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Andrew Maguire har precis deltagit i sin första radiointervju sedan valet att träda fram och berätta om pyramidspelet i guld och silver i samband med CFTC förhören i förra veckan.

För King World News berättar han om den allmänna vetskapen om manipulationen av guld och silver bland metallhandlare i London och hur viktigt det var att det i samband med CFTC förhöret avslöjades att den fysiska marknaden för guld och silver som porträtteras inte existerar i verkligheten. Detta faktum att det bara existerar 1 uns guld eller silver i fysisk form för varje 100 uns som sålts gör det till det största pyramidspelet (eller rättare sagt bedrägeriet) i historien då handeln omsätter över 5 trillliarder dollar varje år eller 1.5 gånger USAs BNP.

Jag rekommenderar starkt att lyssna på intervjun med Andrew Maguire och Adrian Douglas från GATA, som framförde Andrews vittnesmål vid CFTC förhöret.

Att Andrew Maguires bil blev påkörd dagen efter CFTC förhören av en smitare som fick jagas av polishelikoptrar gör knappast hans vittnesmål mindre intressant. Andrew och hans fru, som också befann sig i bilen, fick föras till sjukhus men klarade sig utan allvarliga skador. Läs mer om denna händelse i artikeln från New York Post.

I samband med CFTCs publika förhör av aktörer på ädelmetallmarknaden kom ett revolutionerande bekräftande från en före detta Goldman Sachs-anställd, som kallar sig en av de främsta experterna i världen på ädelmetallmarknaden, att handeln på den fysiska marknaden för guld och silver i London (LBMA) omsätter mer än 100 gånger den mängd guld som verkligen existerar hos LBMA (gold it has to back the trades).

Det enda som förhindrar att pyramidspelet kollapsar är att investerare ännu inte försöker hämta ut sitt guld i någon störrre omfattning. För skulle det verkligen gå upp för investerare att LBMA bara har 1 uns fysiskt guld för varje 100 uns som sålts skulle det kunna leda till en av de största uttagsanstormningarna (bank run) i historien.

Läs GATAs beskrivning av pyramidspelet

Läs Zerohedges artikel om pyramidspelet (med videoklipp)

Det bevismaterial som kanske skapade mest diskussion bland bedömare och bloggare vid CFTCs publika förhör var GATAs avslöjande att en sk ‘whistleblower’ vid namn Andrew Maguire, en metallhandlare i London, försett CFTC med konkreta bevis för manipulation av priset på guld och silver innan det publika förhöret. Då CFTC inte visade intresse för att utnyttja Maguires bevis i samband med förhören kontaktade han istället GATA som presenterade detta bevis i sitt vittnesmål. Det är svårt att undgå att CFTCs ointresse ger intrycket att man försökte tysta ner detta kanske avgörande bevis, som nu fått stor spridning.

Det kanske mest uppseendeväckande i Maguires vittnesmål är att handlare som arbetar för JPMorganChase i samtal talat om för honom att banken manipulerar ädelmetallmarknaden och att de skröt över hur de tjänar pengar på detta.

Nedan följer kommentarer från två populära bloggar:

Kommentar från Zerohedge

Kommentar från Jesse’s Cafe Americain

Den slutsatsen gör ett antal bedömare och bloggare efter att ha tagit del av de vittnesmål som gavs inför amerikanska CFTC (Commodities and Futures Trade Comission) i torsdags. CFTC hade kallat till ett publikt förhör efter att ett antal aktörer och intresseorganisationer under en längre tid försökt få CFTC att utreda och sätta stopp för manipulation av priset på framförallt guld och silver som man påstår ha pågått sedan 80-talet.

GATA (Gold Anti-Trust Action Committee) tillhör de intresseorganisationer som varit mest aktiva att förmå CFTC att sätta stopp för manipulation och bidrog också med vittnesmål under förhören. Följande dokument innehåller en sammanställning över de bevis som GATA anser sig ha för manipulationen av guld och som skickades till CFTCs högste chef, Gary Gensler, inför förhören.

Rekommenderar att läsa följande press-release från den amerikanska intresseorganisationen National Inflation Organisation med anledning av den amerikanska hälsoreformen, som man är övertygad kommer att leda till hyperinflation in USA år 2015.

Det är synnerligen svårt att inte låta sig övertygas när man själv börjar analysera de skrämmande nyckeltal som nämns i press-releasen.

Healthcare Bill to Cause U.S. Hyperinflation By 2015

FORT LEE, N.J., March 20 /PRNewswire/ — The National Inflation Association – http://inflation.us – today issued a warning to all Americans of a potential outbreak of hyperinflation in the U.S. by year 2015 caused primarily by the healthcare bill and rising interest payments on our national debt.

Medicare was created in 1966 at a cost of $3 billion per year and the House Ways and Means Committee estimated in 1966 that in 1990 the cost of Medicare would reach $12 billion per year. Instead, the actual cost of Medicare in 1990 was $107 billion (792% more than what was projected) and today Medicare costs $408 billion annually. In 2003, the White House Office of Management and Budget estimated that the Iraq War would have a total cost of $50 to $60 billion. So far, we have already spent $713 billion on the Iraq War (over 1,000% more than what was projected).

The Congressional Budget Office is estimating that the healthcare bill will cost $940 billion over the next 10 years, but if history is any indication, the actual cost will likely be several trillion dollars. NIA believes the healthcare bill will be the final nail in the coffin of the U.S. economy and will just about guarantee that we will see hyperinflation by the year 2015.

The U.S. government last week reported a record monthly budget deficit for February 2010 of $220.9 billion. Total tax receipts for the month were only $107.5 billion compared to outlays of $328.4 billion. The total U.S. deficit for the first five months of fiscal year 2010 was $651.6 billion, with tax receipts of $800.5 billion and outlays of $1.45 trillion. The deficit was up 10.5% for the first five months of fiscal year 2010 over the same period in fiscal year 2009.

We are now at a point where if the U.S. government taxed Americans 100% of their income, the tax receipts generated would not be enough to balance the budget. Likewise, if the U.S. government cut 100% of its spending including defense, but kept paying Social Security, Medicare and Medicaid, we would still have a budget deficit. NIA believes it will be impossible for the U.S. to have a balanced budget ever again.

The U.S. national debt is now $12.67 trillion of which $8.061 trillion is public debt. Due to the Federal Reserve’s artificially low interest rates of 0% to 0.25%, interest payments on our national debt last month were only $16.9 billion, an interest rate of only 2.548% on our public debt. The reason for the spread between our 2.548% interest rate on the public debt and the federal funds rate of 0 to 0.25% is that a portion of our national debt is made up of long-term bonds at higher interest rates.

Our debt ceiling was recently raised to $14.3 trillion, which we are on track to reach in less than a year, sending our public debt up to about $10 trillion. If the Federal Reserve raises the federal funds rate up to just 2% during the next year, NIA believes the interest rate on our public debt could rise to 5% and our annual interest payments will likely rise to $500 billion or 23% of projected 2010 tax receipts of $2.165 trillion.

The White House is not projecting for interest payments on the national debt to break the $500 billion mark until fiscal year 2014. By then, even if we go by White House projections that the deficit will be cut to $828 billion in 2012, $727 billion in 2013 and $706 billion in 2014, in 2014 we will still be looking at a national debt of over $18.5 trillion with a public portion of around $13.14 trillion. We find it shocking that the White House is projecting an interest rate on our public debt in 2014 of only around 4%.

All of this means that the While House expects the Federal Reserve to leave interest rates at artificially low levels almost indefinitely. However, we know it will be impossible for them to do so without creating a huge outbreak of inflation in the prices of food, energy, clothing, and just about everything else Americans need to live and survive. In order to prevent hyperinflation, we need interest rates to be higher than the rate of inflation.

NIA believes the real rate of U.S. inflation to already be approximately 5%. If the Federal Reserve doesn’t raise the federal funds rate to above 5% in the short-term, in our opinion, an outbreak of double-digit inflation is inevitable. By 2014, it is possible the Federal Reserve will be forced to raise the federal funds rate up to above 10% and the public portion of our national debt could exceed $15 trillion. Therefore, in 2014 we could see the interest payments on our national debt reach $1.5 trillion, about triple what is currently being projected and 43% of the government’s projected tax receipts that year of $3.455 trillion.

Besides the cost of the healthcare bill and rising interest payments on our national debt, another major catalyst for hyperinflation will be social security payments, which adjust to the CPI-index. As the government’s CPI-index rises, so will the social security payments that it owes. This could cause a death-spiral in the U.S. dollar. Inflation is still the last thing on the minds of most Americans, but soon it will be their primary concern.

To receive NIA’s latest updates about inflation and the economy, sign-up for the free NIA newsletter at: http://inflation.us

About us:
The National Inflation Association is an organization that is dedicated to preparing Americans for hyperinflation. The NIA offers free membership at http://www.inflation.us and provides its members with articles about the economy and inflation, news stories, important charts not shown by the mainstream media; YouTube videos featuring Jim Rogers, Marc Faber, Ron Paul, Peter Schiff, and others; and profiles of gold, silver, and agriculture companies that we believe could prosper in an inflationary environment.
Contact: Gerard Adams, 1-888-99-NIA US (1888-996-4287), editor@inflation.us
SOURCE National Inflation Association

De orden använder i alla fall upphovsmannen Nathan Martin när han introducerar grafen nedan. Han säger vidare:

“Det är en ganska enkel graf. Den tar förändringen i BNP och delar med förändringen av statsskulden. Vad den visar är hur mycket produktivitet som skapas genom att tillföra $1 i skuld till vårat skuldbaserade monetära system.

På det tidiga 1960-talet genererade en dollar i ny skuld nästan en ny dollar till USAs prodution av varor och tjänster. I takt med en stigande skuldsättning minskar produktiviteten från nya skuldsättningen…[men nu] den totala inkomsten kan inte längre hantera den sammanlagda statsskulden. Under tredje kvartalet 2009 skapade varje dollar av ny skuldsättning en NEGATIV produktivitet om 15 cent och vid slutet av 2009 minskade BNP med 45 cent för varje ny dollar av skuldsättning!”

Länk till James Turks tolkning av grafen (mer lättläst)

Länk till Nathans artikel

Deutsche Bank, JPMorgan och UBS åtalas för bedrägeri i Italien efter att ha sålt derivatprodukter till staden Milano. Enligt domaren i fallet har försäljningarna gjorts med vetskap om att dessa inte var fördelaktiga för Milano, dvs med uppsåt.

Denna rättegång följs av banker världen över som gjort liknande tvivelaktiga affärer. Om det blir en fällande dom kan det leda till fler åtal världen över.

Att Grekerna ägnat sig åt kreativ bokföring med hjälp av sina kompisar på Goldman Sachs känner väl nästan alla till vid det här laget. Nu börjar det sippra fram information om hur Lehman Brothers lyckades undanhålla sin gräsliga balansräkning för investerare och motparter.

I vad som kallats ‘Lehmangate’ framgår det att Lehman använde sig av tvivelaktiga, eller kanske tom brottsliga, bokföringsknep (repo 105) för att snygga till balansräkningen inför varje kvartalsrapport. Inte nog med det, det verkar dessutom som om USAs finansminister Tim Geithner var högst medveten om situationen.

Hittade följande artikel som beskriver situationen:

Repo 105 is LEHMANGATE: Systematic Fraud and Geithner Knew About It

You’ll see that Geithner was unequivocally involved with knowledge about Repo 105, LEHMANGATE. But the real question is, at what point in time did Obama know? And if Obama did not know, then he’s unworthy to be President because it means he lacks the political strength, depth and experience demanded by the job (what did he run before being elected?). I believe we are watching another “Watergate” unfold. The difference between then and now is that we may not have political leaders in Congress who are willing to do what’s required to make the full truth known.

I finally spent some time dissecting exactly what Lehman did and how they got away with what they were doing. Let me say this: If all of Lehman’s upper management PLUS the relevant Ernst&Young people PLUS the relevant people at the NY Fed – including Tim Geithner – do not do jail time over this, it’s time to either start organizing a revulotion or move out of the country. If these guys get away with this without serious legal and financial punishment, it is the clearest indication that our country is no longer held accountable by the Constitution OR Rule of Law in any respect. It means that full-scale mob-style criminality has invaded every aspect of our Banking, Corporate and Government systems, starting at the top with the White House and Congress.

Just to summarize briefly and coherently what Lehman did: Lehman engaged in repo transactions which, at the surface appeared to be standard repo maneuvers used by banks to raise short term financing by taking Treasury securities and sending them to a counterparty, who takes the Treasuries as collateral and gives Lehman cash to use on a short term basis – usually overnight to two weeks. Lehman then unwinds the repo by sending the cash plus a little more – representing interest paid on the transaction – back to the lending entity and the lender sends back the Treasury collateral back to Lehman. The transaction is accounted in a way which does not change any aspects of Lehman’s balance sheet for accounting, regulatory and financial purposes.

What Lehman did is exploit a rule that says if Lehman sends collateral representing 105% of the cash they borrow, under accounting regulations, Lehman can account for the transaction as a “sale of securities” and use the cash taken in to repay other short term debt, making Lehman’s balance sheet looking less leveraged – i.e. of much higher quality – to regulators and investors at the end of each quarter. As Lehman approached bankruptcy, it started including risky, worthless securities as part of the “repo” collateral package – toxic assets that Lehman could not get off its balance sheet at any price. Using this type of collateral is unconventional in the extreme and could NEVER be considered a “sale” of securities under any non-fraudulent accounting ruling. NEVER.

The Treaury collateral Repo 105 would be okay if it were done once or twice, but Lehman did it repeatedly and systematically every quarter since at least 2007. Anyone with an accounting 101 background from a good school knows that Ernst&Young should have raised a red flag and disallowed the treatment of the transaction as a “sale” the second time Lehman used it. Afterall, doing this once without reversing the transaction could for sure be considered a bona fide sale. Maybe even with the reversal (the unwind of the repo). But to engage in this systematically and serially every quarter would raise an objection over the accounting treatment as “sale” and any accounting firm doing its job properly and ethically would not sign off on the accounting treatment. This is especially true once Lehman started using toxic waste as collateral. Clearly pure manipulative fraud.

To think that E&Y did not know any better is to ask us to believe that the E&Y people either are complete idiots or do not know accounting rules. Stupidity and ignorance notwithstanding, we can only conclude this situation was pure nefarious intent to fraud in which E&Y participated. Remember Arthur Anderson/Enron if you think this is not probable.

In fact, just this morning, clusterstock.com has posted an article from Andrew Ross Sorkin who says that the SEC and the Federal Reserve Bank of NY (Tim Geithner’s NY Fed) were all over Lehman during the heart of the “Repo 105″ period.

Almost two years ago to the day, a team of officials from the Securities and Exchange Commission and the Federal Reserve Bank of New York quietly moved into the headquarters of Lehman Brothers. They were provided desks, phones, computers — and access to all of Lehman’s books and records. At any given moment, there were as many as a dozen government officials buzzing around Lehman’s offices.

These officials, whose work was kept under wraps at the time, were assigned by Timothy Geithner,then president of the New York Fed, and Christopher Cox, then the S.E.C. chairman, to monitor Lehman in light of the near collapse of Bear Stearns.

What this tells us is that not only are all of the Lehman’s upper management AND the E&Y people involved are guilty of direct fraud and corruption, but that everyone from the NY Fed and the SEC who were involved either were complete idiots with respect to basic accounting rules and reguations (and should be fired immediately with no pension benefits) OR that they enabled the fraud to persist by looking the other way. This would include Tim Geithner, who should no longer be given the benefit of using the “I can’t recall” or the “I had no idea” defense. He is clearly knee-deep in this. Geithner’s motivation to look the other way would be to keep the market from seeing the extent of Lehman’s insolvency.

PLEASE KEEP IN MIND THAT LEHMAN CEO RICHARD FULD WAS A MEMBER OF THE BOARD OF DIRECTORS OF THE NY FED AT THIS TIME AND THUS HAD DIRECT INFLUENCE OVER GEITHNER.

For starters I would call on Obama to force Geithner to either resign from his Treasury position or outright fire him. Fool us twice – cheating on taxes and getting away with it plus his story about not knowing about AIG/Goldman – shame on us. Fool us again, time to impeach Obama unless he gets rid of Geithner immediately.

Clearly, upon examining all of the evidence and connecting the dotted lines, Lehman committed Enron-esque fraud with its Repo 105 maneuvers and was aided and abetted by its accountant, Ernst & Young and by Federal Reserve officials, at the time, specifically Tim Geithner. At the very least all of the upper executive management team at Lehman, the board of directors at Lehman, all relevant professionals and senior management at E&Y should eventually be under indictment. I would settle for the forced resignation of Geithner, but he should be thoroughly investigated and indicted as well. Don’t hold your breath for this, recall that current Attorney General Eric Holder is the guy who wrote the pardon letter for Marc Rich that Bill Clinton signed just before leaving the White House. Holder is no stranger to the enablement of criminal activity and tax evasion.

I’m starting to wonder if gold’s unusual relative strength in the face of the aggressive, unmitigated manipulation attempts to get it lower over the past month is a signal that Lehman’s fraud is just the tip of the iceberg. Ernst & Young signed off on a balance sheet accounting maneuver that was clearly and unequivocally illegal. Even an accounting 101 student could make that determination. It leads one to wonder “what the hell else is hiding in Wall Street’s accounting closet that is being approved by our “trusted” accounting firms and ignored or enabled by the Fed? We know that Goldman is involved in all kinds of non-transparent, at a minimum unethical, and likely fraudulent OTC derivatives activities. They roll out their 10-K every quarter with their accountant’s stamp of approval and Lloyd “I’m God” Blankfein smiling and pontificating at how great Goldman is at making profits and managing risk. But what is really going on behind the curtain. And even worse, to what extent are Bernanke, Geithner and even Obama aware of just how fraudulent and corrupt everything is on Wall Street – and the manner of accounting for it?

And now we have Banana Ben begging Congress, and the public, to sign-off on handing even MORE oversight and regulatory responsibilities to the Fed. Just today Bernanke is making the case that “the Fed’s ‘wide range of expertise’ makes it ‘uniquely suited to supervise large, complex financial organizations and to address both safety and soundness risks and risks to the stability of the financial system as a whole’” Bloomberg link.
Set aside the fact that Bernanke never saw the housing bubble, mortgage bubble, toxic asset bubble, banking system collapse – his “uniquely suited” oversight abilities cost the Taxpayers of this country trillions. Let’s examine Bernanke’s statement in the context of Lehmangate and Repo 105.

Where was Bernanke’s oversight abilities while his team was in Lehman’s office for two years with full access to all books and records? Let me quote again from Andrew Ross Sorkin’s statement yesterday:

Almost two years ago to the day, a team of officials from the Securities and Exchange Commission and the Federal Reserve Bank of New York quietly moved into the headquarters of Lehman Brothers. They were provided desks, phones, computers — and access to all of Lehman’s books and records. At any given moment, there were as many as a dozen government officials buzzing around Lehman’s offices (link in the post below).

The Fed WAS in a position of unfettered and direct oversight at Lehman for two years leading up to Lehman’s collapse and yet Lehman still pulled off massive fraud – right under your nose, Ben. Either you are a complete moron or you are a psychopathic liar. Which one is it Ben?

Now that Lehman has collapsed under a massive weight of fraud and corruption – and all of surviving Wall Street was allowed to feed greedily, with the help of TARP, off the carcass, the real question is just how much fraud is being currently covered up and papered over? It would seem to me that after Enron, and the ensuing series of massive, ever-larger financial collapses that have occurred (Refco,Bear Stearns, AIG, Fannie Mae, Freddie Mac, GMAC, etc), that our political leaders and those charged with regulations and oversight, including the Fed, would be interested in cleaning up this mess and putting those who created and participated in this mess in jail.

Will this ever happen? Not if the Fed is given greater powers, not if Geithner and Larry Summers remain in the White House and not if the current crooks leading Congress are allowed to remain in power. At the margin, it’s up to the public to do something about this. If we allow this to continue, the problems will only grow larger and the U.S. will eventually collapse under the sheer weight of too much debt and fraud. Otherwise, I hope everyone who understands this is accumulating as much gold and silver as they can.

Först var det Grekland, sedan började Italien och Spanien få ögonen på sig, men nu verkar New York visa samma tecken på finansiella problem.Delstaten har just beslutat att lägga skatteåterbetalningar på is eftersom man inte har råd att betala ut allt på en gång. Ingen rök utan eld…

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En stundtals svårläst men brilliant sammanfattning av det dilemma som Fed-chefen Bernanke står inför.

Eller som Jim Sinclair kommenterar det “Few understand that hyperinflation has already occurred in the bailouts and gifts to the financial industry, and the result of this hyperinflation are coming towards us like a freight train.”

http://seekingalpha.com/article/192916-bernanke-s-dilemma-hyperinflation-and-the-u-s-dollar