- This article by Andrew Gavin Marshall says it all. If you still think this economic crisis is an accident and nobody is out to kill you, please tell me what you are smoking. I need some delusional optimism and happiness too. And Yes you are a certifiable IDIOT! I am consuming loads of BBQ chicken wings in my underground nuclear shelter. Hopefully, when the Illuminist snakes find my body, I will let out a loud smelly fart to greet them. To all the Illuminist snakes out there: please go ahead and do some self-directed colonoscopy!
“Crisis is an Opportunity”: Engineering a Global Depression to Create a Global Government
Problem, Reaction, Solution: “Crisis is an Opportunity”
In May of 2010, Dominique Strauss-Kahn, Managing Director of the IMF, stated that, “crisis is an opportunity,” and called for “a new global currency issued by a global central bank, with robust governance and institutional features,” and that the “global central bank could also serve as a lender of last resort.” However, he stated, “I fear we are still very far from that level of global collaboration.” Well, perhaps not so far as it might seem.
The notion of global governance has taken an evolutionary path to the present day, with the principle global political and economic actors and institutions incrementally constructing the apparatus of a global government. In the modern world, global governance is an inter-lapping, intersecting, and intertwined web of international organizations, think tanks, multinational corporations, nations, NGOs, philanthropic foundations, military alliances, intelligence agencies, banks and interest groups. Globalization – a term which was popularized in the late 1980s to refer to the global spread of multinational corporations – has laid the principle ideological and institutional foundations for this process. Global social, economic and political integration do not occur at an equal pace; rather, economic integration and governance on a global level has and will continue to be ahead of the other sectors of human social interaction, in both the pace and degree of integration. In short, global economic governance will set the pace for social and political global governance to follow.
In 1885, Friedrich List, a German mercantilist economic theorist wrote that when it came to the integration of a “universal union or confederation of nations,” that “all examples which history can show are those in which the political union has led the way, and the commercial union has followed. Not a single instance can be adduced in which the latter has taken the lead, and the former has grown up from it.” The twentieth century thus changed the historical trend, with undertaking economic integration – union – which is then followed by political integration. The best example of this is the European Union, which started out as a series of trade agreements (1951), eventually leading to an economic community (1957), followed by an economic union (1993), followed by a currency union (2002), and with the recent Lisbon Treaty, is now in the process of implementing the apparatus of a political union (2009). While this same regional governance model is occurring on a global scale in Africa, South America, East Asia, the Gulf Arab states, and with North American and Euro-American integration, it is simultaneously taking place on a global level. With the establishment of the World Trade Organization (WTO) in 1995, global trade systems were institutionally integrated, while the major global economic institutions of the IMF and World Bank, as well as others including the Bank for International Settlements (BIS), accelerated their management of the global economy.
The process of globalization has firmly established a globally integrated economic system, and now the global economic crisis is facilitating the implementation of global economic governance: to create the economic apparatus of a global government, including a global central bank and a global currency. This process is exponentially accelerated through economic crises, which create the need, desire, urgency and means of establishing a structure of global economic governance, purportedly under the guise of “preventing economic crises” and “maintaining” the global economy.
The same institutions and actors responsible for creating the crisis, are then given the job of determining the solution, and are then given the power and means of implementing it: problem, reaction, solution. They create a problem to incur a particular reaction for which they then propose a predetermined solution. When pressure needs to be applied to individual states that are not following dictates of the institutions of global governance, the market is turned against them in a barrage of economic warfare, often in the form of currency speculation and derivatives trading. The result of this economic warfare against a nation is that it must then turn to these same global institutions to come to its rescue: problem, reaction, solution.
The global economic crisis, really having only just begun, will in years to come spiral into a Great Global Debt Depression, plunging the entire world into the greatest economic catastrophe ever known. This will be the ultimate catalyst, the most pervasive crisis, and most commanding ‘opportunity’ to implement the formation of a global government. In 1988, the Economist ran an article entitled, “Get Ready for the Phoenix,” in which it postulated that by the year 2018, there will be a global currency, which it termed the “Phoenix.” The mention of a phoenix is not to go unnoticed, as symbolically, a phoenix dies and from its ashes a new phoenix emerges. It is the symbol of destruction as a form of creation; the ultimate incarnation of crisis as an opportunity. The article in the Economist acknowledged this meaning, with the idea that economic and monetary collapse will likely lead to the formation of a global currency, stating that, “several more big exchange-rate upsets, a few more stockmarket crashes and probably a slump or two will be needed before politicians are willing to face squarely up to that choice.” Further:
As time passes, the damage caused by currency instability is gradually going to mount; and the very trends that will make it mount are making the utopia of monetary union feasible… The phoenix would probably start as a cocktail of national currencies, just as the Special Drawing Right is today. In time, though, its value against national currencies would cease to matter, because people would choose it for its convenience and the stability of its purchasing power.
This further reinforces the notion of crisis as an opportunity, and established the desire to form a global currency far before any crises that prompted official calls for one. In 2000, Paul Volcker, former Chairman of the Federal Reserve, stated that, “if we are to have a truly global economy, a single world currency makes sense,” and a European Central Bank executive stated that, “we might one day have a single world currency,” in “a step towards the ideal situation of a fully integrated world.” In 1998, Jeffrey Garten, , former Undersecretary of Commerce for International Trade in the Clinton administration, former Managing Director at Lehman Brothers and member of the Council on Foreign Relations, wrote an article for the New York Times in which he called for the creation of a “global Fed” and said that, “the world needs an institution that has a hand on the economic rudder when the seas become stormy. It needs a global central bank.”
The Global Economic Crisis As a Pretext for Global Governance
With the onset of the global economic crisis in 2008, powerful political and economic figures began making the call for constructing systems of global governance to manage and “prevent” crises. In September of 2008, in the midst of the financial crisis, Garten wrote an article for the Financial Times renewing his call for a global central bank, which he termed a “Global Monetary Authority.” A month later, Garten wrote a piece for Newsweek saying that, “leaders should begin laying the groundwork for establishing a global central bank.” In the same month, John Mack, CEO of Morgan Stanley said that, “it may take continued international coordination to fully unlock the credit markets and resolve the financial crisis, perhaps even by forming a new global body to oversee the process.”
In October of 2008, then Prime Minister of the UK, Gordon Brown, called for “a new Bretton Woods – building a new international financial architecture for the years ahead,” and that he would want “to see the IMF reformed to become a ‘global central bank’ closely monitoring the international economy and financial system.” In the same month, Brown wrote an op-ed for the Washington Post in which he said that this ‘new Bretton-Woods’ should work towards “global governance.”
…. to continue reading click here!
- I have come to the logical conclusion that: We are DOOMED, We will not make it! The flipping economic heretics with their helicopter cash drops will kill us all. I will be hiding in my underground nuclear bunker testing my cable TV connection. I have ordered many months supply of chicken wings and BBQ sauce. Hopefully, the Illuminist snakes won’t spot all the smoke spewing from my bunker. If I am going down, I am going down stuffed with chicken wings and BBQ sauce. In times like these it pays to be delusionally optimistic and happy. Unfortunately, I don’t have such great traits. For all those of you not in gold/silver: You are an IDIOT! Here is the official memo!
U.S. Fed Setting the Stage for Hyperinflation?
Don Miller writes: The U.S. government wants to stimulate growth in the moribund economy by stoking the fires of inflation. But by leaving interest rates low and buying up bonds – a policy known as quantitative easing (QE) – the U.S. Federal Reserve risks debasing the dollar, which could lead to a prolonged period of hyperinflation that would send prices skyrocketing.
After their most recent meeting on Sept. 21, Fed policymakers said low inflation warranted looser monetary policy. Minutes from the meeting said central bankers were prepared to ease policy to boost inflation expectations “before long.”
The Fed is seeking ways to boost the U.S. economy after keeping interest rates at record lows and buying in $1.7 trillion of U.S. securities. The next move may be another round of quantitative easing that would expand the Fed’s balance sheet even further. But as it feeds more and more money into the financial system, the central bank may very well be sowing the seeds of hyperinflation.
By bailing out big banks with the $700 billion Troubled Asset Relief Program (TARP), pursuing a $787 stimulus program to boost the economy, and launching a near $1 trillion rescue of government backed housing authorities, the government has racked up about $12.7 trillion in debt guarantees and spending. Without enough hard assets – like gold – in storage to back those guarantees, the only way the government can meet its debt obligations is to print more money.
Money Morning Contributing Editor Martin Hutchinson thinks there’s a chance the government could swamp the economy with stimulus and spark a round of hyperinflation. “With the Fed pumping all that cash into the system, deficits of $1.3 trillion and additional QE of $1 trillion on the table, the odds are getting greater all the time that a bout of hyperinflation could be in the cards,” Hutchinson said in an interview.
Hyperinflation can be simply defined as very high inflation, a condition in which prices increase rapidly as a currency loses its value. It usually occurs when monetary and fiscal authorities of a nation issue large quantities of money to pay for a large stream of government expenditures.
In numbers, hyperinflation could mean anything from a 100% cumulative inflation rate over three years to inflation exceeding 50% a month. For example, an inflation rate of 100% a month would reduce the value of a $20 bill to $2.50 in four months. Hyperinflation can also be viewed as a form of taxation. The most serious consequence of hyperinflation is the reallocation of wealth. It transfers wealth from the general public, which holds money, to the government, which issues money.
Hyperinflation has occurred on several occasions in history. The most commonly known examples are:
- Germany or the Weimar Republic went through its worst inflation in 1923. The highest currency issued was a 100,000,000,000,000 Mark note, which was the equivalent of about 25 U.S. dollars. The rate of inflation peaked at 346% per month, meaning prices doubled every two days. The main cause is believed to be the “London ultimatum” in May 1921, which demanded reparations in gold or foreign currency to be paid in annual installments of 2 billion gold marks plus 26% of the value of Germany’s exports.
- On July 22, 2008, the value of the Zimbabwe dollar had fallen to approximately 688 billion per U.S. dollar. After the country’s independence, inflation was stable until Robert Mugabe began a program of land reforms that primarily focused on taking land from white farmers and redistributing those properties and assets to black farmers. Rampant hyperinflation ensued when this policy sent food production and revenues from exports of food plummeting.
- Hyperinflation in post World War II Hungary may be the highest on record. In April 1946, prices zoomed higher by 195% every day, meaning they doubled every 15.6 hours. The war caused enormous costs and, later, even higher losses to the relatively small and open Hungarian economy. The national bank was practically under government control. The government spent more than it could raise in taxes and the central bank printed more paper money to finance the deficit.
But even though our economy shows some of these same symptoms, it doesn’t mean hyperinflation is a foregone conclusion. Hutchinson says the Fed may be able to balance interest rates to keep runaway inflation in check.
“If prices only go up say 3-4% over a course of a year, the Fed can probably keep it in check with a gradual increase in interest rates,” Hutchinson says. “But the problem with inflation is it tends to take off very quickly. If you get a 20% bubble in prices in a few short months, the Fed would have a hard time reacting quickly enough.” Investors can identify hyperinflation before it arrives by watching for a few reliable signs:
• Hoarding (people will try to get rid of cash before it is devalued, by hoarding food and other commodities creating shortages of the hoarded objects).
• Distortion of relative prices.
• People prefer to keep their wealth in non-monetary assets or in a relatively stable foreign currency.
• People regard monetary amounts not in terms of the local currency but in terms of a relatively stable foreign currency. Prices may be quoted in that foreign currency.
• Sales and purchases on credit take place at prices that compensate for the expected loss of purchasing power during the credit period.
So how do investors protect themselves from a bout of hyperinflation and the demise of their purchasing power?
Until government officials reverse their free-spending ways, Hutchinson says hard assets like commodities – such as gold, silver, and platinum – and the companies that mine them are the best bets. But seeking protection in those sectors can get tricky because even a bubble in hard assets will eventually burst.
“As hyperinflation becomes more and more apparent, prices for hard assets will also increase rapidly,” Hutchinson says. “But investors will have to be especially nimble to avoid the ride back down. Even precious metals like gold and silver will eventually top out.”
- We are perhaps days or weeks away from a global currency crisis. Clif High (WebBot) and Bix Weir (Road To RootA) believe that it will start 2nd week November (ie 8 Nov onwards). This is a global monetary meltdown! I will be hiding in my underground nuclear bunker soon! Hopefully the cable TV will still work. God help us!
Quantitative Easing, The Path To Global Monetary Crisis: “If You Print A Trillion, I’ll Print A Trillion”!
- We are heading to a world currency crisis. This will be triggered by a collapse of the USD. We may be days or weeks away from a global meltdown. Hidden in the shadows is the US$1.5 Quadrillion toxic derivatives problem. These pieces of paper are mostly fraudulent and largely worthless. This derivatives black-hole will be detonated via the MBS fraudulent derivatives crisis. This will be the excuse to launch perhaps US$100T QE 3.0, 4.0, 5.0 …..
- All the major banks are insolvent because they hold anywhere between US$10T to $90T each of toxic worthless derivatives. It is impossible to write off such massive losses. If you have a capital of US$1-2T, how do you write off US$40T? The entire world’s GDP is US$65T and the banksters hold US$1,500 Trillion dollars of worthless derivatives. US$65T of GDP is barely 5% of US$1.5 Quadrillion. This is financial Armageddon!
- Do not be deceived. This is a plan destruction of the current world order by Illuminist banksters. Their intention is world economic, financial and monetary collapse leading to world war! How does an Illuminist bankster survive a loss of US$40T? This is a humongous amount of money! But what if a cup of coffee costs US$1T? US$40T is really just 40 cups of coffee right? This is chump change, I can afford to lose US$40T too. So how do you get the price of a cup of coffee to US$1T? Hyperinflation via massive QE!!!!
- The banksters are rabidly foreclosing on the sheeple. Why? Because they need to accumulate hard assets (ie. real estate) before hyperinflation kicks in! What is now a REO negative equity of say US$250K in their books will suddenly become US$25M when hyperinflation kicks in. Hey presto, the Illuminist banksters are solvent and Quadrillionaires! Get the scam?
Andy Xie: “If You Print A Trillion, I’ll Print A Trillion”
…The world seems full of smoke ahead of a world currency war. The weapon of choice is quantitative easing, a.k.a. QE. If you print a trillion, I’ll print a trillion. Of course, he and she will too. No change in exchange rates after a trillion? Let’s do it again, QE2. If you listen to people like Geithner, the end of the world is quite near. Rich people everywhere are buying gold for a little peace of mind, not just the Chinese. They are literally trucking it by the ton or two home. When currency values vanish in a QE melee, at least the rich have the gold to stay rich.
If you listen to American pundits, politicians or government officials, it’s all China’s fault. China is far from perfect. Its currency policy certainly isn’t. But it is not the cause for the world’s ills. The U.S. is by far the biggest source of uncertainty and the initiator of the QE war. Its elite created the biggest financial bubble since 1929, even removing regulations designed to prevent it, and left the U.S. economy in shambles after its burst. The same people want to find a quick cure to hold onto their power. Unfortunately, there is no quick cure.
The U.S. has cut interest rates to zero and run up the budget deficit to 10 percent of GDP. It’s a shock-and-awe Keneysian policy. But, after a few quarters of strong growth, the economy is turning down again, and the unemployment remains close to 10 percent. And this figure would be much higher, close to 20 percent like Spain’s, if it included the underemployed and those who have stopped looking for work.
The stimulus has failed. How should one interpret the result? If you were Paul Krugman, you would say it wasn’t enough. Of course, if 20 percent of GDP in budget deficit and another round of QE still don’t work, he would say not enough again. You can never prove Krugman wrong. Such a smart fellow.
The second interpretation is that it takes time for the economy to heal. No economy recovers so quickly after a bubble that big. During this prolonged and massive bubble, resources have become so misallocated that it takes time for regeneration. In particular, when the labor market is misallocated, it just can’t correct itself quickly. Hence, when an economy is in a misallocated state, a stimulus kicks up growth through its own power but can’t get the multiplier effect for the economy to sustain growth beyond.
The third interpretation is that it’s China’s fault. Yes, China’s exports to the U.S. rose sharply during its stimulus-inspired pickup, i.e., the stimulus partly went to China. But, whose fault is it? Apple makes all the iPhones in China, because it costs under US$ 20 each, even after the massive wage increase for Chinese workers. Apple’s gross margins are 30 times the processing cost that goes to China. Maybe Apple is an extreme example. But, the fact is that China’s exports to the US are American goods that retail for 3-4 times of the factory-gate prices. American companies want to make the goods in China to satisfy the stimulus-inspired demand.
People like Geithner would argue that China should raise the currency to force American companies to move production back to the U.S. I suppose that that is how the whole yuan appreciation idea may work. But, at what exchange rate would the American companies want to do it? American wages are ten times China’s. Should China increase its currency value ten times?
Of course, the American pundits wouldn’t put it that way. They would talk about China’s trade or current account surplus and the rising forex reserves, the prima facie evidence of currency manipulation. I don’t want to deny that the rising forex reserves are a problem that China must tackle with. But, it is a separate issue from the US economy. The solution isn’t yuan appreciation either.
I think China’s currency is overvalued. China’s money supply has exploded in the past decade, rising from 12 to 70 trillion yuan. No currency has not experienced depreciation after a such a prolonged bout of money growth. China’s industry has risen tremendously to justify part of the growth. But, a massive amount is in the overvalued property market. When it normalizes, the money flows out and the currency depreciation pressure happens. We should see this within two years.
What is right isn’t important for now. What is politically expedient is. Americans want a quick cure for its economic difficulties. It wants to devalue the dollar to achieve it. If it could force China to increase its currency value, then the yen, euro, and all the others would go up in tandem. The U.S., one fourth of the global economy, could export out of its problem.
The problem is that all the others won’t follow this program. China could not move up its currency value too much. Otherwise, it would trigger hot money outflows, a total collapse of its property market and the banking system with it. China is between a rock and a hard place. It is trying to achieve a soft landing of its property market by incremental tightening steps while the currency appreciation expectation keeps the hot money from leaving. The combination may support a multi-year gradual adjustment, giving the banking system time to raise capital.
Japan isn’t in a position to appreciate the yen much. Its industries have lost competitiveness to Germany’s or even the U.S.’s. Its industries haven’t had a global hit product for years. Germany and the U.S.’s auto industries are gaining over Japan’s. It’s hard to see how the yen could go up a lot. The BoJ is vulnerable to political pressure. It doesn’t have a good track record. If it lets the yen to destroy Toyota, Honda, etc., it’s hard to see how it could remain independent. Hence, it will resort to QE to hold down the yen.
The euro is surging by default. The ECB seems to still be talking like the Bundesbank. But, its position can’t last through the next sovereign debt crisis. When the euro is high, some economy, not Germany or France, will get into a crisis mode. It may join the QE crowd too.
The UK doesn’t need persuasion to embrace QE. It is like a big Hong Kong, all about stir-frying stocks and properties. When the bubble bursts, it doesn’t have much else to do. Devaluing the currency seems to be the only way out.
Korea is small but always tries to join the big leagues. It is big in automobile, electronics and petrochemicals. Its government doesn’t need convincing to watch over the exchange rate. Recently, it has been “investigating” financial institutions for undesirable practices in the currency market.
The mild Brazil is fired up too. Over the past decade, it allowed the market to double its currency value. Brazilian people are grateful for the low inflation as a result. But its growth rate is quite low, not good enough for a developing economy, leaving alone the vaunted status of one of the BRICs.
It seems that nobody wants to appreciate. Most major economies will do something to keep their currencies down. That is checkmate for the U.S. Without devaluation benefits on rising exports, QE just leads to inflation, first through rising oil prices. The American people are suffering from declining housing prices and high unemployment. If the gasoline price doubles from here, the country may not be stable. How would the elite react? Probably more of the same.
The world is heading towards high inflation and political instability. Another global crisis is a matter of time. The first sign would be a collapsing treasury market. The Fed is controlling the yield curve through its QE program. It would be irrational for other investors to play the game. The only reason to stay in is that the Fed won’t let the market fall. But, the underlying value is evaporating with rising money supply and the inflationary consequences. When all the investors realize this, they will all run for the exits. The Fed won’t be able to stop the stampede. If it prints enough money to take over the whole market, people with freshly minted dollars would surely want to convert the money into other assets. The dollar would collapse too.
The world seems on course to another crisis in 2012.
The same people who caused the last crisis are still in charge. They’ll get us into another. Iceland is taking its ex-prime minister to court for causing the banking crisis. Worse fates await the people who are causing the next crisis. China used to chop off the heads of its failing ministers at the capital’s vegetable market. Maybe we should bring back the practice and globalize it.
- Quantitative Easing to raise asset prices is the stupidest idea. Helicopter Ben Bernanke will go down in history as Professor of Zimbabwean School of Economics. This is what it is coming down to: to boost economic growth, you manipulate prices, you stir inflation… The dumbest of the dumb idea.
- By stirring inflation, people will lose confidence in the USD and everyone will dump/spend it. What kind of crock economic theory is this? Casino economics! Illuminist snakes are obviously hiding their real intent: the destruction of the USD leading to a global currency crisis. They will bring out their One World Currency, Global Central Bank and World Government out of this global chaos. Got Gold yet, people? Gold is your financial insurance through this madness!
- The article below has quite a bit of official propaganda/lies. The biggest lie is to put spending above savings and thus investment. It is putting the cart before the economic horse. Spend money first to boost economy and thereafter get a job. People need to have jobs, savings and then they can spend. Of course, these economic high priests believe that you can borrow and spend your way out of poverty. These are economic heretics. What ever happened to the fundamental tenets of central banks: Ensure Price Stability and Sound Money?! Now it is: Inflation and Currency Debasement! Are we suppose to kowtow to all these economic heretics, nut jobs?
Bernanke Asset Purchases Risk Unleashing 1970s Inflation Genie
For the second time since he became chairman in 2006, Ben S. Bernanke is leading the Federal Reserve into uncharted monetary territory. Bernanke next week is likely to preside over a decision to launch another round of large-scale asset purchases after deploying $1.7 trillion to pull the economy out of the financial crisis, comments from policy makers over the past week indicate. This time, with interest rates already near zero, the Fed will be aiming to increase the rate of inflation and reduce the cost of borrowing in real terms. The goal is to unlock consumer spending and jump-start an economy that’s growing too slowly to push unemployment lower.
Estimates for the ultimate size of the asset-purchase program range from $1 trillion at Bank of America-Merrill Lynch Global Research to $2 trillion at Goldman Sachs Group Inc., with economists at both firms agreeing the Fed will likely start by announcing $500 billion after the Nov. 2-3 meeting. The danger is that once the Fed kindles price increases, inflation will be difficult to control.
“By reducing real interest rates and trying to break the psychology of ‘Why spend today when I can buy goods cheaper tomorrow,’ they are hoping to drive growth that would be more commensurate with a pickup in employment,” said Dan Greenhaus, chief economic strategist at Miller Tabak & Co. in New York. “The risk is a late 1970s type of scenario where the inflation genie gets out of the bottle.”
The U.S. Treasury Department yesterday sold $10 billion of five-year Treasury Inflation Protected Securities at a negative yield for the first time at a U.S. debt auction as investors bet the Fed will be successful in sparking inflation. The securities drew a yield of negative 0.55 percent.
William Dudley, president of the New York Fed and vice chairman of the Federal Open Market Committee, yesterday repeated that current levels of inflation and a 9.6 percent unemployment rate are “unacceptable” and said the Fed needs to take action, even though expanding the balance sheet isn’t a “perfect tool.”
“To the extent that we can do things to improve the economic environment, we certainly owe it to the millions of people who are unemployed to do so,” Dudley said in response to audience questions after a speech in Ithaca, New York. Policy makers haven’t yet decided whether to buy additional assets, he said.
A second jolt of monetary stimulus would expand the Fed’s $2.3 trillion balance sheet to a record and likely work through the exchange rate as well as interest rates, said former Fed governor Lyle Gramley. A weaker dollar would boost U.S. exports and push prices higher as the cost of imported goods rises.
“It is a channel that works not only from the standpoint of encouraging more growth and making exports more competitive, but if you’re worried about inflation getting too low, this tends to put a little upward pressure” on it, said Gramley, a senior adviser at Potomac Research Group in Washington.
An index of the dollar versus six major currencies is down 5.2 percent since Sept. 20, the day before Fed officials concluded their last meeting by saying inflation measures were “somewhat below those the Committee judges most consistent, over the longer run, with its mandate to promote maximum employment and price stability.” The Standard and Poor’s 500 Index is up 3.8 percent since then.
A 10 percent decline in the dollar in the first six months of next year would push the economy above estimates of trend growth, moving indicators on inflation and employment more rapidly toward the Fed’s policy goals, according to a simulation run by Macroeconomic Advisers LLC on their model of the U.S. economy.
- I am quite surprised by this news. Seems like CFTC Commissioner Chilton is taking on the bullion cartel banksters. It takes quite alot of intestinal fortitude. So I must say: keep up the great work, watch your back! The Illuminist banksters own the US government and government linked organizations/statutory boards.
- I would also like to say thank you for the great work by GATA, Bill Murphy and his tireless warriors. For decades they have been exposing the manipulation in the gold and silver market in the face of mocking and derision. To all those who laughed at them: what do you say now? Who are the delusional idiots? Who told the truth?
- Silver has moved above US$24/oz since this news. Are we about to see the bullion banksters’ naked shorts unravel? If so, we may be in for a helluva ride on the silver space shuttle. Buckle up people, every cloud has a silver lining, the sky’s the limit for silver price!
CFTC’s Chilton raises alarm about silver market
There have been repeated attempts to influence prices in silver markets, Bart Chilton, a commissioner at the U.S. futures regulator, said on Tuesday. “There have been fraudulent efforts to persuade and deviously control that price,” Chilton said in prepared remarks before a Commodity Futures Trading Commission meeting. Chilton said he could not pre-judge the outcome of the CFTC’s ongoing investigation of the silver markets, but said public deserves some answers to their concerns.