Saturday, December 31, 2011

Platinum: Fire Sale on the Rich Man's Gold

By John Lee:

About 2000 years ago, Aristotle explained why gold remained the ideal choice of money throughout major nations and civilizations. In words that are just as relevant today, he said "Gold is durable, not like wheat, divisible, not like diamonds, convenient, not like lead, constant, not like real estate, and best of all, as jewelry, it has intrinsic value".

Among the most rare, valuable and sought after metals on Earth, platinum shares these same characteristics with gold. Platinum Guild International names platinum as the "most precious" of the precious metals based on its relative scarcity as well as for the following reasons:

(1) The annual supply of platinum is only about 6.4 million oz. - which is
equivalent to only 7.4% of the annual gold production and 0.87% of silver's
annual mine production.

Read report in full here

Dr. Webster Tarpley: US-UK Ruling Elite Targets Russia, Syria, Iran, Pakistan

TheAlexJonesChannel  | Dec 28, 2011 

Alex Jones & Lindsey Williams: End of The Middle East and US Sovereignty

 I am not so sure about Pastor Williams thoughts on Peak Oil, or lack there of. Although we have only surveyed and drilled a small part of the world's oceans for oil, and then there is whole continent of Antarctica, which was once covered in vegetation that could have created huge amounts of oil and gas.

on Dec 28, 2011

Europe, Central Banks and continued demand for gold ETPs

Nicholas Brooks, ETF Securities' head of Research and Investment Strategy looks at the trends seen currently in the gold ETP market, the impact of Europe and what we might expect in 2012. Listen here

James Turk - Buying Gold is buying Money

James Turk talks to Eric King of King World News of recent price action for gold with a 17% gain for 2011 and his outlook for 2012. Listen here

Alex Jones & Gerald Celente - NWO Clamping Down on People World Wide

By on Dec 30, 2011

Chris Duane - "Nothing Shines Brighter Than SILVER"

By on Dec 29, 2011

A special end of the year silver update with 'Silver Shield' Chris Duane. See Chris' work at

Dr Stephen Leeb on Silver and other rare strategic metals

Dr Stephen Leeb is interviewed on Gold Seek Radio regarding rare earth metals, copper, silver and the race with China to secure their supply. Listen here

Keiser Report: Breastfeeding the Bankers

By on Dec 29, 2011

This week Max Keiser and co-host, Stacy Herbert, present London brokers shrinking, boycotting JP Morgan, boycotting the financial system and command and control credit derivatives. In the second half of the show, Max talks to JS Kim of SmartknowledgeU about the MF Global fraud and gold and silver.

Wednesday, December 28, 2011

Ron Paul vs Michele Bachmann

on Dec 16, 2011

Paul Craig Roberts: Manning was required to report crimes

on Dec 20, 2011

US made pepper spray meets Chinese made shoes

Keiser Report: Parasites with bailouts

on Dec 27, 2011

This week Max Keiser and co-host Stacy Herbert present their bah-humbug special, taking a closer look at claims that the top 1% have more 'skin' in the game. They'll also question the intentions of the 'well-meaning' people who drive Kenyans off their land, and could be doing more harm than good with malaria vaccines. They also talk to independent journalist, Thomas C. Mountain, about charity in Africa and China's investments.

Jim Rogers - Finance News Network Interview

China urged to increase holdings of Gold

From China Daily:

BEIJING - China should further diversify its foreign-exchange portfolio and make more gold purchases when the metal's price dips but is still at a relatively high level, a senior central bank official said on Monday.

"The Chinese government should not only be cautious of the imported risk caused by rising global inflation, but also further optimize its foreign-exchange portfolio and purchase gold assets when the gold price shows a favorable fluctuation," said Zhang Jianhua, director of the research bureau affiliated with the People's Bank of China (PBOC).

He made the remarks in an article in the Beijing-based Financial News, a newspaper run by the on

Christine Lagarde: dangerous situation for world economy

on Dec 26, 2011
The head of the International Monetary Fund (IMF) Christine Lagarde has said that world's economy is in a dangerous situation. 

UK Cabs to spy on passengers

on Dec 25, 2011

Britain tearing apart

on Dec 27, 2011

From bald eagle to red dragon - Pakistan changes ally

on Dec 26, 2011

Monday, December 26, 2011

Defining Posts of 2011

As 2011 draws to a close I though I would review the years posts on this blog (all 3,000 of them!), and highlight the defining stories and commentary.


Egyptian leadership stashing a golden parachute?

French intelligance claim Ben Ali fled Tunisia with 1.5 tonnes gold

Gold at over $1,600 feasible before year-end - GFMS

China now the World's Largest Gold Market

Australia's Reserve Bank's gold sale cost us $5bn

Australia still world's no. 2 gold producer

China dives deeper into resource race

40th Anniversary of Nixon closing the Gold Window

Gold hits $1900

Gold is backed by nothing unlike the US Dollar

James Grant and James Turk discuss gold

Believe the Leprechaun, Gold is the Ultimate Safe Haven

Central Bank Gold Buying at 40-year High

Venezuela brings home Gold


David Morgan & Mike Maloney - Silver is Scarcer than Gold

James Dines - 'Silver is the most under priced commodity on the planet'

Enjoying the ride?

Silver and Copper to fight disease

SGT Report interviews Bix Weir

7 Billion people

A glimpse of the future of precious metal mining


Australia announces new tax for Carbon Based life forms

World needs $100 trillion more credit, says World Economic Forum

Lest we forget

Traders rule the World!

Monty Python explains Merchant Banking

JP Morgan captures The White House

Paul Craig Roberts - Offshoring has killed US job recovery

Paper Burns

Bernie Madoff - "The US is a Ponzi Scheme"

James Grant on Inflation

Jim Rogers hammers a BBC git

The TSA and your junk

David Icke - You don't want to know about this

US drug of choice

Empty China

Clarke and Dawe - Quantitative Easing

S&P downgrades US credit rating

MF Global:

Gerald Celente takes a golden shower

Alex Jones and Max Keiser discuss MF Global


Max and Stacy in Athens

Syntagma Square

Clarke and Dawe - The Greek Economy


Anarchy in UK as London turns into war zone

Panic on the streets of London

Cunard Markets


Let them drink domestic sparkling

CNN Anchor Mocks Occupy Wall Street

Say 'Please'

Oakland Police Violent Crackdown on Occupy Protesters

This is what a Third World Police State Looks Like

Now Do You Understand Occupy Wall Street?

Occupy WTC7


The End of the American Dream - Suspended Constitution

Fiat Terrorism

The USA is Failed State

Rense & Dr Judy Wood - Where Did The Towers Go?

USA is losing the Information War

Rapping the Revolution

Hu Jintao jets into Washington

Superman Renounces U.S. Citizenship

HELP! HELP! I'm being repressed!

Medvedev grows some and restarts the Cold War

Tim Osman:

Al-Qaeda leader Osama Bin Laden dead

US can't accept it created Bin Laden & Al Qaeda



8.9 Earthquake hits Northern Japan

Japanese Tsunami from the Sea and the Land

Amazing video from a car swept up in Japanese Tsunami


Egyptian Revolution Jan 25th 2011

Thousands clash with Egypt riot police in Cairo


Bahrain protests


Gadhafi can spot a Ponzi scheme when he sees one

Libyan uprisingBaghdad Bob says it is all Tim Osman's fault

1650kg of Silver fired at Libya to enable No-Fly Zone

Would US target Libya if they had broccoli instead of oil?

Why Gaddafi had to go

NATO bombed Libya back to Stone Age

World reaction to Gaddafi's death

Saif-al-Islam to get a 'fair' trial

How Silver Eagle coins are made

Sunday, December 25, 2011

Philipp Bagus on moral hazard in Europe, inflation, and gold

A brilliant young economist that actually gets it.

By on Dec 22, 2011

Crowds flock to Bethlehem for Christmas

By on Dec 24, 2011

Tens of thousands of worshippers are flocking to the West Bank town of Bethlehem to celebrate Christmas.

Thousands protest against Russian government

By on Dec 24, 2011

Tens of thousands of people have rallied in central Moscow in the biggest popular challenge yet to Russian Prime Minister Vladimir Putin's hold on power.

Protesters were demonstrating on Saturday against alleged vote rigging in a December 4 parliamentary poll.

They were chanting slogans against Putin's United Russia party, with many shouting "Russia without Putin".

On the Edge - 2011 Economic Review

By on Dec 24, 2011

Bob Chapman - How Do We Fix What Ails Us?

By on Dec 21, 2011

Ron Paul is in The Fight of His Life, We Must Stand With Him!

From: TheAlexJonesChannel  | Dec 20, 2011

Bob Chapman: Injured Global Economy Ponders Coming Challenges

From: TheAlexJonesChannel  | Dec 23, 2011

Nicholas Wapshott on Keynes vs. Hayek

See the interview in full here

RAP NEWS X - #Occupy2012

The greatest news show of 2011 is back to breakdown the coming 2012 (tip, watch in 1080p and full screen).

Events that shaped 2011 - Syria

Was Santa good to you?

I hope Santa was good to you this year. He certainly was to me, as Santa brought me a 2012 1kg Silver lunar dragon coin (as pictured), he must have bought the pre-Christmas dip! This could well be going forward the most valuable Christmas present I have ever received. Thanks Santa!

Keiser Report: Merry X-Max & Happy New GIABO!

By on Dec 24, 2011

Saturday, December 24, 2011

Capital Account: Max Keiser, America runs the "Special Olympics for Financial Fraud"

From: CapitalAccount  | Dec 23, 2011

Jim Sinclair - Gold will be the Last Man Standing

Jim Sinclair discusses EFTs, clearing houses and physical gold with Eric King of King World News.....listen here

EU Piggies in the trough

Merry Christmas

Merry Christmas to all my blog followers. The blog has had a very successful 2011, with over 10,000 views every month.

You have helped save thousands from paper cuts and fires this year, whilst knowing that most can never be saved but never giving up hope for those very few who can.

"Paper burns ~ Gold and Silver just get hot"

WTF? - Ron Paul owns no Physical Gold or Silver

I am shocked and disappointed this morning to read in the Wall St Journal that Ron Paul's declared portfolio assets list no physical Gold or Silver. Makes you think how likely that "Gold is in a Bubble" when the US's greatest hard money advocate doesn't actually own any?

Article highlights follow, with my comments in italics


According to data available through his 2010 “Form A” financial disclosure statement, filed last May, Rep. Paul’s portfolio is valued between $2.44 million and $5.46 million. (Congressional disclosures are given in ranges, not precise amounts.)

Most members of Congress, like many Americans, hold some real estate, a few bonds or bond mutual funds, some individual stocks and a bundle of stock funds. Give or take a few percentage points, a typical Congressional portfolio might have 10% in cash, 10% in bonds or bond funds, 20% in real estate, and 60% in stocks or stock funds.

But Ron Paul’s portfolio isn’t merely different. It’s shockingly different.

Yes, about 21% of Rep. Paul’s holdings are in real estate and roughly 14% in cash. But he owns no bonds or bond funds and has only 0.1% in stock funds. Furthermore, the stock funds that Rep. Paul does own are all “short,” or make bets against, U.S. stocks. One is a “double inverse” fund that, on a daily basis, goes up twice as much as its stock benchmark goes down.

The remainder of Rep. Paul’s portfolio – fully 64% of his assets – is entirely in gold and silver mining stocks.

So the champion of Hard Money (Gold & Silver) has 79% of his portfolio in Paper! Actually some would argue that he has 100% of his portfolio in paper as your paper land title can be compulsorily acquired by the government in exchange for paper/polymer fiat currency.

William Bernstein, an investment manager at Efficient Portfolio Advisors in Eastford, Conn., reviewed Rep. Paul’s portfolio as set out in the annual disclosure statement. Mr. Bernstein says he has never seen such an extreme bet on economic catastrophe. ”This portfolio is a half-step away from a cellar-full of canned goods and nine-millimeter rounds,” ........“this portfolio is at great risk because of its lack of bonds and high exposure to gold"

Oy Vey! - Since when did good Jewish boys start bagging Gold? His grandmother should give him a good spanking and withdraw all chicken soup privileges. Although to cut him some slack he might be just paper pushing for the 'benefit' of the ill-informed Goy. 

Read the article in full here  (also search the comments for "Tears of the Moon" hehe)

Capital Account: If Santa Claus is Chinese, what can the US expect for Christmas this Year?

From: CapitalAccount  | Dec 21, 2011

Friday, December 23, 2011

Ned Naylor-Leyland - The miners have been terrible, just buy the Physical Metal

One of my favourite analysts Ned Naylor-Leyland takes on 3 Paper Bug strugglers on CNBC and comes out on top, trumpeting physical gold over all paper claims in futures and metal in the ground.

Watch for the look on Ned's face when the main paper pusher says "The Asians, Indians and Chinese have stopped buying" (just after the 01:10 mark). Obviously that bloke has never been to a real bullion dealer lately (if ever). At ABC Bullion we just had queues up to 20 people deep just to get in the door for several days after the Gold price fell below US$1600 and Silver below US$30 (this after doubling the number of staff in the last 6 months). Of those clients most were of SEA, Indian and Chinese origin or descent, and despite the 55:1 Gold to Silver price ratio we have been selling roughly similar dollar amounts of Silver as we have Gold. Which of cause means that 50+ times as much Silver by weight is walking out the door (or is being stored) vs Gold. Note is against a background of only 9oz of Silver being mined for every ounce of Gold. Can anyone not believe in Peak Silver with action like that?

Wait to similar action starts to occur in the retail space throughout Asia, where only in the last 12 months has Silver started to lose its' stigma of being "Villager's Gold", and is still only available in bullion form in a very limited (but growing) number of outlets.

Click on the image to go thru to the video

Peter Schiff and Ann Barnhardt on getting out of all Paper

Thursday, December 22, 2011

Gerald Celente's Trends for 2012

Gerald Celente discusses the trends as he see them for 2012 with Eric King of  King World News.......listen here

Martin Armstrong - They are taking down the World Financial System

Martin Armstrong discusses the New York boys, the Repo market and general malfesance with Eric King of King World News.......listen here

For those wishing to read Martin's essays (great holiday reading) they can be accessed here

Quote of the Week

First they came for the Socialists, and I did not speak out
-- Because I was not a Socialist.

Then they came for the Trade Unionists, and I did not speak out
-- Because I was not a Trade Unionist.

Then they came for the Jews, and I did not speak out
-- Because I was not a Jew.

Then they came for me
-- and there was no one left to speak for me. 

---- / ----

By on Dec 16, 2011 Father Nathan Monk tells the Pensacola City Council
"We have the right to redress our government without fear of being arrested" 

Ron Paul explains his opposition to the NDAA

By on Dec 19, 2011

Paul says the NDAA is the biggest story nobody is talking about. He calls the act really bad, very dangerous, and says that it repeals the 5th amendment.

Ron Paul gets asked about the NDAA at a townhall meeting in New Hampshire on December 19, 2011.

Wednesday, December 21, 2011

Al Jazeera Special - Europe in crisis

By on Dec 20, 2011

While some are hopeful for financial stability in the Euro area, others remain skeptical. We talk to Klaus Regling, the head of EFSF; and Professor Marcus Kerber, Technical University of Berlin.

Are banks to blame for the global economic downturn?

By on Dec 20, 2011

French regulator says miracle needed to save AAA

Dec 20 (Reuters) - The head of France's AMF securities regulator said on Tuesday it would take a miracle for the country to keep its top-notch credit rating and warned of far-reaching effects for the euro zone's second-largest economy should it lose it.

On Friday, credit ratings agency Fitch lowered the outlook on France's triple-A sovereign rating to negative, joining Standard & Poor's, which put France and 14 other euro zone countries under review at the start of the month.

Moody's, the other major ratings agency, said in October it was reviewing its stable outlook on France's AAA rating.

"Keeping it would need a miracle, but I want to believe it can happen," Jean-Pierre Jouyet told a meeting with financial on

Dexia private bank sold to Qatar and Luxembourg

Dec 20, 2011 by

Gerald Celente & Jeff Rense - Criminals Own The Government

By on Dec 12, 2011

Ron Paul - America's Last Hope

By on Dec 19, 2011

Why Irish Eyes are Crying

From The Daily Bail

Ireland's Finance Minister, Brian Lenihan learned banking and finance at the kitchen table, two days after Lehman failed. All he knew when he first sat down was that Alan Greenspan was God.

The incompetence of central bankers and finance ministers over the past few years has been breath-taking, but Ireland's Minister for Finance, Brian Lenihan, takes the golden biscuit for sheer ineptitude.

From David McWilliams' recent book, Follow The Money: The Tale of the Merchant of Ennis, we learn that Lenihan, a lawyer by training, received his first lessons in banking and finance at McWilliams' kitchen table - on the 17th of September 2008.

Before that, McWilliams tells us, Lenihan had learned everything he knew about finance from a biography of Alan Greenspan(!) that he had picked up over the summer. We learn that Lenihan had no idea that Irish banks were in trouble until after the failure of Lehman Brothers just two days before.

Less than two weeks after that late-night cram session at McWilliams' kitchen table, Ireland announced to the world that it would fully guarantee its banks liabilities -- for both depositors and bondholders.

We now know that this hasty decision would lead to national bankruptcy and the specter of sovereign default. But at the time, Lenihan -- not unlike a number of other clueless politicians scattered throughout the formerly industrialized world -- was only following the advice being offered by the "experts" who surrounded him. Shockingly, among those "experts" were none other than a team of advisors from Merrill Lynch.

Turns out that a week after the Finance Minister's introduction to basic finance, the Irish government paid Merrill Lynch $10M for a seven-page report that told them:
"All of the Irish banks are profitable and well capitalised.”

No wonder Irish eyes are crying - what was billed as a costless way to avoid a banking panic ended up bankrupting the on

Keiser Report: Victims of Banking Terrorists

By on Dec 20, 2011

This week Max Keiser and co-host Stacy Herbert discuss the Maxinator, downgrade rampages and food fights between Sarkozy and Cameron. In the second half of the show, Max and Stacy look at the victims of banking fraud, from the Alabama poor cut off from water supplies to the small ranchers who lost it all when MF Global was run into the ground by former Goldman Sachs banker and ex-New Jersey governor, Jon Corzine.

Tuesday, December 20, 2011

Jim Willie - 20 Lehmans, Flash Event & Libyan Gold

The article written by Jim Willie referenced in part 1 can be read here

The Shadowstats inflation and unemployment figures mentioned in part 3 can be viewed at the bottom of this page.

Jim Willie's website/newsletter can be found at:

By on Dec 19, 2011

Capital Account: Mish on Malfunctioning Bureaucrats, Gold's Recent Decline and Chinese Chicken Feet!

From: CapitalAccount  | Dec 19, 2011

More Gold and Silver Analysis from David Morgan

Can you get too much of the Silver Guru? I credit David Morgan (and Ted Butler) for getting me into the precious metal field in 2001 and I still believe he is one of the best analysts out there.

Sunday, December 18, 2011

Occupy WTC7

Wow I didn't see this one coming - cudos to OWS

US Senate passes 'indefinite detention' bill

By on Dec 15, 2011

Counting the Cost - War by remote

By on Dec 17, 2011

A look at the business of the unmanned drone and how it has changed the battlefield and military budgets

Bleak Christmas for the UK

And I thought it was just miserable in UK at Christmas cause it was too cold to go to the beach and have a traditional Christmas meal of prawns, salad and grains of sand.

By on Dec 17, 2011

The season of good cheer and gift giving is a hard sell in Europe this year as the latest figures reveal: people simply cannot afford to dig deep into their pockets under the burden of austerity cuts and increased taxes.

Christmas for many is all about giving to those you love, and so not having enough money to do that is painful.

And it is a painful reminder of ordinary Europeans who are paying for governments and banks' financial mismanagement.

David Morgan - "Its not too late to buy Silver"

Keiser Report: Exotic pet banking fraudsters

By on Dec 17, 2011

This week Max Keiser and co-host, Stacy Herbert, discuss Keiser's GIABO soup for the protesting person of the year and the true cost of bankers. In the second half of the show, Max talks to Leah McGrath Goodman about the price of oil and MF Global.

Capital Account: Dollars, Defense and time to head for the Farm?

By on Dec 16, 2011

Saturday, December 17, 2011

Ann Barnhardt on shutting her Futures Trading business

Ann Barnhardt discusses the reason for shutting her futures trading business as a result of the destruction of the markets by the collapse of MF Global.

Jim Rickards discusses Gold held at the New York Fed

Jim Rickards discusses the issue of foreign owned Gold held at the New York Federal Reserve with Eric King of King World News......listen here.

Eric Sprott on the Silver Futures Market

Click on image to access the video interview

Quote of the Week

"If you're going to panic, do it fast and beat the crowd" 

- Jesse Livermore

US court claims Iranian 9/11 link

By on Dec 16, 2011

Capital Account: Gold sinking, Dollar rising - are we facing a Financial Crisis worse than 2008?

From: CapitalAccount  | Dec 15, 2011

The Bankers' New Gold

Jeff Nielson
14 December 2011

In a fresh sign of bankster desperation, we recently learned that they have pushed lease rates for gold to the lowest, negative level in history - i.e. they are paying people more money to "borrow" their gold than at any other time. We know this is a sign of desperation, because back in the real world, buyers are paying premiums near record-highs to buy their (real) gold.

There are numerous implications regarding this latest bankster tactic to suppress the gold market, but before getting into those let's explore all of the reasons why bankers like "leasing gold" in the first place. The starting point is to note that it is with gold-leasing that we see the beginnings of the banksters' 100:1 leverage in the gold market.

A banker is holding a quantity of gold in his vault. He "lends" the gold to a trader, and suddenly you have two parties both pretending to be the "owners" of that gold. Naturally, the banksters also like the fact that this is a totally opaque, unregulated/unreported transaction. The banksters can secretly lend out their gold, and since the transactions are never reported, we lack the absolute proof that none of this "loaned gold" is ever repaid.

There is certainly plenty of circumstantial evidence on which to base such a conclusion, however. In order to review this evidence, we first need to know what is being done with the bankers' leased gold. A detailed analysis by veteran precious metals commentator Frank Veneroso explains how and why "The ultimate borrowers in the gold lending operation are these shorts in the gold futures and forward market."

We immediately see a second reason the bankers love gold-leasing: all of the "leased" gold ends up being shorted onto the market. What this directly implies then is that in order for these gold leases to ever be repaid the short positions must be closed out so that the gold (supposedly) backing the trade can be repatriated to the bank. However, what we see in the gold market is a huge, permanent short position in the gold market - which has swelled enormously since Veneroso wrote the article above nearly a decade ago.

We now know that at least some of these gold leases have never been repaid, since the gold that was loaned out remains on the market. However, as a matter of simple arithmetic we can deduce that few if any of these leases are ever repaid. As I noted above, each gold lease creates "paper gold" (i.e. a "fractional reserve" gold market) and increases the bankers' leverage in the gold market.

We know from Jeffrey "I can't keep a secret" Christian of the CPM Group that the gold market is leveraged by approximately 100:1. Yet just as every new lease increases leverage in the gold market, closing out any lease would reduce leverage by a corresponding amount. The combination of the permanently rising leverage, and the permanently rising short position provide irrefutable empirical evidence that little if any of this "leased gold" is ever repaid.

We can reinforce this conclusion further through common sense, and a basic observation of bankster behavior. Specifically, bankers never reduce their leverage voluntarily - the exception being short-term panic reactions each time their reckless gambling (again) pushes them to the verge of their own bankruptcy. However, as noted above there is zero empirical evidence that the banksters ever reduce their leverage in the gold market on even a semi-permanent basis.

Having supplied several powerful reasons as to why the bullion banks love to "lease" their gold (i.e. sell it to multiple buyers) begs the question: why aren't the bankers always "leasing" vast amounts of gold to suppress the price? Hopefully that answer is obvious to regular readers. If you want to loan ton after ton of gold onto the market, you must have some original bullion to lend into the market in the first place.

Here is where we come upon a seeming paradox with respect to the recent explosion of gold leasing. We know that the banksters have virtually run out of their own bullion, as the evidence is absolutely conclusive. The same Western central banks which were openly selling 500 tons of gold per year onto the market every year have now all totally ceased their gold sales. They have no more gold…or at least they had no more gold.

Yet here we have the same bankers directly implying that suddenly they have lots of gold. It makes no sense to announce "the greatest sale on gold in history" - only to run out of inventory after the few first customers have bought their fill. Clearly the bankers have some new gold. This begs an even more obvious question: where did they get it?

Here, unfortunately, we must descend into speculation. However it is speculation which we can back up with yet more circumstantial evidence. As I noted in a previous commentary, as part of the "economic rape" of European economies, the bankers announced that they would be "willing to accept gold as collateral" for some of their (fraudulent) paper debts. How magnanimous of them!

As we all know, when Greece (finally) forced the bond parasites to absorb 50% "haircuts" on their holdings that was a default event. What happens when a debtor defaults on a debt? Collateral is seized. The latest statistics from the World Gold Council on official government reserves show Greece sitting with over 111 tons of gold. And as victims of the MF Global collapse have learned the hard way, our criminal governments (and the bankers who pull their strings) no longer see it as necessary to even report when they have taken something from people. Thus the bankers could have looted every ounce of Greece's gold from its people and it could be months, years, or never before we finally find out about it.

One hundred and eleven tons is a lot of gold to lease, but it's certainly not the only gold hoard onto which the bankers could have recently latched their talons. Those who followed the "Libyan revolution" will have recalled a remarkable flip-flop by the West.

At one moment, we had the vastly superior military forces of Muammar Gaddafi steamrolling the rag-tag, disorganized rabble we knew as the "Libyan rebels". They were on the verge of collapsing. All hope was lost. Western leaders lamented that the lack of "UN authorization" prevented these upstanding citizens of the global community from doing anything to assist the rebels - and there was absolutely no sign of any "movement" in those negotiations.

The next moment, the same disorganized rabble which didn't even have a military command structure (let alone a nation to command) announced they had created a "central bank". About ten seconds after that announcement, Western leaders announce a "sudden breakthrough" at the UN, and a drafted-and-approved resolution instantly materialized. And before the ink was even dry on that document, war-planes from several Western nations were on the way to Libya to enforce a "no-fly zone".

At that point we witnessed how much regard these Western nations had for international law. When following the UN mandate and merely enforcing the "no-fly zone" was not producing the result these nations desired, they simply tore up the resolution and threw it away. Instead, they began carpet-bombing any/all areas under the control of Gaddafi, slaughtering his ground forces (and large numbers of civilians) in what is a textbook example of "war crimes".

This brings us back to the pivotal moment when Libya's central bank was created. What possible purpose could there have been for the rebels to create a central bank before they had even created a real army to take control of the country? There was no "banking" to be done. And yet it was the creation of that symbol which was the obvious catalyst for a massive military commitment by the West.

One thing we do know about central banks is that they are the official receptacles for a nation's gold reserves. Turning again to WGC statistics on national gold reserves, we see that Libya had even more gold than Greece, 143.8 tons to be precise - and more than enough for a group of gold-hungry bankers to instruct their lackeys in government to mobilize their war-machines.

Let's summarize the facts. We had Western central banks totally running out of any gold to sell onto the market, with all gold sales having ceased for more than a year. Suddenly, we have the bullion banks announcing they have so much gold on their hands that they are doing more than just giving it away, they are literally paying people to "borrow" it - in the greatest "gold sale" in all of history.

We have the same bankers announcing that the gold of Greece was now "collateral" for its sovereign debts. We then had the Greek government defaulting on those debts, directly implying the seizure of that collateral.

We had the "rebels" of Libya on the verge of total annihilation, while Western governments claimed they were helpless to intervene because it was "against international law". We suddenly saw the rebels create an official receptacle for their nations gold, and then had those same Western nations instantly launching a massive military intervention into Libya, where Western governments flagrantly disregarded international law while committing their war crimes.

You be the judge.

For newer or more timid investors in the gold market who fear that this latest operation is somehow an indication of bankster omnipotence, relax. It was less than two years ago that the scheming banksters thought they could torpedo the gold market through getting the IMF to dump 400 tons of gold onto the market (50% more gold than that of Greece and Libya combined).

What happened then? As soon as that gold hit the market, India swallowed-up half of it in one gulp. The price of gold was permanently launched above the $1000/oz mark - and the gold market has never looked back since.

We know that the banksters are capable of depressing the price of gold over the short-term. We also know from the six-fold increase in the price of gold over the past decade that they are losing this "war". Meanwhile, it is only a matter of time until the masses realize that the worthless paper in their wallets is worthless. Sounds like a great time to buy gold - on sale.

Jeff Nielson

Pathhogenesis of Central Bank Ruin

By Jim Willie:

Central banks are the current sovereign debt market. It is a vacated market. They are the majority bidders via debt monetization. The monetary inflation has become the New Normal and a travesty. In perverse fashion, the financial markets celebrate the monetized purchases, even calling for higher volume. In the process, bond and stock market integrity has been destroyed. Foreign creditors depart the USTreasury Bond market. Large European banks depart the Southern Europe sovereign debt market. Central banks step in to avert panic as the underlying structure to the global monetary system crumbles. When government bond yields rose quickly in Europe, it was not from abandonment by their central bank. The big Euro banks sell boatloads of bonds while the EuroCB buys only truckloads. The bond market integrity has been deteriorating very quickly. The dependence upon the debt monetization process is vividly clear. It is hyper monetary inflation to fill the void, thus providing the dominant bid. Ironically, the dullard stock market mavens celebrate the arrival of the central bank purchases without truly comprehending the destroyed integrity of the bond market. IQ levels are falling along with stock index levels.


Upcoming budget impasses and bank failures will break the European Union wide open. A perceived temporary patchjob solution in Europe has been delineated. More of the same will accomplish nothing. A march toward a federation is apparent, despite the desire for decentralization. A motive to force a system failure is at work to create the federal structure. Recent appointments prove the point. Again Goldman Sachs knights arrive to the rescue in secret appointments. They earn the title technocrats, but crowds reject them as unelected leaders. Ignore the term Technocrat given both to Monti and the newly installed Mario Draghi at the Euro Central Bank. They are Syndicate loyalists.

Howard Davies is former director London School of Economics, and former deputy director at the Bank of England. He calls for 1) fiscal federation with a unified central bank, 2) broad purchases of sovereign bonds, and 3) unlimited liquidity provided by the Euro Central Bank. The prescription is stark and clear for hyper monetary inflation, the central bank serving as the entire government bond market, and the installation of a federation across Europe. The last 12 years have proved without a doubt that a unified Europe is a disaster in a bottle, whose cables and levers eventually break under the pressure of grand differences and the passage of time.

The raging crisis in Italy festers as it turns to a boil. Italy will serve as the agent of contagion, next to France and Spain. No solution is possible, as the summits are futile. Italy will expose the Euro Central Bank as both powerless and ruined. The focus has shifted away from Greece and squarely on Italy as the center of chaos in Southern Europe. Once more the meter for disorder is the benchmark 10-year Italian Govt Bond yield. It has surged toward the critical 7.0% mark as investors cast bond market votes against the policy in Rome and the upcoming austerity measures to be pushed through. Such level is regarded as unsustainable, given the massive Italian debts. Worker strikes have made vividly clear that Uber Leader Mario Monti will not succeed in large budget cuts without consequences. Striking Italian metal workers in Turin are shown in the photo. The biggest Italian unions (ports, highways, truckers, banks) went on strike. They oppose measures as painful hits pensioners and workers, leaving the wealthy untouched. Numerous big Italian banks are on the verge of failure. Neighboring France faces scrutiny of the bank asset feces. Markets brace for an expected debt downgrade to remove its coveted and undeserved AAA rating by Standard & Poors.

Syndicate appointed (not elected) Prime Minister Mario Monti believes Italy risks a Greek-style economic collapse without approval of the hotly debated austerity package. Italy stands as the third largest economy in the EuroZone, whose borrowing costs began to approach the levels that forced Ireland, Greece, and Portugal to seek an international bailouts. The controversial package has the support of the Organization for Economic Cooperation (OECD). It is designed by Monti to save Italy. The decree plans to raise more than 10 billion Euros (=US$13.4 bn) from a property tax, impose a new levy on luxury items like yachts, raise the Value Added Tax, crack down on tax evasion, and increase the pension age. Monti supports the French and German calls for tighter controls on national budgets. He said, "If Italy were not capable of reversing the negative spiral of growth in debt and restoring confidence to international markets, there would be dramatic consequences, which could go as far as putting the survival of the common currency at risk. Italy is ready to do what it has to do but Europe must not fail to do its part. Without this package, we think that Italy would have collapsed, that Italy would go into a situation similar to that of Greece. It would be perfectly understandable that the European Commission should have the same enforcement powers in the area of budgets that it has in the area of competition." He describes loosely a federation, where Goldman Sachs sits in the thrones of Europe, in a quasi debt failure receivership role. Unfortunately, the pressure on the Euro Central Bank to purchase Italian, Spanish, and Greek Govt Bonds has put its balance sheet in total ruins. It is the buyer of last resort for fast falling toxic bonds. The only central bank more ruined is the US Federal Reserve.

Felix Zulauf, the former hedge fund manager and asset manager, has very strong European knowledge and experience, a very sharp eye. He expects a depression to hit Southern Europe, and for one nation to exit the Euro Monetary Union next year. The process has no rules. The day after exit, the nation will suffer ruin of their banking system, forcing a rapid nationalization in a reverted currency. The end result will be a sovereign debt default and pure chaos across the continent. The coming depression will lay waste to the USDollar, the British Pound, and probably the Yen too. All fiat currencies will endure a powerful stress test, but based in reality, not a charade. As soon as any group of big Euro banks enter a failure and bust, the cascade of contagion will act like a fast moving virus to destroy many Western banks. We will then see a repeat of history with 20 Lehmans in bank failures, if not sooner.


The Euro Central Bank averted 10 to 20 Lehmans with the extended Dollar Swap Facility provided by the USFed. Money is almost free. The volume of money grants is enormous, likely never repaid. Witness the effect of the central banks showing reluctance to enter into bond purchases. The system breaks down in powerful manner. The European Central Bank said demand for three-month US$-based loans surged after it announced a broader Dollar Swap Facility for European usage. The USFed cut the cost of the financing from an ultra-low 1.0% to an almost free 0.5% rate. The USFed discount window was made cheaper for foreign banks than US banks (who pay 75 basis points), an indication of the destruction. Rumors persist that a cool $1 trillion has been made available. Five other central banks participated in the coordinated move which included the Bank of Japan. The Frankfurt-based EuroCB immediately made loans for $50.7 billion to 34 big teetering Euro banks on December 1st, the terms for 84 days at a fixed rate of 0.59 percent. That compares with the $395 million lent in the last three-month offering on November 9th at a 1.09% rate. The EuroCB also lent five banks $1.6 billion in regular weekly dollar operation on a single day as December opened, up from $352 million the previous week. The borrowing done at the Discount Window catapulted by 127-fold, from a paltry $395 million to $50.7 billion in a sudden move.

The public will not be informed of which banks tapped the credit line, more like a slush fund. They claim they do not wish to put the bank at risk of unwarranted attack. My view is the attack would be to put the proper value on the bank, ZERO. My sources tell that one major French bank was on the verge of failure, probably Societe Generale. Another source of bank and gold information was very clear in telling that the USFed acted reluctantly and forcefully, in order to avert a major catastrophe. He described a situation where several big Euro banks (the usual suspects in France, Spain, and Italy) were on the verge of failure. The USFed was appealed to by the EuroCB so as to prevent an estimated 20 Lehmans from occurring overnight, as in multiple bank failures from a flash event. He went on to mention that a flash event is inevitable, which the central bankers are powerless to stop. It will come in time, with an unknown trigger event that lights a fuse. Each new $trillion credit line buys less time and covers fewer obligations.

The Wall Street banks filled a void in providing liquidity in USDollar denomination to the big European banks. In doing so, the New York banks have tied themselves with a lethal financial tether to Europe. The London banks had already been connected. The connection lies in the shadowy derivative market. It used to be kept in the shadows since the contracts provided the majority of bank profit, and even supported the artificial rates in the bond market to a great extent. Now the derivative market is kept in the shadows because the big banks are mutually destroyed by insurance awards after failures. A little publicized trend was put into effect in the middle months of 2011. The big Wall Street banks filled a void. The inter-bank lending in Europe came to a halt in response to the sovereign debt crisis, a euphemism for the Southern European Govt bond market collapse. The big US banks offered a lifeline in the form of leveraged liquidity based upon unregulated derivatives whose notional value is in the $trillions. In doing so, the Anglo banks created a mutual risk factor in the umbilical cord of shadowy structures. If a handful of big European banks go bust, the contagion will be felt instantly (as in overnight) in New York and London. To claim that the US is insulated from Europe is nonsense. To claim that the European distress makes the US more attractive is patently false. Fifty major financial firms are tied around the necks with a common thick rope, weighed down by insolvency, going down together. Matters are so bad in Europe, that most banks have shut down the inter-bank lending, thus isolating the weakest. Huge funds placed at the Euro Central Bank signal the failures. The big European banks are soon to fail. They distrust each other.


The Gold market has gone into the Twilight Zone. The ruin of the European banking system, dragged down by toxic sovereign debt, has made the big Euro banks desperate. They are tapping into the virtually unlimited Dollar Swap Facility, using borrowed money to lease gold. The Powerz have made the lease rate negative in order to attract borrowers. The supply has come from both Libya and Greece. These corrupted bankers require more gold, thus more wars and more victim nations. The system has turned to extreme abuse in order to keep a lid on the gold price, or better yet, to avert a string of Lehman-type financial firm failures in Europe. In the process, a Jackass forecast has begun to come to pass. The paper gold price (dictated by the bizarre COMEX market) is diverging from the physical gold price (determined by actual large private purchases). In late November, a great reliable global gold trader source assured that despite a posted $1740 gold price, the true physical price paid for large gold bullion purchases in the private market was more like $1950 per ounce!! That is a $200 price divergence, or 12% higher. The COMEX has been drained of gold inventory. The MF Global event was motivated by the desire to avoid meeting delivery notices. Instead, JPMorgan stole the accounts demanding delivery, a neat trick fully permitted by the Syndicate that controls the USGovt, the US regulatory bodies, and the US law enforcement. The lawsuits will be full of drama and intrigue. The integrity of the US financial system has been exposed, this time in full glory that even financial news anchors cannot deny.

Here is the smoking gun. Days after the MF Global bankruptcy was filed, and a vast array of deliveries in silver were expunged. The silver vault inventory tells the story of the crime. JPMorgan simply converted what should have been MF Global client silver into JPM licensed vaults. Review the timeline. MF Global declared bankruptcy on October 31st. About a week later the CME began reporting that 1.4 million ounces of Registered silver was unaccounted for and unavailable for delivery, including 627,182 ounces from non-cartel banks. About 7 to 10 days afterwards, JPMorgan suddenly reported a deposit of 613,738 ounces into Eligible vaults. Exactly seven days later, JPMorgan adjusted this silver into Registered vaults. JPMorgan had not seen one significant silver deposit in months prior to this bountiful day. Great work on the part of the Silver Doctors to decipher the story. The charade continues before the USCongress. They are told of claims that investigators are searching avidly for the missing funds. They know where the funds are, in JPMorgan London accounts. They told us they were avidly looking for Madoff Funds too. They know where those funds are too, in the Land of Yodels. Reckoning is coming.

Big bank failures are coming. Unspeakable debt monetization is coming. Flash events are coming. More vanishing acts for private accounts are coming. Divergence in the gold price is coming that will shut down the COMEX altogether during a parade of lawsuits, but probably not prosecution. National debt defaults are coming. The new 2012 year will prove to be a tumultuous year, will chaos reigning and the global monetary system laid to waste. Gold will soar, probably not for the leverage addicts who choose to play in the rigged corrupted futures contract arena, the chronic victims of fraud. If lucky, their accounts will not vanish, possibly stolen. The wise who will survive and thrive will snag the physical gold offered at attractive artificially low price. Large purchases are not available at the current posted paper price.


The Powerz need more Libyas and Greeces. They tapped into 144 metric tons captured in London from the Libyan accounts and 111 metric tons seized from the Greek accounts. It is the bankers New Gold, as reported by intrepid Jeff Neilson. In a fresh sign of bankster desperation, the lease rates for gold have been pushed down to net negative levels. Contrast to the extraordinarily high premiums paid on gold purchases. Big European banks on the brink of ruin, the next Lehmans, are leasing gold in order to raise cash and stave off failure. It is simple math. The great enablers are the central banks. Cases exist of multiple sellers of the same gold bullion bars, a common trick made famous by the GLD exchange traded fund, the SPDR Gold (dis)Trust. All leasing is done without regulation, like the derivative market. Neilson concludes, "Here is where we come upon a seeming paradox with respect to the recent explosion of gold leasing. We know that the banksters have virtually run out of their own bullion, as the evidence is absolutely conclusive. The same Western central banks which were openly selling 500 tons of gold per year onto the market every year have now all totally ceased their gold sales. They have no more gold, or at least they had no more gold." The Washington Accord guided official gold sales, a completed process. The physical gold price is diverging from the false paper price directed by the COMEX and guardians like JPMorgan. If truth be known, over 40 thousand tons of gold bullion has been leased and sold that does not exist. In the coming years, reconciliation will assist in sending the gold price much higher, toward $5000 per ounce. As time passes, more criminal actions will be visible in the open, like MF Global.


Pointless meaningless exercise in futility is seen in the big European summit meetings. They are wasting their efforts, biding time, deceiving the public, and supporting the bankers in last ditch attempts to salvage what cannot be saved. The sovereign bond market is loaded with rollover interactive explosive devices that will continue to explode without relief. The politicians offer no solutions, as Merkel and Sarkozy are the only members meeting in public eye, yet neither has any power left. They meet and sign deals only to be contradicted and countermanded later by the bankers with power and court judges reciting law. The German leaders at the summit meetings are all for public show, even financial market management. None has any power left. None is involved in the new alliance. The informed observer need not follow what they decide upon anymore, because in 2 to 3 weeks their pact will all vaporize into nothingness. Markets are impressed for minutes and no more. Witness their last several accords, none of which endured. The movie keeps repeating like Ground Hog's Day. They cannot solve the ultimate entrenched problem of toxic sovereign bonds within the PIIGS nations of Southern Europe. They have no tools in their medicine chest, only phony money and more debt, even silly new Uber-Bonds. They actively avoid putting their decisions to a public referendum vote, since the people would vote down any further bank welfare in the form of more bond redemptions or bailouts. No evidence of democracy can be seen. Politicians debate, dispute, then make accords, but their communiques are common graffiti.

The dirtiest secret is that France has already been tossed into the PIIGS pen by Germany, no invitation given to join them in the next chapter. Nothing is decided anymore in Paris without Berlin approval. Germany owns over 90% of French Govt debt. Absolute desperation is seen with the string of absurd vacant meetings held by two powerless figures, Angela Merkel of Germany and Nicolas Sarkozy of France. Merkel has zero political base, yet insists on conducting more meetings that lack enduring substance. Sarkozy attends the meetings but has been stripped of his privilege to cleave with Germany, rejected. The French are going through a flailing stage beset by convulsions on the political stage without proper identification by any geopolitical doctor. Their crippled president actually claimed publicly that loss of AAA rating for government debt would not be insurmountable. Within days, the extreme pressure placed upon one US rating agency caused a delay of the debt downgrade.

The key to Europe is the chain of explosive devices linked to France, Italy, and Spain. No solution exists. Rollover of their debt will exacerbate the crisis. The leaders are like witchdoctors presiding over a bonfire. The OECD has thrown some water on the faces with a forecast of government debt in industrialized nations, set to rise from $10.4 trillion to $10.5 trillion in the coming year. The prospect to finance the debt is perilous.


Wall Street is reported to be sabotaging the Euro currency. They are using a Japanese Yen position front. They also rely upon debt rating agencies to sling key attack arrows. The belief is that what hurts the Euro currency will help the USDollar. Such shallow strategy. It will result in mutual destruction with gathering momentum, along with an unstoppable collapse of big banks in Europe, London, and the United States. A sordid story was reported by Zero Hedge last month about how the Wall Street villains had created short trades directed against the Euro currency and even the big European banks. They had created a complex network of positions designed to conceal their nefarious intentions. At the center was a funding mechanism from the Japanese Yen currency. The belief was that further damage and destruction in the European financial structure could be helpful in lifting the USDollar, or at least buying some more time. This is the very essence of the Competing Currency War and its mutually destructive tactics, so much so that analysts adroitly describe it as a race to the bottom in the protection of the export trade.

Joining the subterfuge are the US-based debt rating agencies. They have been dutiful in delivering painful debt downgrade banners to fly over both government debt and corporate debt across mostly Southern Europe. Theirs are non-stop financial assaults. The very same corrupted agencies were bought off from 2000 to 2007 with rosy undeserved AAA ratings on toxic bond securities sold by their Wall Street masters. A pretty cream topping on a pile of cow manure does not make the paddy delectable to eat. The USGovt debt downgrade was followed by an endless skein of European downgrades for banks and sovereign debt, the motive being to even the wrecked playing field, and make the US not so alone, subject to intense scrutiny. The USDollar has performed well since the Greek Govt Bond disaster spread to Italy, even spreading the stench to France. Some European leaders have openly complained that the US-based debt rating agencies are doing damage with motive, ignoring the rot in US banks.


Hyper monetary inflation is the advantage almost entirely for the banker class. It is being used to prepare for domination in the next chapter. By directing largesse to Wall Street, and obstructing it to the Main Street, the Powerz believe they are winning the battle over inflation. But they have presided over a wicked rot instead, in addition to causing a class war. The eventual cost will be lethal inflation and a thrust inevitably into the Third World. The theory is simple enough. Prevent the massive flow of monetary largesse from reaching the main channels of the USEconomy. Keep the labor wages down, even if costs are rising universally. Direct the enormous sums of money into the banking sector to cover toxic bonds, to redeem preferred stocks, and to replenish funds for executive bonuses. Then claim success over inflation after falsifying the official CPI data. Furthermore, use public disclosure with all the fanfare concerning big relief packages like the TARP Funds to distract attention away from the truly mindboggling multi-$trillion grants at 0% never to be repaid by central banks and major financial allies. The above scenario is an over-simplified account that glosses over further illegal activity in the form of forged home foreclosure documents. The end result is a profound resentment that has sparked the primary roots of a class war, and the Occupy Wall Street movement. The bitter fruits are many, such as lost market integrity from chronic interventions, lost moral fabric from moral hazard swallowed whole, and a nation that undergoes systemic failure without relief or compassion. Any actual steps toward a legitimate solution are nowhere seen, like big bank liquidation, like home loan modification, like the return of industry from Asia. When any reconstruction begins, the ultimate cost must be paid by the stern hand of Economic Mother Nature, the effect to include a dynamo of price inflation, a powerful currency decline from global rejection, if not isolation and punishment.

The 0% monetary policy should be interpreted as a monetary failure. It forces an economic failure. Worse, it is a badge to represent failure, not a remedy from failure. It is a road sign on a dead end in a grotesque liquidity trap if monetary growth is halted, and hyper-inflation if continued. The United States is repeating the Japanese lost decade policy, but doing a better job of lying about the results. The United States has learned nothing from their lost decade. The US is much worse off than Japan. The US has no broad industrial base. It has no trade surplus. It has no self-contained federal debt. It has no long school season. It has no sense of responsibility when grand crimes are revealed. Jim Rickards has made the point in the speaking circuit that despite knowledge and awareness, the United State bank leaders are repeated the exact same monetary errors that Japan made. Adding liquidity to an insolvent system does not accomplish anything, but the US will do it over and over again without success. In fact, after the ineffective policy is evident, the US will double the effort in a glaring example of futility. Worse, as the US repeats the errors, it boasts of being superior, even as the official statistics are grotesque lies worthy of derision. The US protects the grand larceny perpetrators, the big banks. See JPMorgan and the MF Global case.

The 0% marquee is actually a tombstone epitaph, since the US cannot exit from its clutches. It will force the ruin of entire fortresses of capital. The wrong price of money assures that capital destruction. The USGovt cannot permit a rise from 0% in capital cost, since it is running $1.5 trillion annual deficits. Normal cost of money would result in hundreds of $billions in higher debt service costs. The United States is trapped by 0%, not stimulated by it. As time passes, more capital will be retired, more speculation will be the norm, and healthy capital formation will become a mirage. The system will hurtle toward systemic failure.

The USGovt debt ratio is about to reach 100%. The once powerful beacon of freedom and juggernaut of financial prowess looks like yet another PIIGS nation. The debt monetization is orders of magnitude greater than admitted, part of the policy landscape, a QE To Infinity. More debt downgrades are coming. In early 2009 the US populace was told that the USGovt budget deficit would return under $1 billion. It did not. According to the Jackass forecast, it zoomed up to $1.5 trillion and stayed there for consecutive years. The deficits persist chronically without remedy in the $1500 billion range annually, a staggering 43% ratio of the total budget. The other debt ratio is the cumulative debt versus the USEconomic size as measured by the Gross Domestic Product. The United States Govt is soon to hit the 100% debt mark versus GDP. The pair of debt ratios is typical of PIIGS nations in deep trouble. The profound risk to the US financial system is masked by the USFed activity. They are monetizing 10 times as much as they admit, and the Quantitative Easing programs never were interrupted. The Operation Twist was a grand deception to conceal coverage of what foreign central banks wished to dump. Look for another debt downgrade of the USGovt in coming months, after the Q4 shows a ripe $1 trillion in added deficits.

Compare to Canada which has a mere 34.9% total debt burden versus its GDP, a much stronger financial situation. The nation in the Great White North could have been a powerhouse leader with a huge sovereign wealth fund like Norway, except they followed the Goldman Sachs path to the fields of corruption and fealty, selling almost all their gold in a grand Wall Street game that even Switzerland joined. Then Canada followed the Bush Doctrine of fascism, embracing the war footing, sending soldiers to support the narco war, and tightening the security vise. Next they will become a Chinese commercial colony, a better fate than the US to be sure.

Jim Willie CB is a statistical analyst in marketing research and retail forecasting. He holds a Ph.D. in Statistics. His career has stretched over 22 years. He aspires to one day join the financial editor world, unencumbered by the limitations of economic credentials. Visit his free website to find articles from topflight authors at