Yesterday (as reported by Zero Hedge) Bart Chilton, one of the CFTC commissioners said that they need to investigate “Bitcoin” because as he put it, “This is not monopoly money – real people have real risk in these instruments.” Yes very “real” so to speak. This is a “cyber” currency with no “touchy feely” actual coins, there are no derivatives (yet) like options or futures and as for the “size” of this market we are talking about just north of a whopping $1 billion. I don’t mean to sound crass here but $1 billion? Jon Corzine stole $1.6 billion just a couple of years ago. He took this money from “real people” unless you think of farmers as alien holograms. Here we are nearly 2 years later and we hear nothing but crickets about MF Global and the dishonorable Jon Corzine walks the streets a free man. What’s up with this?
No I haven’t forgot about the other investigation, you know… the one nearly 5 years old looking into the forced silver crash of 2008. I was worried a month or two back that the statute of limitations would run out before the CFTC finished their “extensive” investigation and let the culprits off the hook, that’s no longer a problem as the clock just got reset with the latest blatant manipulation. How do Bart Chilton and the rest of the regulatory crew explain the 2013 instant replay of 2008? Price gets crashed from “sellers” yet what supposedly was sold can only be bought at a 30% premium… IF you can find it at all? We are still waiting… and now “Bitcoin” is on the front burner I’m sure that silver (and gold) will not be addressed until AFTER exchange defaults occur. For that matter, they won’t be reported on after the fact either because we will then have bigger, MUCH BIGGER problems facing us… like where the next meal will come from.
I really wanted to believe that Bart Chilton was truly a “white hat” as he allowed Bill Murphy to testify before the commission as well as allowing the brilliant Adrian Douglas (may God rest his soul) to speak. In fact, it was these exchanges that led Jeffery Christian to admit that silver and gold were traded 100-1 paper to physical (at least) on the London Metals Exchange. At this point I just don’t know and suspect that ‘ole Bart is just pulling our chains. Silver is real. We who have invested in silver are “real” people aren’t we? We took real risk (well not really) exchanging our fiat dollars for silver didn’t we? So… why “investigate” a ham sandwich $1 billion market which trades a product that cannot be felt, held in your hand or even seen when “real” (YES VERY REAL) fraud has occurred in a very real market of a strategic metal… and so publicly that an 8 year old could understand?
As I have said before many times, the CFTC cannot possibly come to a conclusion of the truth. The “truth” would crash the entire system within 72 hours of any statement. The “truth” will not be exposed until AFTER the system crashes and no one will even care at that point because everyone will be too busy dealing with the “every man for himself” scenario. So, Mr. Chilton, please do investigate and castigate Bitcoin as it is “infringing” on the U.S. Dollar’s turf. When you come out with your findings in a month or so we will feel SO much better!
I had planned to stop right here but I thought to myself, “If Bart Chilton really is a white hat and cannot get the other 4 commissioners to do their jobs (paid for by public taxes), he should resign.” He should not only resign but he should go “whistleblower.” He has been given time, lots of it to get the truth out. 5 years and being handed the evidence (not to mention again seeing it with his own eyes again currently) on a platter should make anyone with a conscience do the right thing. He has not and I can no longer think of him as “a good guy” until he actually does something with the evidence. “We’re looking into it” doesn’t cut it anymore.