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  • Tag Archives Derivatives
  • Brooksley Born: Frontline PBS: The Warning

    During the Clinton administration, Brooksley Born became chairman of the CFTC and then began warning everyone about the unregulated derivatives market, where hundreds of trillions of dollars are estimated to be invested.  Unfortunately the current economic leaders of the time – Alan Greenspan, Larry Summers and Robert Rubin – did everything in their power to silence Born. Since then, we’ve had a near disaster and a semi-collapse in the economy stemming from these derivative markets and yet, the problems have still not been addressed.

    Watch The Warning on PBS. See more from FRONTLINE.

     

     


  • Jim Rickards on War – Currency or Otherwise

    In his book Currency Wars, Jim Rickards reveals his participation in war games sponsored by the Secretary of Defense in 2008. The objective of these particular games was to discover how nations of the world might use financial instruments to wage war on each other and to gain some perspective on their effectiveness.  In the video below, he goes a step further and hypothesizes on what events might take place between the US and China as the world economy continues to slide into the toilet.  Rickards ends the video with a probable sequence of events that will take place if we stay on the current path.


  • Yet More Financial Fraud

    Posted on by JonK Comment

    The latest example of financial fraud comes from Barclays recent admission that they manipulated the Libor & Euribor benchmark interest rates. To avoid further legal action and bad publicity, the firm will pay $200 million dollars to the CFTC, $160 million to the US Department of Justice, and another $93 million to Britain’s Financial Services Authority.  But these fines are insignificant sums when compared to the array of financial instruments derived from just the Libor rate – an estimated $800 trillion of securities, loans and derivatives. The average “Joe” has been unknowingly affected through vehicles like adjustable rate mortgages, stocks and pension funds. Financial firms such as Barclays and others suspected to be involved in this latest scandal – Citigroup, HSBC, Royal Bank of Scotland, UBS, Deutsche Bank, JP Morgan Chase, Lloyds, and Bank of Tokyo Mitsubishi – have a tremendous motive to keep these benchmarks aligned favorably with their more profitable, proprietary derivatives trades.

    Just how much more evidence is necessary to convince the public that the bankers of the world are  quickly losing control of the financial system?  Their legal box of tools are failing them and they must now resort to illegal means like the mobsters we read about in Dick Tracy strips.  It’s worse now, though, because the too-big-to-fail Wall Street banks have most of our politicians in their back pocket, which means their criminal activities won’t be considered criminal, but rather normal operating procedures.  Hence the minor slap on the wrist for public appeasement. Investors need to be aware of what’s happening and take actions to protect their wealth from being taken over by the mob.

    Here’s Max Keiser and Michael Krieger discussing this latest scandal on RT.


  • Operation Twist II & Rent Seekers

    Posted on by JonK Comment

    Here’s Jim Rickards explaining the Fed’s intentions behind Operation Twist, expectations on future gold prices, and the logistics behind the Currency Wars of the economic world today. Also, with Jamie Dimon & JPMorgan filling the latest headlines, Rickards gives his take on the parasitic institution of Rent Seeking, which has invaded both parties – Republicans and Democrats. Rent Seekers have taken the form of:

    • On the Democratic side, Public Sector Unions, who are inflating their latter years’ pay in order to retire earlier with better benefits than those in the private sector.
    • On the Republican side, Wall Street Bankers like JPMorgan and Goldman Sachs have been profiting from their proprietary trading and derivative schemes, while at the same time ensuring losses are covered by the taxpayers.
    • On both sides of the isle, though Rickards doesn’t specifically mention them, there are the Crony CapitalistsSolyndra, Enron, Halliburton to name but a few examples. As we slip into the future, the Rent Seekers are even able to manipulate the legal system, making it tougher to actually prosecute the cronies that are caught in the act (see MF Global).

    Things are getting bad out there, folks. If you’ve worked hard all your life and have accumulated wealth, please see our Protect Your Assets series to learn how you can protect your wealth from being destroyed by this rigged economic casino.


  • The End Game

    Posted on by JonK Comment

    We have around 6 months left of trading in Western markets to protect ourselves,” according to Raoul Pal, founder of Global Macro Investor and former Goldman Sachs hedge fund manager. “The problem is not Government debt per se. The real problem is that the $70 trillion in G10 debt is the collateral for $700 trillion in derivatives.“  See entire presentation below.

    It’s now more important than ever to protect your hard-earned wealth from being destroyed by inflation or even outright theft by financial and government institutions. Please see our Protect Your Assets series to learn about ways to secure your wealth in the coming economic collapse.

    The End Game


  • Money, Power & Wall Street

    Posted on by admin Comment

    Here is the PBS Frontline series on the issues behind the current global financial crisis.

    Part 1

    Watch Money, Power and Wall Street: Part One on PBS. See more from FRONTLINE.

    Part 2

    Watch Money, Power and Wall Street: Part One on PBS. See more from FRONTLINE.

    Part 3

    Watch Money, Power and Wall Street: Part Three on PBS. See more from FRONTLINE.

    Part 4

    Watch Money, Power and Wall Street: Part Three on PBS. See more from FRONTLINE.


  • Gold & Silver Market Manipulation

    Every day, more investors are becoming aware of the suppression of precious metals prices in the futures and options markets.  It’s a serious issue and needs careful consideration. The following updates to this issue are posted in an effort to keep a historical record and to allow the reader an intial place to start in his/her own research.

    December 18, 2012

    Serving as a brief review of many of the issues already documented on this page, Lauren Lyster interviews GATA’s Bill Murphy & Chris Powell.

    November 14, 2012

    Bart Chilton is interviewed on RT, where he admits to seeing one participant in the silver market hold a 30% concentrated position. Of course, although he doesn’t explicitly state the nature of this position, it should be noted that it is a short position that trader held. When the Hunt Brothers were charged with a manipulative position of the silver market in 1980, it was only a 20% position, but it was on the long side.

    October 25, 2012

    If you’re going to get into or stay into gold and silver you have to know what you’re up against — which is to say you’re up against all the money and power in the world.“  That is a paragraph taken from this most excellent article posted over at GATA by Chris Powell.  The article discusses:

    • The fact that not only precious metals markets, but most all markets are potentially rigged – and legally, due to the Gold Reserve Act providing the Exchange Stabilization Fund, managed by the US Treasury, with the ability to secretly intervene in any financial market, while being exempt from congressional oversight and questioning.
    • The debasement of US coinage in 1965 and President Johnson’s warning to potential hoarders of silver.
    • The selling and leasing practices of western central banks.
    • German government concern regarding its own central bank’s gold transactions as well as its practice of storing the national gold reserves abroad at the Bank of England, Bank of New York and Bank of France, where its likely that the gold has been used in swap and/or leasing schemes to help keep the price controlled.
    • GATA’s never-ending battle to obtain information (using FOIA) regarding gold transactions by the Fed and US Treasury.

    The article has many valuable and interesting links, supporting central banking intervention in the precious metals markets.

    October 13, 2012

    In the following video, Lars Schall interviews Dimitri Speck, author of the German-language book “Geheime Goldpolitik” (“Secret Gold Policy”).  Dimitri summarizes the history of the price capping schemes the central banks have undertaken in the gold and silver markets since 1993.

    September 24, 2012

    Here’s an article over at the International Man site by Jeff Thomas. The article gives a somewhat simplified overview of how banks control the price of gold as well as a likely scenario of what will happen when more people start seeking physical bullion and avoid its paper derivatives (i.e. ETFs & pooled accounts) as they realize there isn’t enough physical to go around.  This, combined with the comments section, provides for an interesting read.

    September 6, 2012

    Bill Murphy (GATA) and Lauren Lyster (RT) review recent developments in the ongoing precious metals price suppression activities and the investigation by the CFTC.  See this page for more information.

    August 20, 2012

    The makers of the animated movie, Silver Circle, have provided a comprehensive summary of the silver price suppression in pdf format.

    August 11, 2012

    Dimitri Speck has done some investigative research into the $22 gold price plunge on June 7, 2012 using the COMEX’s own trading records.  He published his findings over at Safehaven.com, which reveal that the price was smashed in less than a second at 9:21 PM at the 20-second mark.  Only High Frequency Trading (HFT) algorithms could accomplish such a feat.  The price was thereafter suppressed for a couple hours, allowing the financial institution(s)’ employing the HFT technology to reap quick profits. “This was a well-defined incident in thin trading, limited to a short time period and to a single market. These conditions make it ideal for a successful investigation by the regulatory authorities.

    August 7, 2012

    Lauren Lyster of RT interviews Chris Powell of GATA regarding the Fed’s surreptitious suppression of the gold (and silver) price.  The discussion yields a good understanding of the situation.  Powell reminds the audience that in 1965, President Johnson, as he signed the Coinage Act of 1965, warned silver investors not to invest in silver – not to drive the price up – because the US government would dis-hoard from its strategic silver stockpile to rig the silver price. (See actual remarks of silver hoarding by President Johnson here.)  So, since 1965, the US government has pledged to rig the silver market. Another astonishing fact conveyed during the interview is the establishment and use of the ESF (Exchange Stabilization Fund) in order to trade (intervene) in any market the Treasury chooses.  Only the President and the Treasury Secretary have the legal authority to control and have knowledge of the activities of the ESF and it is exempt from any inquiries including immunity from any efforts based on the Freedom of Information Act.

    July 30, 2012

    Back in September of 2009, Zero Hedge claimed that this conspiracy revolving around gold price suppression was “no longer a theory, … merely sad.  The evidence Zero Hedge uncovered, the smoking gun, was a memo written in 1975 by then Chairman of the Fed, Arthur Burns.  The memo was addressed to President Ford and outlined a disagreement between Fed policy and U.S. Treasury Policy on the issue of whether or not central banks of the world should be free to buy gold from one another at market prices.  Even back then, in 1975, the official price of gold was $42.22/ounce, but market prices had been trading between $160 and $175.  The Treasury was apparently open to such free market activity, but the Fed was opposed.  The Fed’s position was further clarified: Every country should have limits (ceilings) on their individual gold holdings.  The reasoning the Fed gave for their position was four-fold:

    1. There was no urgency to allow free market activity on the gold price to support central bank balance sheets because countries had relatively easy access to “borrowing facilities” or could even sell their gold or use it as collateral for loans.
    2. The gold issue should not be discussed separately. The “desired shape of the future world monetary system” may be “prejudged” if the policy on gold were decided in the absence of a consensus of that system.
    3. It was believed that France and other countries were striving for a higher gold price in order to increase the “relative importance of gold in the monetary system.”
    4. Higher gold prices would allow countries to revalue their gold holdings, as France had already done at the time.  This would result in massive “liquidity creation” and frustrate efforts to keep inflation under control.

    Arthur Burns’ memo provided here for further review:
    Fed Arthur Burns on Gold 6 3 1975

    July 10, 2012

    Posted over at GATA.org, the latest edition of Things that make you go Hmmm… by Grant Williams explains how gold and silver market manipulation is no longer the realm of conspiracy theorists.  The LIBOR manipulation scandal has proven that the financial elite are capable of exercising long-lasting, inconspicuous maneuvers to prolong the illusion of fiscal integrity.  Even the main-stream media is picking up on this as seen in this CNBC interview with Cheviot Asset Management Investment Director Ned Naylor-Leyland:

    July 3, 2012

    Now, after Barclays has admitted to their involvement in manipulating the LIBOR benchmark rate, CNBC brings up the manipulation of the silver market (around the 9:27 mark) saying “And they are!

    June 27, 2012

    Here’s a comprehensive article from GATA’s Chris Powell giving an historical account of the gold price manipulation: The why and how of gold price suppression.

    June 22, 2012

    CNBC Asia interviewed GATA’s Chris Powell regarding central bank intervention in the gold markets and their motives behind their actions. They’re able to suppress the price using paper instruments that are supposed to have physical gold backing, but do not.  He estimates that 70-80% of all the gold people think they own doesn’t really exist!  See the CNBC interview here.

    June 13, 2012

    In his letter to subscribers today, Ted Butler has finally come to the conclusion that the U.S. government is not only aware of JP Morgan’s manipulative short positions in the silver commodity futures market, but also intent on allowing them to continue to suppress the price of silver using those paper derivative positions. Read more about it here.

    April 30, 2012

    Today, when the gold and silver prices were slammed at the New York NYMEX open, the gold price was instantly down about $15/ounce (1%).  For those precious metals investors who see this occur so frequently, they’re used to seeing the prices manipulated in such a manner. But the main-stream media outlets still refuse to report the issue objectively. The Wall Street Journal reports the incident as the result of a “fat finger” trading entry – a simple human error of sorts.

    On the other hand, Russia Today’s Lauren Lyster interviews Bill Murphy of GATA on gold price manipulation and specifically mention JP Morgan as the institution behind the futures market rigging.

    April 21, 2012

    In this interview, Jim Rickards, author of Currency Wars, gives some insight on the intentions behind central banks’ desire to see gold’s price rise, but in an “orderly way.” That is, the central banks manage the price so it doesn’t explode to the upside violently. Overall, however, a slow and steady rise in the gold price achieves their objective of debasing the paper currency, thus enabling debt to be paid off easier and also allowing exports to increase GDP.

    Part two of this interview can be found here.

    April 13, 2012

    James Turk - GoldMoney, Free Gold Money ReportDoug Casey - Casey Research

    In the April issue of The Casey Report (subscriber protected), Casey wrote an article comparing the current gold bull market with that of the 1970′s.  He also took up the issue of precious metals market manipulation. While he doesn’t dismiss the idea outright, he does ask some important questions, which he believes need answering.

    In response, here is an article from James Turk entitled, Some Answers to Doug Casey’s Questions, which discusses in some detail, the motives and methods behind the precious metals manipulation scheme.

    And, weighing in with their grand arsenal of proof, GATA responds too.

    April 7, 2012

    Here’s Mike Maloney interviewed on Russia Today where the gold and silver price suppression schemes are discussed.  Gold leasing by central banks and Futures paper contract selling are among the concepts reviewed.

    April 6, 2012

    CNBC has interviewed Blythe Masters, Head of Global Commodities at JP Morgan, and discusses the speculation of precious metals manipulation.

    Masters indicated that JP Morgan doesn’t hold the positions for itself, rather they are client positions.  In this GATA dispatch, Chris Powell takes up the charge that this is indeed the truth and that the client JP Morgan is working for is actually the Federal Reserve.

    March 30, 2012

    The state of South Carolina has recently published a report on gold and silver investing that admits, “The Federal Reserve, The London Bullion Market Association, JP Morgan Chase, and HSBC Holdings have practiced fractional-reserve banking and engaged in naked short selling causing artificial price supression.” (See the bottom of page 1 within the pdf report, Proviso 89.145 Gold/Silver Investment report to the General Assembly located on the Office of the State Treasurer’s Transparency Center web page.)

    The beneficiary of such manipulation is any entity which owns assets based on fiat currencies.  It should be understood that a rising price of gold in terms of US dollars is indicative of a weakening dollar. So, that’s one of the primary motives for these institutions to suppress precious metal prices – to keep up the appearance of a strong dollar, which maintains their dollar-based wealth.

    In addition to the video and audio links below, there have been some excellent articles written and for those that prefer to read about the manipulation, here are a couple suggestions:

    March 17, 2012

    Here’s Ted Butler talking with James Puplava on the Financial Sense Newshour explaining how the manipulation of the precious metals are accomplished, with primary emphasis in the silver market.

    Read more on Mr. Butler’s investigation in this interview.

    February 27, 2012

    Here’s Chris Powell of GATA expanding the discussion of gold manipulation:

    February 18, 2012

    Here’s Bill Murphy of GATA explaining, in brief, the gold cartel and its ongoing efforts to suppress the price of gold.

    January 24, 2012

    The following video sequence by TacitOrdoSeclorum outlines the details behind the precious metals price suppression.

    Gold Manipulation – 1. Suppression… What suppression?


    Gold Manipulation – 2. Why suppress the price of gold?


    Gold Manipulation – 3. The Monetary Discipline imposed by Gold


    Gold Manipulation – 4a. Introduction and overview of gold price manipulation schemes


    Gold Manipulation – 4b. Official Sales and Announcements


    Gold Manipulation – 4c. Direct Leasing and the Gold Carry Trade


    Gold Manipulation – 4d. Indirect gold leasing through gold swaps and forward sales


    Gold Manipulation – 4e. Fractional reserve management of unallocated gold accounts


    Gold Manipulation – 4f. Gold derivative suppression schemes


    Gold Manipulation – 4g. High Frequency Trading Gold (Derivatives)


    Gold Manipulation – 5a. Suppression Evidence 1968 – 1998


    Gold Manipulation -  5b.  Suppression Evidence 1999 -  2009


    Gold Manipulation – 6a. Who are behind the scheme? Meet the ESF


    Gold Manipulation – 6b. Who are behind the scheme?


    Gold Manipulation – 7. Which suppression strategies are used?


    Gold Manipulation – 8a. Reasons to be skeptical about Gold ETF’s


    Gold Manipulation – 8b. A closer look at the GLD Gold ETF


    Gold Manipulation – 9. How much imaginary gold has been sold?


    Gold Manipulation – 10. How can we end it?


    He estimates that 70-80% of all the gold people think they own doesn’t really exist!


  • MF Global – A Straw in the Wind?

    Here’s Ann Barnhardt, of Barnhardt Capital Management, on the air with Jim Puplava discussing the scary details of MF Global’s collapse and the implications to the global economy. The world as we know it, may indeed be coming to an end, just as the Mayans predicted.

     


  • Dangerous Derivatives

    The Changing World of Investing
    &
    Dangerous Derivatives

    September 5, 2011

    The investing world is undergoing quite a dramatic change. Professional traders and investors have been doing their thing over the past 40 or so years using mostly vehicles in the bond market (securities), stock market (equities) and realestate arenas. The so-called hard assets traded in the commodity markets have mostly been used by legitimate industries in order to hedge their losses in case of temporary, unforeseen economic hiccups.

    But now, especially over the past decade, the derivatives market has become an estimated $600 trillion dollar market! No one really knows just how big this market is because there are so many different types of derivatives – and even derivatives of derivatives. And, if you recall, the MBS (Mortgage-Backed Securities) that were packaged up into different investment portfolios and marketed and sold to unsuspecting investors is the particular brand of derivative at the root of the 2008 financial crisis.

    But derivatives are not limited to MBS. Financial wizards on Wall Street have mathematically tied pooled investments to Realestate, Bonds, Equities, Futures and Options in order to bring their clients specific opportunites, tailored to their needs. These investment vehicles have gotton so complex and yet so unregulated, it is just a matter of time before this bomb explodes. The 2008 crisis will look like a small ripple on a quiet pond when this next one hits.

    In the late 1990′s, Brooksley Born, then chairman of the CFTC, warned about the potential threat to the economic system the unregulated derivatives market posed. But the insiders controlling the banking system, not to mention the political leaders in Washington, wouldn’t listen – nay, they even acted to supress her warnings. The derivatives market was making them too much money and they were not about to give that up.

    Fast forward to today and we’ve recently witnessed our illustrious politicians as they’ve recognized the dangers that are still out there. They passed the Dodd-Frank bill into law. This is a bold and comprehensive set of measures, one of which seeks to regulate this dangerous derivatives market.

    But the big banking institutions have been lobbying heavily to slow the implementation of Dodd-Frank. In fact, in the first 6 months of 2011, the financial industry has spent over $100 million campaigning to delay or water-down these regulations. Why? Two reasons: One is because it’s a racketeering industry making a lot of money for a select few; And two, because it’s so complex that it cannot even begin to be explained in any rational manner, thus impossible to regulate.

    It’s a house of cards waiting to implode. And when it does, look out. If you’re not holding hard assets like gold and silver in your hands, you’ll be in big trouble because all those derivatives contracts are denominated in a fiat currency – for the U.S., it’s dollars.

    Both sides of the trade (buyers and sellers) settle the trade in cash. When (not if) the major defaults come, the sellers won’t be able to cover. That will kick in yet more derivatives action – that of the CDS (Credit Default Swap) derivatives market. And when that happens, the major players won’t be able to cover those either.

    Massive defaults will lead to yet another bail-out of major financial institutions. The inflation of the money supply necessary for these bail-outs will exceed anything we’ve seen before. This is a crash of truly epic proportions!

    You will want to have something of value in your hands in order to trade anything because the fiat currencies will not be worth the paper on which they’re printed. Gold and Silver will be the preferred currencies.

    So be sure you have your ounce(s) of gold or silver!!!

    Contact the author of this article by sending an email to: Jon K




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