P00R RICHARDS REPORT
PART 3
It is the banks!
The Trumpets Are Roaring
Part 3
You’ll remember, of course, that 2013 was the most significant year for deposits/withdrawals in GLD and SLV. As gold prices fell more than $400 from the start of 2013, around 40% of the total metal holdings in GLD came to be liquidated and withdrawn, as GLD investors did what investors typically do in a dramatic decline following a decade of advances—sell.
However, in SLV, the logical script wasn’t followed in 2013—and is not being followed very recently. Despite an even larger price decline in silver than experienced in gold, no net withdrawal occurred in SLV in 2013. I feel there probably was liquidation in SLV, but that selling was absorbed by new buying as metal changed hands and a good chunk ended up being owned by JPMorgan. Further, JPM was able to evade SEC reporting requirements which would have revealed its ownership by methodically converting shares into metal, where ownership reporting doesn’t exist. – Silver analyst Ted Butler: 02 July 2014
P Morgan Chase
If there is one single factor responsible for the long term silver manipulation it was the concentrated short position, of which JPMorgan has been the kingpin of since acquiring Bear Stearns in 2008. Given all the history, circumstances and stakes to certain large financial and regulatory institutions, I’m convinced that the price of silver would have already blown off were it not for the concentrated short position. The concentrated silver short position was always too large; which became clear in time by the damage it did to Bear Stearns. It also seems clear that because the concentrated short position was transferred to JPMorgan, the regulators have looked aside as JPMorgan and the CME Group resorted to a series of dirty tricks to assure silver prices would decline so that the concentrated short position could be protected and reduced.” – Silver analyst Ted Butler: 07 June 2014.
It is rather obvious that the silver and gold manipulation has been going on since 2008 has the blessings of the present administration.
Every legal and moral law has been broken.
As I have stated before when a major power starts doing grandiose entitlement programs without sufficient funds or taxes to fund the programs major banks gain control of government.
They do this by annulling laws that were passed generations ago to protect the public domain.
FDR’s reforms were a disaster, but his use of the radio and WWII bailed him out. His communication skills were what gained him reelection. Plus the fact that Governor Dewey of NY failed to clean up Albany County for the 1940 elections and the republican party was left without a viable candidate.
It was not until Dwight Eisenhower became President that the economy had really grown. The Interstate Highway System put millions to work, increased productivity and opened new areas for expansion.
His naysayers point out the fact that he did not lower taxes. In fact he had the FED tighten credit ever so slightly to slow down growth. He called it “Pushing on a string” to calm the economy down. This led to mini recessions or minor corrections. By today’s standards on a Band-Aid was needed. One reason for his success was that he had one of his centuries ablest majority leaders in the US Senate. Lyndon Baines Johnson a future President. President Eisenhower had the backing and respect of both political parties because of his leadership role in WW1!
I believe he refused to lower taxes because it would be like putting Powerball winnings into the general public hands at once. Most large winners regret their winnings.
President Kennedy did lower taxes and that was about all. He was mainly known for his ideas. He would not have had a single bill passed and probably would never have been able to run for reelection, because of his use of illegal drugs to relieve back pain from an injury he received during WW II WWII. That was why, I believe his body was transferred to John Hopkins’s hospital for the autopsy. They had very little experience in this area.
Lyndon Baines Johnson did a herculean task by passing all of Kennedy’s bills. He knew where all the votes were and how to get them.
He was even able to get the civil rights bill passed with Republican support despite Barry Goldwater’s vote. That one vote cost the Republican Party dearly in future years.
President Johnson up to this point was a “game changer” in a positive sense. His Medicare and Medicaid laws along with his backing of the Vietnam War turned his greatness into shambles because the King Cobra of poisonous snakes was slithering through Congress. Our dollar weakened and foreign governments convert their currencies for dollars and then demanded gold. It was a no brainier trade and the US Stockpile of gold would soon be dissipated.
This forced President Nixon to take US Dollar off the gold standard and the lid came off Congressional spending.
Inflation with King Cobra was sending interest rates sky high as Federal Chairman Paul Volker started fighting an epic battle.
Up to this point in time the United States added a Usury Law. The maximum rate that banks and Credit Card companies could charge was 8%. At that time one could buy short term government paper or agencies for 90 days at over 20%. So the general public would max out their debts and buy agencies paper and net 12%.
This would break our financial system so. The congress quietly rescinded the Usury Law. Score one in favor of the banks.
“Man’s greatest invention was Compound interest.” quoted Albert Einstein. The safe guards that were put in place during the 1930’s and early 1940’s were being swallowed by nasty King Cobra.
The final piece would be canceling the Glass- Stiegel Act in the 1990’s. This allowed brokers and bankers to merge. Instant profits for them and the public be dammed.
A banker’s mantra is to control the flow of money. To be truly successful they must control the government. This would take time, but all the pieces of the puzzle had been turned over.
Now it seems the government needs JP Morgan Chase to keep the lid on silver and gold or we might wake up some morning and find our securities quoted BW-OW (Bid wanted – offer wanted).
We are moving closer towards the edge of a bottomless pit