Showing posts with label Videos. Show all posts
Showing posts with label Videos. Show all posts
Wednesday, May 5, 2010
Gerald Celente: The Bailout Bubble is Bursting
“The world markets will have gone through a severe economic crash before 2011 begins. We’re going to see country after country go through this kind of turmoil.”
Celente forecasts people around the world bailing out of their fiat currencies and getting into gold. He predicts defaults on sovereign debts coming and advises against investing in the the stock market. “There is no safe risk to take,” says Celente. “When you take a risk, you gamble.” Personally, the trends forecaster keeps 80% of his assets in gold and his cash is hedged between US dollars and Canadian dollars.
Celente forecasts people around the world bailing out of their fiat currencies and getting into gold. He predicts defaults on sovereign debts coming and advises against investing in the the stock market. “There is no safe risk to take,” says Celente. “When you take a risk, you gamble.” Personally, the trends forecaster keeps 80% of his assets in gold and his cash is hedged between US dollars and Canadian dollars.
Friday, April 2, 2010
Jim Grant Presents A Prospectus For The United States, Discusses The Death Penalty For US Coinage Debasers
Tyler Durden
ZeroHedge
Jim Grant joins Morgan Stanley (and contrary to Rosenberg's expectations) in anticipating US rates to rise promptly, primarily due to the world's negative "reappraisal of the US Treasury." This is not so much a debate on inflation or deflation, as it is a call on the (un)trustworthiness of the US as a lender. To that end, Grant has put together a Treasury prospectus (which we will post as soon as we procure it) which as Jim puts it "is a compendium of the salient facts about the Treasury as if it were an issuer that did not have a printing press... All you need to know about the credit risk of the US."
The first risk factor, via the GAO, "improper payments that should not have been paid by the Treasury totalled $98.7 billion, equivalent to 5% of Treasury outlays." Keep in mind the UST raised $333 billion in net debt in March, as we pointed out yesterday. Grant also discusses the Coinage Act of 1792, whose section 19 stipulates "that the penalty for anyone who would debase the coinage of the US, is death." By that logic, a firing squad may soon need to be sequestered to Washington. Grant's concludes that there is a "great suspension of disbelief in out US monetary system on behalf of the world over. One wonders when people will say no."
ZeroHedge
Jim Grant joins Morgan Stanley (and contrary to Rosenberg's expectations) in anticipating US rates to rise promptly, primarily due to the world's negative "reappraisal of the US Treasury." This is not so much a debate on inflation or deflation, as it is a call on the (un)trustworthiness of the US as a lender. To that end, Grant has put together a Treasury prospectus (which we will post as soon as we procure it) which as Jim puts it "is a compendium of the salient facts about the Treasury as if it were an issuer that did not have a printing press... All you need to know about the credit risk of the US."
The first risk factor, via the GAO, "improper payments that should not have been paid by the Treasury totalled $98.7 billion, equivalent to 5% of Treasury outlays." Keep in mind the UST raised $333 billion in net debt in March, as we pointed out yesterday. Grant also discusses the Coinage Act of 1792, whose section 19 stipulates "that the penalty for anyone who would debase the coinage of the US, is death." By that logic, a firing squad may soon need to be sequestered to Washington. Grant's concludes that there is a "great suspension of disbelief in out US monetary system on behalf of the world over. One wonders when people will say no."
Monday, March 29, 2010
Former Goldman Commodities Research Analyst Confirms LMBA OTC Gold Market Is "Paper Gold" Ponzi
Tyler Durden
ZeroHedge
When we put up a link to last week's CFTC hearing webcast little did we know that it would end up being the veritable (physical) gold mine (no pun intended) of information about what really transpires in the commodities market. First, we obtained direct evidence from Andrew Maguire (who may or may not have been the target of an attempt at "bodily harm" as reported yesterday) of extensive manipulation in the silver market.
Today, Adrian Douglas, director of GATA, adds to the mountain of evidence that the commodities market, and the CFTC, stand behind what is potentially the biggest market manipulation scheme in the history of capital markets (we are assuming for the time being that all allegations of the Fed manipulating the broader equity and credit markets are completely baseless). Using the testimony of a clueless Jeffrey Christian, formerly a staffer at the Commodities Research Group in the Goldman Sachs Investment Research Department and now head and founder of the CPM Group, Douglas confirms that the "LBMA trades over 100 times the amount of gold it actually has to back the trades."
Christian, who describes himself as "one of the world’s foremost authorities on the markets for precious metals" yet, in the words of Gary Gensler, said "that the bullion banks had large shorts to hedge themselves selling elsewhere- how do you short something to cover a sale, I didn’t quite follow that?" and proves that current and former Goldman bankers are some of the most arrogant people alive, assuming that everyone else is an idiot and will buy whatever explanation is presented just because the CV says Goldman Sachs. Yet Christian confirms that the gold market is basically a ponzi: "in the “physical market” as the market uses that term, there is much more metal than that…there is a hundred times what there is." And there you have it: as Douglas eloquently summarizes: "the giant Ponzi trading of gold ledger entries can be sustained only if there is never a liquidity crisis in the REAL physical market. If someone asks for gold and there isn’t any the default would trigger the biggest “bank run” and default in history. This is, of course, why the Central Banks lease their gold or sell it outright to the bullion banks when they are squeezed by high demand for REAL physical gold that can not be met from their own stocks" and concludes "Almost every day we hear of a new financial fraud that has been exposed. The gold and silver market fraud is likely to be bigger than all of them. Investors in their droves, who have purchased gold in good faith in “unallocated accounts”, are going to demand delivery of their metal. They will then discover that there is only one ounce for every one hundred ounces claimed. They will find out they are “unsecured creditors”.
For those of you who missed the CFTC hearing, here are two of the must-watch clips. In the first one, Adrian Douglas introduces the underlying concerns about the Ponzi nature of the LBMA hedging situation, in which a wholesale rush to "physical delivery" would result in a one hundred fold dilution of gold holdings, and a 99% result of unsecured creditor claims (good luck collecting on that particular bankruptcy). We also meet Jeffrey Christian, formerly of Goldman and currently of CPM, in which not only does the "expert" state that a bullion bank short is hedged by further shorting, but confirms Douglas' and GATA's previous claims that the "physical" market, as defined, is a joke, as the OTC market treats gold purely as a financial asset, essentially conforming to the precepts of fractional reserve banking. As Douglas notes "He confirms that the LBMA trades hundreds of times the real underlying physical. This is even a higher estimate than I have previously made! It is, as I asserted before the Commission, a giant Ponzi Scheme."
ZeroHedge
When we put up a link to last week's CFTC hearing webcast little did we know that it would end up being the veritable (physical) gold mine (no pun intended) of information about what really transpires in the commodities market. First, we obtained direct evidence from Andrew Maguire (who may or may not have been the target of an attempt at "bodily harm" as reported yesterday) of extensive manipulation in the silver market.
Today, Adrian Douglas, director of GATA, adds to the mountain of evidence that the commodities market, and the CFTC, stand behind what is potentially the biggest market manipulation scheme in the history of capital markets (we are assuming for the time being that all allegations of the Fed manipulating the broader equity and credit markets are completely baseless). Using the testimony of a clueless Jeffrey Christian, formerly a staffer at the Commodities Research Group in the Goldman Sachs Investment Research Department and now head and founder of the CPM Group, Douglas confirms that the "LBMA trades over 100 times the amount of gold it actually has to back the trades."
Christian, who describes himself as "one of the world’s foremost authorities on the markets for precious metals" yet, in the words of Gary Gensler, said "that the bullion banks had large shorts to hedge themselves selling elsewhere- how do you short something to cover a sale, I didn’t quite follow that?" and proves that current and former Goldman bankers are some of the most arrogant people alive, assuming that everyone else is an idiot and will buy whatever explanation is presented just because the CV says Goldman Sachs. Yet Christian confirms that the gold market is basically a ponzi: "in the “physical market” as the market uses that term, there is much more metal than that…there is a hundred times what there is." And there you have it: as Douglas eloquently summarizes: "the giant Ponzi trading of gold ledger entries can be sustained only if there is never a liquidity crisis in the REAL physical market. If someone asks for gold and there isn’t any the default would trigger the biggest “bank run” and default in history. This is, of course, why the Central Banks lease their gold or sell it outright to the bullion banks when they are squeezed by high demand for REAL physical gold that can not be met from their own stocks" and concludes "Almost every day we hear of a new financial fraud that has been exposed. The gold and silver market fraud is likely to be bigger than all of them. Investors in their droves, who have purchased gold in good faith in “unallocated accounts”, are going to demand delivery of their metal. They will then discover that there is only one ounce for every one hundred ounces claimed. They will find out they are “unsecured creditors”.
For those of you who missed the CFTC hearing, here are two of the must-watch clips. In the first one, Adrian Douglas introduces the underlying concerns about the Ponzi nature of the LBMA hedging situation, in which a wholesale rush to "physical delivery" would result in a one hundred fold dilution of gold holdings, and a 99% result of unsecured creditor claims (good luck collecting on that particular bankruptcy). We also meet Jeffrey Christian, formerly of Goldman and currently of CPM, in which not only does the "expert" state that a bullion bank short is hedged by further shorting, but confirms Douglas' and GATA's previous claims that the "physical" market, as defined, is a joke, as the OTC market treats gold purely as a financial asset, essentially conforming to the precepts of fractional reserve banking. As Douglas notes "He confirms that the LBMA trades hundreds of times the real underlying physical. This is even a higher estimate than I have previously made! It is, as I asserted before the Commission, a giant Ponzi Scheme."
Thursday, October 29, 2009
Friday, October 2, 2009
Here Is Why The Fed Needs To Cut The Dollar In Half Over The Next 14 Years
(ZeroHedge)Just in case you thought Tim Geithner was telling the truth about desiring a strong dollar, here is an opinion by Jim Rickards on why the US is getting increasingly wrapped up in its stock market bubble, middle class and imports be damned, and why the dollar's value will get cut in half in the near future.
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Friday, September 25, 2009
This is How a Congressman Does His Job
You Tube
Watch Alan Grayson question the general counsel for the Federal Reserve:
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Watch Alan Grayson question the general counsel for the Federal Reserve:
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Wednesday, September 23, 2009
Insider Selling Sky Rockets - Anyone Listening?
TrimTabs' CEO Charles Biderman Discusses Massive Insider Selling
"Insider selling is 30x insider buying, while corporate stock buybacks are non-existent. Companies are saying they don't want to touch their own stocks."
"I don't know where the money is coming from to keep the markets from not plunging."
We would recommend that Charles look towards the Plunge Protection Team, aka the Presidents Working Group on Financial Markets.
Enter Remainder of Article Here
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"Insider selling is 30x insider buying, while corporate stock buybacks are non-existent. Companies are saying they don't want to touch their own stocks."
"I don't know where the money is coming from to keep the markets from not plunging."
We would recommend that Charles look towards the Plunge Protection Team, aka the Presidents Working Group on Financial Markets.
Enter Remainder of Article Here
Read Entire Article
Tuesday, July 28, 2009
Wednesday, July 15, 2009
Why Wouldnt You?
$5 Billion Hedge-Fund Firm Switches Holdings To Physical Gold
Greenlight Capital Inc., the $5 billion hedge-fund firm run by David Einhorn, told investors it switched all of its holdings in a gold exchange-traded fund into bullion during the second quarter.
“At a minimum this will provide some savings as the costs of storing gold are less than the fees” for the SPDR Gold Trust, the New York-based firm said yesterday in a letter to investors.
Enter Remainder of Article Here
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Greenlight Capital Inc., the $5 billion hedge-fund firm run by David Einhorn, told investors it switched all of its holdings in a gold exchange-traded fund into bullion during the second quarter.
“At a minimum this will provide some savings as the costs of storing gold are less than the fees” for the SPDR Gold Trust, the New York-based firm said yesterday in a letter to investors.
Enter Remainder of Article Here
Read Entire Article
Friday, June 19, 2009
Thursday, June 11, 2009
We Wish it Were Satire - Schiff on the Daily Show
Wednesday, June 10, 2009
Idiocracy Reigns Supreme
Peter Schiff exchanges blows with Michael Mussa from The Peter G. Peterson Institute for International Economics.
Friday, May 8, 2009
Absolutely Amazing
Campaign for Liberty
The Federal Reserve Inspector General was recently unable to tell Rep. Alan Grayson what goes on at the Federal Reserve and who has been receiving the trillions of dollars they created.
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The Federal Reserve Inspector General was recently unable to tell Rep. Alan Grayson what goes on at the Federal Reserve and who has been receiving the trillions of dollars they created.
Enter Remainder of Article Here
Read Entire Article
Wednesday, May 6, 2009
Ron Paul Grills Bernanke
Campaign for Liberty
On Tuesday, Fed Chairman Ben Bernanke appeared before the Joint Economic Committee, where Congressman Paul questioned him about government intervention and the lack of transparency at the Federal Reserve.
And we're proud to announce that HR 1207, Dr. Paul's bill to Audit the Fed, is now up to 124 cosponsors!
On Tuesday, Fed Chairman Ben Bernanke appeared before the Joint Economic Committee, where Congressman Paul questioned him about government intervention and the lack of transparency at the Federal Reserve.
And we're proud to announce that HR 1207, Dr. Paul's bill to Audit the Fed, is now up to 124 cosponsors!
Wednesday, April 15, 2009
The Great Geithner Coverup
Economist William K. Black of the University of Missouri appeared in an interview on PBS last week with Bill Moyers. He pulls no punches in spelling out who is really responsible for our current economic disaster, and why our own Treasury Secretary is leading the charge to keep the truth covered up.