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Bill Murphy of GATA and LeMetropoleCafe, Rare Sunday Commentary "CFTC may be Forced to Do Something soon about the Silver Shorts."
Bill Murphy the Founder of GATA (Gold Anti Trust Action Committee) and who has a Gold subscription Newsletter at www.LeMetropoleCafe.com , wrote a special Sunday Report. Bill has been kind enough to give me permission to reproduce it here in full.
Some of it is about JP Morgan and the information regarding their 2 Billion (ever increasing day by day - now 5 billion) losses through their "hedging" trade desk.
It is extremely interesting information especially the part about the CFTC and their being at the edge of having to take some action, regarding JPM's metal shorts.
Since the newsletter is being reproduced in full, you will see Bill's other comments/information on various other financial events, like the FB (Facepalm) IPO. - continue reading
We have already been informed, as of a week ago, that the Morgan losses on their "hedge trade" fiasco could be as high as $15 billion, or more. Already, even the WSJ is alluding that their losses are higher than $5 billion. This is MEGA! As we have discussed on PLANET GATA, this is not just about Morgan, but confidence in the entire financial system. If the $70 trillion derivatives book at Morgan goes NUCLEAR, we could have a financial market TITANIC event which might be right around the corner
The Dow is going down day after day, not with any fanfare, but all rallies are sold. In very quiet and subdued selling, general investors inherently know something is wrong and are acting upon that instinct.
*Europe is falling apart we know, but little is being said about how the US financial system is in parallel with Europe. How bad is this? Just the state of California budget deficit goes from something like $8 billion to a staggering $16 billion and it creates almost no commotion. Huh?
Originally posted by marg6043
reply to post by DangerDeath
Bring the nation to recession if the tax cuts and budget needs are not met
I have been warning that government is getting VERY aggressive all because of the Sovereign Debt Crisis. I have warned that this problem CANNOT be solved in the manner in which they are pursuing – taxing everyone & everything. They are about to destroy the economy and we are headed toward a major period of authoritarianism. There is a steady flow of bills being introduced in Washington that are design to eliminate the Constitution all to save the Bureaucracy. They are going to make DWI a federal offense. Sure, drunk drivers are dangerous. The question becomes what is drunk? When there is money involved and profit for government, do not be foolish to really think they are doing anything for society. The kill switch on the Internet is to cut off the free press and to eliminate the right to assemble since they saw how the Arab youth used social media to organize their revolutions.
Now on January 1st, 2013, the US government will be requiring everyone to have direct deposit for Social Security checks and pensions. Why? Well guess what. There is another bill HR 4646 that will impose a 1% tax on ALL transactions in a bank account. This is not income. This is money flow - a 1% tax on all bank transactions which will include paychecks, retirement checks and Social Security checks. That will even include a 1% tax on your refund check from the IRS. They want direct deposit and eliminate “paper money” to enable them to now tax your cash flow regardless if you make money or not. This bill was introduced by Representative Chaka Fattah (D-PA). They will tax everything before REFORM because this is all about retaining power. The next target 2016 is looking very grim indeed. Forget the gold standard. They want everything electronic and eliminate cash! Watch!
Originally posted by SpaceMonkeys
Can you feel it??
I've been watching this section for the past few years and everything that we have been expecting to happen really seems to be becoming a reality.
Buckle your seatbelts this s**** about to get real.
Unless they manage to kick the can further down the road, which is very likely
Which begs the question, are we running out of road?