Posted on 04/10/2010 8:12:49 PM PDT by TCH
The Largest Fraud In History?
King World News Exclusive Harvey & Lenny Organ & Adrian Douglas Wednesday, April 7, 2010
Adrian Douglas, Board of Director for GATA, comes forward with another stunning new bombshell involving the man he testified with at the CFTC meeting, Harvey Organ.
Harvey and his son Lenny describe their eyewitness account, with another piece of the puzzle in what could turn out to be the largest fraud in history. This time a large international bank with almost 15 million customers in 50 countries around the world becomes part of the unfolding saga...
“Hong Kong Pulls All Gold Reserves from Depositories in London”
http://www.kingworldnews.com/kingworldnews/G+_Articles/Entries/2010/4/7_Hong_Kong_Pulls_All_Gold_Reserves_From_Depositories_In_LondonBy_MarketWatch___Chris_Oliver.html “Morgan Stanley To Settle Class-Action Lawsuit” http://www.kingworldnews.com/kingworldnews/G+_Articles/Entries/2010/4/7_Morgan_Stanley_to_settle_class-action_lawsuitBy_Reuters___Paritosh_Bansal.html
More to the story: Scariest sign of the future I have ever read Date: Wed, 7 Apr 2010 19:23:57 -0400
The CFTC meeting occurred 3/25/10. Some of the most respected names in the market are poo pooing insufficient gold to meet current demands. Do with this information as you wish.
http://www.24hgold.com/english/news-gold-silver-gold-manipulation-officially-confirmed.aspx?article=2782557110G10020&redirect=false&contributor=Eric+de+Carbonnel
Here is a short summary:
Amazing set of revelations from the last CFTC hearings 1) A whistle blower, Andrew Maguire, cited specifics of a gold market rigging, as it was occurring in real time.
2) There is no gold corresponding to the vast "gold deposits" at the major LBMA banks. During the CFTC hearings, Jeffrey Christian of CPM Group informed that the LBMA banks have about 100 times more gold deposits than gold bullion.
3) Almost all of the trading activities on the London exchange were settled by paper for paper, not for physical metals as the exchange supposedly requires.
4) There are thousands of clients (Asian and Middle Eastern governments, sovereign wealth funds, etc) who think they own hundreds of billions and perhaps trillions of dollars of gold bullion, and are being charged storage fees on that fantasy bullion, but what they really own unsecured gold loans to the banks at a negative interest rate.
5) It is impossible for the London exchange to ever deliver all the gold and silver owed to the owners of contracts.
Unbelievable coincidences
1) The live television broadcast of the CFTC hearing suffered a “technical failure” right as Murphy was set to begin his testimony. This was corrected right after Murphy was finished.
2) At least one live voice broadcast (radio) failed during Murphy's presentation.
3) After the hearing, Murphy was contacted by several major media outlets for more interviews. Within 24 hours, all the interviews were canceled.
4) The day after Maguire gave his radio interview, he was the victim of a hit and run collision. Somebody sped out of a side alley at top speed, smashed into Maguire’s car, and then tried to escape. A high-speed chase ensued, and the perpetrator was caught by police. Although the British press has reported that this might have been an assassination attempt or a threat, there has been no word from the police.
5) Shortly before somebody crashed into Maguire’s car, the CFTC caught on fire. This fire happened to be located in the one small basement room where gold and silver trading data and other pertinent documents were kept.
6) A few days after the CFTC caught on fire, a DOS (denial of service) attack occurred on the King World website which contains the radio interview of Maguire and his emails to the CFTC.
Virtual blackout by the mainstream news media
1) Almost no one in the mainstream media is covering the revelations of the CFTC hearings.
2) At the Wall Street Journal, a search on "Gensler" (CFTC Chairman Gary Gensler would surely be included in any report) produces only one item from before the hearing. Readers of the Wall Street Journal will never hear what happened at the hearing and whether the CFTC paid any attention to them.
3) The few mainstream stories that do cover the CFTC hearings are unnaturally one sided, failing to mention anything other than opposition to any idea of position limits in metal markets
4) The media lock-down is being met by disbelief and confusion.
5) A Google News search on "Gensler" confirms the virtual blackout by the mainstream news media. 6) The media’s strategy seems to be to stonewall and hope scandal goes away.
Implications
1) This is a scandal of monumental proportions. Compared with this scam the sub-prime crisis is peanuts. This is a potential multi-trillion dollar fraud that could bring down the world's financial system This has to be dealt with, one way or the other. This is either the equivalent of the fictionalized testimony on the order of the Salem Witch trials, or one of the most damning accusations of malfeasance in office against quasi-governmental agencies, and probably US officials, since Teapot Dome.
Fraud is the one word which comes to any investors mind when s/he reads about the Commodity Futures Trading Commission (CFTC) hearing on manipulations in bullion market by gold cartels--the world Largest Fraud: 5.5 Trillion.
The Gold and Silver Manipulation spanning decades (going back well back into 1980s) has now taken mammoth proportions, one that could bankrupt not just a few banks but entire countries along with their central banks.
2) As the significance of the CFTC hearings revelations sink in, it will create a gold rush and dollar panic, resulting in the biggest short squeeze in the history of all commodities.
See 'Preview of 2010's Gold Rush and Dollar Panic' http://www.marketskeptics.com/2009/02/preview-of-2009s-gold-rush-and-dollar.html
3) The upward explosion in gold prices, it will result in a complete loss of confidence in the U.S. dollar.
Conclusion: ‘Gold Market Reaching the Breaking Point’ http://www.marketskeptics.com/2009/10/gold-market-reaching-breaking-point.html
We'll now we are there.
If you wondering how it will all end, I believe there will be a big financial freeze. Checking accounts, money market accounts, brokerage accounts, etc... Everything will become inaccessible.
I really, really, really hope this is all BS. If it isn’t my teeth will be worth MILLIONS!!!!!!
The same gold and silver gets sold over and over again to multiple people? Who ever came up with that hare brained idea?
I wish I could laugh... I figured our IRA’s were toast, with the Feds monetizing the debt and printing trillions more greenbacks.
Hobson’s choice: Cash out the IRA and convert to silver bullion, where I would loose 20 percent off the top in penalties, and pay another 10 percent above spot market price for the silver (Mint mark-up + 1.3 % commission + insurance and shipping); or convert it to ETF stocks in silver, where I take high risks in the commodities market.
Since I am waiting to build my first home the idea was to try and preserve the capital long enough to convert as a down payment on a mortgage. BUT now I am just coming off a 6-month lay-off and only working 3 days a week.
Of course the timing all has to be perfect: before the dollar crashes, and while the silver stock is higher than the purchase price... and before the interest rates start the inevitable climb to the stratosphere!
Silver bullets?
Think of those gold mines in Alaska. Sarah Palin will be able to pay off the national debt.
Y’all tryin’ tuh unmask me, mister?
That’s what makes me suspicious....all the “buy gold” commercials flooding the airwaves like never before.
The same folks who gave us GSE’s and credit default swaps
http://www.blogpulse.com/search?query=Gensler&x=22&y=10
Using the above blog (an excellent tool) search engine, Gensler references are present.
So a few lucky folks actually own gold and silver, the rest just own IOUs.
What is King World News? Never heard of them before.
Thurs. the 8th Bernanke was said to have said in response to the insolvency crisis that decisive, creative action was due....what did he have in mind? He has essentially infinite amounts on his mind.
The Fed’s Emergency Meeting
By Duncan DavidsonApr 4, 2010, 11:49 PM
The Fed called for an emergency meeting Monday morning, which likely means they will raise the Discount Rate a second time. They raised it on Feb 18, and the USD strengthened. Monday is a bank holiday in Europe. so reaction may be muted until they Euro banks wake up Tuesday am. (Also, the recent pattern of a Monday Pump up may be delayed to Tuesday, due to this holiday.)
…
Or is something else going on? After ObamaCare passed, the Fed had a hard time with auctioning off Treasuries, and has more to offload this week. Perhaps this emergency meeting will reconsider ending QE so the Fed can prop up the auctions.
Also, last week the Fed revealed that its Maiden Lane program (where it bought mortgage backed securities – the toxic waste of the housing bubble) has left it holding $2.4T of assets of questionable value. The Maiden Lane III portfolio is only worth 39c on the Dollar. This means the Fed has assumed an impaired balance sheet, and needs to fix it. One way to do this is to sell off or swap out the toxic debt, and buy Treasuries to slowly return to its historical quality of reserve assets. Thus rather than explicitly continue QE, it may begin a swap program.
Whichever, the Fed is in a bit of a pickle: it needs to successfully fund the huge deficits, and at the same time exit from extraordinary measures. More after the Fed’s meeting.
Reasons for panic at the Fed
The Fed had a hard time with auctioning off Treasuries, and has more to offload this week. Treasury Yields are breaking up. Worse, the Fed is out of room out on its balance sheet, as can be seen in graphic below.
(The Fed also has outstanding commitments to buy 104 billion mortgage-backed securities not shown in the chart below)
The Fed faces the envious choice of allowing the treasury market to slowly breakdown or resuming its quantitative easing (money printing) to prop up auctions (which would fan inflation fears and scare investors out of the dollar, causing either the breakdown of the treasury market or even more quantitative easing).
In any case, the last thing the Treasury and Federal Reserve need at this point is anything else that would put pressure on treasury prices, which explains why Secretary Geithner is rushing off to China.
Well, take that and add on top of it the thousands of 400oz gold bars that are nothing more than tungsten coated with a 1/8” layer of gold and you got a real dandy problem.
This story needs significant quality sources if it is to be believed. Sounds more like somebody trying to push gold prices. This story does not appear in WSJ nor FT.
Under the bed, no doubt?
Problem is WaMu’s rapid expansion from regional to semi national bank was based on liar home mortgages. Their mortgage departments were encouraged to to whatever necessary to make a loan, do not verify the applicants info and sell the note within six months. Profit from loan is from fees and points. Problem is housing prices busted and WaMu has a huge inventory of underwater mortgages and foreclosed properties. They are saved by the fed changes in market to market accounting rules that hide these homes from the books. JPMC is now stuck with it and the only way out is the Feds will keep rates low and inflate the US economy out of the mountains of debt.
Isn't that also known as...."counterfeiting"?
Using www.blogpulse.com search Gensler CTFC for a March piece.
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