It has now been more than eleven years that I have been writing about the leading role that the US’ largest bank, JPMorgan, plays in the pricing of silver and gold. My suspicions that JPMorgan was the big silver and gold manipulator started shortly after the release of the August 2008 Bank Participation report, which indicated an unnaturally large increase in the short positions of one or two US banks in COMEX silver and gold futures contracts. That’s when I started speculating that JPMorgan was the big COMEX short seller. On Nov 10, 2008, I stopped speculating and directly pointed to JPM, as a result of correspondence between a US congressman and the CFTC. Full Story
Beginning Nov. 12, 1995, the Treasury started issuing government bonds, IOU’s, and putting them in the Social Security Trust Fund “cookie jar” – with the Fed then PRINTING the corresponding amount of money they needed and called this a ‘legitimate loan’. By accounting for their finances in this manner, the government got to understate their annual budget deficit by the same amount that they were burdening the cookie jar with IOU’s – all the while dramatically increasing the unfunded [off balance sheet] liabilities of the government by the same amount.
Where I come from, this is neither savvy nor a loan. It is better described as both treasonous and outright fraud. Isn’t government finance fun? Full Story
But that does not mean it is right. I believe it (the manipulation of signals that is going to one day put untold millions way off sides and in grave financial danger) is very wrong because it is unnatural. Today this manipulation – and need for ever more of it – is codified in the words of the Fed Chairman and his fellows around the world, as they auto-inflate at every little twitch in the global economy.
Why? Because when the debt edifice does unwind, nothing is going to stop it. Full Story
There is, at least, one highly recognized economist who agrees with me that a recession started forming in the summer of 2019 and is still emerging, in spite of the Fed’s strongest efforts to stop it — David Rosenberg:
We recall all too well the euphoria that followed the early 2001 and late 2007 Fed rate cuts and curve-steepening shifts, that then switched to malaise as the recession nobody saw coming took hold in the next few months. The lags between monetary policy and the real economy are both long and variable…. Remember, it cannot be denied that during the [2019] summer months the ‘normalized’ New York Fed recession probability model did breach the 80 per cent threshold, and it cannot be taken back, even if it has receded in response to the Fed’s recent liquidity infusions. The Fed has employed both actual rate cuts, and an aggressive QE4 … fully funded [by] the U.S. fiscal deficit.
Finally, there is no certainty as to whether any penalties will be commensurate with the crime. Individual criminals on Wall Street may have been banned from trading and bankrupted by fines. However, it would be unprecedented for a bank the size of JPMorgan to receive a trading ban or fines large enough to meaningfully impact the bank’s operations.
The road to full accountability for JPMorgan remains long and full of obstacles. But it is certainly nice to see prosecutors treating the bank without the usual kid gloves. Full Story
The best time to size up the collapse in housing that I called almost two years ago will be when it is over — so we can visualize its full extent. Since it is now over by some measures, though not by others, this might be as good as we get for awhile as a moment when we can pause to take a broad scan of the full extent of our damages to date. However, as you’ll see below, we’re still clinging to the side of a cliff. We’re not back up on top.
The purpose of this article is to give a little more perspective to my last article on the housing collapse with some updated information and graphs. Alhambra Partners has created some graphs that give a clear picture of our slide to date. As I said back in 2018, I did not think this collapse would be nearly as great as the housing crisis that caused the Great Recession, nor did I think it would be the cause of the next recession, but would just be a part of it. Full Story
By: Richard (Rick) Mills, Ahead of the herd - 10 February, 2020
The Trump administration has just granted its Commerce Department sweeping powers to slap tariffs on countries it decides are manipulating their currencies to the detriment of the United States and its exporting companies.
For some this will come as news; at AOTH, it is confirmation that our earlier warning, reported here, has come true.
In our article ‘US prepares for currency war’, we warned readers about these new powers when they were first proposed by the US government several months ago, amid its trade war with China. Full Story
Since May 2019 the Bank for International Settlements, which represents most central banks, has increased its use of gold swaps and other gold-related derivatives by more than 400 percent, from an estimated 78 tonnes to an estimated 320 tonnes
The BIS uses gold swaps and other gold derivatives to gain access to gold held by commercial banks. According to the bank's January 31 statement of account the bank's swaps and derivatives, estimated at 320 tonnes, were at their highest level since February 2019. Full Story
- Viral Threat - Not Good Enough - Overwhelming Stimulus - But What About Government Deficits? - And Then There Is the Fed… - Dallas and New York Full Story
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