Friday, January 7, 2011

Weekend chill out

This weeks chill out is dedicated to Blythe Masters current head of global commodities at J.P. Morgan Chase. Being one of the suicide banking class and in control of JPMC's silver derivatives position I thought the selection fitting:

Music video


CFTC meets next next week to set postion limits

RELEASE: pr5960-11

January 6, 2011

CFTC to Hold Open Meeting on Ninth Series of Proposed Rules under the Dodd-Frank Act

Commission to also Consider Adoption of a Final Rule

Washington, DC – The Commodity Futures Trading Commission (CFTC) will hold a public meeting on Thursday, January 13, 2011, at 9:30 a.m. to consider:

  • the issuance of a proposed rulemaking regarding position limits for derivatives;
  • the issuance of a proposed rulemaking regarding swap trading relationship documentation requirements for swap dealers and major swap participants; and
  • the adoption of a final rule that addresses requirements for derivatives clearing organizations, designated contract markets and swap execution facilities regarding the mitigation of conflicts of interest.

The meeting will be open to the public on a first-come, first-served basis.


Meeting of Ninth Series of Proposed Rules under the Dodd-Frank Act


CFTC Hearing Room, 1155 21st Street, NW, Washington, DC


Thursday, January 13, 2011, 9:30 a.m.

Viewing/Listening Information:

• Watch a live broadcast of the meeting via webcast on

• Call-in to a toll-free or toll-telephone line to connect to a live audio feed. Call-in participants should be prepared to provide their first name, last name and affiliation. Conference call information is listed below:

Domestic Toll-Free Number: 877-951-7311
International Toll Numbers: Listed Under Related Document
Participant Passcode/Pin: 8960163

Waterboard the Fed

RT America's review of 2010

JP Morgan captures The White House

De-criminalizing Financial Crimes

Keiser Report: Precious metals the star performers of 2010

America's "Money Time Bomb": Quantitative Easing is Inflationary

By Bob Chapman:

With Ben Bernanke as our Shepard how can we go wrong? He tells us quantitative easing is not inflationary. He says that with assurance because he knows all the CPI statistics are as realistic as a Madoff Ponzi scheme. He also tells us he doesn’t create money out of thin air. He fails to mention that he does so digitally. His job is to further enrich the elitists who own the Fed and want to create a new world order. Prices are up 6-3/4% across the board as official inflation has only risen 1.2%.

Unfortunately, the public does not understand, but they will in time, because a great awakening is taking place. We have made more people understand what is going on in just the past five years, than we did in the previous 50 years. People know something is terribly wrong and their minds are open to the truth. That is something the elitists and their media do not understand.

Yes, there is gullibility among the public as to how finance and economics and monetary policy works, and there should be. Most university graduates don’t know how they work either, nor do they really know what psychological warfare and propaganda are all about. The average American doesn’t know what QE2 is nor have they heard of it. If they had they probably could not connect the Fed’s QE2 with the higher inflation they are currently experiencing. That is not their job that is my job and others like me. Even that in fact tends to be confusing because few analysts and economists agree on anything. Needless to say, much of what is happening is going to be devastating in time. Part of the problem is ignorance and part is denial. People do not want to admit they have been deceived, especially by the leadership of their own country. It is akin to lies and deception by a member of your own family or a long-time friend. Today the world changes very rapidly and so do people and governments. Most people do not or have ever studied history much less economic and monetary history. As you can see there is a major dilemma and there are no quick solutions in the discovery process. That is why education via talk radio and the Internet is a slow on

Fed's Hoenig says gold standard "legitimate" system

(Reuters) - A gold standard that forces countries to back their currency reserves with bullion is a "legitimate" monetary system, though it would not prevent financial crises, Kansas City Federal Reserve President Thomas Hoenig said on Wednesday.

"The gold standard is a very legitimate monetary system," Hoenig said, adding: "We're not going to have fewer crises necessarily. You will have a longer of period of price stability or price level stability, but I don't know that you'll have lower unemployment, I don't know that you'll have fewer bank failures."

Bank Of America Just Admitted That Its Fannie And Freddie Settlement Was A Bailout

Was this deal done in a rush before wikileaks exposes leaked memos from BofA ?

By Joe Weisenthal:

Ever since Bank of America announced its mortgage putback settlement with Fannie and Freddie on Monday the company's shares have been on a tear -- an indication that it did very well in the negotiations, which allowed it to settle for pennies on the dollar.

Obviously critics are freaking out (the critics include politicians, like Maxine Waters).

And now Bank of America has basically confirmed that the critics are correct: It was the beneficiary of a bailout.

According to Bloomberg, BofA's Jerry Dubrowski said: “Our agreements with Fannie Mae and Freddie Mac are a necessary step toward the ultimate recovery of the housing on

Ben Bernanke Loses More Money In One Day Than All Of LTCM Ever Did... Doubled


The ongoing collapse in bond prices is making John Meriwether blush with envy at the wholesale wanton destruction of capital undertaken by Ben Bernanke. Keep in mind LTCM - the organization which proved definitively that Nobel prizes in economics are given only to the most consummate destroyers of value, logic, reason and humility - lost "just" $4.6 billion from its peak before it became the biggest systemic risk in the world back in 1998 and had to be rescued by a consortium of banks. The bottom line: with about $10 billion in SOMA losses today alone, Ben Bernanke has generated more than double the losses that nearly destroyed western finance 13 short years ago. And nobody on

I am Spartacus