"Who's Got The Money?" - Bernanke's True Legacy "Helicopter Ben" - Elaine Diane Taylor

  Brilliant video and song - share it with your friends. You can guess: "Who's Got The Money".

Jim Rickards: The Macro View: Meet Janet Yellen, central planner GLD, TNR.v, MUX, GDX

"With the world's markets holding their breath about the FED's decision tonight it is very timely to follow Jim Rickards with his analysis on what to expect from Janet Yellen now. With Gold holding at the crucial breakout level now, it will be very important whether the recent turmoil in the emerging markets and sell off in the US markets will put the unease among the FED for Bernanke's clean exit despite of the growing misalliances in the markets.

  Gold market is showing the further signs of extreme levels of leverage in the Gold Fractional Reserve System and more evidence of the shortages in the physical Gold available for delivery. There are reports that JPMorgan Loses 44% of Gold Inventories in 4 Days."

Mike Maloney: The Biggest Scam In The History Of Mankind - Hidden Secrets of Money 4 GLD, MUX, TNR.v, GDX

"Finally, in this episode everything comes together and Mike Maloney presents The Federal Reserve System in all its glory.  With over 1 million views only on this YouTube channel the information is going out now. Mike Maloney has made the great job - everything is explained in crystal clear terms and now you can start move forward and understand why FED is as "Federal" as Federal Express and who owns it, why there is ongoing manipulation of Gold and Silver and nobody can be held accountable for it and what will happen next with QE and Taper. "

Matt Taibbi: Is JPMorgan Too Big To Chase? Will The Gold Market Manipulation Be Exposed Next?

 

  Update. July 30th, 2013. 

Now these Jamie Dimon's cufflinks explain everything. "Brothers" and Gold Manipulation - anyone?

ZeroHedge:

JPMorgan: $7 Billion In "Fines" In Just The Past Two Years

  Matt Taibbi continues his brilliant reporting on the world of shadows and "New Normal" on the Planet Ponzi. We are just patiently waiting now when the revelations about the Gold manipulations will hit the mass media. 
 In our quest for knowledge we are trying to get the grasp how Detroit Bankruptcy can coincide with the general markets at all-time-high and population on the food stamps in the US at the same all-time-high level as well. Matt Taibbi, David Stockman, Bill Murphy and Peter Shiff can help us here.

JPM Gold Vault Chronicles: Eligible Gold Plummets By 66% In One Day To Just Over 1 Tonne, Total Gold At Fresh All Time Low

  JPMorgan's all-time-low number of the Eligible COMEX Gold, could open the new chapter in the history of this bank and can bring all the LBMA scam of "Fractional Gold Reserve System" down in the very near future.

GATA's Bill Murphy On The Manipulated Gold Drop

"We have more and more evidence about the manipulation in the Gold market in order to save the day of the former reserve currency of choice - US Dollar.  Markets can not be manipulated forever - Gold's come back will surprise a lot of investors. China will be writing a lot of "Thank you" cards to the "clueless Bernanke".

Peter Schiff: So Goes Detroit, Bernanke's Gold Confession, Obama's ACA Lies

"The most dangerous words in the investment world: "It Is Different This Time". With Bernanke's admission that he does not have a clue what Gold really means, we are heading to the big trouble. Detroit will bring back the question whether Debt levels  are important on The Planet Ponzi any more." 

David Stockman: The Great Deformation

"Great Deformation" by David Stockman is one of the best books we have read and will be a very good investment in your personal education."

"The Illuminati Were Amateurs" - Matt Taibbi Explains How "Everything Is Rigged" From LIBOR to Gold Markets

"Matt Taibbi continues his investigative journalism at its best - will his longly voice in the mainstream media be heard one day finally? With the recent Crash in Paper Gold market this new information clearly points out that Gold Shorts under the JP Morgan's management are in a Big Trouble Now."

RollingStone:

Chase, Once Considered "The Good Bank," Is About to Pay Another Massive Settlement

By MATT TAIBBI

POSTED: July 18

"During the financial crisis, while Dr. Evil-ish Wall Street villains like Goldman and Lehman Brothers were getting all the bad press, pundits continually referred to J.P. Morgan Chase as the "good bank." The myth of Chase as the finance sector's one upstanding rock of rectitude reached its zenith in July of 2009 with an embarrassingly hagiographic piece in the New York Times entitled, "In Washington, One Bank Chief Still Holds Sway." In that one, the paper breathlessly praised Jamie Dimon for emerging from "the disgrace of his industry" to become Barack Obama's "favorite banker."

Chase and Jamie Dimon kept that rep for a good long time. As late as 2011, Dimon's name was being floated around Washington very seriously as a potential replacement for Tim Geithner's Treasury Secretary post. Even when Dimon showed up on the Hill last year to testify (read: obfuscate) about the infamous "London Whale" episode, Senators on the banking committee – who, as writer George Zornick noted, had collected a cumulative $522,088 in donations from Chase – slobbered all over Dimon and shelved the important London Whale matter to ask the great genius's advice on how to fix the economy.

Well, there's some more news about the "good bank" – Chase is about to pay yet another ginormous settlement for cheating and stealing from the public. According to the Wall Street Journal, the Federal Energy Regulatory Commission (FERC) will fine Chase "close to $1 billion" for manipulating energy prices in Enron-esque fashion in Michigan and California. The story is interesting in itself – and we'll write more about it later – but for now, it's just the fact of yet another massive settlement for this bank that's so interesting.

In the three-year period between 2009-2012, Chase paid out over $16 billion in litigation costs. Noted financial analyst Josh Rosner of Graham Fisher slammed Chase in a report earlier this year, pointing out that these settlements and legal costs represented a staggering 12% of Chase's net revenue during this time. There couldn't possibly be a clearer demonstration of the modern banking model, in which companies break rules/laws as a matter of course, and simply pay fines as a cost – a significant cost – of doing business.

For sheer curiosity's sake, I thought I'd list, in capsule form, some of the capers Chase has been caught up in in recent years:

• They were fined $153 million for the infamous "Magnetar" fund case, another scam in which a bank allowed a hedge fund to create a "born-to-lose" mortgage portfolio to bet against. Very similar to the Abacus case that's at the heart of the ongoing "Fabulous Fab" trial;

• Chase paid $228 million for its role in the egregious municipal bond bid-rigging case we wrote about in Rolling Stone in 2011;

• Chase paid $297 million to the SEC last November for fraud involving mortgage-backed securities;

• Chase paid $75 million in cash and generously agreed to forego $647 million in fines in the Jefferson County, Alabama mess, in which a small-town pol was bribed into green-lighting a series of deadly swap deals;

• In two separate orders this spring, Chase was reprimanded by the OCC and the Fed for money-laundering behaviors similar to the infamous HSBC case, and also for regulatory failures and fraud in the London Whale episode. There was a separate FBI investigation into the London Whale probe in which they allegedly lied to customers and investors about the loss;

• They're under investigation for allegedly failing to disclose Bernie Madoff's trading activities to authorities;

• They were one of 13 banks asked to pay up in this year's $9.3 billion robosigning settlement;

• They were one of four banks last year to settle for a total of $394 million with the OCC for improper mortgage servicing practices;

• They were ordered by the CFTC to pay $20 million last year for improper segregation of customer funds (this was part of the Lehman investigation). The CFTC also fined Chase $600,000 last year for violating position limits in the cotton markets;

• Last year, Chase paid a $45 million settlement to the federal government for improperly racking up fees for veterans in mortgage refinancings. Hey, if you're going to steal from everyone, you can't leave out those veterans overseas!

• In 2010, Chase paid $25 million to the state of Florida for selling unregistered bonds to a state-run municipal money-market fund;

• The bank last year was convicted in Europe along with several other banks for fraudulent sales of derivatives to the city of Milan. A total of about $120 million was seized from Chase and three other banks.

There have been so many settlements with so many agencies around the world (I'm in a hurry and can't get to Chase's messes in Britain, Japan and elsewhere) that they're almost impossible to count. Some papers are reporting that Chase is being investigated by as many as eight different agencies in the U.S. alone.

There are some other civil actions left out, too, like the $110 million class-action settlement for improper charging of overdraft fees, or their part in the gigantic $6 billion settlement completed last year involving Visa, MasterCard and other credit card providers for manipulating card service rates. And states like California have only just begun crawling up Chase's backside for its role in the lunatic filing of erroneous credit card collection lawsuits, a scam outed by whistleblower Linda Almonte.

Chase is turning into the Zelig of the corruption era. In virtually every corruption scandal, the bank is in the background somewhere. The HSBC money-laundering mess? Chase was reprimanded for similar abuses. The Madoff story? They're under investigation there. MF Global? As banker to Jon Corzine's notorious firm, they were part of a $546 million settlement to return money to MF Global's outraged customers. Jefferson County? That was them. And again, you might have heard of Abacus, but Magnetar was just as bad. Not that anyone's counting or anything.

Memo to colleagues on the White House pool: could someone please ask the president if Jamie Dimon is still his favorite banker?"

Peter Schiff: So Goes Detroit, Bernanke's Gold Confession, Obama's ACA Lies

  The most dangerous words in the investment world: "It Is Different This Time". With Bernanke's admission that he does not have a clue what Gold really means, we are heading to the big trouble. Detroit will bring back the question whether Debt levels  are important on The Planet Ponzi any more. 

JPM Gold Vault Chronicles: Eligible Gold Plummets By 66% In One Day To Just Over 1 Tonne, Total Gold At Fresh All Time Low

Gold Standard In America By 2014! US States Don't Trust Fiat Money!

David Stockman: The Great Deformation

"Great Deformation" by David Stockman is one of the best books we have read and will be a very good investment in your personal education."

Grant Williams: Understanding Gold - The Gold Price Is NOT The Price of Gold!

  Zero Hedge brings us the brilliant presentation from Grant Williams. This is the video which you should watch and share with everybody. Whether you are the professional trader, investor or just wondering what is going on with the economy, markets and Core Values - you can find the answers here.

 ZeroHedge: 

Grant Williams: "Do The Math!"

"In a masterclass of what is 'really' going on in the world (as opposed to what we are told/spoon-fed on a daily basis), Grant Williams (of Things That Make You Go Hhhmm infamy) provides a must-watch presentation. Starting from the premise (unusual in this day and age) that the laws of mathematics are inviolable ("if it makes no sense, it is nonsense"), the Aussie investment manager sets out his own set of philosophical 'problems' that the world of 'markets' seems incapable of grasping. In a chart-filled extravaganza, Williams ranges from "Problem 1: If the global economy is stalling, Europe is in recession, China is slowing and growth is seemingly impossible to generate, what are equity markets doing at all-time highs?" to "Problem 7: The Gold Price and The Price of Gold are mutually exclusive" leaving the participant questioning everything Bob Pisani would have us believe warning in conclusion that gold is critical and "beware suppressed volatility."

The Coming Great Gold Short Squeeze And The Fiat End-Game

"Recent attack on Gold to preserve the US Dollar Reserve Currency Status Quo has unleashed unprecedented demand for physical Gold. Major banks are defaulting on Gold delivery and premiums for physical Gold and Silver are sky high now. We are in the uncharted territory with COMEX Gold Shorts at the all time high as of now. How the markets can sustain levitation without FED QE Drugs supply we already know: even the thought about the Tapering is unbearable."

FED to Government Sachs via CNBC. Bernanke: We Can Always Print Or We Can Always Talk About Stopping To Print, But We Are Scared Anyway.

Bernanke: We Can Always Print Or We Can Always Talk About Stopping To Print, But We Are Scared Anyway.

Maybe We Can Stop One Day?

Gold - The Perfect Storm.

  "Few more pieces of the Puzzle are getting into their place now. Currency wars will claim the US Dollar Reserve Status as its first collateral damage."

 

  Economic reality has never been so desperately far away from the central planning wish list.

Sci-Fi Movie Script: "Federal Reserve - Keeping The Strong US Dollar Policy From 1913 - Established To Serve and Protect" GS, JPM, BAK, C, HBC

ZeroHedge:

FOMC Minutes: This Is What It Sounds Like When Doves Cry, And When Others Start To See An Asset Bubble

"It appears (as we noted here) that the size of the balance sheet, difficulty of the exit, frothiness of markets, and not-totally-dismal labor headlines have even the doves a little more hawkish about the possibility of an exit at some point - though obviously the minutes are clear that the 'flow' can increase (as well as decrease) based on the data.

• FOMC MINUTES: MANY SAID MORE PROGRESS NEEDED BEFORE SLOWING QE
• FED'S BROAD PRINCIPLES ON EXIT `STILL VALID,' FOMC MINUTES SHOW
• SOME ON FOMC WILLING TO SLOW ASSET PURCHASES AS EARLY AS JUNE
• SOME SAID "CONDITIONS IN CERTAIN FINANCIAL MARKETS WERE BECOMING TOO BUOYANT" 

Two things seem clear: 1) the Fed is explicitly forcing the market to hope for bad data to maintain gains as the gap between market and reality is now too large for a soft-landing; and 2) the Fed has explicitly admitted that it is the 'flow' not the 'stock' that matters - as we have been vociferous about for years. But what is worst, is that now that some at the FOMC are openly seeing asset bubbles, Bernanke is facing a mutiny on his hands!

The exit seems closer than many expected...

Pre: ES 1666.5, 10Y 2.01%, Gold $1363.50, DXY 84.28

The key section from the Minutes:"

US Dollar Collapse: Gold Has Broken Resistance at 1440 - Bernanke Has Found Inflation! tnr.v, ng.to, laq.v, bvg.c, bva.v, grc.to, amm.to, ktn.v, gbn.v, rvm.to, mgn, asm.v, sgc.v, ngq.to, btt.v, alk.ax, fvi.to, mxr.v, sgc.v, ktn.v, epz.v, cuu.v, mgn, nem, fcx, bvn, auy, abx,

  Finally, Ben Bernanke has found Inflation - it must be his wife complained about grocery bills! It is the same with Inflation as with all Bubbles - first they deny it, then (it is now!) they think "it is not a concern long term" and later - it will be already too late. Normal cycle, you can already get used to it by now.

February 09, 2011. US Dollar Collapse: Gold and Silver: Bernanke Downplays U.S. Inflation Risk.

     "We have Buy on Daily for Gold and Silver now. It is not the precise science, but rather the opportunity for the markets to develop the next move. It is in any case not an investment advise, as usual, but we would like to share this observation - let's see what will happen next..."

Catalyst 2011: Gold and Silver

Our Gold and Silver Junior squad is catching fire today after recent consolidation:

"Our list here, which is for our and your own homework - if you like our ideas about the good time on the road - will be the following: TNR Gold, Goldstone Resources, Revett Minerals, Avino Silver, NGeX Resources, La Quinta Resources, Golden Band Resources, Fortuna Silver, Esperanza Silver, Mines Management, Bitteroot Resources, Max Resource, Copper Fox Metals, Cornerstone Resources, Kootenay Gold, Yamana Gold, Bravo Gold, Bravada Gold, Almaden Minerals, Sunridge Gold.

  Most of these stocks have already enjoyed QE party and we had fun with the most of them after summer napping time, others are still in consolidation patterns and some are the clear underdogs - further investigation and DD in the management, properties and potential catalyst on the company level could show, who of them can have the next run."

One picture is better than thousand words here.

Bloomberg:

Bernanke Says Fed Must Monitor Inflation ‘Extremely Closely’

April 05, 2011,

By Scott Lanman and Steve Matthews

April 5 (Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke said policy makers must watch inflation “extremely closely” for evidence that rising commodity costs are having more than a temporary impact on consumer prices.

“So long as inflation expectations remain stable and well anchored” and the rise in commodity prices slows, as he’s forecasting, then “the increase in inflation will be transitory,” Bernanke said yesterday in response to audience questions after a speech in Stone Mountain, Georgia.

“We have to monitor inflation and inflation expectations extremely closely because if my assumptions prove not to be correct, then we would certainly have to respond to that and ensure that we maintain price stability,” he said.

The dollar rose against the euro and yen after the comments, which are similar to both Bernanke’s congressional testimony and the statement from the policy-setting Federal Open Market Committee last month. He told lawmakers March 1 that Fed officials “continue to monitor these developments closely and are prepared to respond as necessary,” while the FOMC said on March 15 that it “will pay close attention to the evolution of inflation and inflation expectations.”

The dollar rose to 84.36 yen at 10:11 a.m. in Tokyo from 84.06 yesterday after earlier touching 84.49. Against the euro, the dollar strengthened to $1.4199 from $1.4221.

Responding to another question yesterday about housing, Bernanke said that the Fed expects a “very high rate” of foreclosures this year, which harms home prices and construction and creates a drag on the recovery, which he said is “not as strong as we would like it to be.”

Price Gauge

The Commerce Department reported last week that the Fed’s preferred price gauge, the personal consumption expenditures index, excluding food and energy, increased 0.9 percent in February from a year earlier. Including all items, prices rose 1.6 percent, compared with a 1.2 percent 12-month increase through January.

Fed officials aim for annual inflation in the long run of 1.6 percent to 2 percent.

Bernanke, in his response yesterday, acknowledged gains in prices of commodities including metals, grains and energy. The national average price of gasoline rose to $3.55 on March 15 from $3.07 on January 1. Gasoline rose further after the Fed’s meeting to $3.66 on Apr. 3.

The FOMC, led by Bernanke, said after its last meeting that the economy is on a “firmer footing” and affirmed plans to buy $600 billion of Treasuries through June. Bernanke hasn’t said what he favors as the next move for monetary policy after that.

Close to Zero

The Fed has kept its benchmark interest rate close to zero since December 2008 and last month reiterated it would remain there for an “extended period.”

Even so, some policy makers who have broken with Bernanke before are discussing the need to tighten credit. Philadelphia Fed President Charles Plosser, who dissented twice from decisions to lower borrowing costs in 2008, said April 1 in Harrisburg, Pennsylvania, that an increase in growth or inflation expectations may “suggest that it is time to begin taking our foot off the accelerator and start heading for the exit ramp.”

While Bernanke’s “remarks echoed the vigilance on inflation expectations that was present in the last meeting statement, it was certainly less hawkish” than recent comments from some regional Fed presidents, Michael Feroli, chief U.S. economist at JPMorgan Chase & Co. in New York, said in a research note.

Didn’t Discuss Policy

Bernanke wasn’t asked about and didn’t discuss interest rates. New York Fed President William Dudley, the FOMC’s vice chairman, said April 1 that faster-than-expected payroll growth in March shouldn’t alter the central bank’s bond-buying program to prop up the recovery. “I don’t see any reason to pull back from that yet,” Dudley said to reporters after a speech in San Juan, Puerto Rico.

Dudley also said that “provided commodity prices level off around current levels, the effect on inflation should be transitory. But we will need to ensure that commodity-price pressures do not cause inflation expectations to become unmoored.”

Bernanke’s prepared remarks focused on regulation of clearinghouses for financial trading. Bernanke said the U.S. should subject such institutions to “strong” risk-management oversight to minimize the chance they’ll require emergency government aid.

Fed officials are “nervous” about inflation, including food and energy prices, said Jason Schenker, an economist who attended Bernanke’s speech.

“Everything is dependent, truly, on what happens with commodity prices,” Schenker, president of Prestige Economics LLC in Austin, Texas, said after Bernanke spoke. “If they remain very high, this is tough.”

--With assistance from Joshua Zumbrun in Washington. Editors: James Tyson, Christopher Wellisz

To contact the reporter on this story: Scott Lanman in Washington at slanman@bloomberg.net.

To contact the editor responsible for this story: Christopher Wellisz at cwellisz@bloomberg.net"

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Fear and Panic VIX is going Down. FXI, EWZ, GDX, AUY, SSRI, SLW

Have you noticed recently that all news are awful, but market is turning around on the worst news and closing Up? Shorts are afraid to keep positions over the weekend. Before they waited for a bad news, now another QE programme could blow them up in a new found Bull in worthless currency in the end. Rally is in the making for a short term in markets.

General Bernanke, Deflation, Choppers and US Dollar Falling from the sky. GDX, GDL, SVL, AUY, SSRI, ABX, SLW, MGN

General Bernanke has declared The War and this war is not against Terror to distract the subjects and profit from it, but against the Almighty US Dollar. Fight will be brutal and no prisoners will be taken. We Commonsense soldiers at this blog, our Gold and Silver positions are strongly supporting him and warning everybody not to fight the FED!

If you were following our analyses about Quatitative Ease phase we have entered now, in order to understand philosophy behind it and what it means to US Dollar value listen to The Guy himself:

Remarks by Governor Ben S. BernankeBefore the National Economists Club, Washington, D.C.November 21, 2002
Deflation: Making Sure "It" Doesn't Happen Here
Since World War II, inflation--the apparently inexorable rise in the prices of goods and services--has been the bane of central bankers. Economists of various stripes have argued that inflation is the inevitable result of (pick your favorite) the abandonment of metallic monetary standards, a lack of fiscal discipline, shocks to the price of oil and other commodities, struggles over the distribution of income, excessive money creation, self-confirming inflation expectations, an "inflation bias" in the policies of central banks, and still others. Despite widespread "inflation pessimism," however, during the 1980s and 1990s most industrial-country central banks were able to cage, if not entirely tame, the inflation dragon. Although a number of factors converged to make this happy outcome possible, an essential element was the heightened understanding by central bankers and, equally as important, by political leaders and the public at large of the very high costs of allowing the economy to stray too far from price stability...

...Curing Deflation.

Let me start with some general observations about monetary policy at the zero bound, sweeping under the rug for the moment some technical and operational issues.
As I have mentioned, some observers have concluded that when the central bank's policy rate falls to zero--its practical minimum--monetary policy loses its ability to further stimulate aggregate demand and the economy. At a broad conceptual level, and in my view in practice as well, this conclusion is clearly mistaken. Indeed, under a fiat (that is, paper) money system, a government (in practice, the central bank in cooperation with other agencies) should always be able to generate increased nominal spending and inflation, even when the short-term nominal interest rate is at zero.
The conclusion that deflation is always reversible under a fiat money system follows from basic economic reasoning. A little parable may prove useful: Today an ounce of gold sells for $300, more or less. Now suppose that a modern alchemist solves his subject's oldest problem by finding a way to produce unlimited amounts of new gold at essentially no cost. Moreover, his invention is widely publicized and scientifically verified, and he announces his intention to begin massive production of gold within days. What would happen to the price of gold? Presumably, the potentially unlimited supply of cheap gold would cause the market price of gold to plummet. Indeed, if the market for gold is to any degree efficient, the price of gold would collapse immediately after the announcement of the invention, before the alchemist had produced and marketed a single ounce of yellow metal.
What has this got to do with monetary policy? Like gold, U.S. dollars have value only to the extent that they are strictly limited in supply. But the U.S. government has a technology, called a printing press (or, today, its electronic equivalent), that allows it to produce as many U.S. dollars as it wishes at essentially no cost. By increasing the number of U.S. dollars in circulation, or even by credibly threatening to do so, the U.S. government can also reduce the value of a dollar in terms of goods and services, which is equivalent to raising the prices in dollars of those goods and services. We conclude that, under a paper-money system, a determined government can always generate higher spending and hence positive inflation...