Friday, October 14, 2016

Gold World News Flash

Gold World News Flash


What Happened To Gold & Silver Prices?

Posted: 13 Oct 2016 11:01 PM PDT

  By Clint Siegner, Money Metals Exchange Gold and silver prices charged higher during the first 6 months of the year. They fell into a rut over the summer, and then hit the skids last Tuesday....

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An Inside Look At Two "Unrelated" Banker Suicides Reveals A Fascinating Rabbit Hole

Posted: 13 Oct 2016 06:45 PM PDT

It has been nearly four years since one of the most infamous, and still largely unexplained, banker "suicides" took place, the first in a series of many: we are talking about the death of the director of communications at Monte dei Paschi di Siena, David Rossi, who allegedly jumped to his death on March 6, 2013.

Since this event has largely faded away from the public consciousness here is a quick recap: David Rossi, who was the head of communications for Monte dei Paschi di Siena bank, which was founded in 1472 and which is currently seeking to finalize its third bailout since the financial crisis, died after falling - or being pushed - from a third floor window of the bank's headquarters in a 14th century palazzo in the Tuscan city of Siena.

His death in March 2013 came at a time when the bank was pushed close to the brink of collapse over a scandal involving the loss of hundreds of millions of euros through risky investments.

While a quickly cobbled together post-mortem found that Rossi, 51, had killed himself, his family strongly suspected that he was murdered because he knew too much about the bank's shady financial deals. As a result, earlier this year, prosecutors in Siena, where the bank is based, ordered his body to be exhumed and for the trajectory of his fall to be simulated, in an attempt to discover exactly how he died.

The death itself was suspicious: while Rossi fell, or was pushed, from his office at exactly 7:59:23 pm on March 6, 2013, and landed in a darkened alleyway, he did not die immediately – he was alive for 22 minutes, investigators believe.

What made Rossi's death even more puzzling is that security camera footage, released years after his death, showed two shadowy figures appear at the end of the alley, apparently checking that there was no chance he would survive.

The scandalous video emerged in public this June, when the Post's Michael Gray used it as the basis for an article asking "Why are so many bankers committing suicide?" For those who have not seen the 4 minute clip, we present it below in its entirety.

Among the oddities revealed at the site of the alleged suicide is that the executive had bruises and scratches on his arms and wrists which suggested that he may have been gripped forcibly by one or two assailants before being pushed out of the window. On the back of his head was a deep, L-shaped gash suggesting he may have been hit with a blunt object before falling from the window.

Three apparent suicide notes were found crumpled in a bin in his study, but Antonella Tognazzi, his widow, said they contained phrases that her husband would never have used. One of them said: "Ciao, Toni, my love. I'm sorry."

"He never called me Toni, he always called me Antonella," his widow, who has long contended that her husband did not kill himself but was murdered, said. The recent reopening

A handwriting expert who analyzed the notes said they seemed to have been written under duress. Another unexplained element is the fact that 33 minutes after Mr Rossi fell from his office window, a call was made on his mobile phone.

At exactly the same moment, the CCTV footage showed an object falling onto the ground and landing a few feet from the body; it was later found to be Mr Rossi's watch, minus the strap.

To be sure, the recent emergence of the video has somehwat placated Rossi's widow, Antonella Tognazzi, who got her wish for a re-examination into the circumstances surrounding Rossi's death:  "We've been waiting a long time for the investigation to be reopened," said Ms Tognazzi early this year quoted by the Telegraph. "It's what we had been hoping for – it's an important sign on the part of the judiciary. I have never believed he committed suicide."

The plot thickens when one digs into the details revealed by the footage captured on the surveillance video.

The footage shows the three-story fall didn't kill Rossi instantly. For almost 20 minutes, the banker lay on the dimly lit cobblestones, occasionally moving an arm and leg. As he lay dying, two murky figures appear. Two men appear and one walks over to gaze at the banker. He offers no aid or comfort and doesn't call for help before turning around and calmly walking out of the alley.

Two minutes into the clip, Gray also notes that "Italian authorities have yet to identify these two men."

Following the Post article, there was a scramble by the Italian press to explain that the two men had indeed been identified, and to suggest that the local police knew, all along who they were. In a statement, the prosecutor of Siena said that the video on the fall of David Rossi "being circulated on the internet corresponds to the one already acquired during the investigation". Moreover, the two men seen near Rossi's body in the video footage were already interviewed in the first phase of the investigation.

"For final confirmation and to avoid any further speculation, we have decided to re-interview the two men in the video as part of the new investigation," wrote the prosecutor. The two people in question are Giancarlo Filippone and Bernardo Mingrone. "The first, seen wearing a padded jacket, was a colleague and friend of David Rossi, while Mingrone, who is wearing a coat and remains in the background, was at the time a senior executive in the MPS finance department."

Courtesy of the police inquest into the suicide can confirm the two individuals seen in the back alley where Rossi died, were indeed his former coworkers Giancarlo Filippone a manager at Monte Paschi and a friend of Rossi, and Bernardo Mingrone, the CFO of Monte Paschi.

The police report notes the following testimony from Filippone, as recounted by Il Fatto Quotidiano: "I came from work at 18 and later I was contacted by the wife of Rossi who had not heard from her husband and begged me to go and call him. I sent him a text message at 19:41 (...) and got no response, so after waiting a bit I went to the office at 20:30 and when I entered the room I saw the window open, I looked below and saw David's lifeless body."

Mingrone's testimony was also recorded: "At 20:40 on my way out I was talking on the phone, and just as I was in the hallway on the ground floor of the building heading towards the main exit, I met another man (Filippone) gesticulating dramatically and confused. The concierge mouthed the following words: "David Rossi" then "window", then after hanging up the phone i met with Rossi's colleague (Filippone, ed) who told me that David Rossi was thrown from the window. I asked the two where Rossi's office was located and to accompany me there asking if they had called an ambulance. I entered the office and I looked out the window seeing the body on the ground; at that point I called 118 (emergency sevices) since I had been told that no one had called previously."

That's the official version; the actual video evidence demonstrates no panic, and no distressed among the two individuals, who calmly walk up to the dying body and then calmly walk away. The public prosector found little in the circumstances suspect, and as he detailed on June 17, there was no mystery as to the presence of the two men in the alley, where Rossi was either pushed or had jumped on his own.

Where some confusion does emerge, however, is that according to a different recount of events that night, Rossi did in fact speak to his wife Antonella whom he called at 19:02, one hour prior to the deadly fall, in which he did not speak as like someone who is going to commit suicide. To the contrary they were making dinner plans: "I will be home at 19.30. I already bought everything you need. But first I need to take the meatballs that I ordered for dinner. See you later." He would never make it home as he was dead shortly after. Adding to the confusion is that after his death a number was typed on his cell: 409909 which, according to his lawyer, may have been a computer access code. It is unclear what was being accessed or who typed in the code.

But the question about the presence of the Monte Paschi CFO at the crime (or suicide) scene, is just one part of the mystery.

Two days prior to Rossi's death, the communications director sent a cryptic
email to the bank's CEO, Fabrizio Viola according to Rossi's wife. "I want guarantees of not being overwhelmed by this thing," he wrote. "We would have to do right away, before tomorrow. Can you help me?" As the post previously asked,"it remains a mystery what specifically Rossi thought could "overwhelm" him just before his death, but many have speculated that he was referring to Monte Paschi's troubled financial position."

Incidentally, Fabrizio Viola stepped down as Monte Paschi CEO just one month ago, as the bank was deep in the middle of its latest, third, bailout process which however according to press reports has met substantial procedural hurdles and may not be completed, with speculation a debt for equity swap may be required to facilitate the bank's rescue.

Furthermore, Rossi was a close confidant of former bank Chairman, Joseph Mussari, who was the driving force behind Monte Paschi's 2008 $13 billion purchase of Banca Antonveneta from Spain's Santander. Many banking analysts agreed at the time that Monte Paschi had overpaid for the acqusition, which incidentally was financed by Deutsche Bank.


Giuseppe Mussari poses at the ABI headquarters in Rome July 27, 2010

Adding to the mystery, in October 2014, an Italian court sentenced Mussari to three years and six months in jail for misleading regulators in relation to a 2009 derivative trade with Nomura that prosecutors said was used to conceal losses. The court in Siena, where Italy's third-biggest lender is based, also sentenced former chief executive Antonio Vigni and ex-finance boss Gianluca Baldassarri to the same jail term. Prosecutors had asked for a seven-year jail sentence for Mussari and six years for Vigni and Baldassarri.

Prosecutors had accused Mussari, Vigni and Baldassarri of hiding a document known as a mandate agreement, which prosecutors and regulators said made clear that the derivative, called Alexandria, was linked to the acquisition of 3 billion euros worth of long-term Italian government bonds by Monte dei Paschi. The link between the two trades meant they should have received different accounting treatment, which would have shown heavy losses. Alexandria and two other derivatives trades ultimately forced Monte Paschi to restate its accounts and book a loss of 730 million euros on its 2012 results.

New management at the bank, now working on a plan to fill the 2.1-billion-euro capital hole, has said it only discovered the existence of the mandate agreement when it was found in a safe in Vigni's former office in October 2012, more than three years after it was signed.

If so far this all appears very confusing, is because it indeed is.

Where it gets even more confusing is that in January of this year, three executives from Deutsche Bank, which as we now know was very intimately involved with some of the illegal derivative transactions undertaken by Monte Pasci, were also implicated civilly, including Michele Faissola, the head of Private & Asset Wealth Management at Deutsche Bank— charged by Italian authorities with colluding with the troubled Monte Paschi in falsifying accounts, manipulating the market and obstructing justice.

Prosecutors have been reconstructing how Monte Paschi's former managers misrepresented the lender's finances in the years before it sought a government bailout. The misrepresentation first came to light in January 2013 when Bloomberg reported that Monte Paschi used a transaction with Deutsche Bank, the infamous Santorini (profiled here), to mask losses from an earlier derivative contract. The bank the same year had to restate its accounts

Faissola denied the charges.


Michele Faissola, head of Private & Asset Wealth Management

Faissola, whose roles included overseeing rates and commodities, was put in charge of Deutsche Bank's combined asset and wealth management division in 2012 when Anshu Jain and Juergen Fitschen took over as co-chief executive officers of the Frankfurt-based lender. Deutsche Bank on Oct. 18 said Faissola would leave after a transition period; his departure came just a few months after the sudden resignation of Co-CEOs Anshu Jain and Jurgen Fitschen in June 2015; it is said that Faissola was their close protege.

As a reminder, earlier this month, the recently troubled Deutsche Bank was itself charged by Italy for market manipulation and creating false accounts. Additionally, the name Faissole emerged once again, when as Bloomberg reported, six current and former managers of Deutsche Bank, including Michele Faissola, Michele Foresti and Ivor Dunbar, were charged in Milan for colluding to falsify the accounts of Italy's third-biggest bank, Monte Paschi and manipulate the market.

Here is where things get interesting.

Michele Faissola was a coworker of one William S. Broeksmit. By way of background, Broeksmit had two stints at Frankfurt-based Deutsche Bank, first from 1996 to 2001, then from 2008 until his retirement in September 2013, having previously worked at Merrill Lynch. When he rejoined the bank in 2008 it was in a newly created position, head of portfolio risk optimization. In 2012, as Jain and Fitschen prepared to take over as CEOs, the duo advanced Broeksmit's name to become the new chief risk officer. The bank retreated on his nomination after German financial regulator BaFin raised concerns that Broeksmit's lack of experience managing a large number of employees.

Broeksmit worked as a consultant from his retriement until Janury 28, 2014... when the body of the 58 year old was found hanging in his London flat from a dog leash tied to the top of a door. He had just commited suicide..

As we reported at the time, financial papers had been strewn about the scene of his suicide, and on a dog bed near the body were a number of notes to family and friends. One was addressed to Deutsche Bank CEO Anshu Jain, with an apology. That note offered no clue as to the reason he was sorry.

And this is where the story gets even more fascinating: the abovementioned Michele Faissola, who was instrumental in helping Monte Paschi arrange its various derivative deals with Deutsche Bank, was the first to arrive at the gruesome scene of Broeksmit's suicide in 2014.

 When he arrived at the South Kensington home, he immediately began going through the bank papers and read the suicide notes.


The west London home of William S. Broeksmit where he was found dead in 2014

We know all this because it was recounted to us by Val Broeksmit, the son of the deceased high-ranking Deutsche Bank banker. Val also who provided us the police report of David Rossi's death, and various other key notes as he has tried to piece together over the years how and why his father committed suicide.

While there is no evidence Faissola was involved in any misconduct related to Broeksmit's death, Val wonders what, if anything, Faissola had been searching for.

So do we.

The reason why this story, which has seen bits and pieces float around over the past 3 years, is reemerging is because now that both the insolvent Monte Paschi is in the news for its ongoing third bailout, not to mention the significantly troubled Deutsche Bank is also a daily source of market stress, the fact that two bankers who were intimately familiar and certainly involved in many of the transactions between Deutsche Bank and Monte Paschi, and which have been deemed illegal and are being prosecuted by the Italian state, have committed suicide, is worth bringing to the public's attention.

* * *

What is fascinating, is not only how interconnected the fates of Deutsche Bank and Monte Paschi have been over the years - two banks that have each seen a dramatic, high ranking suicide in recent years - but also how far the political process has pushed to preserving a cone of silence surrounding these events: recall that on September 1, Milan prosecutors filed a request to shelve a probe for alleged market manipulation and false accounting against the chief executive of Monte Paschi, Fabrizio Viola, and the bank's former chairman, Alesandro Profumo; a probe that was launched just several weeks prior. As noted above, Viola quietly resigned from his post shortly after the announcement.

Most importantly, while investigators on both the UK and Italian side have been quick to dismiss the banker deaths as open and shut cases of suicide, courtesy of Broeksmit's son we have access to certain documents which we are confident will reveal not just how deep the rabbit hole truly goes, linking the oldest and biggest European banks through two still largely unexplained suicides, but also what is hidden behind Deutsche Bank's mirrored facade.

Wikileaks Releases New Clinton Campaign Emails - On The Record

Posted: 13 Oct 2016 06:00 PM PDT

Wikileaks Releases New Clinton Campaign Emails - On The Record The Financial Armageddon Economic Collapse Blog tracks trends and forecasts , futurists , visionaries , free investigative journalists , researchers , Whistelblowers , truthers and many more

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Global Elites Are Getting Ready To Blame You For The Coming Financial Crash

Posted: 13 Oct 2016 06:00 PM PDT

Submitted by Brandon Smith via Alt-Market.com,

Those people that have any doubts about where the narrative is headed for global economic stability simply have not been paying attention lately.

As I pointed out in my pre-Brexit referendum article, Brexit: Global Trigger Event, Fake Out Or Something Else?, the story being scripted by the globalists is one of the “failures and crimes" of conservative movements. I predicted that the Brexit would pass based on this language used by international financiers and elites leading up to the vote.

The vast majority of analysts in the mainstream and in the alternative media refused to acknowledge the possibility that a successful Brexit actually works in FAVOR of the globalists, because it provides them a perfect scapegoat for a financial crisis that has been broiling for years and is now ready to burst into flames. I find still that many people will not dare to consider the idea that a successful conservative resurgence is actually part of the plan for globalist institutions. Many argue that the elites just don’t have that kind of pervasive control over the system, or that I am attributing “too much power and ability” to them.

I find this argument rather naive but also interesting, because many of the people that claim the elites do not have such influence were also the same people that argued before the Brexit that the elites would “never allow” the U.K. referendum to pass. So, do they have extensive influence, or don’t they?  This kind of selective blindness to the game being played prevents a whole host of otherwise intelligent people from grasping reality.

These folks need to finally admit to themselves that they were half right; the globalists would not allow the passage of the Brexit, UNLESS, a successful Brexit actually works in their favor.

In my post-Brexit analysis I said that the meme of bumbling and destructive conservatives and “populists” would continue into the U.S. election, and so far it would seem this is exactly the case. In numerous mainstream articles globalists have been openly telling us exactly what is about to happen.

I find that the same naivety that developed during the Brexit campaign has also developed around the Trump campaign. Too many in the liberty movement will not entertain the idea that a Trump win is in the cards. Yet, the elites are using the same language in reference to the Trump campaign that they used before and after the Brexit.

Bloomberg’s latest report on the annual meetings of the IMF and World Bank showcase numerous warnings by the elites:

The global economy has benefited tremendously from globalization and technological change,” the IMF’s top advisory panel said in a communique released on Saturday after meeting in Washington. “However, the outlook is increasingly threatened by inward-looking policies, including protectionism, and stalled reforms.”

 

The IMF warned in its latest economic outlook that rising political tensions over open markets and free trade could undermine a recovery already lacking a growth engine.”

 

In a rebuke to those advocating a turn away from trade, the members of the IMF panel redoubled their commitment to “maintain economic openness and reinvigorate global trade as a critical means to boost global growth.”

Barron’s reiterates the predictive programming, insinuating that a loss of faith in globalism and the financial elites will lead to disaster.

Leaders gathered at the International Monetary Fund/World Bank annual meeting didn’t mention Donald Trump by name this week, but they warned the anti-trade and populist movements fueling his presidential campaign, as well as Brexit, could further slow already anemic economic growth.”

 

“…Populist movements have not fallen on deaf ears, with German Finance Minister Wolfgang Schaeuble noting during a panel on the global economy that: “More and more, people don’t trust their elites. They don’t trust their economic leaders, and they don’t trust their political leaders.”

Globalists are telling us what is about to happen.

I continue to hold to the position I always have — that Donald Trump is going to be ALLOWED into the White House, and that this will be a prelude to economic crisis. The stage is being set for a grand finale to our ongoing financial collapse. The great villain behind the whole disaster will be revealed, and we will be told that the villain is us.

By “us" I mean conservative movements in general, though, the mainstream media and globalist spokesmen refer to us more often today as “populists", or maybe "deplorables". Those people who think this brand of “conspiracy” is too far fetched because it requires an inordinate level of political and economic control have not really thought the situation through.

Fact - central banks and international financiers have already created the conditions necessary for economic instability. Fact - these same elites have staved off a larger or more immediate collapse over the past eight years through the use of fiat stimulus measures, market rigging and the manipulation of public perception. Fact - the elites can easily initiate an immediate collapse if they wish by simply refusing to prop up the system any longer. Fact - the elites have showcased the ability to stifle conservative movements in the past through interference and co-option (Tea Party, anyone?). Fact - they can also give conservative movements an opportunity to gain momentum by removing some of this interference.

The truth is, at this point globalists do not need expansive or intricate control over the system in order to cause a crisis or to place conservatives in the historical hot seat. All they have to do is step aside and let the train wreck happen. And, of course, they have to position themselves as prognosticators and saviors once the crisis event occurs.

The argument also arises that “people would never take the bait;” that the masses will not be fooled by the banking cabal into scapegoating conservatives for a crash the elites created. One can only hope. However, possession is nine-tenths of the law in the minds of many, and the mainstream has already conditioned the public with the notion that the mere presence of anti-globalist conservatives in positions of political authority will negatively affect market psychology.

Of course, this notion relies on the admission of certain truths. For example, the globalists would have to admit that the fiscal system they have held together is so tenuous and fraudulent that it depends solely on false public perception and false investor assumptions. In order to blame conservatives for the destruction of the global economy, the elites will have to tell the truth about the frailty of the system before they can lie about who broke it.

This may not matter. When people are facing national or international calamity with the potential to hurt them personally, critical thinking and logic tend to go out the window.

There is also the power of distraction to occupy the minds of the masses while a crisis is taking shape, and what could be more distracting than the Trump vs. Clinton U.S. election? I have to say, I don’t think I have ever witnessed or seen a historical accounting of an election more psychotic than the election of 2016. It is truly the most divisive event in over a century, and this is why I consistently compare it to the Brexit referendum.

The tone is very much the same, with citizens on the Left side of the political spectrum being lured into rallying in support of globalism as if it is a prerequisite to peace and harmony, while citizens on the Right side of the spectrum are portrayed as knuckle dragging isolationist barbarians hell-bent on urinating in the punch bowl and ruining everyone’s global prosperity party.

Brexit supporters were painted as older, selfish, potentially racist and out of touch with the changing times. Brexit opponents were painted as young, educated and victimized by older generations taking away the supposed future benefits of globalism.

Trump supporters are labeled as older, mostly white-centric, uneducated and fearful of the changing times. They just “don’t get” that it’s 2016. Trump opponents are elevated as the academic and worldly class battling to prevent another Hitler.

During the lead up to the U.K. referendum, polls indicated a wide margin in favor of the anti-Brexit crowd and the assumption by almost everyone was that the Brexit would fail.

The lead up to the U.S. election is also rife with polls indicating in most cases a margin of victory for Clinton over Trump. Of course, only a complete idiot would take polling numbers seriously in light of what happened during the Brexit.

The Brexit campaign witnessed what appeared to some to be an unrecoverable black swan event - the killing of British MP Jo Cox. Almost everyone claimed that the murder of Cox by an apparently pro-Brexit assailant meant that the Brexit was doomed (I actually argued that the murder would be forgotten in a week and that the Brexit would pass anyway).

The Trump campaign has witnessed its own kind of “black swan” event with the release of recordings from eleven years ago in which Trump is heard making “lewd remarks” about women. It is surprising to me how many conservatives (let alone liberals) have been declaring Trump’s candidacy effectively “over” due to the scandal. These people are dupes.

Once again, I argue that the Trump tapes will be forgotten in a week and that they have no bearing whatsoever on the election. They are nothing more than bread and circus. Beyond the fact that really, almost no one cares what Trump said a decade ago, I argue that this election has already been decided. I argue that the globalists want Trump in office, just as they wanted the passage of the Brexit. I argue that they need conservative movements to feel as though we have won, so that they can pull the rug out from under us in the near future. I argue that we are being set up.

Again, the elites are openly telling us what is about to happen. They are telling us that if “populists” (conservatives) gain political power, the system will effectively collapse. To what extent is hard to say, but let’s assume that the situation will be ugly enough to influence the masses to reconsider the ideal of globalism as a possible solution. The elites are fond of the Hegelian dialectic and the philosophy of “order out of chaos,” after all.

The only way to counter this developing lie is for liberty champions to first accept the idea that our political victories might be ultimately meaningless and that we are being allowed to take charge of a ship that is already sinking. Only then can we distance ourselves from an exponential fiscal disaster by distancing ourselves from the narrative.

Perhaps I am wrong, and in November we see a dismal Trump performance and a Clinton victory. But if we see a “surprise” Trump election win, just as we saw a surprise Brexit win, then it may be time to consider that the surface of this situation is not what it appears.

Area 51 | Declassified

Posted: 13 Oct 2016 05:30 PM PDT

 What is Area 51 really bring used for? Testing secret weapons? Hiding extraterrestrial secrets? Find out more in Area 51 Declassified. The Financial Armageddon Economic Collapse Blog tracks trends and forecasts , futurists , visionaries , free investigative journalists , researchers...

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MARTIAL LAW and FEMA Camp video: People scared of Cop's Movement! (Evidences!) 2016 Please Share

Posted: 13 Oct 2016 05:00 PM PDT

Gas chambers like in Germany overhead sprinklers The Financial Armageddon Economic Collapse Blog tracks trends and forecasts , futurists , visionaries , free investigative journalists , researchers , Whistelblowers , truthers and many more

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Full Event: Donald Trump Responds To False Harassment Accusations 10/13/16

Posted: 13 Oct 2016 04:24 PM PDT

 Thursday, October 13, 2016: Full replay of the Donald J. Trump for President rally in West Palm Beach, FL.LIVE Stream: Donald Trump Rally in West Palm Beach, FL The Financial Armageddon Economic Collapse Blog tracks trends and forecasts , futurists , visionaries , free investigative...

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Matthew Ward, Adult Human Cloning

Posted: 13 Oct 2016 04:00 PM PDT

Matthew Ward, Adult Human CloningOctober 12, 2016Channeled by Suzanne Ward The Financial Armageddon Economic Collapse Blog tracks trends and forecasts , futurists , visionaries , free investigative journalists , researchers , Whistelblowers , truthers and many more

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HSBC issues Stock Free Fall Warning

Posted: 13 Oct 2016 02:51 PM PDT

 The Wall Street Journal's Veronica Dagher and Scott Martin of Kingsview Asset Management weigh in on HSBC's red alert warning that stocks are getting ready for a severe selloff. The Financial Armageddon Economic Collapse Blog tracks trends and forecasts , futurists ,...

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The End of the Great Experiment

Posted: 13 Oct 2016 02:31 PM PDT

This post The End of the Great Experiment appeared first on Daily Reckoning.

If necessity is the mother of invention, the crisis of 2008 mothered an invention for the ages.

QE, ZIRP, NIRP and half the alphabet were drafted into the Manhattan Project of monetary economics. The invention "worked," if you grade on a generous curve. Now the market's at record highs and they want to go back to normal — or before 2008 at least.

In the words of new British Prime Minister Theresa May:

While monetary policy with super-low rates and quantitative easing have provided emergency medicine, we have to acknowledge some of the bad side effects. People with assets have got richer, while people without have not. A change has got to come, and we are going to deliver it.

Central bank balance sheets exploded from $6 trillion pre-crisis to a flammable $18 trillion at present. And the mad scientists can't uninvent the monetary A-bomb they created.

Unwinding their balance sheets would almost certainly cause a financial detonation to dwarf 2008.

The solution? Adair Turner, former captain of the U.K.'s Financial Services Authority, has called for a state of "permanent monetization."

The debt never goes away. It stays for good. The government just owns most of it.

Sir Turner:

There is no need for central banks' balance sheets to shrink. They could stay permanently larger… Advanced economies face debt burdens that cannot be reduced simply through a mix of austerity, forbearance and growth. But if a central bank owns the debt of its own government, no net public liability exists. The government owns the central bank, so the debt is to itself.

"Helicopter money," essentially. And it's hovering nearby…

"Permanent monetization may be inevitable," tuts Jean-Michel Paul, founder and CEO of Acheron Capital, "given the risks and difficulties entailed in undoing the asset accretion that happened under QE."

"Recognizing this changes the national debt picture," Paul gushes, gushing further that:

Governments would have greater scope to launch fiscal stimulus than previously anticipated. A large-scale stimulus program focusing on infrastructure and boosting human capital would likely trigger a world economic recovery. It would allow the benefits of QE to accrue to society as a whole rather than to the few owners of QE-inflated financial assets.

Just so. But "permanent monetization" monkeys with another invention, one with a much richer and… combustible history. It's called fire.

It essentially turns the printing press over to the government. As well hand Dennis the Menace a lighter and a can of kerosene.

As Monsieur Paul himself admits, "The whole purpose of independent central banks was to prevent governments from using monetary policy to fund its expenses or its debt, so-called monetary financing."

Jim Rickards has warned that soon or late, governments will get their inflation. Hand them the keys to the bank and watch out.

As Turner himself concedes:

Where inflation is returning to target levels, debt monetization could be unnecessarily and dangerously stimulative… If we overtly recognize that debt write-off/monetization is possible, politicians might want to do it all the time and in excess, not just in circumstances that make it appropriate. The historical experience of Weimar Germany, or that of Zimbabwe today, illustrates the danger.

Weimar Germany. Zimbabwe. Not the monetary company Uncle Sam wants to keep. And evidence suggests inflation is returning to the "target levels" to which Turner refers. The Fed itself admitted recently that “Real personal consumption expenditures (PCE) appeared to be increasing solidly, on net, in the third quarter."

Bank of America Merrill Lynch says inflation's coming — and faster than most think:

We believe that improving economic growth and a broadening of the policy mix to include fiscal stimulus will lead inflation to creep higher in the coming months, surpassing market expectations.

All's quiet for now. But Jim's said the world can switch from deflation to inflation quick as a wink, surprising everyone:

Inflation can really spin out of control very quickly. If it happens, it would happen very quickly. We would see a struggle from 2% to 3%, and then jump to 6%, and then jump to 9% or 10%.

Then you'll be glad you own gold — if you own gold.

Regards,

Brian Maher
Managing editor, The Daily Reckoning

Ed. Note: The most entertaining and informative 15-minute read of your day. That describes the free daily email edition of The Daily Reckoning. It breaks down the complex worlds of finance, politics and culture to bring you cutting-edge analysis of the day's most important events. In a way you're sure to find entertaining… even risqué at times. Click here now to sign up for FREE.

The post The End of the Great Experiment appeared first on Daily Reckoning.

The Elite Solution: Three New Ways To Get Inflation

Posted: 13 Oct 2016 01:41 PM PDT

This post The Elite Solution: Three New Ways To Get Inflation appeared first on Daily Reckoning.

The greatest debt debacle of all time is staring us in the face. Don't take it from me. The IMF agrees.

It's one thing when frantic voices out of the mainstream warn about an impending debt apocalypse. It's quite another when an elite mainstream source says the same thing. That's what happened recently.

A new IMF report that highlights the fact that global debt is now $152 trillion and the global debt-to-GDP ratio is 225%. Both figures are considerably higher than they were both before and immediately after the last financial crisis.

One of the persistent myths since the Panic of 2008 is that the global financial system has deleveraged and the financial world is now a safer place. Nothing could be further from the truth.

And this debt exists in a low-rate environment. Even the slightest increase in interest rates would blow up the debt levels even more. The fact is there's no feasible combination of growth and taxes that will make this debt burden sustainable. There are only two ways out — actual default by nonpayment, or de facto default by inflation.

There are three ways to get inflation that have not been tried yet. But you can see them coming a mile away if you understand elite jargon and the elite message system…

The three new ways to get inflation are "helicopter money," special drawing rights and raising the price of gold.

Helicopter money results when governments run larger deficits and central banks print the money to cover the deficits. Central banks have been printing money since 2008. The problem is banks won't lend it and people won't spend it.

Helicopter money cuts out the middleman. Governments just borrow and spend the money directly without waiting for the banking system to do the job. Central banks pick up the tab.

Special drawing rights (SDRs) are just world money printed by the IMF. The one advantage of SDRs is that very few people understand them, and there's no political accountability. SDRs can work hand in hand with helicopter money.

If governments want to spend more but legislatures won't let them, the IMF can hand out SDRs, and governments can spend those without waiting for their own legislatures to act. The IMF acts like the "central bank of the world," and no one can stop them.

Raising the price of gold is the easiest way to get inflation. A higher dollar price for gold is practically the definition of inflation. Governments can do this in a heartbeat. The Fed would just declare the price of gold to be, say, $5,000 an ounce and make the price stick using the gold in Fort Knox and their printing press to maintain a two-way market.

The Fed could sell gold when it hits $5,050 an ounce and buy gold when it hits $4,950 an ounce. That's a 1% band around the target price of $5,000 an ounce. The band and the use of physical gold will make the target price stick.

If you don't believe this can happen, just check the history books. In 1934, President Roosevelt raised the dollar price of gold 70% and deflation stopped on a dime. The economy took off and so did the stock market. It works.

That's the elite plan. Helicopter money, SDRs and a higher gold price are the trifecta of how to get inflation when all else fails. These policies can be done individually or in combinations. This will be playing out in the next few years.

Don't take my word for it. Look at what the elites themselves are telling us:

Adair Turner is a bona fide member of the global monetary elite. His title is Baron Turner of Ecchinswell, and he's the former head of the U.K. Financial Services Authority. Today, he's the head of a George Soros front organization called the Institute for New Economic Thinking.

Turner wrote an article on May 9, 2016, called "Helicopters on a Leash," in which he discusses debt monetization (that's the technical name for helicopter money). Here's an excerpt:

The technical case for monetary finance is indisputable. It is the one policy that will always stimulate nominal demand, even when other policies — such as debt-financed fiscal deficits or negative interest rates — are ineffective… A small amount will produce a potentially useful stimulus to either output or the price level.

Here's what Ben Bernanke had to say about helicopter money from his blog post on April 11, 2016:

"In theory at least, helicopter money could prove a valuable tool. In particular, it has the attractive feature that it should work even when more conventional monetary policies are ineffective and the initial level of government debt is high… The fact that no responsible government would ever literally drop money from the sky should not prevent us from exploring the logic of Friedman's thought experiment, which was designed to show — in admittedly extreme terms — why governments should never have to give in to deflation… In more prosaic and realistic terms, a "helicopter drop" of money is an expansionary fiscal policy — an increase in public spending or a tax cut — financed by a permanent increase in the money stock."

Bernanke called helicopter money a "Money-Financed Fiscal Program" (MFPP). That's typical of how global elites use jargon to cover up their agenda. This is why SDRs are not called "world money" and the Federal Reserve is not called the "Central Bank of the U.S." Elites use technical names to cover up the real programs. That's OK. We see through the names and what's really going on.

What's the evidence that the elites are planning to start up the SDR printing press? Here's an excerpt from an article dated April 25, 2016, by Andrew Sheng, former chairman of the Hong Kong Securities and Futures Commission and a professor at Tsinghua University in Beijing. Sheng's co-author is Xiao Geng. The article is called "How to Finance Global Reflation." Here's what Sheng had to say:

"An incremental expansion of the SDR's role in the new global financial architecture, aimed at making the monetary policy transmission mechanism more effective, can be achieved without major disagreement. This is because, conceptually, an increase in SDRs is equivalent to an increase in the global central bank balance sheet (quantitative easing)… Central banks… would expand their balance sheets by investing through the IMF in the form of increased SDRs."

This work on SDRs is not merely theoretical. China has already built a platform to expand borrowing and trading in SDRs. This is only the second platform of its type in the world. (The first SDR trading platform today is inside the IMF itself.)

Finally, what is the evidence that global elites are considering the use of government power to raise the price of gold as a way to get inflation?

Investors have often taken the view that governments try to suppress the price of gold, not raise it. That's true when governments are trying to lower inflationary expectations. But today they have the opposite problem.

Governments are trying to defeat deflationary expectations. And there's no better way to do that than let the price of gold go up in a convincing way.

There you have the roadmap for inflation on a national and global scale. The three new ways to get inflation are "helicopter money," special drawing rights and raising the price of gold.

Regards,

Jim Rickards
for The Daily Reckoning

Ed. Note: The most entertaining and informative 15-minute read of your day. That describes the free daily email edition of The Daily Reckoning. It breaks down the complex worlds of finance, politics and culture to bring you cutting-edge analysis of the day's most important events. In a way you're sure to find entertaining… even risqué at times. Click here now to sign up for FREE.

The post The Elite Solution: Three New Ways To Get Inflation appeared first on Daily Reckoning.

Gold prices in India go to premium for first time this year

Posted: 13 Oct 2016 01:23 PM PDT

Gold Prices Just Did Something They Haven't Done All Year

By Dave Forest
OilPrice.com, London
Thursday, October 13, 2016

Finally the global gold market is getting some good news from its top consuming nation -- India.

Reports this week suggest that something very unusual has just happened with India's local gold prices: They've jumped to a premium above worldwide bullion prices.

That's big news because -- so far this year -- India's prices have been lagging the rest of the world. With gold here selling at discounts of $50 or more per ounce below average global prices.

But that situation has now apparently reversed itself. With local media reporting that gold sellers in Mumbai's Zaveri Bazar were quoting gold at $1 to $2 above benchmark pricing. Marking the first time this year that India's prices have pulled back to parity. ...

... For the remainder of the report:

http://oilprice.com/Metals/Gold/Gold-Prices-Just-Did-Something-They-Have...



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K92 Mining Begins Gold Production at Kainantu Mine

Company Announcement
Wednesday, October 5, 2016

K92 Mining Inc. is pleased to announce that gold production has commenced from the Irumafimpa gold deposit.

Ian Stalker, K92 Chief Executive Officer, says: "This milestone is highly significant for our company, and for this region of Papua New Guinea. A great deal of thanks goes to the entire team on site in PNG in achieving production ahead of schedule and on budget. The rehabilitation of the Irumafimpa gold mine, process plant, and associated infrastructure commenced in late March and is now complete. As an enhancement of the processing facility, we are also pleased to note that the installation of a new drum scrubber is also nearing completion and commissioning of this will be completed by the end of the month. ..."

...For the remainder of the announcement:

http://www.k92mining.com/2016/10/6077/



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Wednesday-Saturday, October 26-29, 2016
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Gold Daily and Silver Weekly Charts - Dull Times in Snoozerville

Posted: 13 Oct 2016 01:17 PM PDT

Tiptoeing Back into the Gold Miners

Posted: 13 Oct 2016 11:50 AM PDT

Precious metals expert Michael Ballanger explains why he sees a "bottom in the cards," and outlines a trading plan to capitalize on the turnaround.

SIGNS OF THE END PART 222 - LATEST EVENTS OCTOBER 2016

Posted: 13 Oct 2016 11:29 AM PDT

 end times, end times signs, end times news, end times events, bible prophecy, prophecy in the news, tornado, earthquake, strange weather, strange events, apocalyptic signs, apocalyptic events, strange weather phenomenon The Financial Armageddon Economic Collapse Blog tracks trends...

[[ This is a content summary only. Visit http://www.newsbooze.com or http://www.figanews.com for full links, other content, and more! ]]

Alasdair Macleod: How not to manage a currency

Posted: 13 Oct 2016 08:11 AM PDT

By Alasdair Macleod
GoldMoney.com, St. Helier, Jersey, Channel Islands
Thursday, October 13, 2016

Make no mistake, sterling's collapse is a very serious development, and has serious consequences for sterling interest rates.

While it is becoming apparent that interest rates are going to have to rise possibly for all currencies on a one-year view, sterling's problems are the consequence of bad judgement, and perhaps intellectual arrogance on the part of the Bank of England's Monetary Policy Committee. The committee in turn is not and cannot be independent from the influence of Mark Carney, the bank's governor, who made the expensive error of intervening in the Remain campaign.

Many commentators are saying that sterling was overvalued, and the fall will stimulate exports. But value is wholly subjective and not formulaic, as the ivory-tower economists would have us believe. The idea of stimulating exports through lower currency rates overlooks the depressing effect of the transfer of wealth it triggers from ninety per cent plus of the population, in favour of foreigners and owners of export businesses. That is the point about stagflation. ...

It is a process that cannot continue indefinitely, because, as the adage goes, markets eventually reassert themselves. This adage is a summation of all that's wrong with monetary and financial collectivism, the inability of central planning to allocate capital resources as efficiently as free markets. Sooner or later, a mistake, changing circumstances, or a black swan event leads to a financial or currency crisis. This happens from time to time, and every time the lenders of last resort manage to save their carefully constructed artifices, they say there are lessons learned, and it won't happen again. Hubris. ...

... For the remainder of the commentary:

https://wealth.goldmoney.com/research/goldmoney-insights/how-not-to-mana...



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Join GATA here:

New Orleans Investment Conference
Wednesday-Saturday, October 26-29, 2016
Hilton New Orleans Riverside
New Orleans, Louisiana
http://neworleansconference.com/wp-content/uploads/2016/08/2016_Powell.h...

Help GATA by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006:

http://www.goldrush21.com/order.html

Or by purchasing a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:

http://tinyurl.com/zr4tjuc

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

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To contribute to GATA, please visit:

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The Structure and Future of Gold in the Investment and Monetary World

Posted: 13 Oct 2016 03:21 AM PDT

This article looks at factors that will affect gold and silver prices as we go forward. We have to say they are considerable and will lead to our conclusion that while the gold price has fallen through support below $1,300 and now stand at $1,250, we see the fundamentals taking the price back higher and much higher over time. Indeed we do see it rising through its all time peak in the next year and beyond. We will also highlight the fact that such a rise will occur in all currencies as they weaken against the gold price.

Sell Gold Now – Time To Liquidate Gold ETF, Pooled and Digital Gold

Posted: 13 Oct 2016 03:18 AM PDT

Sell Gold Now – A Note from GoldCore CEO Stephen Flood It has never been more important to own gold as part of a diversified portfolio. The form your gold investment takes is just as important as owning it in the first place. ETFs and pooled gold may not be functional in extreme markets and may themselves be subject to systemic risk events. We are living in extraordinary times and key to any investment plan that can weather the coming global financial storm is access to all important – liquidity.

ALERT: China Now Possesses Up To A Shocking 12,000 Tonnes Of Gold And Last Week’s Takedown Was The Desperate BIS

Posted: 13 Oct 2016 02:15 AM PDT

ALERT: China Now Possesses Up To A Shocking 12,000 Tonnes Of Gold And Last Week's Takedown Was The Desperate BIS
By Egon von Greyerz

 

Please click here to see my latest KWN interview.

Egon von Greyerz
Founder and Managing Partner
Matterhorn Asset Management AG
matterhorn.gold
goldswitzerland.com… Read the rest

Breaking News And Best Of The Web

Posted: 12 Oct 2016 07:37 PM PDT

Corporate earnings season off to a brutal start, stocks falling. China exports decline. Several banks now predicting recession. Deutsche Bank still trying to negotiate a lower fine with the US while raising capital on extremely unfavorable terms. Gold and silver speculative longs continue to unwind. Trump threatens to jail Clinton if he wins. Clinton now […]

The post Breaking News And Best Of The Web appeared first on DollarCollapse.com.

Gold and Crude Oil - General Stock Market Links

Posted: 12 Oct 2016 07:58 AM PDT

Without a doubt the most important event of the recent month (or even the recent years) was unexpected OPEC’s decision to limit its production to a range of 32.5-33.0 million barrels per day. The agreement reached in Algiers (which is expected to be implemented this year) improved oil investors’ sentiment and pushed the price of crude oil above the barrier of $50. But is it enough to break above the Jun peak? Is it possible that the relationships between crude oil, gold and the general stock market give us more clues about future crude oil’s moves?

And You Thought the Silver Market was Rigged

Posted: 12 Oct 2016 05:52 AM PDT

We live in a world where the yield-starved and tech-savvy conspire in the basement of the underground and unaccounted. While the rise of Bitcoin and the explosion of alternative currencies may become the new scapegoat of behavioral finance, there is nothing quite like the reality of trickle down finance gone wrong. Recently, EU officials called for putting safeguards on Internet currency.

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