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The highest functions of the financial system have
finally broken to the point where smart and connected people are openly making
comments. Shortages are acute, to the point where low prices for gold &
silver, for instance, render supply as inadequate to meet huge growing demand
that wants to exploit the artificially low prices. Even the USTreasury Bonds
are enjoying artificially high prices, undoubtedly an extension of the
colossal usage of US Federal Reserve lending swap facilities. They print new
USTBonds and exchange new third world (US) government debt
securities for acidic US
mortgage bonds, some hastily cobbled into securities by ailing lending
institutions from cratered mortgage loans portfolios. It seems the US Federal
Reserve and the Euro Central Bank might accept bonds from English, German,
and possibly Swiss sources soon. That seems fair, since they contributed to making
vacant US
mortgage bonds look attractive.
The market systems are broken, and dysfunctional
mechanisms are limping along, as corrupt paper instruments have flooded the
financial system to the point of wrecking the commodity markets entirely. If
such words seem prone to hyperbole or silly exaggeration, consider that some
specific markets are depleted of supply and cannot honor current prices.
Those prices have been recently established by force, by the future
contracts, all under the watchful eyes of regulators who are totally asleep,
corrupt, in the pocket of Wall Street, and whose desks are occupied by means
of revolving doors and chairs with Wall Street firms. Just try to imagine the
Mafia crime syndicates regulated by agencies whose officials are retired
Mafia dons. Let’s examine some mechanisms and a couple weak links to
the phony price structure that provides intricate linkage among the USDollar,
gold, crude oil, and USTreasury Bonds.
RESTORED ORDER – RELEVANT
FACTORS
Many forces within the mechanisms themselves can
easily work to push up the gold & silver prices. Other factors are highly
likely to play a role to reverse the recent price movements that defy the
broad shortages. The USDollar is certainly a specious specie, a form of legal
tender whose value defies reality due to its chronic dependence upon a
printing press. Some factors loom large. Here are a few.
The US
banks are fast approaching the early warning season in early to middle
September. They are required (Wall Street firms excluded) to come forward and
provide guidance on their earnings, their balance sheet damage (called
impairment, since sounds better), and their profits (nonexistent, as in
extinct). Wall Street firms have almost no stock or bond issuance, no private
equity packaging, so business is largely dominated by management of their
demise, along with management of their propaganda messages that seem shrill
lately. The US
banks will in my estimation announce bigger Q3 losses than Q2. Their
BS-stories continue since they are actively seeking cash to shore up balance
sheets. Their mortgage related losses will be ongoing, but now those losses
will be joined by prime mortgage losses, commercial loan losses, car loan
losses, credit card losses, and more. The USGovt can claim the economy is in
good shape, that exports are booming, but a grand disconnect has occurred.
Something like 460 thousand jobs have been lost this year, and most job gains
are on paper, from the Birth Death Model nonsense. More paper deception, this
of the labor market. Consumers might spend less if they were keenly aware of
US-based unemployment running over 14%. The steep decline in USGovt tax
receipts testifies to a recession. Most statistics testify to recession, like
the Leading Economic Indicators. Reverse gear for the USEconomy is bad news
for the USDollar. And all the horrendous disasters coming from Fannie Mae and
Freddie Mac acid pits cannot be good.
The crude oil price has the capability to knock the
USDollar off its feet. It is vulnerable to hurricane storms. Will Hurricane
Gustav do harm? Will another storm directly behind it hit with a one-two
punch like Katrina and Rita in 2005? Much oil production has already been
shut down in the Gulf of Mexico,
where they have too much experience in weathering such storms. The biggest
threat to the crude oil price is now the situation in Georgia and Iran.
It has quickly exited the front page, as quickly as it entered. My
personal view is that the USGovt is attempting to push Europe into a military
confrontation with Russia.
As a few key European friends say, EUROPE
IS THE GRAND PRIZE. They refer to waning US
sphere of influence, rising Chinese influence, and numerous other strong
players in the mix. Not much of anything reported on the Georgia versus Russia
conflict has been true. Under USMilitary guidance, most indications lead one
to conclude that Georgia
attacked Ossetia and Russia,
only to be strongly repelled. The Russians held back and did not destroy the
crucial BTC oil pipeline from the Caspian Sea through Georgia to the Mediterranean Sea. My view is that Russia wanted to
highlight the BTC exposure, but not damage it, a deed certain to label Russia
as aggressor. Experts call the Georgia fumble a gross
error of US
judgment. The US
press parrots the fabrication handed them by official sources. Those evil
Russians!!? The next foray is over Ukraine, who along with Georgia
were denied entrance into NATO, that organization that might be a dead treaty
already. The European nations have organized and agreed in preliminary
fashion to a European Atlantic Treaty Organization, since almost all recent
NATO accords have been violated by the current USGovt administration, without
proper reporting by the sleepy obedient lapdog press.
The geopolitical risk is palpable and obvious, a
risk capable of lifting the crude oil price and pushing the USDollar back
down again. Technical signals
favor a rise in the crude oil price, as the 50-week moving average offers
support. An ‘Inside Week’ favors a reversal in oil upwards, just
like an ‘Inside Week’ favors the silver price. See the September
Hat Trick Letter for details. One primary place to retreat in the face of
financial shock and disruption is crude oil. It is tangible, not so subject
to false valuation, and best yet, it is suffering from natural supply
depletion. Given the broken US
banks, an economy in a recession, a consumer leaning lastly on credit cards
with negative home equity and negative car equity and high credit card rates,
the USDollar seems the last place to take refuge. Given the numerous
insolvencies behind the US$
curtain, the USDollar seems the last place to take refuge. As Nouriel Roubini
says, “The US
is epicenter of market turmoil and global economic slowdown, the country most
exposed to credit crunch.” The path for the USDollar long-term
counter-trend rally was clearly created by the sharp correction in the crude oil
price. The resumption of the USDollar decline and the revival of a damaged
gold & silver trade could easily lie in a crude oil bounce up. The strong
correction in crude oil clearly pushed down the gold price, or at least
rendered gold weak enough for a Wall Street engineered pounce with a flood of
paper. With the Georgia
loss of the one million daily barrels from the BTC oil pipeline, with the
sequence of hurricanes coming through the Caribbean alley into the platform
region, with increasing unease tied to the US
presidency turnover, with the global isolation exerted upon the US nation,
the USTreasury Bond complex will be a much difficult sell to engineer. The
world aint that dumb, certainly not as intellectually downtrodden as the
American public. That they still give any credence to a shallow terrorism
threat is testimony to extraordinary low brain wattage. Rome collapsed from within. The burning of Rome has a parallel in
the dismissal of US manufacturing and the ruin of one third of US homeowners
as their home equity has been killed.
The flight to safety lately has been mainly into
physical gold by foreigners in Arab nations, China,
and Russia.
It is the story not told. They are increasingly shunning USTBonds on new
trade surplus investments, and might soon unload large quantities of USTBonds
held in reserves, turning instead in favor of gold. The early stages of this
movement have contributed to the shortages of gold & silver. Expect those
precious metal shortages to worsen. The trigger for a resumed decline in
the USDollar might be a retest of the 140 level in crude oil. The
USDollar is still tied at the hip with oil. Meanwhile, the physical
realities, together with dealer hedging, will continue to apply pressure on
gold & silver futures contracts. A friend called me this morning from
overseas. He wondered if the Arabs, Chinese, and Russians are sufficiently
angry at the whacking to the gold & silver prices for the large savings
they hold in reserves in precious metals, enough to force the physical metals
prices higher. My answer was simple: ONLY IF THEY ATTACK WITH GOLD &
SILVER PAPER. Namely, if they attack with gold & silver futures
contracts. They are increasingly likely, given their disgust with both
Wall Street and USMilitary actions, to sell some of their vast USTreasury
Bond holdings (paper) and purchase large amounts of gold & silver
futures contracts (paper). Few seem to realize that a large new
business has emerged in Russia,
in gold bullion vault storage for Western investors. This stored wealth must
be associated with shaky owners.
DID THEY REALLY ???
Did
US
oil giants really spend 80% of profit on stock buybacks in the last four
years? That was a claim by an interviewed CNBC guest, in reply to the need
for bigger heftier oil firm tax benefits from proposed Congressional
legislation, as they fight the good fight to supply the USEconomy with ample
crude oil and natural gas. Or is their battle to keep the Arab sheiks in
power, to keep them buying USTreasurys? Do US oil giants prefer a higher oil
price? Is their investment in alternatives an empty battle cry? These are
questions to ponder.
The Exxon Valdez oil spill 18 years ago resulted in
a $5 billion successful lawsuit, supposed to be awarded to fishermen, fish
hatcheries, marina operators, shore land owners, and more. The decision was
made final several years ago. Fast forward to just a couple years ago. The US
Supreme Court summarily rejected the court decision, and reduced the award by
fiat to be paid by Exxon Mobil to a mere $505 million. Individuals affected
along the Alaskan shoreline have suffered losses typically near $100k per
person, with ongoing lost income on the order of $50k annually. They received
a mere $15k to $20k each. Business losses are much greater. To claim that
justice was served is a total indisputable joke. The entire US system
seems undermined.
BROKEN SYSTEMS – SEE BANKS
A
good preface can be told regarding the short rule restriction applied to the
bank stocks. They faced annihilation, so they appealed the change the rules.
Refer back to a favorite quip of mine, that when billionaires are soon to be
ruined, they make a phone call and change the rules. The short rule
restriction triggered a short squeeze rally that killed off some hedge funds.
As they reacted, they were forced to sell other positions. They tended to
liquidate their crude oil contracts that were puffed up recently. One thing
led to another. The USDollar benefited from not only the bank stock dead-cat
rally and crude oil selloff, but the absurdly corrupted economic growth
report about Q2 Gross Domestic Product. The claimed Q2 GDP rise of 1.9% was
revised up to a 3.3% silly story. The key element to expose the ridiculous US growth
story claim is that the GDP Deflator series was revised from 1.11% to 1.33%
in a way that should cause raucous laughter. Price inflation in the second
quarter, when the CPI was rising enough to cause alarm, when energy prices
were hitting record highs, was so perilously close to zero??? Methinks not!
The lie is 4% even within the corrupted USGovt statistics, if consistency is
desired with the faulty Consumer Price Inflation index. The 3.3% GDP
revised from strong exports should be minus 1%. The same report cited a PCE
price index of 4.2% for Q2 (close to recent 5% CPI figures). So the
USGovt provides clues of their own doctored numbers, and expects you will do
nothing in pursuit.
What
also significantly aided the USDollar in the last few weeks was the Euro
Central Bank, which almost admitted they will not raise the key official interest
rate. Now this week, Bundesbank President Max Weber announced they want to
raise rates when their economy returns to recovery mode. Another bland
comment, clearly designed to lift the euro, which fell almost 1000 basis
points in the last few weeks, more than they wanted. The Shadow Govt
Statistics folks cover the statistical sham, but so does Jesse’s
Café Américain (click here). If the growth
story were real, then the long-term 10-year USTreasury Note yield would not
be below 4.0%, as it has been for several weeks. Some key author analysts
seem missing in action (like PVE) to explain this, as they claimed wrongly
that rising price inflation would cause long-term USTreasury yields to rise.
They must have missed how most rising prices are costs without benefit of
rising wages. Maybe they missed the China & India story. Then again, from
my desk the big euro currency selloff and gold decline were missed, but not
the crude oil selloff.
The talk of averting a USEconomic recession is
laughable when it is here now, and worsening. The only recovery is
statistical, and its false front is obvious to anyone who reads beyond the
headlines. Debate on recession is utterly laughable. To point out the utter
absurdity of it all, consider this. The reason given for the crude oil
price decline is demand destruction from the big slowdown in the USEconomy.
Gasoline consumption and oil demand in the aggregate is way down from a year
ago! Credit flow and oil demand are the two major indisputable keys to
USEconomic recession! So a recession explains the lower crude oil price. But
the reason given for the USDollar rebound is a strong USEconomy, the
strongest among the major continents! This is not a reason, but
rather propaganda. It is the latest chapter in the ongoing US mythology saga,
the US$ marketing pitch. Such chapters are extremely important in the
continuation of a broken US$ system.
So back to bank stocks, where the focus of attention
should be on stock option brokers. Here is where a broken mechanism lies.
They might receive strong buyers in option put contracts for big bank stocks,
even the BKX bank stock index. These profit from bank stock declines. The
stock option broker would obviously sell the option put, thus putting the
broker firm into an implied long position, totally undesired. The typical
response from such brokers is to short the bank stocks and return to net
neutral on their position. The short rule restriction disabled this
mechanism. Since this corrupt rule has been removed two weeks ago (enabled
huge insider illicit profits), the BKX stock index has fallen. It looks like
an identical chart pattern as we head into the end of the Q3. Look for a
bearish triangle to form or some pennant pause pattern to form, with a base
of 55 set in July. Either way, the 20-week moving average seems impenetrable
as a strong ceiling.
My claim is simple: Q3 bank losses will exceed those
of Q2, just like Q2 losses exceeded those of Q1. Therein lie the lies told by
the big bankers, led by the crime syndicate operating as Wall Street firms.
For those who believe such a claim is outrageous, consider first their $1
trillion mortgage bond fraud, then their control of the financial press &
media as bulwark advertisers, then their benefit from USFed tipoffs on
changed monetary policy, then their flagrant marketing to investors opposite
to their own corporate assets strategies, then their money laundering
operations from clandestine Afghan contraband sales. The only pipeline coming
out of Afghan land (recall an oil pipeline as partial justification for its
annexation in 2003?) involves the flow a different black gooey substance, one
refined into narcotics. The banks, their balance sheets, their losses, their
dilution, and their stocks are covered in the upcoming September Hat Trick
Letter. The point here is that market mechanisms were disrupted initially in
bank stocks. The
Let us not forget the don of Manhattan Made Men
Robert Rubin. Looking a bit nervous and frazzled, he publicly announced the
need for banks no longer to mark their assets to market. Nice try, what gall,
Bob! He urges the creation of a new government sponsored Garbage Can, or as
he described it, a clearinghouse for credit derivatives. Surely a maneuver
from the sublime to the ridiculous, and now to build a giant pink elephant to
sit in the Wall Street board rooms, but without the voting privilege.
Apparently, the Garbage Can managed by JPMorgan is not big enough, or broad
enough, or deep enough. They want one with official USGovt sponsorship and
moniker. That might be because the JPMorgan monstrosity is attracting too
much attention. One way to relieve pressure to address the corruption caused
by JPMorgan on currencies, Treasuries, crude oil, gold & silver with outrageous
uneconomic paper futures contract positions is to put much of that corrupt
duty under the aegis of the largest criminal enterprise foundation on the
planet, the USGovt.
BROKEN SYSTEMS – SEE PRECIOUS METALS
The USMint has announced shortages of gold and
silver coins. Major precious metals dealers have announced shortages of gold
and silver in various forms, like ingots of bullion. UBS has announced
shortages of gold across all of Europe, strong demand from India, Turkey, and
the Middle East, and the “substantial liquidation has occurred in
the COMEX, TOCOM, and OTC markets, although the ETF holders remain broadly
resolute.” The COMEX refers to the Commodity Exchange in Chicago.
The TOCOM refers to the Tokyo Commodity Exchange. Consider that the Exchange
Traded Funds like the corrupt GLD gold fund managed by JPMorgan, and the
corrupt SLV silver fund managed by Barclays might not have sold off gold
& silver stored metal bullion respectively during the recent price
decline, but rather THEY REDUCED THEIR NAKED SHORT POSITIONS. The South
Africans just ran out of gold Kruggerands, due to a large Swiss order. Bear
in mind that Arabs are extremely resentful of European bullion bankers, who
‘LOST’ their gold. Only paper certificates on Arab gold bullion
accounts remain. Thus motivation for the rise of the Dubai and Abu Dhabi gold
centers in the Middle East, where corrupt Westerners do not hold control.
Curiously, popular (but very real markets) EBay and Craigslist show that
silver is available, but closer to $17 per ounce than $13. Two markets exist,
a corrupt paper one and more realistic physical one. Public outcry has begun.
If you want physical deliveries, you must wait or pay a proper market price.
The number of fools unloading their physical gold & silver supplies is
dwindling, sure to cause a climax of shortage. They say physical always
drives the paper futures contract price system. We are witnessing a steady
depletion of inventory, delivery delay, and coins being unavailable. The
price mechanism is not responding much at all, yet.
Well, don’t be too sure about physical markets
dominating paper markets until a full examination is done of JPMorgan, the
monster and center of the Wall Street syndicate. They are untouchable. Their
books are not subject to scrutiny. They obtain a pass on disclosure for
national security reasons, as they manage their giant Garbage Can. Is that
because JPM plays illegal games with the USTreasury complex in managing a
phony USDollar exchange rate, which plays on the gold price? Is that because
JPM permits credit derivatives owned by an array of Wall Street firms to dump
their acid garbage into the Garbage Can, so that Wall Street firms can report
rosy earnings and only tainted (not destroyed) balance sheets? Is that
because JPM had to hold vast Enron records and suspicious USTreasury Bonds
(valued over $1 trillion) housed in the third World Trade Building that fell
without any airline impact? Is that because JPM manages the Bank of Baghdad,
where rumor has it the illicit contraband Afghan funds are channeled in vast
money laundering? Is that because Wall Street firms enjoy broad benefits from
Afghan black bag funds, enough to keep them afloat? For those who doubt
JPMorgan would be involved in double booking, let alone burial of dead
assets, and surely not money laundering, consider that JPMorgan owns the very
same mix of ill-fated bond and other securities as the other Wall Street
firms, but to date has yet to suffer much in the way of losses or stock
decline.
Back to precious metal dealers. Reports abound of
greater demand for physical gold & silver, which directly cause huge
risks to dealers. Arab and Asian sources (including both China and
Russia) are responsible for much but not all of demand. Reports come that
COMEX physical demand is strong, enough to put their inventory of silver
below that of the Barclays silver exchange traded fund. Word comes to me from
an Irish source (Mark O’Byrne of Gold Investments, click here) that London and Irish gold supply is rock
bottom, inadequate to meet demand. Dealers across the spectrum are telling
customers that supply is available but delivery times are not guaranteed.
Some like GoldMoney (click here)
have supply, but that supply is not as strong as ten days ago. The common
theme is that inventory of gold & silver is very low, if not having
vanished.
Examine the very great risks involved to dealers. They enter a contract, set a price, and
promise delivery of gold or silver. They usually require some time to fill
the order and execute on the contract. But nowadays, the strain and risk is
greater. Imagine a $1 million silver order from a wealthy shrewd investor in
upstate New York or San Francisco or Dubai or Tokyo or Singapore or Shanghai
or Moscow or Zurich. Say the price is set for $13.50 per ounce, plus a vig
for the dealer. Remember, an artificially low price creates ultra-strong
demand against vanishing supply in shortages. What moron would dump silver at
$13 but someone who must, or someone who believes Wall Street & USGovt
propaganda, or someone who might be coerced by bankers? Given the Fascist
Business Model at work, the Wall Street and USGovt messages are fully
coordinated, down to reports of the USGovt Strategic Petroleum Reserve being
available to tap in the event of a hurricane disruption. A powerful storm
would lift the crude oil price and push down the USDollar again. The crude
oil price reversed on Thursday in response to the official news report. The
USGovt did not sell anything from the SPR in recent weeks, and will not again
in future weeks, but propaganda moves sheep.
So the silver dealer saddled with the risk of a big
$1 million silver order must protect the business from risk. If the dealer struggles and scrambles to find
the large supply necessary to satisfy the order, the dealer might have to pay
up. An order that usually used to take a few days to fill might now take over
two weeks to fill. The dealer must contend with big risks from the rigged
market, whose price is artificial. The longer the rigged low silver price is
in effect, the greater will be the disappearance of silver supply. That is
how markets work. The presence of the powerful corrupt paper market atop the
physical market is a big story of our times. Its resolution is not at all
certain. The dealer can react to protect the business from acute risk by
buying long silver futures contracts at the nearby month! So the
abundance of gold & silver physical contract orders could easily result
in a big surge in dealer hedging against their risk under unmet contracts. If
this particular dealer is forced to fill the order at $14.50 per ounce
instead, the loss is huge, enough to threaten the business. To purchase 74k ounces
at $1 too high means simply around a $70k loss. Put a few such similar orders
together, and the dealers shuts doors and is dead. Knock out a string of
dealers and the problem becomes more severe to find supply to purchase. THE
RESULT IS THAT DEALER HEDGING WILL EVENTUALLY ATTACK THE CORRUPT PAPER GOLD
& SILVER MONOLITH
SYSTEM RISK – MANAGED SHORTAGES
We are not close to the crossroads, but rather
squarely at the crossroad of brutal force used to control market mechanisms.
The uprising of complaints that paper gold & silver has reduced
significantly the price of physical gold & silver, while each has been in
shortage and reduced mine supply, has raised criticism. So what? To complain
nowadays is to be unpatriotic. To oppose a corrupt government and regulatory
system, managed largely by a corrupt Wall Street entourage, is to be
considered unpatriotic. The risk is rising, at our doorstep, that managed
shortages against a backdrop of rigged price (low for physical, high for
USGovt bonds) will be the rule not the exception. If the gold & silver
prices are kept artificially low, then shortages will become profound. The
only permitted buyers will be the privileged, the insiders, and the corrupt
in power. If the crude oil and gasoline prices are kept artificially low,
then rationing to businesses and consumers will become the rule of the day.
Over the last year or more, my work has mentioned repeatedly that martial law
will be the outcome, with a likely military dictatorship. The missing
ingredient nowadays is public chaos, violence in the streets, and a call for
order. All in time.
So far, the landscape is dominated by huge personal
financial loss, a vast undercut to income and job security, rising costs of
almost everything, challenges to feed families, strain on retirees never seen
before, difficulty in securing loans, most viable products being imported,
and incessant talk about threats from terrorists. The external threat is
minimal. The internal threat is gigantic, real, and ongoing, enough to
threaten the national structure. That is why martial law is very likely. The
systems are imploding, starting with the USGovt federal finances, then to the
yawning trade gap and need for foreign capital, now to the housing deficit
from one third of the population suffering negative home equity, and lastly
the insolvent bank system whose core capital has melted completely (not
partially). Such broad and deep bankruptcy and insolvency is wholly
inconsistent with freedom, liberty, and unencumbered paths to prosperity, let
alone happiness. Dead banks don’t lend money, period! The fork in the
road has resulted in an important turn being taken in late July and early
August. Price controls have taken the form of powerful paper futures contract
impositions. The fork in the road has been taken toward price controls and
managed shortages.
If price mechanisms and market mechanisms return
with force, then big shocks are coming. All the fraud, all the aggressive
military movement in the last few years, these actions have resulted in an
isolation of the Untied States in ways that have eluded detection by the
great majority of Americans. The many continents are engaged in meetings,
where new systems are being designed for trade and banking, as they prepare
for a new age without American dominance, and perhaps without American
participation. The more USGovt leaders talk about terrorism and use
aggression abroad, the more the nation becomes increasingly isolated. One
must wonder if the current US president will take up residence in Paraguay at
the end of term, where he has purchased tens of thousands of acres of
property only a few years ago. My personal preparations are in defense of
what are considered to be a gradual relentless national degradation into
martial law. The remaining question is whether the price structure will be
consistent with shortages at work. With ultra-high prices might come
violence. With ultra-low supply might come violence. With depleted job
prospects might come violence. With continued home foreclosures might come
violence. With helplessness to Congressional compromise, imposed burdens, and
corruption might come violence. LIKE IN FRANCE AT THE BASTILLE, HIGH FOOD
PRICES MIGHT COME VIOLENCE. With public expression of outrage at USGovt &
Wall Street corruption, profiteering, and utter distortions of truth might
come violence.
The proliferation of Exchange Traded Funds enables
price controls, and leaves investors exposed to Wall Street corruption. If
you invested in the Goldman Sachs Commodity Index in the summer of 2006, you
lost big, from GoldSax manipulation of the unleaded gasoline price, and the
coordinated sale of crude oil by the USMilitary, all before the November 2006
national election. Reports are strong that Barclays has not been buying
silver with newly invested money. They are selling silver naked short
illegally, in all likelihood. Reports are strong that GoldSux is selling
short gold & silver mining stocks in a large scale effort by suppressing
the GDX exchange traded fund under their management. There is the USO (oil
ETFund) and numerous others, including a water ETFund. They are marketed by a
stress of their convenience as an investor. Your convenience has a flipside
open door to Wall Street corruption.
The current situation is reminiscent of the 1992-1993
era when George Soros opposed the Bank of England. The central bank attempted
to prevent the British pound sterling from a precipitous decline in
devaluation. The sterling currency did decline, much to the profit of Soros,
who essentially made his name a public icon back then. One must wonder if
history is repeating itself. The USGovt, Wall Street, and the USFed are
locked in a titanic struggle to maintain totally false price structures,
almost all interconnected. The USDollar, USTBond, gold, and crude oil are all
connected in price structure. This will be interesting. Back 15 years ago,
the Bank of England did not have the strong advantage of a JPMorgan monolith
manipulation machine, nor a powerful US Federal Reserve, nor a $1 trillion
slush fund behind the Working Group for Financial Markets (aka Plunge
Protection Team), nor a potent USMilitary to enforce an Arab-led petrodollar
(on its last legs), nor a printing press spinning off counterfeit bills with
green ink and US$ markings. Yes, this will be interesting.
Jim Willie
CB
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