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The
events of the last 12 to 18 months have been as shocking as they have been
instrumental in reshaping the global financial structures. In fact, the
events have pointed out the fracture of the global monetary system and
banking systems. The steady stream of events is accelerating in scope and
intensity. The fractures are finally being recognized. The key to understanding
the continuation of disruptive and chaotic events is the realization that
nothing has been fixed, no remedy put in place, no reform agreed upon, no
liquidation of impaired bank assets completed, and no work toward a more
stable system. Instead, the old system has been subjected to a patchwork
of futile efforts and initiatives that speak more of bilking the system,
redeeming impaired assets, and channeling funds to those most responsible for
the fractures. Instead of seeking solutions, the banking and political
leaders revert to what has been their shelf of failed tools, since they know
nothing else, stuck in the Keynesian box, painted into the 0% rate corner.
The costs are horrific when solutions are not pursued. The beneficiary is
gold, since all wayward policy costs money, which must be created, worsening
the debasement. Gold rises with new money creation gone amok.
$Trillion rescue packages have become the norm, in a cavalcade of debased
currencies. Historical highs come for gold and silver, with gold fighting the
political battles, but silver riding through the gates with high speed and
raised dust. Central banks own no silver, and industry consumes silver.
The
system cannot repair itself because those in charge at the helm making
decisions caused the fractures and protect their power base. They live and
operate within a system that no longer functions effectively. Reform would
involve bankruptcy for the elite in charge. Remedy would involve liquidation
of the balance sheets for the elite in charge. True crackdown would involves
prosecution and jail time for the elite in charge. Changing of the guard
would involve lost power for the elite in charge. Independent audits would
involve revelations and disclosures of criminal fraud on a widespread basis.
So the system lumbers along, broken. Nowhere has the brokenness gone more
unaddressed than under-water mortgages for 22% of the American public. True
remedy and crackdown would involve a mushroom of criminal allegations from
bond fraud, revelation of duplicate usage for mortgage payment revenue
streams, lost property titles, and counterfeit fraud. That is a major reason
why Fannie Mae was nationalized, to keep the fraud under the roof of the
greatest criminal organization on earth, operating under the United States
Government, where the corruption, theft, and fraud can be protected by the
numerous agencies. The global response has been and will continue to be a
flight into gold, finally recognized as a zero risk safe haven. The global
decline in trust for government debt is the death knell for the major
currencies, the monetary system, and the central bank franchise system.
It is also the harbinger for $2000 gold and $50 silver.
Review
briefly the scattering of powerful events in just the last 12 to 18 months.
History is being made before our eyes. The franchise system of central banks
and paper fiat currency has failed before our eyes, but with no specific
recognition. The flood of new money creation testifies to both failure and
desperation. New debt within the USEconomy no longer produces positive
economic activity. The events are so diverse that any competent analyst must
conclude that the global financial system has broken in irretrievable,
irrevocable, irreversible manner. If the following diverse topics of
disruption, breakdown, malfunction, denunciation, incompetence, compromise,
corruption, and contagion do not wake people out of their slumber, nothing
will. If investors do not take action amidst the plethora of warning
signals, they deserve to be gobbled up and ruined. Before long, personal
self-defense activity will be declared improper, illegal, and even possibly
terrorist in nature. Please pardon the brevity of each topic, but too many
exist, and building an argument for each would require at least 2 to 3 pages.
These topics of breakdown, failure, corruption, and contagion are covered
every month in the Hat Trick Letter. Skim to the end to review the gold
market summary, where new highs are being registered in almost every single
currency on earth. The topics covered in brevity are the same ones covered in
careful treatment for the last 12 to 18 months. The array of topics
arranged in sequence serves to highlight the shocking events and the
historically unprecedented desperation in response, all of which has led to a
powerful gold rally based on respect, integrity, and standalone value.
REJECTION
OF PETRO-DOLLAR & REVOLT
Last
May 2009, the Saudis with Russians and Chinese at their sides announced the
eventual end to payments for crude oil to be honored in USDollars. The
concept was endorsed by Japan and Germany, whose counselors from Berlin might
be far more integral in reshaping the global landscape than the US-UK aging
power merchants are willing to concede. The disrespect shown the USDollar has
turned to revolt, seen in G-7 Meetings. In fact, the G-7 has morphed into a
country club meeting for former power brokers. The new G-20 Meeting is the
forum of substance, where the Chinese, Russians, Indians, and Brazilians can
have a voice and no longer sit in the hallways while decisions are made. The
USDollar is on the butt end of a Global Paradigm Shift with extreme force.
The beleaguered buck will limp along until alternatives in the planning stage
are launched. That is soon, really soon, like before 2011 is too far along.
Gold will compete well with both the USDollar and any newly launched currency
alternative.
NATIONALIZED
BLACK HOLES
The
absorption of Fannie Mae and American Intl Group into the USGovt conglomerate
of bureaucracy, fraud, waste, confusion, protection, syndicate wings,
off-shore accounts, and printing press operations was an urgent step. It
placed the corrupted mortgage finance structures and credit derivative
framework under the USGovt aegis, where the syndicate agencies can provide
both proper attention and protection from prosecution. The Black Holes will
cost the USGovt a few trillion$, my forecast made in 2007 and 2008. Shifting
ownership of securities and putting them under official stewardship has
effectively eliminated the potential for lawsuits by investors foreign and
domestic. Fannie Mae is the nexus of numerous criminal fraud rings whose
total value is north of $3 trillion. It is the vast sewage pit replete with
slush funds, where obscure accounts reside never to face scrutiny, used to
balance the accounting without prying eyes. Gold will be viewed as the clean
alternative to paper, especially the toilet paper mixed in sewage treatment
plant vats.
INSOLVENT
BANKS
Nowhere
is the brokenness more evident than in the insolvent big banks. Not a one is
solvent, all vampires in search of tangible assets, willing to trade
worthless stock shares for assets. Lending is a thing of the past. Their loan
loss reserves have vanished, as reserves are tucked away from the lending
circles in the US Federal Reserve. Insolvent banks engage in minimal lending,
since approval is inhibited by the lack of working capital. The banks are
loaded down by an endless raft of foreclosed properties, kept from the market,
not on the market. Speaking of insolvent, the USFed itself is in wretched
shape. A mere 5% decline in their mortgage assets translates to a negative
balance sheet. A more likely 40% decline in mortgage assets, in closer tie to
reality, translates to hundreds of billion$ in negative balance sheet. This
agency, this august USFed is supposed to lift the US financial structure from
its underwater grave? Methinks not!
PHONY
ACCOUNTING STANDARDS ENDORSED
On
April 1st of 2009, the Financial Accounting Standards Board endorsed corrupt
accounting of impaired assets. Banks were permitted to place any value they
wanted, with clumsy laughable minimal justification. Enter the basis of the
great US stock rally. What a joke! Shock waves like on May 6th will likely
become the norm. Bond shock waves are in vogue. Without proper accounting,
valuation exercises in US financial arenas becomes a farce, joke, travesty.
ENDLESS
QUANTITATIVE EASING
The
QE1 was welcomed. Vast new money printing for the purpose of meeting federal
deficits, rescuing big banks, and providing vast slush funds was deemed
necessary. The end of QE1 was heralded but a lie. Perhaps it was proclaimed
at an end so that QE2 can be launched amidst fresh needs. The QE2 seems to be
launched in Europe with a grand US conduit. In March, USFed Chairman Bernanke
lied through his teeth to the USCongress about how Quantitative Easing had
come to an end, that USTreasurys were not being monetized. In late April,
Bernanke admitted his lie to the same US Congressional committee. Remove QE
and the entire system grinds to a halt, then collapses under the weight of
debt. Claims of QE removal serve as deceptive political clapptrapp, pure
diversion from the reality. The QE is as crucial as the right leg. Uncle Sam
cannot negotiate the mine field while skipping and hopping on one leg.
REACTIVE
CREATION OF USTREASURY BUBBLE
You
gotta love the denials that the USTreasury Bond complex is a bubble. Its
needs have grown enough to demand a significant slice of the entire global
savings. Actually, the global savers have lost their appetite for further
USTBond buys. As a bubble, it is fed by accelerating sources of funds, mostly
nowadays from printing press creation of money. The near 0% interest rate is
a dead end with no reversal, since higher borrowing costs would bring about a
cave-in for the USTBond bubble. The USTreasury Bond bubble is the
sentinel signal for the gold market to release, find global acceptance as
true safe haven, and find proper value over $2000 per ounce. A
supposed safe haven can NEVER be a bubble. In fact, as the USGovt adopts one
broken child after another like Fannie Mae and AIG, the US$-based obligations
extend beyond federal debt to cover mortgage wreckage and credit derivative
fires. To call USTreasurys a safe haven is like calling Al Capone a savior,
calling Lloyd Blankfein a crusader for God, calling Alan Greenspan the
architect of prosperity, or calling Franklin Roosevelt a friend to gold
investors.
ACCELERATION
OF BANK FAILURES
Banks
are falling victim to death experiences at an accelerated rate. The bank
failure rate grew in mid-2008. The rate grew again in mid-2009. In 2010,
already the rate has accelerated again. Bank failures are picking up speed
rapidly. The FDIC insurance fund is deep in the red. The bank fees were
levied at 13-fold increases last year. Even advanced bank fees have been
exhausted by the FDIC. Soon the FDIC will need more billion$ in funds. A new
wrinkle is that commercial mortgages are killing banks, at a time when many
assets are revealed as being held on balance sheets at double their true
value. See the recent bank failures and consistent over-valued assets in
liquidation. The problem is systematic and endemic.
UNENDING
MORTGAGE DELINQUENCIES
Despite
claims of a stabilizing housing market, the mortgage delinquencies and
enormous inventory of bank owned homes is not being relieved. Fannie Mae
reports still rising mortgage delinquencies. Prime Option ARMs are showing
delinquency rates that rival the subprimes. Commercial mortgages are also
showing delinquency rates that rival the subprimes. The newest wrinkle is
Strategic Defaults, where people just stop paying their mortgages, an active
decision, often by people with high RICO credit scores. Many are demanding
the banks to produce their legitimate property title. Many are sick &
tired of bank welfare, with Wall Street taking the lion's share of aid. Some
suspect vast bond fraud. Civil disobedience a la Henry David Thoreau has
entered the equation. With each new delinquency comes a default and more
inventory. The entire USEconomic growth spurt in the 2002 to 2005 timeframe
was founded on a housing bubble that was washed away. No new bubbles can be
found of practical usage, only the USTreasury Bond bubble acting like a
powerful black hole to inhibit capital formation.
REVELATIONS
OF RIGGED METALS MARKET
In
the last few weeks, the metals markets are abuzz over the revelations by
Andrew Maguire that the London silver market is rigged from JPMorgan trading
desks. Price suppression has come from naked shorting, otherwise known as
selling silver contracts without collateral, without benefit of metal. The
paper Ponzi scheme of the London Bullion Market Assn and the COMEX is slowly
being unmasked. The concentrated short positions have no economic
justification, and represent over a year of global mine output. The GATA
organization is being vindicated, soon to be granted great respect. Without
the outsized naked short position in silver, all completely illegal, all
totally protected by the USGovt and its obedient regulators, the silver price
would be north of $50 per ounce. The same rigged market exists in gold.
Without the outsized naked short position in gold, the gold price would be
north of $2000 per ounce. That is where both are heading.
PROSECUTIONS
OF US TITAN BANKS
The
Big Four banks in the United States had better grow accustomed to legal
charges and lawsuits. For several years, they sold toxic assets,
misrepresented asset sales, have engaged in naked shorting of metals, have
sold bogus derivative products, have laundered counterfeit bonds of various
types, have paid in collusion for debt ratings, have engaged in insider
trading schemes, and much more. My sources tell of powerful Chinese
interests and indirect agents putting tremendous pressure on the USGovt to
enforce the law and enforce the regulations, which would effectively release
clogged markets and force prosecution. They are ultimately USTreasury
Bond creditors and Gold investors. They are angry. Watch the prosecutions and
civil lawsuits continue like an endless parade. Watch for exposés and
sting operations also.
REFUSALS
FOR BANKING DISCLOSURE
The
common practice of off-balance sheet usage is rampant. Various devices for
temporary account ledger items are under fire. Banks place unsold home
foreclosure inventory often off the balance sheet. Bigger banks place wrecked
mortgage assets off the balance sheet. Loser credit derivatives and other
derivatives routinely are placed off the balance sheet. The USTreasury funds
its own USTBond purchases from agencies in the Caribbean, again off the
balance sheet. The entire Enron operation, from its Harvard hatchery, its
Citigroup funding, and its JPMorgan special purpose vehicles, was an
off-shore enterprise also. Proper disclosure involves proper valuation. False
accounting prevents the disclosure process. The motive is simple. The big
banks are insolvent and do not wish to disclose their insolvency. Lending as
a result suffers.
DEMANDS
FOR USFED AUDIT
Imagine
a nation whose central bank is part of a foreign owned syndicate, with full
control of the monetary management, full control of channels to their
favorite bank entities, full control of destinations for funds. The USFed is
a paid consultant for the USCongress which refuses to disclose its gold
inventory, refuses to disclose its currency management, refuses to disclose
its disbursement of TARP Funds, refuses to disclose its monetization of
USTreasurys and USAgency Mortgage Bonds, refuses to disclose its Wall Street
fund swaps, and desperately conceals its money laundering for CIA narcotics
funds that enter the Wall Street system. Demands for a USFed audit coincided
with a May 6th freakish stock plunge, resulting in watered down language for
power to audit the USFed itself. The new bill at least is a foot in the door.
Let's hope it is size 22 like Shaquille O'Neal.
TRILLION
DOLLAR USGOVT DEFICITS
After
the 2008 fiscal year USGovt deficit was announced in the $1.5 trillion range,
shock was felt. The American public was told of a lower $1.3 trillion
estimated deficit for 2009. It also ended up in the $1.5 trillion range.
Expect the 2010 deficit to again be at least $1.5 trillion. Federal revenue
receipts are still trending down for both individual and corporate tax
sources. Another stimulus bill is soon to be entered, unless the nonsensical
story of a recovery is actually embraced and believed. Funding of the Fannie
Mae and AIG black holes is costly. And never overlook the endless wars and
defense (offense) programs. Their budgets are sacred, never debated, and
always endorsed without delay. The end result is a continued flood of
USTreasury creation, at a time when refunding rollovers are required. Gold
competes with this travesty, competes successfully, seen as a carnival
sideshow moved to center stage. Record debt issuance occurs each month.
MISSING
USTREASURY AUCTION BIDDERS
The
details of USTreasury official auctions have become a subject of open debate.
Irregularities among direct and indirect bidders has attracted attention, bad
attention. Simple calculations reveal how USTBond purchases by known sources
account for less than half of USTBonds auctioned off, the difference made up
by pure monetization in the typical secretive centers like the Caribbean bank
centers. The Treasury Investment Capital (TIC) Reports continue to reveal a
decline in most nations for USTreasury holdings, yet even more USTBonds are
sent into the market. The monetization is the only answer to explain vast
anomalies.
PLUMMETING
MONEY VELOCITY
A new
phenomenon, documented, explained, even with visual aids, was given in the
May Macro Economic Report out last week. The monetary base is accelerating
upwards at a mindboggling rate. The broad money supply in usage is actually
falling, due to reduced lending and loan approval. The money velocity has
fallen dangerously low, like to levels seen in the teeth of vicious
recessions. Thus the monetary inflation, Bernanke's reason for being, has
not been successful. The relationship between broad money supply and
declining labor market is well known, tracked expertly by John Williams and
his Shadow Govt Statistics staff. The conclusion is to expect a nasty
recession to continue, to reappear, depending on your perspective and level
of denial. Money is being thrust into the system, but it is not being put to
work, as capital formation is non-existent. Think of a big car burning its
engine, revving up wildly, but going very slowly down the road. Blown pistons
and gaskets litter the roadway.
ABUSE
OF EXCHANGE TRADED FUNDS
The
Exchange Traded Funds are a system for Wall Street to control prices for key
items. The natural gas ETFund has had little bearing on the natural gas
price. The silver ETFund (SLV) inventory has diverged from the silver metal
price, the lost correlation as testimony to corrupted management. The lazy
investors prefer to own an ETFund out of unwillingness to research or manage
the asset, preferring to open the door to corrupt management by Wall Street
firms, the same ones who corrupted the mortgage bond market, the muni bond
market, the oil market, and the entire stock market. The most corrupt of all
ETFunds are the Street Tracks SPDR (GLD) gold fund, the Barclays (SLV) silver
fund, and the Goldman Sachs (GDX) gold mining fund. Each of these funds
serves an important role in the price fixing, price manipulation, and heavy
handed leveraged control of price suppression. If investors are loaded with
such ETFunds, then someday they will realize a divergence between the share
price and the underlying prices, probably some lawsuits for impropriety and
malfeasance, and likely forced liquidations without participation in the
rallies observed. As Stewart Dougherty put it, "Big Money is going to
be way too smart to buy the Exchange Traded Funds that have been pimped to
retail investors as a way to sterlize their money and keep it out of the
metals market for which it was internded." The solution is to own a
gold or silver bullion account. See the Sprott (PHYS) fund which is given a
30% price premium, due to integrity.
POLITICAL
REACTION TO FAILURE & COLLECTIVISM
The
public disgust and anger is growing fast. The Tea Party movement has gained
acceptance and vigor at the grassroots level. Some like Bill Clinton attempt
to associate the Tea Party participants with terrorists, which is ludicrous.
George Washington, Patrick Henry, Thomas Jefferson, John Adams, James
Madison, and especially the outspoken Benjamin Franklin might be maligned if
alive today, or at least harassed with tax audits. At least one might sit in
a secret prison without criminal charges filed. The USCongress is distrusted
more than Wall Street. Bankers are despised and disrespected. The people did
not want a national Health Care program, but their desires are secondary. The
USGovt had better beware of a blossoming of civil disobedience in reaction.
One form is not to make mortgage payments. Another form is to drain
investment accounts and to purchase gold & silver, coins or bullion,
either way.
DISRESPECT
SHOWN TO THE UNITED STATES
International
prestige has vanished for the United States. The revolt that started against
the USDollar two years ago has branched in multiple directions. US bankers
are on the extreme defensive, the former ambassadors to economic export. The
narco war and oil war have tarnished the US reputation. The military services
fraud has tarnished the US reputation. The abuse of NATO airbases has
tarnished the US reputation. The Wall Street toxic bond export on a global
scale has tarnished the US reputation. The interference with foreign
sovereign debt by Wall Street and US-based hedge funds has tarnished the US
reputation. The heavy hand of IMF and World Bank leverage, pressures, and poison
pills has tarnished the US reputation. The ratcheting trade war and stream of
tariffs and complaints by the USGovt have tarnished the US reputation. The
Madoff Ponzi Scheme has tarnished the US reputation. The numerous
nationalized companies has tarnished the US reputation. The new prosecutions
against Wall Street fraud have tarnished the US reputation. The flood of new
USTreasury Bond supply has tarnished the US reputation. The lack of
leadership in times of crisis has tarnished the US reputation.
FLASH
TRADING EXPOSED
In
the last two years, much attention has been given the Flash Trading, also
called High Frequency Trading, even the basic name of Computer Program
Trading. Estimates that 73% of the New York Stock Exchange trading volume is
from program trading. So Wall Street is essentially deeply committed to
circle jerk endeavors, or exercises to eat each other' lunch, certainly not
producing anything. Paul Volcker accused the financial industry of one good
innovation in 20 years, the automatic teller machine. He finds no value in
either credit derivatives or computer program trading. In fact, much of the
Flash Trading proprietary devices are elaborate insider trading mechanisms
that view the order stream and front run. See the Goldman Sachs incident one
year ago, when an employee stole the illegal software, but the FBI came to
the rescue of GSax and kept the story and device under wraps. The Flash
Trading was unleashed on May 6th again. A grand heist ensued, clearly
motivated by insider information of a weekend European bank rescue and $1
trillion monetization package. Lack of liquidity is blamed, but so is lack of
value. In today's world of high finance, a flash trade computer program
device is a different form of pistol used in a holdup, gunning for the sell
stops, filling them at absurdly low levels, mugged on the trading platforms.
The Dark Pools in OTC trading account for $60 trillion in annual activity,
versus a mere $5 trillion in monitored traffic. That translates to more back
alleys for mugging than passageways well lit to prevent criminals at work.
SOVEREIGN
DEBT REJECTED
Since
late November when the Dubai debt went into default, the sovereign debt
crisis has been unleashed like a relentless storm. Following Dubai was
Greece, the common denominator being the London and West Europe banks.
Denials are shallow minded and stupid when analysts claim that sovereign debt
risk is fenced from one nation to another. Contagion will be the norm. Much
of the Greek Govt debt is held by Swiss, London, and French banks. So a
rescue of Greece is tantamount to a rescue of these big exposed banks. The
rash of sovereign debts facing default, or pressure toward default, testifies
to the failure of the monetary system. The usage of newly hatched money to
fix problems from unbacked untethered unsecured money is lunacy. Eventually,
a condition marred by debt constipation results. Uncle Sam needs to visit the
toilet for relief but cannot, as his bowels are blocked by debt without
benefit of healthy liquidity. His intestines are clogged with financial
engineered vehicles, basic fur balls. The next nations to face the sovereign
debt hammer of scrutiny and market retaliation are Italy, Spain, France, and
then England. The fireworks are nowhere finished. With each new episode, the
Gold price will rise further.
FAILURE
OF CENTRAL BANK FRANCHISES
The
sovereign debt crisis is actually a symptom of the failed central bank
franchise system. The central bank had better hurry to produce new global
reserve currencies backed and fortified by gold, also possibly by crude oil,
or else the fires in the government debt will continue to burn. The end
result will be ruined currencies, broken national banking systems, national
budgets in tatters beyond remedy, economies ground to a halt, and eventually
civil strife. We are witnessing the end convulsions of the fiat paper
monetary system. The central banks are powerless to stop the crisis. The
$1 trillion European bank bailout plan gave lift to the Euro currency for
less than 24 hours. The USDollar is viewed as likewise wrecked and undermined
as the Euro. In my view, the simple perspective is that their near 0%
interest rates are like a minimal pulse on the banking system, a depleted
body lying in the Intensive Care ward. The currencies are all dying.
Gold will rise until given proper recognition, then it will rise even more.
GOLD
SEEN AS ZERO RISK REFUGE
No
charts are necessary. A thousand words might suffice, rather than six charts
showing Gold breaking out to new highs across the world. Some major points
scream to be told. Here is a list:
- Gold is
rising in every single major currency
- Gold is not
a hedge against price inflation, but rather against ruined monetary
system
- Gold is
making new highs in almost every single major currency
- Gold had
consolidated in price for four months, the base for breakout
- Gold will
reach $2000 in price within the next two years time
- Gold is
desperately needed to anchor the failed fiat paper currency system
- Gold is
planned for a component role in the new Northern Euro currency
- The
sovereign debt crisis has fueled demand for Gold without the full
realization that the central bank franchise system has failed along with
the fiat currencies
- Quantitative
Easing is monetary hyper-inflation, the fuel of the Gold rally
- Gold is
urgently needed as a bank reserve to ensure proper function
- Gold
contains no inherent counter-party risk
- Gold is in
the midst of vast supply shortages
- The Gold
Cartel is seeing defections among its allies, who are buying gold
bullion after the cartel knocks down the price
- Nations are
hoarding their gold mining output, the latest possibly Venezuela
- Gold is
seeing panic buying in parts of Europe, like Austria
- Gold mining
output is trending down for the past few years
- Gold was by
far the #1 investment asset in the entire 2000-2009 decade
- The US Dow
Jones Industrial Average is in multi-year decline, in Gold terms
- Gold is protected
from human corruption, except in its theft and hollow replacement
- Gold market
is receiving heavy scrutiny for corrupt metal exchanges
- The London
Bullion Market Assn has been in default since December, bribing on
delivery demands to receive cash settlement with a 25% premium paid
- The GLD gold
exchange traded fund is a corrupt diversion from metal ownership
- Hong Kong is
soon to offer several exchange traded funds for Gold
- Gold can and
does rise in price concurrently with the USDollar
- Future
payment for oil shipments will require a gold-backed currency
- New barter
systems of trade will contain a gold core component
- Gold is the
ultimate safe haven asset
- The
USTreasury has no gold reserves, as Fort Knox is empty, since the
Clinton-Rubin gang leased it and sold it all
- PIGS nations
have more gold reserves than the United States
- Switzerland
and Canada have almost zero gold in national reserves
- The IMF gold
sales are lies, actually closed out USGovt gold short transactions from
past years when the Clinton-Rubin gang leased gold for sale
- Gold leased
from the Italian central bank was lost by LongTerm Capital Mgmt
- Bear Stearns
was targeted for a kill, since it was long in gold, defying Wall Street
- China
participates with the IMF sideshow game in order to buy its gold pledges
- If Gold were
revalued at 3x to 5x the price, many national banking systems would be
restored to health and solvency
- Price
hyper-inflation is the likely next blemish on the US landscape, which
will fuel broad public gold demand
- Any attempt
by the USGovt to confiscate gold would result in a gigantic backfire,
with the gold price doubling in price, and US foreign assets subjected
to freezes
- Gold will
reach its high range when US bankers along with London bankers face a
Nuremberg style criminal trial on the global stage
- Prepare for
the arrival of a small group of new Gold-backed currencies, the USDollar
death knell
- As John
Pierpont Morgan once stated under oath before the USCongress and the
Pujo Commission in 1913, "Gold is money, and nothing else"
Jim Willie CB
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