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It was the 911 Attack that swept in the Patriot Act and now any bank wire for $3,000 mut be reported to the government. Pretty soon it will be an ATM withdrawal of $2 or more. Remember Elliot Spritzer who started to go after Wall Street, suddenly his checks were being examined under the terrorist acts but revealed a prostitute. So he was forced to resign. That protected Wall Street bankers.
From Martin Armstrong:
Germany Imposing a Glass-Steagall-Like Act with Teeth
Posted on May 17, 2013 by Armstrong Economics
Germany is drawing a bright line between proprietary trading in banks and customer deposits. They are not merely separating the two, but they imposed criminal sentences for directors of banks and insurance companies if they fail to fulfill their supervisory duties in risk management or contravene an array of banking supervision.Germany will at least prosecute the bankers, unlike the United States. Obama’s green-light policy that has protected the New York bankers is starting to filter around in Washington and the bankers should be worried that they may not be able to buy off the prosecutors again after 2015.75.
The tide is starting to turn largely because the NY bankers have sent the entire world into chaos for their irresponsibility trading with other people’s money. When the economy turns down again, this time the heads may roll.
Ee have a lot more in common with Rome than meets the eye. The cost of government destroyed Rome. The same problem of UNFUNDED LIABILITIES is precisely what is undermining our future. There could be a resolution, but it will take serious reform and there is just no appetite for that at this time.
Martin Armstrong
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The professional politicians only want their salaries and freebies supported by the
status quo. These people won’t do anything creative, like reform, until during a crisis when can’t hide from it anymore. What a poor excuse for representatives of the people.How safe are our government pensions?
This is what was done to Japanese pension holders in 1989.
The biggest fund in the world was the Japanese Postal Savings Fund in 1989. When we were called in to create a hedging program about 6 months before the high, it was Japanese Ministry of Finance who picked up the phone and asked that they did not do that for if they sold, they would make the Nikkei go down. The portfolio was US$1.2 trillion. No individual fund ever reached that level again. The hedge was not put on and the fund lost untold amounts of money. By 1999, I stood up in our Tokyo seminar and announced that that fund was insolvent. The government used that fund to try to support the markets until nothing was left and redemption became liabilities of government.
Martin Armstrong
It strongly appears that the past Idaho-Maryland mining property has zero chances of reopening with the last sale on EMGOLD at 2 cents a share. This is another serious blow at reaping California’s past producers.
The Washingon Mine outside of Redding is attempting to get reopened by a private concern, we’ll see.
Down in the Mother Lode Sutter Mining is still working on opening up for gold mining, we’ll see.
If gold continues lower both these projects might just shut down as well.
The Sixteen to One continues to have positive economics just as long as gold is found here and there with a chance of a sizable lode being found
Are you prepared for the end game?
The likes of Bill Gates and his buddy Warren Buffett are supporting the destruction of commerce with taxing the rich to support a corrupt system that is doomed. It is easy for them to say yes tax the rich even more when you are talking about income. How would they respond to the confiscation of assets? Why do they not donate everything they have keeping just enough for a middle class lifestyle and give it all to government? They would never be where they are had taxes been much higher when they were trying to get started. The assumption is that government is being properly run and the problem is always the individual. They have their’s so the hell with everyone else. Turn it all in if you want to advocate such fiscal-irresponsibility. Neither has to worry about Social Security and how that has been taking more in taxes from people than income tax with no refunds.What is the end game? They obviously are ignorant of history for this can only lead to one place. If they tax 100% of the “rich” who are defined as household income $250,000 or more not billionaires, government will ALWAYS spend more. It never stops until it collapses.
Martin Armstrong
J.P. Morgan-Chase playing illegal hardball with folks in trouble with their charge cards.
California sues J.P. Morgan Chase Illegal PracticesPosted on May 9, 2013 by Martin Armstrong
The NY Banks are use to controlling the courts in NYC so much so that they forgot the rest of the world does not accommodate everything they do. California’s attorney general filed suit Thursday, alleging that JPMorgan Chase & Co. used illegal tactics in its efforts to collect debts from more than 100,000 credit card holders between 2008 and April 2011.
The number one tactic used is to get rid of lawyers to prevent a defense or go after people who can not afford lawyers to ensure victory. JPMorgan Chase used this famous NY strategy in California. The complaint read:
“At nearly every stage of the collection process, defendants cut corners in the name of speed, cost savings, and their own convenience, providing only the thinnest veneer of legitimacy to their lawsuits.” It further alleges that JPMorgan Chase sued borrowers “based on patently insufficient evidence — betting that borrowers would lack the resources or legal sophistication to call defendants’ bluff.”
JPMorgan Chase engaged in what has become called ”robo-signing” where they churned out lawsuits that was a practice which became widely used during the mortgage foreclosures until it was outlawed. Banks were forging signatures and pretending they had titles when the did not. JPMorgan Chase was one of the five major banks that settled with California and other states after the housing market meltdown for such practices.
This time the lawsuit concern debt-collection where once again officials similarly signed legal documents that included sworn declarations without reviewing the related files and bank records or even reading the documents. Anyone else would get 5 years in prison for such antics. JPMorgan Chase actually filed 469 debt-recovery lawsuits in a single day day alone. The company’s in-house lawyers filed an average of 100 lawsuits a day for each day the courts were open while its outside counsel filed yet another 20,000 lawsuits.
California is now seeking a permanent ban on the allegedly illegal practices as well as damages for borrowers who were harmed as the company rushed to obtain court judgments and wage garnishment orders without properly checking documents. They also are seeking a $2,500 for each violation of state law, and an additional $2,500 for every lawsuit that involved a senior citizen or disabled person.
http://www.latimes.com/business/money/la-fi-mo-california-ag-files-suit-against-jpmorgan-chase-alleging-debtcollection-abuses-20130509,0,6695376.storyJim Sinclair’s Commentary
A friend of mine in the legal community warns that there is legal precedent for “Bail-Ins” in the USA. (Bail-Ins are justification for the banksters stealing depositor’s money . The bottom line: you are at an increasing risk in trusting your funds to the big banks)
(1) The Uniform Commercial Code, Article 4 governs the legal rights between a bank and its customer. I’ve attached the table of contents for that article. The UCC does not, however, define the relationship. The UCC has been enacted in 49 states and in D.C. Our friends in La. Declined to adopt it back in the 50s.
(2) Spizizen v. National City Corp, a very recent case out of the 6th Circuit. I’ve highlighted the holding, which states: “The relationship between a bank and its depositor is one of a debtor-creditor,” citing Michigan case law. This case also cites to Article 4 of the UCC, which I’ve highlighted.
(3) AmEx Travel v. Sidamon-Eristoff, another recent case, this one decided by the 3rd Circuit in New Jersey. I’ve highlighted that section in which that court has cited earlier U.S. Supreme Court cases which hold: “Since the bank is a debtor to its depositors….”Napoleon Bonaparte’s contribution to government structure & politics:
“If you wish to be a success in the world, promise everything, deliver nothing.”
From Armstrong Economics
Politicians will ONLY make decisions that protect their vested positions. It is NEVER about representing the people, what is best for the nation, just for their own survival. Change will ONLY come when there is no choice.
I would never trust these people to wash my clothes. It would be way too complicated with all the colors and what-not for them to make a decision.
Martin Armstrong
From King World news:
ric King: “You have warned recently that the IMF cannot afford to make a misstep or the West would be faced with unprecedented financial destruction and massive bank runs.”
Sinclair: “If Lagarde and the IMF sustain their position that the Troika has the right to tax, confiscate, or haircut the depositor, whatever you want to call it, then what the Troika has announced to the world is that the sacrosanct nature of deposits no longer exists.
This puts the entire concept of ‘insurance’ on deposits in question. This will mean that deposits of size in banks will move to seek other areas of safekeeping because the banking institutions will purely be seen as houses of confiscation.
The dream that no depositor would be hurt by the collapse of the financial world, based on fraudulent over-the-counter-derivatives, triggered by the flushing of Lehman, will be exposed as an absolute and total lie. This will trigger tremendous runs on banks any time that a bank or that system has any financial pressure.
This has the potential to create a revolution. A misstep by Lagarde and the IMF here could do far more damage than what the world witnessed after the collapse and liquidation of Lehman. That is what is at stake here.
The seriousness of this upcoming decision by the IMF, should they in fact decide to steal from depositors, I firmly believe that Mrs. Lagarde and the IMF will go down in history as causing far more financial devastation than the flushing of Lehman.
The story in Cyprus right now is not about capital controls, that was an obvious side effect of this disaster, the story will be this upcoming decision by the IMF. God help us if Mrs. Lagarde and the IMF make one of the greatest mistakes in history.”
Forced loans and abandoning the rule of law
History stands as witness that it should be AGAINST the law for politicians to ever BORROW. This is the way ALL governments perish. It is the triumph of hope over experience. It is like the person who gets married after the 10th divorce. When will we ever learn – (1) term limits to restore real representation, and (2) no borrowing. Anyone who buys government debt deserves to lose everything. They are the ultimate fools. You do not even get a penny on the dollar when government goes broke. Even clients at M.F. Global got something back.
Martin Armstrong
Gold Production Cliff
Hi, Jim,
I thought you might like to share a poem I wrote with your readers. I’ve got more. I find that poetry helps explain things in a better perspective sometimes.
CIGA Matthew
CHAMELION’S GOLD:
When Jefferson spoke of money
Our gold was brightly seenA lighthouse across the pond
That escaped the English Queen200 years of bankers lanterns
Makes fogs of gray cloud mindsGuiding the lost with promises
Of a new and better kindThe promise of the bankers note
Was filled with lies and spinJekyll Island and the Federal Reserve
Was the beginning of the endJust bring the note in lightly with ease
Walk out with gold and silver to spendBut what happened to the promise when it vanished from the note?
The old devil told the new one, “Haha, I told you this works well!”Divide and conquer by deceit
For centuries the game is played this wayThey hire a crew in Congress and News
Talk in spades and false arguments
While lobbying those who should lobby for youThe founders knew well- for years we’ve been told
That to keep your money from scoundrels
Everything green must be goldJim Sinclair’s Commentary
When surrounded by the mean and awful of today’s financial world, a spontaneous act of kindness clears away the crap.
From http://www.jsmineset.com:
Dear Jim,
The president is going to announce that Mary Jo White will be the new chairman of the SEC. Here is a little background info on Ms. White:
She is currently chair of the litigation department at Debevoise & Plimpton.
Of which lists the following as clients: AIG, American Airlines, American Express, AXA, BNP Paribas, The Carlyle Group, Clayton, Dubilier & Rice, The Coca-Cola Company, CNN, Delta Air Lines, Deutsche Bank, Gap, Goldman Sachs, Hasbro, International Paper, JPMorgan Chase, Kelso & Company, MetLife, National Football League, National Hockey League, NBC, The New York Times Company, Providence Equity Partners, Prudential Financial, Polyus Gold, Siemens, Shell Oil Company, SONY, Universal Music Group, Verizon, Yahoo!.
The more things change, the more they stay the same.
CIGA Sarah
Switzerland issues every adult a gun and trains them how to use it. Switzerland has the lowest gun related crime rate of any civilized country in the world.
Personal message to corporate America, UP YOURS!
Should we have to work until 70? These CEOS say yes
Bertha Coombs , CNBCExecutives of the Business Roundtable are urging Congress to raise the Social Security and Medicare age eligibility to 70, from the current 67, and to adopt means testing for wealthier retirees, in order to keep the entitlement programs solvent longer-term.
“When you look long-term at the U.S. fiscal health, you have to look at these questions,” said Business Roundtable President John Engler during meeting with reporters in Washington Tuesday.
The idea is not likely to be popular. The Simpson-Bowles deficit reduction committee saw opposition when it suggested lifting the retirement age to 69. The Roundtable executives argue that raising the level gradually for those less than 55 years of age now will provide substantial long-term savings to the entitlement programs, while still giving Americans time to adjust to the new requirements.
“It’s the power of compound savings here,” said Randall Stephenson, chairman and CEO of AT&T, and vice chair of the group’s health and retirement committee. “If you start to save now, it really adds up.”
The Roundtable executives contend older workers will still be able to access subsidized health care through Affordable Care Act known as Obamacare, which begins in 2014. What’s more, they say, the economy will need older workers to remain in the labor force.
Support your local Sheriff
From jsmineset.com
Kentucky Sheriff to Feds: ‘You Are Never Going to Pull Guns Out of Jackson County’
by AWR Hawkins 13 Jan 2013, 4:46 AM PDTAs I wrote on Jan. 11, Jackson County Kentucky Sheriff Denny Peyman has made it clear that gun laws which violate the United States Constitution or the Kentucky Constitution will not be enforced in his county.
On Jan. 12, he followed this up with a press conference in which he explained that a Sheriff’s powers are predominant over the powers of federal and state agents. When he says these things he drives gun-grabbers batty because he says them with the conviction that rests on knowledge, and he has no intention of backing down.
During the press conference, he took time to explain his powers as sheriff:
I am responsible for the people inside this county. I am the highest elected official in this county, and this is the only opportunity the people have to speak for themselves and say ‘this is what we want.’
I can ask federal people to leave, they have to leave. I can ask state people to leave, they have to leave. …[And] it doesn’t matter what [new laws] Obama passes, the sheriff has more power than the federal people.
He said that if federal gun-grabbers don’t understand this, then “they need to go back and study it,” because Kentucky “is a commonwealth.”
Peyman says he has been approached by liberals within the gun-grabbing world since he made his original promise of no gun control in his county, and he told them plainly: “You are never going to pull guns out of Jackson County.”
Merry Christmas to all of you enjoying a White Christmas stay well and healthy, and may God be with you for the up comming year and lots of success to all.
We are blessed with opportunity at every moment! Miracles happen, too. When we least expect, with faith in this, our meager human existance melts away and the most amazing things happen.
Howdy! Another big Sierra storm comin’ on, big-time….and inside the portal will be perfect place to be.
My re-curring dream is actually reality: to be inside this Grand Mine when stuff is happening outside, is where I am. Fortunately I’ve been there in many times, underground, down to below 3000 when we could….and the dream is real.
It’ll be SO GRAND to do it again!
My wife’s great granpa, who came
from France in about 1850 came up to Sierra Co. and with his dad mined in two areas, Kanaka Cr.and Fosters Bar and over a 5+ year stretch did well and with the earnings went to San Francisco and into the meat packing business. To this day there are
french folks from S.F. who come to mine the creeks of Sierra Co.
and other areas.“Everything comes, sooner or later” Anonymous
American’s wealth is on a downward slope with no apparent end in sight. Americans need a reliable partner during the coming suspected storm and that partner is gold and silver.
American Households Hit 43-Year Low In Net Worth
The median net worth of American households has dropped to a 43-year low as the lower and middle classes appear poorer and less stable than they have been since 1969.
According to a recent study by New York University economics professor Edward N. Wolff, median net worth is at the decades-low figure of $57,000 (in 2010 dollars). And as the numbers in his study reflect, the situation only appears worse when all the statistics are taken as a whole.Howdy up there…
A new pond has been spotted on the hillside; we know many many inches of rain have fallen in town….has anyone seen Scoop?I am looking for an authentic ore cart as a gift for my mom for christmas. She has panned for years and realy wants one. Anyone know where one can be found?
Miners Win for a nice change, Judge says significant disturbance so vauge it is basically void in US v Tierney, Tierney found not guilty. Big Al
Our challenge is to stay the course of invention, discovery, wisdom, perseverence, knowledge, and keep the re-writers off our back. I’m not really happy about the level of interest these words have sparked into the hearts of remaining true spirit Americans…and elections don’t seem to reflect these attributes much anymore due to so many levels of distortion, so I’ll break it down this way:
Whether or not they get out of the way, true spirit freedom had better rise to the top soon.
Does it still come as a surprise that we’ve come so far down this dark raod that I’m actually posting a thought about being FREE?
Time to back the fire, and break down the crap said about us.
Okay. Get to it.
The grades are in from Yahoo and California of all 50 states is the worst run of all. The guys in Sacramento have failed.
50. California
Thinkstock> Debt per capita: $4,008 (18th highest)
> Budget deficit: 20.7% (17th largest)
> Unemployment: 11.7% (2nd highest)
> Median household income: $57,287 (10th highest)
> Pct. below poverty line: 16.6% (18th highest)California is 24/7 Wall St.’s “Worst Run State” for the second year in a row. Due to high levels of debt, the state’s S&P credit rating is the worst of all states, while its Moody’s credit rating is the second-worst. Much of California’s fiscal woes involve the economic downturn. Home prices plunged by 33.6% between 2006 and 2011, worse than all states except for three. The state’s foreclosure rate and unemployment rate were the third- and second-highest in the country, respectively. But efforts to get finances on track are moving forward. State voters passed a ballot initiative to raise sales taxes as well as income taxes for people who make at least $250,000 a year. While median income is the 10th-highest in the country, the state also has one of the highest tax burdens on income. According to the Tax Foundation, the state also has the third-worst business tax climate in the country.
From this morning’s International Forecaster:
8) Gun control is coming via a United Nations Small Arms Treaty to ban all guns. Within 24 hours of his “victory” Obama called to get a copy of this bill to submit to Congress. The real reason for the Second Amendment is protection against the government, not home defense, hunting, or sport shooting. Slaves can’t own guns, only free people can. You can’t have a police state when the citizens own guns.
All the scumbags waiting for free government handouts, free food, free medical care, and free everything else will starve in the streets as the government runs out of money. They will find their “free” health care means almost no medical care at all. You know, like in Cuba where healthcare is free, only there isn’t any.We’re in a new era, that’s for certain.
While it shames me to witness Deserve-icrats voting presents for their apparent laziness, let’s foregive them for their ignorance, move forward and lead by example, since the strong always survives.
Our focus is the same: Discovery. In fact, it is even made that much more powerful by each caltrop thrown down in front of us, by each new regulation whose intent is lost in practicality, by the ignorance we must overcome, and by the challenge to enlighten the ill-informed…and by success which will never be squashed by those intent on control.
Hey, we just show them!
Human spirit defines Success…not all the crap that inevitably gets in the way.
ONWARD!!!
Banksters Escape Jail Time, Again.
Seems the SEC has lost their deck of “go to jail” cards at public expense.
This is wonderful, the painful financial losses the public suffered at the hands of J.P. Morgan are now being shared with the SEC. Is the SEC now partners in crime with the banksters? It would seem so in the settlement as Morgan doesn’t admit wrongdoing, keeps their immoral profits, and therefore no one goes to prison.
What ever happened to the Golden Rule?
No Individual Charges In Probe of J.P. Morgan
By JEAN EAGLESHAM and DAN FITZPATRICK
November 12, 2012
The top U.S. securities regulator doesn’t intend to charge any individuals in its planned enforcement action against J.P. Morgan Chase JPM -0.12% & Co. for the allegedly fraudulent sale of mortgage bonds, according to people close to the investigation.
The largest U.S. bank by assets will pay a significant financial penalty under the proposed deal, which has been approved by Securities and Exchange Commission staff but not by the agency’s five commissioners, said the people close to the probe.
The J.P. Morgan deal is expected to be the first in a series of SEC enforcement actions related to Wall Street’s manufacture and sale of mortgage-backed securities, said the people close to the investigation. But the landmark deal could revive a long-running argument about whether the authorities have let too many individuals go unpunished.
The settlement stems from a wide-ranging SEC probe dating back to 2010. The proposed deal wouldn’t require J.P. Morgan to admit to wrongdoing or face any allegations against any current or former executives, the people added.
J.P. Morgan’s payment is expected to be significantly less than the $550 million paid by Goldman Sachs Group Inc. GS +0.34% in 2010 to settle claims by the SEC that it misled investors in a type of mortgage-bond deal called a collateralized debt obligation. Goldman didn’t admit or deny wrongdoing.
This is an excerpt. The full story is linked at http://www.jsmineset.com
From this mornings International Fotecaster:
The debt is too great to be repaid.
The official national debt is $16 trillion—about $50,000 for every man, woman and child. Technically, that debt might be paid in full, but only after Americans were subjected to at least five years of austerity and Greece-like riots.
However, John Williams (Shadowstats.com) calculates that an honest measure of the national debt may be $85 trillion—about $275,000 for every man, woman and child. That debt can’t ever be paid in full, or even by half. Common sense sez there’s no way to squeeze $275,000 out of each American (over $1 million from the average family of four)—simply because the people don’t have sufficient assets to pay such bills.
If I had to bet, I’d predict that at least 80% (and perhaps 90%) of that debt can’t be paid and therefore won’t be paid. If so, at least 80% of the current value of existing treasury bonds will be repudiated. Those holding US bonds will lose their assets.
The Congressional Budget Office (CBO) has calculated that the entire funded and unfunded national debt is about $202 trillion—about $650,000 for every man, woman and child. If it’s impossible to pay the national debt as calculated by John Williams, it’s doubly impossible to repay the national debt calculated by the CBO—and doubly certain that those holding paper debt-instruments are going to lose their assets.
Jim Sinclair’s Commentary from http://www.jsmineset.com
The most substantial development hides in Weed.
The national egg is slowly cracking, a heads up, from David Madisonstyle.
Remember the Russian economist that predicted the USA would break down into various United States versus the US Central Government? How could that happen? Well, here are the seeds planted for the conflict called nullification.
If the central government passes a law that exceeds its ceiling of power as described in the Constitution, the individual states have a right to refuse to obey it. Claiming rights today is a very dangerous act. Claim the right of Warrant and see what happens to you when the local or federal swat guys come through the door. By the way they are trained that the first thing they shoot are your dogs.
What many have feared for so long is developing right in front of your eyes.
BIG VICTORIES UNDER THE RADAR TUESDAY NIGHT
by Jon Rappoport
November 8, 2012Okay, so we saw Obama and Romney go head to head and grab the headlines Tuesday night. Clown puppet A beat clown puppet B. The real winner was big federal government, and that was a foregone conclusion before a single vote had been cast or rigged.
Big gov was going to come out on top either way. We knew that.
But at the state level, six things happened that are cause for celebration. Six states told the federal government to take a long walk on a short pier. They passed ballot measures which directly contradict federal law and, in three cases, the US Supreme Court.
The egg is slowly cracking.
It’s called Nullification. If the central government passes a law that exceeds its ceiling of power as described in the Constitution, the individual states have a right to refuse to obey it.
A continuation of the article can be accessed at http://www.jsmineset.com
Mike, you might want to check out this page of the American Mining Law forum
http://americanmininglawforum.myfastforum.org/MSHA_amp_THE_1872_MINING_LAW_about70.html
Big AlMore on Frankenstein foods
The following was submitted by James Corbett in this mornings International Forecaster:
“Biotechnology”
Intended meaning: The modification of living organisms by scientific processes for the benefit of humankind.
Actual meaning: The use of technology to tamper with the genomes of plants and animals in order to create hybrid monstrosities for the benefit of well-connected corporations like Monsanto, Syngenta, Cargill and other seed monopolists. Funded and promoted by the Gates Foundation, the Rockefeller Foundation and other billionaires (who also happen to be heavy investors in the Svalbard doomsday seed vault project), GMOs and other examples of biotech are supposed to reduce farmers’ reliance on pesticides, increase crop yields, and create foods that are perfectly safe for humans to consume. In reality, GMOs increase reliance on pesticides, produce no gain in crop yields, and are consistently shown in independent testing to have disastrous health consequences including increased cancer rates and sterility. They are, however, perfect for helping a very few companies to concentrate more and more of the world’s food supply in the hands of fewer and fewer individuals, and have so far been spectacularly successful in accomplishing that very goal.
See also: Genetic engineeringExcerpt today from a Jim Willie letter:
The deadly decline in California state sales tax receipts, down 40% from July 2011 to July 2012, in my view serves as the most deadly of highly visible signposts. The land of rotten fruits and bitter nuts is being racked by gasoline shortages.
An important quote from Canada’s Prime Minister, Stephen Harper:
“We cannot allow valid concerns about environmental protection to be used as an excuse to trap worthwhile projects in reviews-without-end,”
Sutter Gold cranking up for production:
http://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aSGM-2002691&symbol=SGM®ion=C
Jim Sinclair’s Commentary
To be right and very patient is the key to making major money in this financial world when playing it straight.
Stealing is the more popular way now used by the Western world financial entities, used by almost every one of them.
To know how to wait. It is the great secret to success.
–Joseph de Maistre- AuthorPosts
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