Five years ago, the cumulative ramifications of 37 years of unfettered, global MONEY PRINTING came home to roost; as indisputably, the global economy, banking system, and financial markets were irreparably broken. Since then, worldwide economic activity has plummeted, debt and inflation exploded, and future prospects dramatically worsened. Central bank “stimulus” has NEVER been more intense – with no end in sight – and even talk of potential tapering has proven lethal to both economic activity and financial markets. Worldwide, fiat currencies are collapsing against the so-called “reserve currency,” creating the ultimate “Hobson’s Choice” for the Fed tomorrow afternoon; an untenable choice, I might add, entirely of its own making. Despite every imaginable effort to whitewash reality with historic, 24/7 doses of MONEY PRINTING, MARKET MANIPULATION, and PROPAGANDA, the “tipping point” will eventually be reached – in more ways than even I can document.
Regarding the economy, even government-cooked data is screaming recession – such as Friday’s miserable retail sales, PPI, and consumer confidence reports; today’s worse-than-expected Empire State Manufacturing and industrial production reports; and last Friday’s atrocious NFP report. And as regards PM suppression, the evidence is mounting so quickly – as the dislocations between PAPER and PHYSICAL markets become so stark – it’s hard to believe “something” won’t shortly catalyze the long awaited, inevitable collapse of the current “gold Cartel.”
To that end, it seems like a lifetime since I started writing about the PM suppression the U.S. government has orchestrated to prevent faith in the worthless fiat dollar from collapsing; not to mention, similar machinations of lackey Central bankers the world round. After all, while the long-term impact of a collapsed fiat regime will be favorable for ALL nations, the short-term political, economic, and social ramifications will be CATASTROPHIC. This is why every imaginable effort – legal and illegal – has been expended to “kick the can” as far as possible; and why all possible “tools” will be utilized in such financial folly – until its bitter, cataclysmic end.
My manipulation motto of “each day worse than the last” has certainly held true since I coined it circa 2005; however, the self-destructive ramifications of such lunacy have now become so acute, it’s hard to imagine the charade lasting much longer. The mining industry, for instance, has been so decimated by prices being held below the cost of production for so long, it’s possible that mass BANKRUPTCIES could occur in the near future – followed by a multi-year production decline of anywhere from 15% to 25%. Moreover, MASSIVE inflation is currently being exported to the ENTIRE WORLD by Fed money printing; directly causing political, economic, and social upheaval in nations as diverse as Egypt, Turkey, Brazil, Indonesia, South Africa, and India.
In my jaded eyes, the “light at the end of the tunnel” grows brighter each day; although as they say, it’s always darkest before the dawn. Even the U.S. government’s top two “manipulation henchman” – JP Morgan and Goldman Sachs – have turned tail and gone long the PMs; and thus, it’s just a matter of time before the rest follow suit, as the shining beacon of TRUTH illuminates more brightly each day. Friday afternoon’s bombshell news that additional whistleblowers have come forth to expose JP Morgan’s PAPER PM price suppression makes that case loud and clear; and thus, we wait with baited breath to see how far such revelations go toward the ultimate, inevitable end game of exploding PHYSICAL demand.
Back in March 2010, Andrew Maguire rocked the mainstream world by presenting clear, indisputable evidence of the Cartel in action; particularly its ringleader, JP Morgan. Despite every effort to silence him – including a failed black out of Bill Murphy’s historic CFTC testimony, and subsequent attempt on Maguire’s life two days later – his words resonated across the entire PM world. And thus, it should surprise no one that in the ensuing 13 months, silver nearly tripled to $50/oz – whilst gold commenced an historic 17-month run, from $1,100/oz to $1,900/oz.
However, despite CFTC Commissioner Bart Chilton’s October 2010 statement that he believed silver prices were indeed manipulated, and his August 2012 comment that the CFTC’s four-year investigation into the 2008 silver price collapse was not over – we have heard diddly-squat about the topic since. In fact, the five year statute of limitation on the CFTC silver investigation was due to expire this month; and thus, most PM market participants expected the issue to be buried in government-orchestrated bureaucracy. If we were speaking of ANY commodities but gold and silver, the perpetrators would have long ago been fined, jailed, and disbarred years ago. However, given the FRAUDULENT fiat currency regime rests on a confidence that would be lost if the “barometers of bad tidings” were allowed to signal the true state of economic affairs, the CFTC was clearly ordered to ignore this heinous, ongoing crime-in-progress.
Of course, TPTB didn’t anticipate the damage a single British metals trader with a conscience – and brains to match – could cause. Initially, I was skeptical of Maguire, given that he had made a career of piggy-backing Cartel “signals” to make risk-free profits at the expense of “outsiders” like us – and of course, the global mining industry. However, one cannot really blame someone from making a living; and once I met him at GATA’s 2011 London Conference, my view was forever changed. What he has since done in the name of TRUTH and JUSTICE – at great personal risk – is nothing short of remarkable; and frankly, not a single person (including Bill Murphy or Eric Sprott himself) have done more for our cause than the still largely anonymous Andrew Maguire.
Sealing his role in “goldbug lore,” he “struck again” on Friday afternoon; when out of the blue, he revealed BOMBSHELL news regarding two additional JP Morgan whistleblowers. He has been working closely with them for several years; and shockingly, revealed their evidence has been sat on by the CFTC for the past 15 months. In other words, the CFTC was on the verge of allowing their five-year investigation lapse on grounds of the statute of limitations technicality, despite holding additional, damning evidenced from the horse’s mouth itself. This gross negligence, at the least, could stoke latent fears that the COMEX market is a fraudulent, rigged casino; and given the plunge in registered inventories we’ve witnessed since the latest cartel machinations commenced in April, it’s quite possible the new Maguire revelations will have at least the same impact as those of three years ago.
You can bet the Cartel will fight back with still more naked shorts; but as was the case then, the PHYSICAL demand response will only intensify in response – as will the ongoing mining industry cataclysm. And no doubt, the dumbed down, compromised MSM will state there’s “nothing to see here.” However, those that moronically believe a “conspiracy” cannot exist because no one has come forward to expose it have been decidedly proven wrong.
FYI, some of these people are supposedly on “our team”; and thus, be VERY careful who you source your information from. The Miles Franklin Newsletter has always distinguished itself by telling the TRUTH; and in this case, the TRUTH of what we speak will set you financially free. Harry Markopolos proved this to be the case at Madoff Securities, and Bill Murphy’s freedom fighters will do the same at GATA – despite much more vicious opposition.