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A significant paragraph from the below story:
The Fascist Business Model practices brought the nation the Too Big To Fail rationale that permitted insolvency and corruption from syndicate strongholds. Worse, the practiced model has brought the United States as a nation to the doorstep of systemic failure. The ripening LIBOR scandal is an extension of the MFGlobal theft and a close cousin to the deep JPMorgan losses. The entire US and London financial structure is collapsing. Instead of perceiving the European sovereign bond problem as having a related plague in the US and UK, the arrogant bankers preferred to conduct business as usual with IRSwap props of the fake USTBond tower. They preferred to rig the LIBOR channel that feeds the derivative pool, which include the all-important IRSwaps for maintaining the 0% artificial world. They preferred to point to the United States as different. It is not different. It is rotten from the inside due to 0%, whereas Southern Europe is rotten from the outside, manifested by the 7% alarm level.
Exposure of banker corruption
http://www.silverdoctors.com/jim-willie-exposure-of-banker-corruption/
Check out the link at the bottom for an editorial close look at our current day big bankers and their predecessors from Martin Armstrong
A profound quote from the article:
“Banks are no longer satisified being banks – they have to play with other people’s money and to ensure they do not lose, they have to rig the game.”
The 2007 to 2009 economic down turn would have never happened if Clinton had never repealed the Glass Steagall Act with the 1999 Gramm-Beach-Bliley Act. Oddly, it was called the Financial Services Modernization Act. Within the linked story there is a picture of Clinton signing the Act. Surrounding him are a pack of fiancial hawks preparing to prey on the people for lust of power and money, how pathetic.
http://www.martinarmstrong.org/files/Banks%20Manipulating%20Interest%20Rates/index.htm
Move to audit the Fed
July 4th is upon us marking the 236th year anniversary following the signing of the Declaration of Independence from England.
Years later the people of the land find themselves being dictated to once again through increasing taxation and regulation.
Our Founding Fathers made every attempt to protect future generations from injustice. One of them, James Madison, sounded some words of warning for future conuntrymen concerning government when he made the following statement:
“There are more instances of the abridgment of the freedom of the people by gradual and silent encroachments than by violent and sudden surpations.”
Hiring an additional 16,000 IRS agents to insure that everyone must have insurance as was mandated by the 5-4 Supreme Court ruling of Obamacare makes one wonder, will this form of another additional tax ever stop? How can someone be taxed for doing nothing? Will they be sent to jail by the IRS for doing? nothing?
check with your tax pro. I last
understood that the premuims you
pay for health insurance are deductible but this tax may not
be if it is ultimately ruled to
be a penalty.Sense the Supreme Court states that the penalty is a tax for not buying health insurance, the forcing all to have some kind of health insurance. would that not mean that all health insurance costs would be considered a tax.
If so, would we be able to deduct the cost of health insurance from our taxable income?Back at you, Rick for a topic of mirth. I have a moment to spend:
As I go deep in darkness
With each step into the mine,
I am excited. Each time, at some time
underground, awe overtakes me.
It could be because of the beauty.
It could be due to combining fear
And respect. Sometimes it is
Gratitude…deep gratitude
And closer to the light.An Empire in Decline
From Satutday’s International Forecaster
“Let me see if I have this right: We are now “gifted” with a healthcare plan we are forced to buy and fined if we don’t, which purportedly covers at least 10 million more people, without any new doctors but provisions for 16000 new IRS agents, written by a committee whose chair says he doesn’t understand it, passed by a Congress that didn’t read it (but exempted themselves from it) signed by a president who smokes, with funding administered by a treasury chief who didn’t pay his taxes, for which we’ll be taxed for four years before benefits take effect, by a congress that has bankrupted social security and Medicare, all overseen by an obese surgeon general and financed by a country already trillions in debt? What could possibly go wrong??????”
http://www.mountainstateslegal.org/legal_cases.cfm?legalcaseid=205 Mike, if your not familiar with this forum check it out, this case is over water having to be more pure than the streams in the area. Big Al
Dysfunction Junction
Jim Sinclair’s Commentary(from jsmineset.com)
You have to have a sense of humor on this one. Where do they find people smart enough to get themselves in any trouble there is anywhere.
I wager you it has to do with OTC derivatives.
Bizarre: U.S. Home Loan Banks Overexposed in Europe
Thursday, June 28, 2012The U.S. Federal Home Loan Banks’ unsecured lending to foreign institutions skyrocketed last year as the European sovereign debt crisis intensified, raising concerns about their risk management, an auditor’s report said today, reports Bloomberg
Several Home Loan Banks last year made short-term loans totaling about $3 billion to two European banks that had received government bailouts and were on a credit watch, according to the report. That’s crazy enough. But, it gets worse.
At the end of 2011, FHLB had $41 billion unsecured lending to foreign banks.
The volume of unsecured lending, particularly to foreign institutions, rose in part to offset a decrease in the Home Loan Banks’ traditional activities providing funding to domestic lenders for home mortgages, according to the report.
What’s the FHLB doing lending to foreign banks? Who knows? According to the FHLB web site:
The Federal Home Loan Banks are a mechanism for economic stability. Thousands of community lenders everywhere in America rely on them as a strong source of funds for financing housing, jobs and growth.
The Federal Home Loan Banks are a group of cooperatives that lending institutions use to finance housing and economic development in local communities.
About 80 percent of U.S. lending institutions rely on the Home Loan Banks for low-cost funds. Because the Home Loan Banks are cooperatives, their low costs are passed on to consumers and communities. They’ve been around for the better part of a century—a fundamental part of the country’s financial system, like the Federal Reserve or federal deposit insurance.
Conclusion to the article on bankers by James Corbett:
And so Wall Street will continue along in its sprint to the finish line of the takedown of the American economy, crying foul over the Moody’s downgrading even as billion-dollar scandal after billion-dollar scandal continues to emerge. Economies around the globe will continue along in a similar vein, with similar tales of increasingly brazen abuse and corruption. The EU will continue its song and dance, trying to convince the world that the Spanish banks will “only” require another 50 to 80 billion Euros to meet capital shortfalls in a worst-case scenario (it’s actually over 100 billion). The Asian markets will tumble as the once-mighty Chinese economy begins its slowdown.
And underneath it all, behind the headlines and out of sight of a largely apathetic public, more schemes, scams, and frauds will be hatched, many in the plain light of day because this is how rampant the corruption is now.
And yet, in at least one tiny island nation way out in the North Atlantic, a special prosecutor is arresting bankers and raiding the central bank for clues to past financial crimes. We ignore that example at our own peril.
Corbett@CorbettReport.com
CorbettReport.comHope everyone had a great Saturday at the mine.
I just started reading Saturday’s International Forecaster and I couldn’t pass up sharing the following(seems like some bankers are just gangsters):
Icelandic banksters sent to jail.
An excerpt written by James Corbett in Saturday’s International Forecaster:
Earlier this month Iceland’s Supreme Court handed down a four-and-a-half year sentence to Jon Thorsteinn Jonsson and Ragnar Zophonias Gudjonsson, two former executives at Iceland’s Byr Savings Bank. In 2008, just before the bottom fell out of the Icelandic banking system, the pair used their positions to approve an 800 million kronur loan from Byr to Exeter Holdings ehf. That loan was used to buy out Jonsson and Gudjonsson’s shares in Byr, which were then put up for sale as collateral to guarantee the loan itself. Now the pair are preparing to spend the next half a decade behind bars.
And the Icelanders didn’t stop there. Earlier this week Olafur Thor Hauksson, the special prosecutor investigating the misdeeds of the Icelandic banking crisis, confirmed more arrests and raids. One of those scooped up was Jon Thorsteinn Oddleifsson, the former treasury boss of Landsbanki. Three others from Landsbanki were arrested, and raids and searches were conducted at MP Bank, Straumur (now ALMC), and even the central bank itself. All of these banks are under investigation and more arrests are expected.
Haven’t heard about Hauksson, or the Jonsson and Gudjonsson convictions, or the prosecutor’s office’s raid of the Icelandic central bank? Now why would that be, I wonder? It’s almost as if the media would prefer the public didn’t hear about the round-up, prosecution and conviction of once-powerful bankers, lest they get any ideas for their own political context. Imagine that.
Still, all hope is not lost for the beginning of the Great Banker Round-up of 2012. It seems a significant-but-underreported financial corruption case has just broken through to the mainstream. Is it MSNBC breaking the story? Bloomberg? The New York Times? Hardly. One of the “respectable” institutions across the pond, then? The Financial Times? The Economist? Nope. It’s Matt Taibbi of Rolling Stone.
Jim Sinclair’s Commentary
Lies are a must for political leaders
Ministry of [Un]Truth
By Eric Sprott & David BakerSpeaking at a Brussels conference back in April 2011, Eurogroup President Jean Claude Juncker notably stated during a panel discussion that “when it becomes serious, you have to lie.” He was referring to situations where the act of “pre-indicating” decisions on eurozone policy could fuel speculation that could harm the markets and undermine their policies’ effectiveness.1 Everyone understands that the authorities sometimes lie in order to promote calm in the markets, but it was unexpected to hear such a high-level official actually admit to doing so. They’re not supposed to admit that they lie. It is also somewhat disconcerting given the fact that virtually every economic event we have lived through since that time can very easily be described as “serious”. Bank runs in Spain and Greece are indeed “serious”, as is the weak economic data now emanating from Europe, the US and China. Should we assume that the authorities have been lying more frequently than usual over the past year?
When former Fed Chairman Alan Greenspan denied and down-played the US housing bubble back in 2004 and 2005, the market didn’t realize how wrong he was until the bubble burst in 2007-2008. The same applies to the current Fed Chairman, Ben Bernanke, when he famously told US Congress in March of 2007 that “At this juncture… the impact on the broader economy and financial markets of the problems in the subprime markets seems likely to be contained.”2 They weren’t necessarily lying, per se, they just underestimated the seriousness of the problem. At this point in the crisis, however, we are hard pressed to believe anything uttered by a central planner or financial authority figure. How many times have we heard that the eurozone crisis has been solved? And how many times have we heard officials flat out lie while the roof is burning over their heads?
Sutter Gold, California, set to begin mining gold in 4th quarter of 2012
http://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aSGM-1970881&symbol=SGM®ion=C
i will have stock for sale at discount brokers
Decide for yourself
From this mornings International Forecaster written by James Corbett:
US MARKETS
As we try to foresee the next chapter in the continued downward spiral of the US financial crisis and the further debasement and devaluating of the US fiat currency, the dollar, it is near impossible to not feel in the pit of your stomach that the majority of the US population, that believes in and lives by the words of the socialist media propaganda groups business as usual mentally are being setup for impending failure as the cards of the global financial crisis unfolds, not unlike a herd of cattle being sent down their final shut at the slaughter house, as with every other day before everything seems normal until they reach the end.
At that point it will be what it is, no way to turn around and no time left to prepare, only millions left standing with a look of confusion as to what, why and when things went so wrong without the understanding of how or where to start over. While the US continues to print money and take on more debt to continue on down the road with their business as usual propaganda, the underlying fundamental issues have not been dealt with. If it were not for the continued printing of money and debt purchases by the Fed and US Treasury, along with the consistent market manipulation, our bankrupt country would have already seen its historic downfall. As the saying goes, it is better to be prepared and not need it then to need it and not be prepared, there is no time like the present to add to your preparations – gold, silver, food, water, guns and ammunition. Do not be one of the many that will be left in a world of confusion and panic.
Is chaos just around the corner?
http://www.martinarmstrong.org/files/Is%20Chaos%20Around%20the%20Corner/index.htm
Just keep smiling and running up the steps.
Top Customer: Under Obama, Fed’s Holdings of U.S. Debt Have Jumped 452%
Martin Armstrong says the iron-men in New Jersey have turned into IRS-type agents, socking it to everyone on the road to assist their failing balance sheets.
One of his recent quotes:
“Whenever a state has the power to impose a fine, it is a conflict of interest for sooner or later it exploits the law for revenue.”
Adam Smith wrote: “It is the highest impertinence and presumption, therefore, in kings and ministers to pretend to watch over the economy of private people, and to restrain their expense. They are themselves always, and without any exception, the greatest spendthrifts in the society. Let them look well after their own expense, and they may safely trust private people with theirs.”
re below: “Whenever a state has the power to impose a fine, it is a conflict of interest, for sooner or later it exploits the law for revenue”:
‘Sooner’ rather than later has happened to the Original Sixteen to One Mine many, many times. It’s happening BIG TIME to all US citizens who sleep while Rome votes itself raises and more and more money and power.
This is EXACTLY why all republic democracies are doomed to failure when the sappers suck past the 50.0001% mark
Remember to vote.
A few words from Martin Armstrong:
So here we are decades later and we still have a fragmented regulatory system that has yet to prevent anything. The CFTC is so corrupt, they will protect the likes of MF Global and knew all along that firms trade with client’s money and have NEVER stopped anyone from doing so. The SEC is just as bad and the two agencies will fight each other and never share info because they are competing against each other in Congress for power. Each has its own lobby pool. So for those who think that government is capable of doing anything, are just dead wrong!
There is so much bickering between parties and agencies, it takes a crisis to being about any solidarity and then it is done in a sweeping manner with no review. When they get together on the Hill today, it is politics first. How do we get more seats. That is the question. It is not what to do with the seats you have now. It is always about getting more power. Why. Who knows. They pass absurd laws and rubber stamp whatever the bureaucracy says its needs. They never reform the SEC or CFTC. They always hand them more power with each crisis to the point we will have absolutely nothing
Amen, brother.
related video:
http://www.martinarmstrong.org/files/When%20Will%20the%20Corruption%20Stop/index.htmI have recently been doing business with Apmex.com out of Oklahoma City. These guys are professional, all the way. I have never had a problem. Their inventory seems to be the best around. Golddealer.com out of Inglewood, Ca. is another excellent choice as a retailer, Again, I have never had a problem with their people or receiving merchandise.
The miscreants I suspect will try and hold gold from rising too much more in and around the $1626-$1630 area. If this level is convincingly bettered, I would suspect that serious cracks in someone’s financial structure would soon follow infecting over some amount of time all internationally connected banks.
It seems that Fed chief Bernanke has painted himself into a corner out of desperation where there is no- way-out. There is a limit on how many “uppers” in reality a system can take before the body just gives up and dies.
Got your gold?
The truth concerning almost all politicians from Martin Armstrong:
http://www.martinarmstrong.org/files/Migration%20of%20the%20Rich/index.htm
Quebec government invests in and provides funds to support mining industry.
http://www.kitco.com/reports/KitcoNews20120531AL_stornoway.html
An ironic turn in Quebec compared to California: millions being invested in roads to get to new discoveries for future production while in California roads are mostly in to its goldfields but with too many regulations in place hindering job growth.
State politicians remind me of a pack of silver and brown tailed squirrels never content with Mother Nature’s providing them with acorns but feeling compelled to consistently steal from the birdfeeder and the family cherry tree.
Such is life in California these days unlike Quebec, who look forward to collecting additional tax revenues based on their intelligent planning to support job growth.
Don’t forget, we put our lawmakers in office. We also perpetuate letting them stay there. Your normal operating funds will be slashed in the months ahead to help pay off yesterday’s bonds along with the government vested lucrative pensions payments that they gave themselves during much better times.
California is all messed up and getting worse as the covered wagons are being loaded up and are dispersing in different directions.
A strange feeling and a good calm…I put my order in today to divest at Dow 12K, not that it amounts to much, that’s not the point.
Now, with a cash position, I’m looking for the best way to hold physical gold. Bluejay, you’ve pointed to a good resource before…any updated opinion?
There are three exceptional factors that contributed to my decision, all three are foundations to the forth leg on the piano-stool, which cannot stand without the other three legs, lest the concerto become a heap of crap:
1) Greece’s June 16-18 election considering its austerity objective (or not, depending on the 50.1% sappers) which will impact not only Greece but also instantly all of the Euro-zone;
2)The uncertainty of our Supreme Court’s decision on O-crap-care…(although, this may actually become a positive sign for the economy, hence a buy-in-point, should the court rule properly to remove shackles to potential business via the un-Constitutionality of the O-crap); yet the uncertainty of it all contributes to the non-private-sector-growth concern;
And of course, the winner: 3) the election in November.
By the way (hint-hint)…how about that gold price today, when the fake job numbers were released?? and gold responded properly….
Here’s another clue for you all: the Walrus is sitting in the Whitehouse, and the Fed, and the Senate….and has no fat, just a huge appetite for power.
Over the past four decades when Americans could once again own investment gold, gold was projected by its followers as a” hedge against inflation”. True then it is still true today; however the international financial chaos presents a novel twist in predicting the values of gold in other currencies. MY life’s experiences with gold suggest that the players and plays never exactly repeat.
I like gold for an additional reason that is unrelated to my job of finding it and digging it out of the ground: peace of mind. Just as we get comfort from those outrageous insurance policies Americans love to own even a modest ownership in some type of gold asset calms the great unknowns of financial choice.
Rick
It sound like you have become your own central banker. Holding physical gold is a complete disconnect from the banksters who would like to believe that they control our financial destiny.
The reason behind government hating gold is that gold is real money and independence away from their fiat system where they thrive on it for stealing the public’s wealth through the inflation process and for maintaining control over us.
This is the big reason that the so-called official inflation numbers NEVER reflect what our currency’s true purchasing value is. The whole banker’s money game supported by regulators is designed to slowly and methodically steal from us in a manner most people don’t understand.
Holding physical gold takes us safely away from their scheming clutches. Remember 2008? It was the bankers that that destroyed gold and silver prices that year and they are at it again this year. Their obvious intention is to hurt the folks who took their funds out of the system and went into the gold and silver.
As inflation slowly eats away at our wealth, we must be vigilent in slowly acquiring, during periods of major banker concocted selling phases, all the gold we can afford.
I told myself in 2009 that if the Dow market index rebounded to 10K, I’d get out and re-tool into gold-in-hand.
Here I sit with the Dow perched half-way between 13 and 12, with Greece’s June 16 austerity vote looming.
Anyone want to guess what my plan is???
Squeezing the people continues:
http://www.martinarmstrong.org/files/ComingToTakeYourMoneyAway/index.htm
Okay, another urging for you’all to write one:
Within the mountain beats
the heart of discovery,
anticipation and leap
of my heart thumping.Within the mountain beats
my heart with a blessing,
my eyes seeing first
the blessing from months
of pull.Yester’s round rang true.
We should have some positive fun under this Forum Topic: write a new prose (poem) to encourage and/or comment! Granted, it’ll be better to encourage, but some sideways prose will make the grade:
I offer this first one in the “sideways” catagory:
Gov’s gotta plan,
Jerry of Old,
Gov’s gotta plan
That can’t be sold.Gov’s gotta plan,
Jerry of Old,
What’s he thinkin’?
Thinks the wise out here
Are wakin’ up blinkin’.Gov’s gotta plan,
Don’t look inna mirror!
Jerry’s gotta plan,
Big ass posterior.Gov’s gotta plan,
Play by the rules,
We honor the rules,
Just make ’em true.Make rules true
to our Constitution,
We’ll make it true
to a real solution.Gov’s gotta plan,
But doesn’t seem right,
With caltrops and lawsuits
thrown down with spite.Effem! We say,
We’ll lead the way out,
………Greece could be the preview.
Check out the video concerning our debt in the YouTube presentation at http://www.jsmineset.com
There is a curious force heard underground when rock is being broken…it is echoing through our hearts, and the hearts of the miners underground…I’m not a miner, yet I know of this force:
Optimist for yester’s round,
White quartz with yeller,
Tommyknockers knockin’,
White quartz with yeller.Slabs ahangin’ overhead,
Traprocks under foot,
Tommyknockers knockin’
White quartz with yeller.Tommyknockers knockin’
Reggers bent on effin’
Miner’s lamp aglowing bright,
White quartz with yeller.Drill deep, drill strong.
Drill until the dawn.
Drill with visions in the glow,
White quartz with yeller.Reggers throwin’ down,
Effers throwin’ down,
Stop the mine, there’s no WAY!
White quartz with yeller.Visions will always point to
The truth we all know
Strength will always win,
White Quartz With Yeller.My mention below of Glass-Steagall has roots here on the Forum, directly relative to the viability and assault of our mine:
Regulation’s validity is relative to the purpose…and its practical application has been lost, usurped by opportunist criminal gov entities. Glass-Steagall was on of the valid regulations: it kept investment houses separate from banks (banks, the simple holders of money and depending on risk assessment, allowed home-loans to be issued, inbedded with a small margin predictable to the outcome of risk.
In short, it kept the crap out of risk, and home-loans were granted based on the recipient’s true ability to stay true to the contract.
HOW is this discussion even remotely connected with the Original Sixteen to One Mine?
Regulation, when its purpose is truely to protect all sides, is valid. Glass-Steagall prevented leverage beyond collateralization…
Regulation, when its purpose is designed to controll outcome rather than mediate, is dangerous.
HERE’s what’s even worse: REGULATION without a basis of Constitution, without a basis of accountability is akin to allowing a crook into your home.
The root of all this mess started when Glass-Steagall was repealed by the Clinton administration, with urging by the political machine.
99%? 99% of the the citizens in our country haven’t even heard of it and have no idea what, why, who started the colapse of the housing market and the subsequent fall of portfolios.
“Everyone should be able to afford a home…it’s only fair” cries the left (hi Barney) and derivatives were born. Never mind that those ‘home-owners’ receiving uncollateralized loans couldn’t afford them to begin with.
What was Glass-Steagall?? Banks and brokerage houses were separate entities….(longer)….insuring solvency for both. Risk was mediated; stability insured.
Why was it reversed? Politics dictated emotion rather than practical outcome, and hurt those it perported to help.
Re-instatement of Glass-Steagal would be the single most productive way to restore stability
Following JP Morgan’s surprise announcement recently of a $2 billion derivative loss here is an oldie but goodie that Jim Sinclair at jsmineset.com ran concerning JM Morgan that was written 8-30-02 by the respectful Ira Harris:
“Well, U.S. bankers have done it again. The best of the breed,JPMorgan and JAMIE DIMON, was blindsided by a large loss in its “hedging” operation. It is amazing how, since the REPEAL OF GLASS-STEAGALL, we have seen story after story of bank trading operations bringing the global financial system to the edge of a“SYSTEMIC CLIFF.” Since the repeal of the Glass-Steagall, the international system teeters on the precipice of a calamity. Now if COMMERCIAL BANKS want to be aggressive and trade like the proverbial hedge fund, then BANKS that are holding companies have to surrender their FDIC INSURANCE and pay for the use of people’s money.”
It’s absolutely amazing why regulators do not have a realistic pulse on what the banking industry is doing with other people’s money. Keeping your money on deposit at the banks is a risky game.
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