A former trader at UBS Group AG was charged with conspiracy and fraud over his suspected role in manipulating the price of precious metals.
Andre Flotron, who worked at the bank in Switzerland and Stamford, Connecticut, is the second person publicly charged in the U.S. investigation into the fixing of gold, silver, platinum and palladium prices. Flotron, a Swiss citizen, was arrested while visiting his girlfriend in New Jersey. He was charged with conspiracy, wire fraud, commodities fraud and spoofing. He faces as many as 25 years in prison on the most serious charge. Continue reading
Five new Health Ranger podcasts school the deluded in economic reality
The Bitcoin house of cards continues to collapse at an accelerating rate, now plunging from nearly $5000 to about $3200, wiping out more than $23 billion in “assets” that foolish people deluded themselves into thinking was real.
As explained on Zero Hedge via iBankCoin.com (which has been zealously pro-Bitcoin, for the most part):
Let’s review the extent of the carnage inside of the dark, cavernous catacombs of the ICO world — a place where outright scam artists get rich by tricking people into believing their ‘coin’ will make them rich. This has never been about preserving value, supplanting fiat, but promoting a bubble that is backed by venture capitalists. Continue reading
The stock market is zooming this morning (9/11/17) on the news that only 5.7 million people in Florida will have to do without air conditioning, hot showers, and Keurig mochachinos at dawn’s early light Monday, Sept 11, 2017. I’m mindful that the news cycle right after a hurricane goes kind of blank for a day or more as dazed and confused citizens venture out to assess the damage. For now, there is very little hard information on the Web waves. Does Key West still exist? Hard to tell. We’ll know more this evening.
The one-two punch of Harvey and Irma did afford the folks-in-charge of the nation’s affairs a sly opportunity to get rid of that annoying debt ceiling problem. This is the law that established a limit on how much debt the Federal Reserve could “buy” from the national government. Some of you may be thinking: buy debt? Why would anybody want to buy somebody’s debt? Well, you see, this is securitized debt, i.e. bonds issued by the US Treasury, which pay interest, and so there is the incentive to buy it. Anyway, there used to — back in the days when the real interest rate stayed positive after deducting the percent of running inflation. This is where the situation gets interesting. Continue reading
It really should be clear that a major international banking crisis is inevitable, and likely to occur fairly soon. Due to the extreme debt levels, many banks are close to that point of failure.
An event like a stock market crash is likely to push many banks to that point of failure, since the pressure it would create (on cash resources), would expose their inability to fulfill their obligations.
Cash (not bank credits/digits) is still the means by which banks have to settle liabilities and obligations (especially amongst each other). If a bank goes down, it will be due to the lack of cash (not bank credits/digits). It is for this reason that there is a campaign to ban cash (for the general public) or limit the use of it.
The banks are in competition for the available cash resources, and they do not want you to be an obstacle. This is similar to what happened during the Great Depression (1933) when gold was confiscated. Then, banks proved their solvency with gold; therefore, the general public was prevented from competing for the limited amount of gold resources. Continue reading
“My favorite poet is Aeschylus, who once said: ‘And even in our sleep, pain which cannot forget falls drop by drop upon the heart, until in our own despair, almost against our will, comes wisdom through the awful grace of God.’
“What we need in the United States is not division. What we need in the United States is not hatred. What we need in the United States is not violence and lawlessness, but love and wisdom and compassion toward one another, a feeling of justice to those who still suffer in our country.“ ~ Robert F. Kennedy
It is not so much where are you going Lord, but rather, where are we as a people choosing to go. At the moment it appears to be on a darker path, led by fury and passions as old as Babylon and evil as sin. It is an old story. Nevertheless, let us not despair.
Gold has broken out and is holding its level above the high set in the aftermath of the Trump election upset. Silver is holding its level on the 18 handle. Continue reading
Interest in Bitcoin is red hot at the moment. It’s impossible to open a website, listen to a podcast, or watch a video in the financial space without hearing about the meteoric rise in the price of Bitcoin.
Maybe you know a ‘Bitcoin millionaire’ who bought five hundred Bitcoins a few years back for $50,000 and is now sitting on a Bitcoin fortune. It’s true, those people actually do exist.
Yet the crypto-hysteria is distracting you from a scary truth no one is talking about. There is every indication that governments, regulators, tax authorities, and the global elite are moving in for the crypto-kill. Continue reading
“There are folks that are saying you know what, I don’t care, I’m going to lock in my retirement now and get out while I can and fight it as a retiree if they go and change the retiree benefits.” ~ Executive Director for the Kentucky Association of State Employees, Proposed Pension Changes Bring Fears Of State Worker Exodus
The public awareness of the degree to which State pension funds are underfunded has risen considerably over the past year. It’s a problem that’s easy to hide as long as the economy is growing and State tax receipts grow. It’s a catastrophe when the economic conditions deteriorate and tax revenue flattens or declines, as is occurring now. Continue reading
Some people think that one of the fundamental institutions of the 19th century should be restored; I will single out Great Britain as the great leader embracing this institution.
This institution was the free minting of gold practiced by Great Britain in its heyday of growth, world economic and financial power. Under this system, any owner of gold bullion could take his bullion to the Royal Mint and have it minted into coins containing the same amount of gold as provided to the Mint by the owner of the bullion delivered. This was done at no cost to the owner of bullion as a government service to the economy.
Thus, the owner of gold bullion converted his bullion directly into money which could be saved, invested or spent at will. The new gold was turned into money and increased the money supply because gold was money. Continue reading
How many times have we heard this one: “He/she/they caused me to blow up my account”?
Blaming someone else for your losses. Pretty much every novice trader in the world goes through this phase, and many experienced traders as well.
Now I’m going to let you in on a secret that will save you thousands or even millions if you will listen and heed this warning.
Everyone loses from time to time. It’s an inevitable fact. No one, and I mean no one will ever win 100% of the time. Continue reading
Marcos’ widow claims massive gold deposits in 177 banks in 72 countries
AFP PHOTO ~ TED ALJIBE
Way back in 2009, former first lady Imelda Marcos told this columnist and three other newsmen that her family’s wealth, most of it in gold kept in 177 banks abroad, is enough to rehabilitate the Philippines and lift Filipinos from poverty.
A big question is how to bring back the hidden hoard while everybody is debating whether the wealth was stolen by then-president Ferdinand Marcos and what part of it should be turned over to the Philippine treasury.
Why would the family offer (they do not say “return“) their wealth accumulated over 50 years to be used to improve the quality of life of Filipinos? Because, Imelda told us, that was the wish and instruction of her late husband. Continue reading
…I think this autumn will be the autumn of market turmoil and shock. Over extended stock global-financial-crisismarkets seem ready for major falls. Same with the dollar, the world’s reserve currency, only backed by gigantic debts. Property markets worldwide will first freeze and then fall hard. Central banks will try to hold interest rates down but will eventually fail, leading to major falls in bond markets. It is very clear to me that the time for change is now very near…so, at least for those who are forewarned, they can take some preventive actions [or, at the very least, such] …knowledge of major changes in the world should probably ease the shock.
…I do realise that bearers of bad news are unpopular figures. If they are right, nobody will thank them and many people will blame them. If they are wrong they will be ridiculed but, as most readers know, I am not here to be a prophet of doom and gloom. No, my purpose is just to tell things as I see them and to warn people about the massive risks that the world is now facing. For the privileged few who have assets to protect or the ability to move to a safer place, now is the time to seriously consider this… Continue reading
Silver is currently trading around $17 an ounce. This is around 34% of its 1980 all-time high of $50. However, this is an incomplete representation of what silver is really trading at, relative to US dollars. When you look at the silver price, relative to US currency (the amount of actual US dollars) in existence, then it is at its lowest value it has ever been.
The US monetary base basically reflects the total amount of US currency issued. Originally, the monetary base is supposed to be backed by gold available at the Treasury or Federal Reserve to redeem the said currency issued by the Federal Reserve. This is not the case any more, therefore, the amount of dollars have grown exponentially over the years. Continue reading
IRS Moves To Track Bitcoiners With New Chain Analysis Tools
Last month Alt-Market.com founder Brandon Smith warned that Bitcoin may not be all that it’s cracked up to be in terms of its purported anonymity: Continue reading
PART I: Over $6 Million in SS Benefits Stolen From Bank Accounts
SSA’s direct deposit program struggles with fraud
Identity thieves stole over $6 million in Social Security benefits by hacking the government’s online direct deposit program, an agency watchdog reported.
The Social Security Administration’s inspector general released an audit finding the agency’s “my Social Security” program has put roughly $11 million in benefits into the wrong bank accounts.
My Social Security was created in 2012 and allows beneficiaries to set up direct deposit accounts for their retirement and disability payments. Identity thieves soon began abusing the system. Continue reading
Over the last 150 years, the West has gone from human slavery to debt slavery. Slavery was officially outlawed in most countries between the mid 1800s and early 1900s. In the British Empire, it was abolished in 1834 and in the US in 1865 with the 13th amendment.
But it didn’t take long for a different and much more subtle form of slavery to be introduced. It started officially in 1913 with the creation of the Federal Reserve Bank in New York. More than 100 years before that, the German banker Mayer Amschel Rotschild had stated: “Give me control of a nation’s money and I care not who makes its laws.” The bankers who gathered on Jekyll island in November 1910 were totally aware of the importance of controlling the country’s money and that was the objective of their infamous secret meeting which laid the foundations to the Fed. The Fed is officially the Central Bank of the USA but it is a private bank, owned by private banks and for the benefit of private banks and bankers. Continue reading