tagged w/ zero hedge
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As Zero Hedge readers know, the reason why the US mint sold a record amount of silver American Eagle coins in November is unlikely a coincidence, and very possibly an indication that the recently disclosed plan as espoused by the MKs (Mike Krieger and Max Keiser) to destroy JP Morgan is working: to wit, if every person buys an ounce of silver, JP Morgan and its massive synthetic silver short position, will have no choice by the cover, face unprecedented margin calls, and possible lead to an end for the New York Fed’s favorite bank. Today, Keiser goes mainstream, detailing his thoughts in The Guardian, which courtesy of its massive circulation is sure to reach far more readers to whom this idea is new. To keep a track of how well this plan is working, we suggest readers check in with the US mint, which frequently updates the amount of silver American Eagles sold on its website (link). The full Guardian article is below.
Want JP Morgan to crash? Buy silver, published in The Guardian
The campaign to buy silver and force JP Morgan into bankruptcy could work, because of the liabilities accrued by its short-selling
For decades, the world’s banking system has been on a fiat currency standard that has led to banks that are “too big to fail”. They have overreached their remit of providing loans and have leeched into the political system, using our money to change the political agenda in ways that boost bank management’s compensation over the interests of their depositors.
Over the past 11 years, the Gata (Gold Anti-Trust Action) committee has worked to reveal the silver/gold price suppression scheme; thanks to whistleblower Andrew Maguire in London, an investigation has been opened. As part of the ongoing exposé, it has now become clear that JP Morgan is sitting on what is estimated to be 3.3bn ounce “short” position in silver (which they have sold short, meaning they don’t own it to begin with) in an attempt to keep the price artificially low in order to keep the relative appeal of the dollar and other fiat currencies high. The potential liability for JP Morgan has been an open secret for a few years.
On my show, Keiser Report, I recently invited Michael Krieger, a regular contributor of Zero Hedge (the WikiLeaks of finance). We posited that if 5% of the world’s population each bought a one-ounce coin of silver, JP Morgan would be forced to cover their shorts – an estimated $1.5tn liability – against their market capital of $150bn, and the company would therefore go bankrupt. A few days later, I suggested on the Alex Jones show that he launch a “Google bomb” with the key phrase “crash jp morgan buy silver”.
Within a couple of hours, it went viral and hundreds of videos have been made to support the campaign.
Right now, silver eagle sales for the month of November hit an all-time record high and the availability of silver on a wholesale level is drying up. The most important indicator is the price itself – holding just under a 30-year high. With each uptick JP Morgan gets closer to going bust or requiring a bailout.
Here’s how the campaign works: wealth tied to a fiat currency is easily overwhelmed by wealth tied to silver and gold. And the world is waking up to the fact that they have the ability, without government assistance or other interference, to create a new precious metals-based backed currency system by simply converting their fiat paper into real money.
This campaign has 100% chance of working; it falls into the category of a self-fulfilling prophecy. As more individuals buy silver and gold, all attempts to replenish the system with more paper money will only cause the purchasing power of the silver and gold to increase – thus prompting more people to buy more. Any attempts to bail out JP Morgan would have the same effect. If the US Fed was to flood the system with bailout money for JP Morgan to cover their silver short position (as they did after the collapse of Long-Term Capital Management), more inflation will ensue and the price of silver and gold will rise more, triggering more purchases. A virtuous circle is born.
If anyone is interested in helping to crash JP Morgan, buy silver. In the end, it’s about transferring wealth back to the people from where it came.As Zero Hedge readers know, the reason why the US mint sold a record amount of silver... more
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While we have no way to confirm or refute the validity of this statement presented by a supposed ATM business insider on Steve Quayle.com, it does bring up an interesting point regarding how banks may be conserving "petty cash." Of course, if this perspective is true, it validates concerns about bank capitalization, and explains the reason why the FDIC recently expanded insurance on checking accounts from $250,000 to infinity in an attempt to get Americans to put their money in their friendly neighborhood bank. Of course, that this contradicts everything that the Fed Chairman is trying to do by getting Americans to spend (or buy Netflix at a 1,000 P/E) instead of putting the money in the bank, is precisely the reason why Sheila Bair's relationship with Geithner and Bernanke is, shall we say, tenuous.
From Steve Quayle:
READ MORE: http://globalpoliticalawakening.blogspot.com/2010/11/is-atm-cash-shortage-coming.htmlWhile we have no way to confirm or refute the validity of this statement presented by... more
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The entire world is preparing to bury the dollar in advance of tomorrow's QE2 currency suicide by the chairman. Exhibit A: the OZ dollar which is now trading north of parity for the first time in 28 years, as Australia decidedly puts its in chips in China's basket, believing that no matter how high the OZ, China will have no problem with importing its exports. A quick look at the FX heatmaps shows that while the dollar is getting shorted across the board and the EUR is surging, and making Merkel livid once again, the Yen, at least so far, is benefiting as it has again become the short currency of choice against the AUD, in the one pair that correlation traders use to determine broad market risk more than anything. Yet with a near record number of dollar shorts in existence, will the be the proverbial cover on the news day? Or, if Bill Gross is right, are we going to see a 20% plunge in the dollar beginning tomorrow? Of course, if Gross is right, he would be buying stocks on margin, not MBS. So take notice.
Read More: http://globalpoliticalawakening.blogspot.com/2010/11/dollar-death-bed-aussie-beyond-parity.htmlThe entire world is preparing to bury the dollar in advance of tomorrow's QE2... more
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Given the blurry line between journalism and entertainment, Wall St. Cheat Sheet has decided to launch a First Amendment Award Series for Outstanding Journalism. The inaugural winner for Best Blog is Zero Hedge.
We believe media is continuing a major paradigm shift wherein old-school media outlets will continue to lose market and mind share to those who simply do the best reporting and offer the most valuable information. We believe that cynical investors will gravitate away from cheerleading and entertainment because no matter how financially illiterate they are, Pavlov’s Dog tells us investors will ultimately learn to not respond to the bell if the bowl is empty or filled with poison.Given the blurry line between journalism and entertainment, Wall St. Cheat Sheet has... more
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Did indie reporters Zero Hedge and Matt Taibbi defeat CNBC and Goldman Sachs now that Congress is investigating? Is this our generation's equivalent of Carl Bernstein and Bob Woodward breaking Watergate? Join the discussion now ...Did indie reporters Zero Hedge and Matt Taibbi defeat CNBC and Goldman Sachs now that... more
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