This is a superb summation of the difference between constitutional money (gold and silver) and fiat script (debt; IOU currency) and why it matters:
http://www.youtube.com/watch?v=6Uyif...layer_embedded
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This is a superb summation of the difference between constitutional money (gold and silver) and fiat script (debt; IOU currency) and why it matters:
http://www.youtube.com/watch?v=6Uyif...layer_embedded
WAIT! He didn't mention Social Security System one time in that diatribe. 7th Trump is going to be REALLLY angry at him.
I however agree fully with what he says. (now that is a flash). Bill Gates and Warren Buffet are far and away the biggest debtors because they value their assets in dollars of debt.
Across the Street
Jamie Dimon Has Issues (or Meet The Idiot Selling Gold)
In Open Thread on Friday, April 26, 2013 at 12:27 pm Update: On Friday April 26, JPM customers (US government??) added a whopping 558 contracts (55,800 troy oz.) to the totals reflected in this article. The CME group daily report can be found here, but note, these daily reports go into Never-neverland when the new one comes out (so save it if you want it for future reference).
Somebody should explain to the blathering numbskulls at CNBS that when just one firm accounts for 99.3% of the physical gold sales at the COMEX in the last three months it’s not what most of us on this side of the rainbow would consider “broad-based” selling. Of course discovering this kind of relevant information requires an internet connection, 2nd grade math and reading skills, and the desire to do a teeny-weeny bit of reporting. Sadly they’ve wandered so far down the rabbit hole that the concept of “physical demand” (i.e. people actually wanting to take possession of the stuff) is puzzling to them because the vast majority of the world’s so-called “gold-trading” takes place in the realm of make believe (which is their natural habitat). It’s all fun and games until somebody loses their metal and “somebody” has lost one hell of a lot of metal in the last 90 days.
This is the CME Group’s COMEX metals issues and stops year-to-date report, which can be found here everyday for free. It chronicles the physical delivery notices of various metals, including gold. Let’s have a look:
http://acrossthestreetnet.files.word...ng?w=604&h=501
“I” is for “Idiot”
That’s how I remember it, anyway. “I” actually stands for “issues,” meaning the firm parted with its metal (@ 100 troy ounces a shot), and “S” stands for “stops,” meaning the firm took delivery of gold. “C” is for customer accounts, “H” is house accounts. The first thing you should notice is that most transaction net out to zero in a given month (blue boxes), meaning the firm’s gold holdings didn’t change. What they delivered one day they got back the next, or vice versa. The green boxes show firms who received more than they delivered and the red boxes indicate firms who coughed up gold for Bernanke bucks (aka idiots). Note that Deutsche Bank’s massive take in February more than offsets its deliveries in December and April.
Notice one more thing before we move on: Despite Goldman’s much ballyhooed “Gold Sucks!” call a few weeks ago, the squid has not parted with any yellow metal whatsoever in 2013. Hmmm.
Now for the main event:
http://acrossthestreetnet.files.word...ng?w=604&h=403
J P Morgan has fumbled ownership of 1,966,000 Troy ounces of gold since February 1. That’s 74% more gold than the US mint delivered through its American Eagle program in all of 2012. I mention this because there’s little doubt in my mind that the US government is one of JPM’s gold “customers.” So (if I am correct) the same US government who just let the Morgue dump its gold on the COMEX floor will once again be suspending gold sales to peasants.
Maybe Jamie Dimon figures he’ll buy back all that gold on the cheap when the rest of the world realizes how smart he is. Or maybe he’s once again displaying that his firm doesn’t have the slightest idea what “hedging” is and is teetering on the brink of collapse. That would explain the April 11th meeting between President Obama and the Pig 5 bank CEOs, wouldn’t it? And you just have to get a little misty that Lloyd Blankfein was nice enough to provide some hot-air cover for his competitor, don’t you?
One thing’s very clear: When it comes to selling physical gold, J P Morgan is acting alone. The 130 contracts NOT delivered by JPM in the last three months (of which 110 were fromABN AMRO) are but a footnote. If Jamie’s right, he’ll look like a genius in a few months, if not he should be able to recycle his quote regarding the infamous “London Whale” losses: “Just because we’re stupid, doesn’t mean everybody else was.” Time will tell.
100 years ago John Pierpont Morgan famously testified to Congress, “Money is gold, and nothing else.” (Note: That is the exact quote, the full testimony can be found here). One has to wonder what the big guy would think of his legacy’s disregard for sound money, $70 Trillion derivatives book, and “House of Cards” “Fortress” balance sheet.
One more very, very important thing.
Anybody who says there’s been gold selling in the GLD is a freaking moron (Bob Pistrami, I’m looking in your direction). The GLD works much like a coat check. Unless you think checking your coat constitutes a real transaction of some kind you shouldn’t think of changes in the GLD’s gold holdings as sales. They’re not. When you check your gold into the GLD you get shares (like a claim check). Where it gets wierd is you can sell these claim checks to nimrods who seem to think they’ve bought your coat, but aren’t actually allowed to wear it.
What nobody seems to appreciate is that every share of GLD is allowed to be sold TWICE (long and short, and it’s really important to understand that). If you’re foolish enough to doubt me (and foolish enough to short gold), go short GLD shares and see if anyone knocks on your door demanding gold. Saying the GLD is 100% backed by gold is a bold face lie because they’re can be twice as many shares in play as gold backing them, which means GLD shares may be only 50% backed by gold before any rules are broken.
When GLD (or any ETF for that matter) shares sold exceed the existing shares PLUS all the shortable (double-sold) shares, legitimate shares can not be found for settlement and that must be reported to the SEC’s “Fails to Deliver” list, which is published twice a month with about a four-week delay (here).
April 15, 2013 was this biggest volume day ever for GLD (93.7mm) and I’ll guarantee you right now that record fails to deliver will be reported on or around that date, which should have required more gold to be deposited with the GLD (but that didn’t happen). So instead of the half-assed explanation Pistrami offered (here) of how he thinks the GLD works, he should have raised the question of whether or not there were enough legitimate shares of GLD to facilitate trading (I say no way in hell).
Gold continues to be pulled from the GLD (which really means people want their coats back) and still no one’s concerned about the number doubled-owned shares. Worse yet, the responsibility for sorting this unholy mess out falls to SEC chief Mary Jo White who is celebrating her 16th day in office.
I can’t wait to see what happens next….
Notes for Nerds: This piece is not intended to describe the inner workings of the COMEX or GLD in detail, so don’t bust my balls with minutiae, unless it is relevant to the discussion of JPM’s massive gold sales or the double-ownership of ETF shares. Double-owned ETF shares are huge problem with ETFs in general, but the misrepresentation (by omission) of this fact by ETFs supposedly backed by tangible assets like gold and silver seems more egregious to me.
http://acrossthestreetnet.wordpress....-selling-gold/
double post
So, they give you money created in the Tualight Zone and then you pay back with real money PLUS the interest....who do you blame for all this? YOU the ones who allowed to happen......we all know who is behind all the problems of the yesterday and today and unless something is done then also of the tomorrow.
V
Only a foolish idiot like you Palani would think I would get angry.Quote:
Originally Posted by palani
Heck I'm smart enough to realize there are laws that outlines the who's, what's, when's and why's on taxes.
I'm smart enough to realize its Congress who passes these tax imposition laws....not the federal reserve bank....or any bank for that matter.
You say a lot of legal crap so you have no excuse to keep saying fiat reserve currency is reason behind why you are taxed on your labor.
You haven't even came up with one piece of law that even comes close to suggesting having fiat money in your pocket causes you to file a 1040.
You never will procure one piece of evidence because there are no laws in existence coming even close to your fiat premise.
This video is about the relationship between the federal reserve and the US government and how the US government borrows from the Federal Reserve.
Then he goes on basically saying everyone with fiat owes taxes without ever explaining "how", "when" or "why"!
There's a huge amount of speculation on this guy to say anyone who touches the reserve note is subject to taxes because they have reserve notes in their pocket.
I've talked Madfranks about starting a thread on why you people are taxed on your labor.
After its all said and done palani there shouldn't be any mistaken about what I say about Social Security being the reason.
Multiplex et indistinctum parit confusionem; et questiones quo simpliciores, eo lucidiores. Multiplicity and indistinctness produce confusion; the more simple questions are the more lucid. Hob. 335.
When your conclusions are too complicated then they are most probably WRONG!!!!
You haven't seen the conclusion yet palani.Quote:
Originally Posted by palani
When you do see the conclusion I'll remind you of your comment about complexity.
The deal with Social Security is so simple a child can understand it.....yes its that simple!
Multiplicity huh?
So far it's you and all your legal conspiracy theories you cant bring together under one roof to explain.
And when someone comes along and questions you...........you slick lawyer your way out by turning it all around on the guy questioning you.
Indistinctness huh?
You have yet to connect ay of your dots to clarify your position....and again you cite random Latin as if that clarification and distinction.
Like I said after I'm done writing up the thread that clearly explains why Social Security is the main reason why Americans pay an income tax there wont be any questions about your cloudy FRN theory you haven't yet procured any evidence to help your premise.
Hopefully it'll show everyone here just how much you really are lost in the law.
7th trump, Go to your room Now!
Palani, Go outside Now!
Attachment 4831
http://gold-silver.us/forum/attachme...1&d=1367208035
"It take less words to the the truth than to tell the lies"... PonceQuote:
Originally Posted by palani
On William Jefferson Davis Clinton's first run for president a reporter was talking to an Arkansas resident asking him what he thought about Clinton. His reply: "If he could stand on the ground and tell the truth he would climb a tree to tell a lie."Quote:
Originally Posted by Ponce
I certainly hope not. I am not dead you know.Quote:
Originally Posted by 7th trump
So why are you scared of statutes?Quote:
Originally Posted by palani
You have this premise that fiat currency is the reason behind Americans being imposed the federal income tax.
All the laws surrounding the American people, who don't work for the government, being imposed the federal income tax, are in statute form and mainly emanating from the Social Security Act.
Why are you scared of the Social Security Act and its related statutes?
one who claims to be all wise of law would surely resort to researching the law surrounding the income tax.
You have on occasion said you've been researching the tax laws for a long time.........but dont understand where the imposition comes from and why!
Why is that palani?
Why do you claim such a studious status but yet refuse to acknowledge the statutes explaining how or why the tax laws are imposed?
Why do you resort to pet theories when the tax laws are in black and white?
Doesnt makes sense to me unless you are incapable of understanding the tax statutes.
Maybe we should the name of this forum to Palani-Vs-7thTrump.us?
We are more scarred than scared.Quote:
Originally Posted by 7th trump
Yeah guys, seriously, please don't derail this thread into another back-and-forth between you two. If you want to do that, start a new thread.Quote:
Originally Posted by mamboni
The video was good, but the producer's credibility becomes unreliable when he makes such an obvious mistake as crediting our founding fathers with putting "in God we trust" on the dollar bill.
Yep the guy assumes quite a bit and the sheeple will eat it up as fact.Quote:
Originally Posted by madfranks