntiTrust Action Committee at www.gata.org for information on precious
metals price manipulation. Virtually all of the evidence for Intervention has
been gleaned from publicly available records. Deepcaster’s profitable
recommendations displayed at www.deepcaster.com have been
facilitated by attention to these “Interventionals.”
“Essential
to maximizing profits and to avoiding losses is to recognize that the Fed-led
Cartel manages two complementary Interventional Regimes - - one quite public,
and the other dark one, at least as powerful, covert. Thus, a
critical key to profit and loss is tracking the Dark Interventions as best
one can, as well as the public ones.”
This July, 2009 Letter is the
ninth in a series of Deepcaster's work originally entitled "Juiced
Numbers". It provides an Overview of Market Intervention and Data
Manipulation. It analyzes the recent Releases from (and actions of) the
BIS (Bank for International Settlements – The Central Banker’s
Bank), BLS (Bureau of Labor Statistics) and The U.S. Federal Reserve, as well
as Highlights of recent Interventions culminating in the Fall, 2008 financial
crises and accompanying Takedown of Gold and Silver, the early 2009
Interventions, and The Cartel* “End Game.”
IMPORTANT NOTE: The
aforementioned important new data releases are quite astounding. They
reflect a considerable acceleration of overt and covert Market
Intervention and ongoing Data Manipulation, as well as the apparent
adoption of new Interventional Techniques in recent months. They
also reflect dramatic increases in OTC (Over-the-Counter) Derivatives (Dark
Liquidity), in recent years, and an apparent intensification of Data
Manipulation. As we demonstrate, these developments dramatically
increase Systemic Risk and also reflect the significance of The
Cartel’s creating (and/or having available) more OTC Derivatives in
order to affect market outcomes. In sum, this report provides even more
evidence of Increased Risk of Systemic Collapse, and thus of the beginning of
the attempted implementation of The Cartel’s Nefarious “End Game.”
Indeed, the OTC Derivatives
figures through December, 2008 released by the BIS in late May 2009 indicate
that even greater Markets Turmoil and greater Systemic Threat are likely. They
also suggest that The Cartel* and its Favored Financial Institutions
gained Trillions in Profits while Investors lost Trillions in the Fall, 2008
Market Crash – see below.
In conclusion Deepcaster
provides a Strategy for profiting and protecting from the Interventional
Regime’s actions and policies.
The Covert
Interventional Context - - Overview
Deepcaster is periodically asked
to explain, and provide evidence for, our view that a U.S. Federal
Reserve-led Cartel* (apparently composed of the U.S. Federal Reserve, Major
Central Bankers and key Primary Dealers manipulates a wide variety of
markets. [Apparently one “Operational Vehicle” through
which The Cartel works is called “The Working Group on Financial
Markets” established after the 1987 crash, and which is often
informally and widely referred to as “The Plunge Protection Team”
or PPT.]
So it is important to explain
what we mean by our claim of Cartel Intervention and to indicate how
Deepcaster takes account of that in our Portfolio Recommendations
Essential to maximizing profits
and to avoiding losses is to recognize that the Fed-led Cartel* manages
two complementary Interventional Regimes - - one quite public, and the
other dark one, at least as powerful, covert. Thus, a
critical key to profit and loss is tracking the “Dark
Interventionals” as best one can, as well as the public ones.
Moreover, whether an
Intervention is Overt or Covert is often a matter of degree. Overt
Intervention often has a Covert aspect (e.g. how is that TARP Bailout Money
being used and who receives it?), and Covert ones are often difficult to
detect, but nonetheless can be tracked using publicly available information.
It is important to note also
that by “Cartel Intervention” we do not (usually) mean
that the Cartel totally controls prices in any particular market, at all
times. Various markets are affected in varying degrees, at varying times, by
Cartel manipulation attempts. Cartel actions can substantially affect,
but often do not totally control, prices in many markets - - though they
certainly have that capacity much of the time. The price of Crude
Oil is relatively difficult to manipulate, for example, but there has been
substantial effective manipulation (as we shall show) for several years.
Also notable is the evidence
that the degree of manipulation, and, therefore, control, varies from
time to time and market to market.
In markets such as the
(relatively) Small Cap markets for Gold and Silver Bullion and Securities,
Cartel manipulation attempts can have much more impact and are, at times, and
for certain time periods, tantamount to control. Typically,
Interventions in the Precious Metals Markets depress prices dramatically.
To answer the exceedingly
important question regarding how the wide varieties of markets are
manipulated one must recognize that there are two main methods
of manipulation, Direct and Indirect. Direct
Manipulations are of two sorts: Overt and Covert.
Here we do not focus on the Overt Interventions since they are
described at length in various mainstream financial newspapers.
I.
COVERT DIRECT INTERVENTION
Covert Direct Intervention to
manipulate a variety of markets appears to be accomplished primarily via
three vehicles:
1)
“Repo”
Injections from The Fed
2)
Over The
Counter (OTC) Derivatives (reported at www.bis.org, see below)
3)
“Bailout”
monies and authorizations which Congress unwisely gave The Fed without
requiring full disclosure and, in particular, the TARP and TSLF (Term
Securities Lending Facility) injections by The Fed.
Regarding Repos, The Fed makes
injections of Repos (Repurchase Agreements - - usually TOMOs - - Temporary
Open Market Operations typically expiring in 1 to 30 days) into the market
most business days.
Repurchase Agreements are loans
(at Fed Fund rates) issued daily, in amounts typically ranging from U.S. $1
to U.S. $20 billion, by the Federal Reserve to Primary Dealers, the proceeds
of which can be used to buy, for example, Dow index futures, if the Fed seeks
to boost the Dow. The total amount of un-expired Repos on any given
day constitutes the “Repo Pool.” Monitoring changes in
Repo Poll levels (which is publicly available information) is crucial to
determining how the Interventions will likely affect the markets.
While the Repo Pool is one
vehicle for manipulating the markets it is not the only one - - Interventions
can and do occur without changes in the Repo Pool. It now appears
that The Fed uses TSLF injections and TARP funds to covertly intervene as
well!
Thus, the several Primary
Dealers (e.g. Goldman Sachs, J.P. Morgan Chase, Citibank), who apparently
work under the Fed's direction, are able to use these loaned funds and/or
“TSLF/Bailout Funds” and/or OTC Derivatives to buy or sell
various securities and futures to affect the markets. The fact that the
loaned funds can be used to purchase Derivatives (as well as plain equities)
gives the manipulators the tremendous leverage which derivatives afford.
But along with that tremendous
leverage comes great and greatly increasing (as the recent data releases
described below indicate) Systemic Risk.
The Challenge:
Determining the Impact of The Interventionals
The challenge for Investors and
Forecasters is to determine where (i.e. in what Sector/s) and how
(immediately, in increments, etc.) the Repo-backed funds and/or
TARP/TSLF/Bailout Funds and/or OTC Derivatives (“Interventional
Funds”) will be employed. Deepcaster and those very few others,
who monitor the daily Interventional Funding (and related Cartel and
Allies’ actions) to the extent that is feasible, make educated
Forecasts of where and how such funds are likely to be used based on
patterns, tendencies, and judgments. But no outsider can know for sure
(So where is the transparency, Ben?).
Those who doubt whether the
Cartel has the capacity to manipulate the markets (and especially the
larger markets like the multi-trillion dollar currency and bond markets) are
invited to inform themselves about the tens of trillions of OTC Derivatives
at Fed Primary Dealer J.P. Morgan Chase, or Fed Primary Dealer Citibank, or
the U.S. $592 trillion in December, 2008 (up from U.S. $370 trillion
in June, 2006) total Dark OTC Derivatives positions reported by The Bank for
International Settlements (the Central Banker's Bank). See www.bis.org, then follow the
path: Statistics>Derivatives>Table 19). Note that Dark OTC
Derivatives total has increased by over U.S. $200 trillion in just two
and one-half years! (Table 19 below) Unlike publicly visible and
clearinghouse-guaranteed Exchange Traded Derivatives, OTC Derivatives are not
generally publicly revealed, except in the aggregate.
Indeed both Opportunities for
and Threats to Investors Profits and Wealth are generated by Cartel Policies
and the Massive OTC Derivatives positions. Consider:
“With Key
Mega-Financial Institutions around the World claiming in 2008 that they
risked collapse if they were not bailed out, one must ask which ones
benefited from the $13 Trillion plus Increase in Gross Market
Value of their OTC Derivatives in the six months between June, 2008 and
December, 2008 when the Equities Markets were crashing and Investors were
losing Trillions? A logical Conclusion: Key Central Bankers and Favored
Financial Institutions of The Fed-led Cartel*, quite possibly including the
shareholders of the private for-profit U.S. Federal Reserve” (See Chart
below)
Deepcaster, May 29,
2009
OPPORTUNITIES
& THREATS IN DERIVATIVES SHOCKER
For investors, both
Opportunities and Threats reveal themselves in the recently reported stunning
drop ($90 Trillion+) in Total Notional Value of OTC Derivatives
Contracts Outstanding worldwide and an equally stunning rise ($13 Trillion+)
in Actual Gross Market Value of OTC Derivatives Contracts Outstanding,
in just the last 6 months of 2008. (See Chart Below)
The Total Notional Value of OTC
Derivatives Outstanding dropped from some $683 Trillion as of June, 2008 to
$592 Trillion as of December, 2008, according to the Bank for
International Settlements (BIS – the Central Banker’s Bank
– see www.bis.org, Path: Statistics
> Derivatives > Table 19) (Ed Note: A Rough “Cocktail
Party” Definition of “Notional Value” is “Unrealized
Potential Maximum Value.”)
This first drop in Notional
Amount of OTC Derivatives Outstanding in years, mainly reflects the massive
deleveraging which occurred during the Fall, 2008 Market Crash.
Perhaps even more stunning was
the drop in Notional Amounts of OTC Gold Contracts outstanding from $649
Billion in June, 2008 to $395 Billion as of December, 2008. Yet the change in
Gross Market Values of the OTC Gold Contracts outstanding during that period
was minimal – a drop from $68 Billion to $65 Billion. We comment on
what that portends for Gold below.
In order to determine and
evaluate the Opportunities and Threats created by the aforementioned drop in
Notional Value of OTC Derivatives outstanding coupled with a dramatic
increase of $13 Trillion in Gross Market Values we must first consider a few
facts.
To put the Derivatives Monster
in perspective, consider that the value of all publicly (exchange-traded)
Equities now existing in markets world-wide is “only” about $31
Trillion.
That $31 Trillion is only just
over 5% of the still remaining nearly $600 Trillion in Notional OTC
Private (i.e. Dark) Derivatives Contracts outstanding. The implications are stunning:
- If the unwinding of a
“mere” $91 Trillion in Derivatives contracts (to
bring the Total down to $592 Trillion from $683 Trillion) reflected the
Magnitude of the pain that the Fall, 2008 Crash caused, then imagine the
Pain which awaits if and when (and probably when) any substantial
Portion of the $592 Trillion remaining get unwound.
- But a substantial portion
will likely have to be unwound given that various ongoing Crises have
yet to be resolved, and, in many cases are worsening e.g.: Consider:
- The U.S. Treasury/Fed etc
have already committed some $12.8 Trillion (by one reckoning)
for Bailouts, Loans, Stimulus packages and Guarantees, much of it
borrowed from, or guaranteed by, U.S. Taxpayers. Yet, clearly, the
Toxic Derivatives problem has a long way to go before being solved.
- The Fed has moved over
$577 billion of U.S. Treasuries onto its Balance Sheet in the short
time since it publicly admitted it was monetizing the Debt. (One
wonders how many hundreds of Billions in Treasuries were moved (and
where!?) before
that public admission.)
- The Chinese are switching
from a U.S. Dollar basis to a Yuan basis domestically.
- The Chinese have
authorized certain non-Chinese Banks to sell Yuan – based
government Bonds.
- Foreign Creditors own over
half the U.S. Dollar based government and Agency bonds leaving the fate
of the U.S. Economy and Security in the hands of foreigners and primarily
the Chinese government.
- The United Arab Emirates are spearheading plans to launch an Asset-backed (likely with Gold and
Crude Oil) Currency, the Dinar.
- Germany has reportedly
demanded return of all Gold held in custodial Accounts in the U.S.
- The Chinese have increased
their Gold reserves from 400 Tonnes to over 1,000 Tonnes in the past
five years.
- The default rate on U.S.
Option ARMS recently rose to 35%. There are still some $300 Billion of
these loans still outstanding.
- The interest Rates on about
one Million Pick N Pay loans will reset in the next two years.
- Clearly, given the
foregoing, acquiring Gold and Silver as Safe Haven Assets is the Prudent
Course. However, Gold and Silver are subject to price Manipulation by
the Fed-led Cartel* of Central Bankers and Favored Financial
Institutions as we explain below. But we also explain that there is a
Strategy to Profit from these Interventions while acquiring an
increasing core Position in these Precious Metals.
- A substantial portion of
the aforementioned $592 Trillion in OTC Derivatives is available to The
Fed-led Cartel* to continue to overtly and covertly
manipulate the Precious Metals, Strategic Commodities, and Equities
Markets.
And Market
Manipulation is an Enterprise with Great Profit Potential. Consider
specifically, as of June 2008 the Gross Market Value of all
Derivatives Outstanding was $20,353 billion (see chart below). By
December 2008, that $20 trillion has risen to $33,889 billion, a rise of
over $13 trillion in Actual Gross Market Value of OTC
Derivatives. Clearly, some of the Derivatives that were liquidated in
the drop from the notional value $683 to $592 trillion resulted
in (or, at least, were accompanied by) a very considerable increase in
market value (otherwise known as “profits” – whether
realized or unrealized) for the Mega-Financial Institutions holding
them.
These
remarkable developments reflected in the BIS Gross Market Value of OTC
Derivatives figures (below) for period June 2008 through December 2008 prompt
certain questions.
a)
First
question: which financial institutions in the world experienced an increase
in $13 trillions of market value in their OTC Derivatives Positions in
the last six months of 2008 while the Equities Market were crashing?
b)
Why do
we not see anyone publicizing this information (Tongue-in-cheek-intended)
much less the private for-profit U.S. Federal Reserve, which has declined to
respond to inquires from Members of Congress about the specific amounts of,
or parties to, their transactions and holdings.
c)
Can we
not logically conclude that some Mega-financial entities profited immensely
from the market takedowns of the Fall 2008 – specifically profiting in
the amount of $13 Trillion in increase Gross Market Value of derivatives owned?
Consider too
that the aforementioned figures were generated by the Ultimate Official
Source. They come from the Bank of Central Banks itself, The Bank for
International Settlements, Switzerland, housed in the Tower of Basel.
Indeed we
encourage readers to consider the figures themselves, by visiting
www.bis.org > statistics > derivatives > Table 19,
“Amounts outstanding of over-the-counter (OTC) derivatives by risk
category and instrument.” Of course, not all “official”
statistics are accurate as we demonstrate below. Indeed, some are
intentionally misleading. (See chart below)
But an
increase of $13 trillion in gross market value of Derivatives held by major
Financial Institutions, is testimony to the Resources and Power of The
Fed-led Cartel*. See Deepcaster’s article “Coping with the
Superpower-Cartel Threat!” (1/30/09) at www.deepcaster.com.
Source: Bank for International
Settlements
www.bis.org, Path: Statistics > Derivatives > Table 19
- Moreover, Key Statistics
continue to be gimmicked by Official Sources much to the detriment of
American Citizens and Investors Worldwide.
Indeed, the True State of the Economy is much worse than the Official Figures suggest.
As the Real Numbers mentioned
below demonstrate, our ongoing economic and financial crisis is not
merely a “normal” business cycle Recession, but a System-Threatening
Crisis. Indeed, we have entered into a Depression. (see below)
It is thus another Naïve
and False Assumption that the Official Figures accurately reflect the state
of the Economy and Markets - - for example, that the current Recession is
merely a normal “business cycle” phenomenon.
Making matters worse, Investors
and citizens-at-large are misled by Official Statistics which have been
gimmicked, as shadowstats.com demonstrates. All of the following
Genuine Numbers are calculated by shadowstats.com, which calculates them
according to traditional methods used in the 1980s, and early 1990s, before
The Political Adjustments currently being utilized began.
Consider the following Real
Numbers from shadowstats:
U.S. Consumer Price Inflation (CPI) actually
averaged about 11% annualized for much of 2008, rather than the 5% to
6% figures, which have been reported as Official Statistics. Thus, the
consumer must cope with diminished purchasing power and the threat or reality
of job loss.
Though Official Figures show CPI
dropping to 0% in early 2009, the Real early 2009 numbers reveal that CPI was
still about 6% annualized. (June 17, 2009 shadowstats.com Report)
U.S. Unemployment has (according to
Official Numbers) been ranging 4% to 6% from 1995 to 2007, spiking
“only” to about just under 7% in late 2008 and 8% in early
2009. In fact, Real U.S. Unemployment in 2009 now about 20%
and is still increasing! (shadowstats.com) Thus the consumer (70%
of U.S. GDP, we reiterate) is increasingly unemployed, under-employed, and
indebted.
As well, the Delusion of
Economic Growth claimed by Official Statistics is just that - - a
Delusion. Real GDP growth has been negative since 2004.
Indeed, in early 2009 GDP “growth” is a negative 5%. (shadowstats.com)
Thus the consumer is faced with a deteriorating economy, as well as
diminishing job prospects and purchasing power.
As well, the 2008 U.S,
Federal Deficit, rather than being about $1 trillion as reported
officially, is over $5 trillion if one includes Social Security and
Medicare. And, if downstream-unfunded U.S. obligations are included,
the U.S. National Debt is about $66 trillion and rising!
Knowing these Real Numbers
facilitated Deepcaster’s recommending “Opportunities in the Impending
Perfect Storm” - - the title of his early September, 2008 (pre-Crash)
Article warning of the impending Crash (available in the Articles Cache at www.deepcaster.com) and his making five
short (and subsequently quite profitable) recommendations to subscribers at
about that time.
To consider Deepcaster’s
Strategy for Profit and Protection read “Opportunities & Threats In
Derivatives Shocker” (5/29/09) in the ‘Articles by
Deepcaster’ cache at www.deepcaster.com.
Attitudes of The
Fed/Treasury/BIS Toward Intervention
The positive attitude of the
leaders of the U.S. Treasury and the U.S. Federal Reserve concerning
manipulation of markets and public perceptions is quite revealing - - see
Deepcaster’s July, 2008 Letter for details.
To understand the motives for
Fed and Cartel Policies and actions consider:
A
Brief Anatomy of the “U.S.” Federal Reserve
An excellent analysis of the
defects of the “U.S.” Federal Reserve - - so far as the United States’ National Interest (and the interest of investors around the world) is
concerned - - is well documented in G. Edward Griffin’s superb book, The
Creature From Jekyll Island: A Second Look at the Federal Reserve).
Indeed, the Profit Motive lies
behind Fed Actions. Even the most causal student of Economic History
knows that the United States’ Federal Reserve system, or “The
Fed” as it is called, is not a U.S. government owned or
controlled entity.
Various international private
banks, several of which are headquartered in Europe, own “shares”
in the “United States” Fed. Moreover, this “United States” Fed leads a Cartel of Central and Private Banks* who collectively
intervene in a wide variety of markets, as Deepcaster demonstrates here. All
this is obviously quite financially incestuous.
These International Bankers,
acting through their “U.S.” Fed, profit both by creating money
out of “thin air” and by collecting “interest” from
U.S. Taxpayers on the Treasury Securities it has bought with U.S. Dollars
(Federal Reserve Notes) it has created out of thin air. The Dean of the
Newsletter Writers, Richard Russell, eloquently describes all this:
“I
still can’t get over the whole Federal Reserve racket.
Consider the following - - let’s
take a situation where the U.S. government needs money. The U.S. doesn’t just issue United States Notes, which, of course it could. These notes would be
dollars backed by the full faith and credit of the United States. No, the U.S. doesn’t issue dollars straight out of the U.S. Treasury.
This is what the U.S. does - - it issues Treasury Bonds. The U.S. then sells these bonds to the Fed. The Fed
buys the bonds. Wait, how does the Fed pay for the bonds? The Fed simply
creates money “out of thin air” (book-keeping entry) with which
it buys the bonds. The money that the Fed creates from nowhere then goes to
the U.S. The Fed holds the U.S. bonds, and the unbelievable irony is that the
U.S. then pays interest on the very bonds that the U.S. itself issued. (With
great profit to the private owners of The Fed - - Ed. Note) The mind boggles.
The damnable result
is that the Fed effectively controls the U.S. money supply. The Fed is
…not even a branch of the U.S. government. The Fed is not mentioned in
the Constitution of the United States. No Constitutional amendment was ever
created or voted on to accept the Fed. The Constitutionality of the Federal
Reserve has never come before the Supreme Court. The Fed is a private bank
that keeps the U.S. forever in debt -
- or I should say in increasing debt along with ever rising interest payments.
How did the Fed get
away with this outrage? A tiny secretive group of bankers sneaked through a
bill in 1913 at a time when many in Congress were absent. Those who were
there and voted for the bill didn’t realize (as so often happens) what
they were voting for (shades of the shameful 2002 vote to hand over to
President Bush the power to decide on war with Iraq).”
Richard
Russell, “Richards Remarks,” dowtheoryletters.com, March 27 2007
After President
Wilson signed the Federal Reserve Act into law in 1913, he reportedly said,
“I am a most unhappy man, I have unwittingly ruined my
country…a great industrial nation is now controlled by its system of
credit…the growth of the nation, therefore, and all of our activities
are in the hands of a few men…”
Insightful economic forecaster
Ian Gordon notes several negative consequences of the nearly 100-year reign
of The Fed, consequences with which we cope today.
“Since its
inception in 1913, the Federal Reserve Board has been responsible for almost
95% devaluation of the U.S. Dollar. All this has been achieved through its
ability to continually inflate the money supply.
And, between 1985 and
2005, the Federal Reserve Board has increased the money supply by five times.
This extraordinary money creation is merely the catalyst for debt creation. In
a fiat money system, money is debt…there is absolutely no way this
money can ever be repaid except by continued inflation. But, now that the
credit bubble is blown up, inflation is no longer an option; bankruptcy
looms.”
“The
Federal Reserve…What Has It Done For You Lately?”
Ian
Gordon, December 29, 2007 (www.axisoflogic.com)
[Historical note:
recall that President Kennedy was unhappy with Fed policy and therefore
caused U.S. Notes to be printed by the U.S. Treasury as Constitutionally
Authorized and as a substitute for Federal Reserve Notes. The issuance
of these Notes ceased shortly after President Kennedy's assassination.]
The one conclusion that
one can make from the foregoing is that the failure to take account of the
power, force and pervasiveness of Fed-led Cartel Manipulations (i.e. The
Interventionals) is an invitation to financial and investment suicide.
The Interventional Regime
– Motive, Causes and Consequences
But The Interventional Regime is
showing increasing signs of stress which are reflected in accelerating
Derivatives Creation, and thus in Increasing Systemic Risk. The $592 trillion
plus OTC Derivatives Colossus (see www.bis.org, path:
statistics-derivatives-Table19 and following) on which the Interventional
Regime is built is increasingly subject to counterparty defaults and to
Darkly Liquid OTC Derivatives turning illiquid (resulting, inter alia, in the
ongoing credit freeze-up) among many symptoms.
Clearly, The Cartel has created
a Financial System subject to ever-greater Systemic Risk. Why?
Harry Schultz, one of the
Eminence Grises of the Financial Newsletter writing fraternity, puts the
question well, in the quote which begins this article.
Harry concludes by advocating
that we all try to shrink less “relative to the herd” so that we
hold our position. Part of the strategy for shrinking less, according
to Harry, is “it will, over 10 years, involve moving in and out of
investments as price action will be very dramatic. Buy and hold will
not work in any area, including gold.” HS Letter, April
27, 2008.
Indeed, Deepcaster has been
sounding the theme that the “Buy and Hold Strategy Increasingly
Fails” since the inception of Deepcaster’s newsletter several
years ago.
But Deepcaster is not satisfied
with a strategy which merely accepts “shrinking less” as a goal.
Thus, Deepcaster has developed a
strategy for coping with and profiting from not only Cartel
Intervention in the Precious Metals Market but also the “Shrinking
Assets” problem. That strategy can best be employed in the
Precious Metals Sector, with Gold and Silver bullion and shares. It is
entitled “Defeating The Cartel…With Profit” and was
published on 3/28/08 and can be found in the Articles Cache at www.deepcaster.com.
Since the cornerstone of The
Cartel’s power lies in maintaining the legitimacy of their Fiat
Currencies and Treasury Securities, the last thing they want is to have Gold,
Silver and Tangible Assets held by investors to increasingly be seen as the
Ultimate Stores and Measures of Value. Thus they will continue Takedown
attempts of Gold and Silver prices.
Deepcaster must issue a Word of
Caution here: The paper based edifice of increasing Fiat Currencies, OTC
Derivatives and the Repo Intervention is not indefinitely sustainable.
It will inevitably collapse, and that is why the evidence increasingly
indicates that The Cartel has begun to plan and implement its ominous
‘End Game’ described below.
Cautions for
Investors and Traders Regarding Interventions
We issue a word of caution to
our readers. So long as The Cartel is in a very active interventional
mode (e.g. as in taking down the price of Gold and Silver) do not be lured
into thinking that the periodic up spikes in the prices of Gold and Silver
necessarily present a "breakout" or a buying opportunity. As
a practical matter, technical breakouts are sometimes a lure designed to suck
in more "longs" prior to a subsequent deeper Takedown.
Nonetheless, it is essential to
study the Fundamentals and Technicals even though the Interventionals can
override the Fundamentals and Technicals. One must study the
Fundamentals not only for all the usual reasons but also because Fundamentals
somewhat constrain the timing and effectiveness of Interventions by The
Cartel.
Similarly, one should study the
Technicals for all the usual reasons and, in addition, because it is in The
Cartel’s interest to make its actions seem technically plausible in
order to continue to “run mainly under the radar.” It
is not in The Cartel’s interest to make its Interventions any more
visible than they already are. Indeed, there is powerful evidence that
The Cartel often uses and/or helps create technical patterns which lure
certain investors (such as hard asset investors) into getting “off
sides” before Cartel actions such as taking down the price of Gold or
Silver.
Thus one primary Deepcaster goal
is to identify approximate interim bottoms of Gold, Silver, Oil and other
sectors, through the use of Fundamentals, Technicals, and Interventionals,
and thus to help readers profit from their inevitable resurgence and
ascendance to new heights. For example, Deepcaster’s profitable
recommendations displayed at www.deepcaster.com were facilitated by attention
to the Interventionals, as well as Fundamentals and Technicals.
Significant and
Increasing Systemic Threats Via Derivatives
(See Deepcaster’s
December, 2008 Letter at www.deepcaster.com and click on the
‘Latest Letter’ cache for details.)
So now let us take a brief look
back to see how all this "Interventional Firepower" is manifested
in the Markets.
Gold
and Silver Market Manipulation
The profound impact of these
market manipulation efforts has been most well documented regarding the price
capping of the Gold and Silver markets. For those who have any doubts
whatsoever about the fact and extent of government (Central Banks)
manipulation, we have (thanks to Bill Murphy, Chris Powell, and other leaders
of the Gold Antitrust Action Committee - - www.gata.org) the following June,
2005 blatant admission of manipulation by the Head of the BIS (Bank
for International Settlements - - i.e. the Central Bankers' Bank) Monetary
and Economic Department, W.R. White:
"…It is
perhaps worth spending a minute on what is meant by Central Bank
cooperation…{it includes]…last, the provision of international
credits and joint
efforts
to influence asset prices (especially gold and foreign exchange) in
circumstances
where this might be thought useful…"
Among the many items of evidence
are those cited by GATA Secretary Chris Powell in his superb article
“There Are No Markets Anymore, Just Interventions,” all of which
are matters of public record, and which can be found at www.gata.org.
Interest Rate
Manipulation
Clearly the fact that
Intervention occurs is amply documented, but Intervention is not
limited to the Gold and Silver Markets.
Fed Chairman Bernanke’s
statement in his academic paper "Zero Rate Bound Economies" can
reasonably be taken as a justification for the Fed purchasing its own paper,
otherwise known as monetizing the debt. Specifically, regarding
overt and continuing covert long bond purchases, the purpose of this would be
to boost the 10 and 30-year bonds, and, therefore, reduce long-term interest
rates.
(For details regarding interest
rate manipulation see Deepcaster’s December, 2008 Letter at www.deepcaster.com and click on the
‘Latest Letter’ cache.)
…
Thus, what would otherwise be
the markets’ “normal” reaction to the ongoing and
worsening credit, subprime, and other financial crises - - dramatically
rising interest rates, especially on the long end - - has been suppressed by
The Cartel’s Interventional Regime.
Specific Interventions
For a full discussion of the
following Interventions, see Deepcaster’s July, 2008 and December, 2008
Letters posted in the ‘Letters’ Archive at www.deepcaster.com:
The Spring 2006 Interventional
Takedown
The August through
October, 2006 Interventions
The August and
September, 2007 Market Interventions.
The March 2008 Crisis-Induced
Takedown of Gold & Silver
(For further details see
Deepcaster’s December, 2008 Letter at www.deepcaster.com -- click on the ‘Latest
Letter’ cache.)
…
Just prior to Bear
Stearns’ demise, the Fed’s March 11, 2008 establishment of a new Term
Securities Lending Facility (TSLF) was merely a short-term Band-Aid for a
Structural Systemic Crisis. The TLSF allowed Federal Agency and non-Agency
(i.e. private entity) AAA/Aaa Residential Mortgage backed (and otherwise
illiquid) securities (some of which is irretrievably illiquid “bad
debt”) to be used for collateral.
…
Allowing questionable
“illiquid” (i.e. bad) debt to be used as collateral began the
significant weakening of the security and legitimacy of U.S. Treasury
Securities (as reflected in Credit Default Swap Premiums) and, ultimately,
the U.S. Dollar. Moreover, it helped only Fed-favored financial
institutions while further diminishing the purchasing power of the middle
class and working poor.
Thus the Big Fed-favored
Financial Institutions are being insulated from the consequences of their
Reckless Securities and Derivatives Speculation. Result: we are in the midst
of a crisis.
…
So the result of the TOMO and
POMO “juice” injections was to create the interventionally
generated 400-point Equities Rally (of Tuesday, March 11, 2008). That Fed
Action turned many of the Equities Markets Technicals from down to up. But on
the next two days, Wednesday & Thursday, there was no significant
follow-through “bounce” - - an ominous sign indeed! Couple
that fact with the consideration that The Fed Action “provided a
long-term solution for none of the aforementioned ongoing problems,
one had to reasonably ask how long such a rally could last. The answer is it
probably would not last.
In sum, at that time, if one
considered only the Fundamentals and Technicals, Gold and Silver prices should
have skyrocketed.
…
However, The Cartel
Interventions stopped that rocket.
All this occurred against the
backdrop of Gold’s hitting $1000. Had Gold broken out conclusively over
$1000 that would have generated even more interest in it. And with
Crude Oil and Silver also at record highs, the Fed-led Cartel would truly be
at a crisis point in terms of their legitimacy as financial market and
monetary managers.
Thus the conclusion was foregone
- - these Interventions succeeded in dramatically taking down Gold and Silver
in the next very few days.
It is not hard to see to see the
motivation for these Takedowns. The power of the Fed-led Cartel of Key
Central Banks (and allied Major Financial Institutions) depends on continuing
legitimacy of their “paper” including first and foremost their
Treasury Securities and Fiat Currencies.
Increasing Gold, Silver, Crude
Oil and other Tangible Commodities prices threaten this Power because they
compete for legitimacy as Stores and Measures of Value with The
Cartel’s paper. Therefore, we can expect The Cartel to continue
to attack Gold, Silver, Crude Oil and the Other Strategic Commodities with a
vengeance. The main question is, can they continue to succeed? That
depends on whether the Fundamentals will overwhelm Cartel attempts at market
manipulation.
In addressing that question,
consider the “Rule” that ‘The Biggest Player in the Market
makes the Market Price.’ The Cartel’s multi-trillion dollar
Derivatives Positions make it The Biggest Player in the aforementioned
Markets.
But, for sure, the
countervailing consideration is the ever-more-bullish Fundamentals.
June 2008: The Cartel
Catalyzes a Volatility Fog to Mask Interventions and Worsening Fundamentals
But it is also certainly not
in The Cartel’s interest to have its Interventional Market Rigging
“Game” revealed. That explains why it is increasingly
apparent that The Cartel uses a variety of techniques (e.g.
“lures”) including catalyzing Volatility “Fogs” to
mask its Interventions.
See the December, 2008 letter
for further details.
“Earned”
Liquidity versus “Borrowed” Liquidity
A key point is that
the Fed/Treasury Actions of 2008 are not long-term fixes. The reason
this is not a long-term fix is that it “fixes” a liquidity
problem in a way that allows insolvent or nearly insolvent financial
institutions to have liquidity that would allow certain normal but often
deleterious operations (i.e. the continuation of even more lending based on
borrowed liquidity). Deepcaster has previously demonstrated the perils
inherent in an economy relying on “borrowed liquidity” (i.e.
debt) rather than “earned liquidity” (i.e. savings) – see
Deepcaster’s January, 2008 Letter.
Thus, the “borrowed
liquidity “cure” is worse than the disease. Thus, what The Fed
has given us is a flawed Financial Band-Aid, and only a Band-Aid for the Big
Boys at that.
We must not forget another
fundamental factor which demonstrates that The Fed Actions are neither a
long-term, nor an adequate, remedy.
“This Fed
injection does nothing for households. And it is households that will
determine if we avert depression or not. Consumer spending is 70 percent of GDP.
Households need the money, and they can’t get it. Credit card companies
are cutting lines. Banks are raising lending standards. House values are
dropping below outstanding mortgage and home equity debts. Incomes
can’t keep up. Jobs are shrinking. Trickle down won’t work. We
need trickle up this time. The Fed’s announced
plan today is to monetize bad debt from Wall Street banks, to accept their
securities baked by bad loans in exchange for cash. This in lieu of a
drastic further drop in
interest rates. Once again, save Wall Street and to blazes with households. Because
they are not doing a thing here for households, this plan will fail. Households
get more inflation and that is it. Wall Street gets a free ride. Somebody
ought to be arrested. What a heist. Of course Spitzer can’t do
anything. He’s preoccupied.” (emphasis added)
Robert McHugh, Tuesday, March 11, 2008 Briefing
And there is yet another
structural problem which is a fundamental contributor to The Crises and which
will cause The Crises to continue for months at least. At the urging of those
pushing a misunderstood “free market” ideology, the Glass-Stegall
Act (which separated the commercial banking from the securities business) was
repealed in 1999. That Act was passed in 1933 in the midst of The Great
Depression to prevent securities speculation from further destroying bank
capital and shrinking deposits.
Since 1999, the Banking and
Securities businesses have become increasingly merged, with today’s
disastrous results being quite apparent. [Note: truly “free”
markets mean markets that have better regulations, not “no
regulation” - - Freedom of choice requires a structure which provides
meaningful alternatives. To enhance freedom one needs to improve a structure,
not abolish it. A basic philosophical point, thanks for which we owe to the
philosopher Immanuel Kant.]
Recent Interventions
and Evidence
Recent Covert Interventions in
the Gold, Silver, Equities and Bond Markets have been quite dramatic as
well. Indeed, evidence for Cartel Interventions in many Markets becomes
ever stronger. Consider…
Silver: Noted Silver
analyst Ted Butler has compiled
evidence that two large banks (both Primary Dealers for The Fed) are
manipulating (downward) the price of Silver and are being protected by the
supposed government watchdog group CFTC (Commodity Futures Trading
Commission):
(For details see
Deepcaster’s December, 2008 Letter at www.deepcaster.com and click on the ‘Latest
Letter’ cache.)
Consider also…
The Bond Market: Some pundits claim
the multi-trillion dollar Bond Market is “too big to
manipulate.” But Deepcaster notes that the BIS reports there are
a $418 trillion in Dark OTC Interest Rate Contracts Outstanding and
further notes that the Biggest Player in the Market typically makes Market
Price. (For details see Deepcaster’s December, 2008 Letter at www.deepcaster.com and click on the
‘Latest Letter’ cache for details.)
Cartel Intervention is the only
explanation, is it not, that while the Credit Default Swaps Market attributes
(via its premiums) a record-high risk-of-loss to U.S. Treasuries, the actual
interest rates on U.S. Treasury Notes and Bonds has dropped to record lows.
And consider the following
sensible comment posted at LeMetropoleCafe:
“It is
absolutely inconceivable that the bonds are rallying (disappearing yields)
due to a ‘safe haven flow of funds’ when their risk of default is
being assessed at an all-time high!!! What is wrong with this
picture???…
The December 1, 2008
Interventions and Precious Metals Takedowns
One could reasonably claim the
Interventions of December 1, 2008 “Take the Cake.”
One would expect that that
day’s news that it was officially confirmed that the U.S. had been in a
recession for a year coupled with the ongoing agony of the Big Three
Automakers and laid off workers, and the news that the Taxpayers’
“Bill” for the Bailouts, loans, guarantees, etc., totaled $7.7
trillion according to Bloomberg, would substantially take down the Equities
Markets. But what is utterly inexplicable (absent Intervention) is that
that very day in December the price of Gold was taken down nearly $50! Only
Cartel Intervention can explain such a development!
II. INDIRECT MANIPULATION
The other major form of
government (including agency) market manipulation can most accurately be
called indirect. It consists of "massaging" or
hiding various statistical measures and data to create results that suit the
manipulator's (usually, whatever Presidential Administration has power at a
given time) preferences, insofar as it’s political, economic, or
financial or market goals are concerned. It is the U.S. Federal
Reserve Bank’s (a privately owned “national” bank)
and the United States government agencies’ generation of "creative
statistics" on which we focus here.
Refer to the beginning of this
Article to consider today’s massaged government and agency data in
comparison with today’s data calculated the “old fashioned
way” (i.e. sans contemporary statistical gimmickry).
III.
SYSTEMIC RISKS
On the
Brink of a Cartel-Facilitated Systemic Meltdown
The August, 2007 credit
freeze-up and the Fed’s bailouts of August 17 & September 18, 2007,
mid-March 2008 and August through November, 2008 illustrate just how
increasingly close to the brink of a Systemic Meltdown we are.
See the December, 2008 Letter at
www.deepcaster.com for details regarding how Prophetic words indeed!
The Fed’s
“Cure” Worsens the Disease
The
Systemic Solution
Allowing the International
Economy to be based on a Fiat Reserve Currency is unsustainable. No Fiat
Currency Regime in the history of the world has ever survived indefinitely.
So The Systemic Solution
is apparent. We outline it as follows:
1)
Re-link the world’s Reserve Currency (the U.S. Dollar) to Gold and
Silver, the Monetary Metals which are both stores and measures of
value, tangible value.
Failure to re-link
currencies to Gold and Silver will allow a continuing massive and
unsustainable inflation of the money supply by the Fed-led Cartel* of Central
Bankers. Unless such re-linking to Gold and Silver is accomplished the
U.S. Dollar is likely doomed in the long-run, with severely negative
consequences.
Money supply
inflation ultimately leads to price inflation and the continuing
extraordinary rate of increase in the money supply, (as a number of
commentators have pointed out) is leading us down the path to a
Hyperinflationary Depression. (c.f. shadowstats.com). And, more
ominously, it is leading us to an attempt to implement The Cartel “End
Game” (see June 2007 Letter “Profiting From the Push to
Denationalize Currencies and Deconstruct Nations” at www.deepcaster.com.).
But the private
for-profit U.S. Federal Reserve and its Cartel Allies are not likely to
give up their Fiat Currency and “un-backed” Treasury Securities
that easily - - they are the source of its power. The Fed and
associated International Financial Allies will strenuously resist. Thus,
2)
Legendary investor Jim Rogers recently neatly expressed The Solution
to the problem of The Fed: “The Fed should be abolished and
Chairman Bernanke should resign.” (March, 2008, CNBC)
An excellent
idea. Indeed, The Fed is a private for-profit group of
International Banks, whose main motivation is in providing profits for, and
protecting the interests of, The International Bankers Cartel and favored institutions
and parasites, not in serving the needs of U.S. citizens (or most citizens of
other countries for that matter).
3)
To
replace The Fed, and in order to protect ordinary citizens interests, the
U.S. Congress should create a genuinely National Bank under the
auspices of the U.S. Treasury Department as authorized by the U.S.
Constitution. That truly National Bank should be the money
issuer for the United States, not the private for-profit Cartel of
International Bankers known as The Fed. Note that the nonprofit group http://www.carryingcapacity.org is conducting an
“Abolish The Fed; U.S. Treasury Instead’ campaign.
This is not such a
radical idea. President Kennedy caused U.S. Notes to be issued late in
his presidency as a replacement for Federal Reserve Notes. [He was
killed a few months after the issuance was started and the U.S. Notes
subsequently disappeared from the market.]
The Cartel End Game
We are facing at an
international crisis of unprecedented proportion. It is also clear to
Deepcaster that those who run the Fed-led Cartel cannot be so stupid as to not
know where their hyperinflation of the money supply (according to
shadowstats.com M3, as of the June 12, 2009 Report, was increasing at an
annual rate of about 7.5% which is nearly a ten year doubling time!),
and other bubble-crisis-creating policies are leading us.
Thus if The Cartel leaders know
what they are doing what is their End Game? For details regarding The Cartel
End Game see “Investor Advantage: Revisiting the Cartel's 'End
Game'” (3/6/09).
The Solution - - A
Strategy for Investors & Traders
A major premise of The Strategy
is that one can certainly remain a Hard Assets Partisan while at the same
time insulating oneself from future Takedowns. The following points
provide an outline of The Strategy (particularly as applied to the Gold and
Silver Markets) and are designed to help avoid such unpleasantness, or even
possible financial ruin, in the future, as well as to profit along the way:
1)
Recognize
that The Cartel is still Potent, as difficult as that may be psychologically
for Deepcaster and other Hard Asset Partisans to acknowledge. The
Cartel is still the Biggest Player in many markets and, if the timing
and market context are propitious, the Biggest Player makes Market
Price. In addition, The Cartel has the advantage of de facto
controlling the structure and regulation of various marketplaces and that is a
tremendous advantage; just as the Hunt Brothers years ago discovered much to
their dismay and misfortune, when they tried to corner the Silver Market.
2)
Accumulate
Hard Assets near the Interim Bottoms of Cartel- induced Takedowns.
3)
In
order to know when one is near the bottom of a Cartel-generated takedown, it
is essential to take account of the Interventionals as well as the Technicals
and Fundamentals.
4)
For
example, regarding Gold & Silver, near such Interim Bottoms, accumulate a
combination of the Physical Commodity (Deepcaster prefers “low premium
to melt” bullion coins) and well-managed Juniors with large
reserves. (Deepcaster provides a list of such Junior Candidates in our
December 20, 2007 Alert “A Strategy for Profiting from Cartel
Intervention” available in the Alerts Cache at www.deepcaster.com.) The
“Physical” and “Juniors” are for holding for the
long-term as a Core Position.
5)
Then, to
the extent one wishes to speculate on the next “long” move, one
should buy the major producers or long-term options on them. These
latter positions are for ultimate liquidation at the next Interim Top and are
not for holding for the long-term.
6)
Indeed,
there will be a time when The Cartel price capping is ineffective and Gold
& Silver make record moves upward. The benefit of this Strategy is
that one will likely be long in one’s speculative positions when this
happens.
7)
Near the
next Interim Top, liquidate the long options and majors. Again, in
order to know when we are close to the next Interim Top, it is essential to
monitor the Interventionals, as well as Fundamentals and Technicals.
8)
At that
Top, sell short or buy puts on Majors. We re-emphasize the Majors as
preferred vehicles for trading positions because such positions are more
liquid and tend to be quite responsive to Cartel moves.
9)
At the
next Interim Bottom, cover your shorts and liquidate your puts and go long
again to begin the process all over again. We emphasize that it is
essential to consider the Interventionals as well as the Fundamentals and
Technicals in order to determine the approximate Interim Tops and Bottoms.
10)
Finally,
Hard Assets Partisans have the opportunity to become involved in Political
Action to diminish the power of the Central Banker Cartel. It is truly
outrageous that the average unsuspecting citizen, and prospective retiree,
can and does put his hard won assets in Tangible Assets only to have those
assets effectively de-valued by Cartel Takedowns. This is extremely
injurious to many average citizens in many countries who are saving for the
rainy day or retirement and have their retirement and/or reserves effectively
taken from them. In order to help prevent this and similar outrages, we
recommend taking three steps:
- Become involved in the
movement to abolish the U.S. Federal Reserve (a private for-profit
Cartel of International Banks) as Deepcaster, Presidential candidate
Rep. Ron Paul, and legendary investor Jim Rogers, all have advocated.
- Join the Gold AntiTrust
Action Committee which works to eliminate the manipulation of the
Gold and Silver markets (www.gata.org). GATA is a non-profit
organization which makes a great contribution by gathering evidence
regarding the suppression of prices of Gold, Silver and other
commodities.
- Work to defeat The Cartel
‘End Game.’ Deepcaster has laid out the evidence
regarding the Ominous Cartel “End Game.” Clearly The
Cartel is sacrificing the U.S. Dollar to prop up international financial
institutions and to maintain its power. But this sacrifice cannot
continue forever.
“Federal
prosecutors accused a guy named Sergey Aleynikov of stealing proprietary
"black box" computer codes from Goldman. The assistant U.S.
attorney in charge of the case said the following in court: "The bank
(Goldman) has raised the possibility that there is a danger that somebody who
knew how to use this program could use it to manipulate the market in unfair
ways."
What was Goldman
doing with a program that could "manipulate the market in unfair
ways"?
The answer: It was
using it to manipulate the market.”
John Crudele:
Influence is in the bag for 'Government Sachs'
John Crudele, New
York Post, Thursday, July 7, 2009
Best
regards,
Deepcaster LLC
Deepcaster.com
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the other articles by Deepcaster
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