"Who runs Bartertown?"

What comes next? Always Updated! *Inquiring minds only! ***The Great Fracturing of the Financial System Has Officially Begun

"...Risk assets are now supported by the new ”Keynesian Put”, the expectation that fiscal measures will be deployed to combat any renewed weakness in the economy/markets (independently of any larger political projects). But asset prices remain primarily supported by excess monetary abundance across the world:
1.There have been 667 interest rate cuts by global central banks since Lehman;
2.G7 central bank governors Yellen, Kuroda, Draghi, Carney & Poloz have been in their current posts for a collective 17 years, yet only one (Yellen in Dec’15) has actually hiked interest rates during this time;
3.Central banks own $25tn of financial assets (a sum larger than GDP of US + Japan, and up $12tn since Lehman);
4.There are currently $12.3tn of negative yielding global bonds (28% of total);
5.There is currently $8tn of negative yielding sovereign debt (54% of total)." ***2016: The chickens come home to roost!

Paul Wiseman:***Why Central Banks May Have Met Their Limit
 

The best and cheapest insurance against the risks outlined above is to hold physical gold and silver. But it is not enough just to own gold and silver but just as important how they are held. It is a sine qua non to hold metals in physical form, outside the financial system and outside your country of residence. It is also critical to have direct access to your wealth preservation asset which should not be held through a counterparty.
Gold and silver will not protect investors against all the problems that the world will experience in coming years. But if they are held in the right way and place, precious metals will be the best insurance against the massive wealth destruction that will take place in the next few years.
More here

The Secret Global Court – ***Why Corporate Criminals and Corrupt Politicians Desperately Want the TPP

"Why Do Central Banks Need To Exist?

H/T Tom from Florida

The short answer is, they don't. Central Banks function as "legititmized" price control mechanisms. They control the price of money in order to help the elitists confiscate your wealth. That's it. But price controls never last very long and neither do Central Banks. The U.S. is on its third CB in less than 300 years of existence and there's been in a movement in place to get rid of the Fed for at least the last 8 years.
The Daily Coin featured a useful analysis - LINK - of the latest attempt by the western Central Banks to build a "currency sandbox" for everyone to play in because they know the U.S. dollar's role as the reserve currency is coming to an end. The Utility Settlement Coin" is an act of desperation to head off the move by eastern hemisphere emerging economic powers, led by China and Russia, to create a level playing field.
Almost every year the precious metals sector experiences a price correction late in the summer. And almost every year the anti-gold propaganda floods the internet and media. This year is no exception. But the current pullback in the sector has about run its course. This was a healthy pullback after the huge run up in the sector. The next leg higher should be even more exciting.
Finally, the U.S. economy is starting to collapse. Blow away the propaganda smoke being blown by the likes of Janet Yellen, Stanley Fisher and Hillary Clinton and a clear view of the real economic data will show a nasty downturn emerging in housing, autos, general manufacturing and discretionary consumption..."

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   Interactive DB chart here

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"In this publication, we warn regularly of the risk involved in storing wealth in banks. They’ve made the removal of your deposits increasingly difficult, in addition to colluding with governments to allow them to legally freeze or confiscate your money. To add insult to injury, they’re creating reporting requirements with regard to the contents of safe deposit boxes and restricting what can be stored in them – again, at risk of confiscation.
More and more, banks are becoming one of the more risky places to store wealth in any form. Not surprising, then, that many people are returning to those facilities that treat wealth storage the way the first banks did, millennia ago – vault facilities that store your wealth for a fee, but engage in no other banking activities.
But, in suggesting to my readers that such facilities are a better bet, I’ve also repeatedly warned readers that many such facilities don’t store actual, physical gold. They instead provide a contract to you that states that they will deliver an agreed-upon amount of gold upon demand. The trouble with this idea is that it becomes tempting for such facilities to sign such a contract with you and collect the purchase price, but never actually purchase and store any gold. It’s been estimated that the total worldwide value of such contracts equals 150 times the amount of gold in existence in the world.
Uh-oh.
This is why it’s imperative that you purchase only physical, allocated gold..."  ***Sorry, You Can’t Have Your Gold

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***Fed Reverse Repos Reveal Big Cracks In The Financial System

Italy Banks’ Bad Loans at EU200.1b in August, Bank of Italy Says

I believe the markets may very well be on the verge of the next Crisis. Europe’s largest banks are fast approaching insolvency while stocks continue to price in economic perfection. E.

"There’s a new mantra making the rounds of Washington and Wall Street. No matter how big the lie you’re caught in, no matter how much documented evidence exists against you, just deny, deny, deny."

***Goldman Sachs Top Lawyer Is Part of a Secret Banking Cabal as CEO Blankfein Denies One Exists

Led by a class of omnipotent central bankers, experts have gained extraordinary political power. Will a populist backlash shatter their technocratic dream?
<...Two decades ago, in his final and posthumous book, the American cultural critic Christopher Lasch went after contemporary experts. “Elites, who define the issues, have lost touch with the people,” he wrote. “There has always been a privileged class, even in America, but it has never been so dangerously isolated from its surroundings.” These criticisms presciently anticipated the rise of Davos Man – the rootless cosmopolitan elite, unburdened by any sense of obligation to a place of origin, its arrogance enhanced by the conviction that its privilege reflects brains and accomplishment, not luck and inheritance..>
***The cult of the expert – and how it collapsed

H/T Tom from Florida

***Time To Boycott ALL Silicon Valley Companies (And More)        ***The Federal Reserve Is Hillary Clinton’s Secret Weapon

Oct 8, 2016 11:13:22 GMT -5 Entendance said:

***Iceland, Where Bad Bankers Go to Jail, Finds Nine Guilty in Historic Case

Inflation – The Simple Explanation is Theft

"Inflation is theft. It is a simple concept that a single mother and a retiree understand but a PhD in Keynesian Economics probably does not.

Examples:
In 1971 take $1,000 in crisp new $20 bills and place them in a safe while watching President Nixon blame speculators for the loss of Fort Knox gold. (He “temporarily” severed the last connection between gold and the U.S. dollar.) Spend those dollars in 2016 and you will feel ripped off because they would have bought most of a car in 1971, and in 2016 they might buy only four tires.
Take $400,000 and purchase an airplane in 1971. Today that $400,000 will purchase the helmet for an F-35.
A cup of coffee in 1971 probably cost about $0.25. Today it is $2.00.
WHY?
Dollars buy less because of inflation, but what causes the inflation? Creating dollars from nothing (fractional reserve banking), which increases the total number of dollars in circulation, causes consumer price inflation by reducing the value of each dollar that existed prior to the legalized counterfeiting. There is more to the story but this is the simple answer.
Why would commercial bankers create dollars from nothing? Because it pays so well! If you could sell washing machines and had a zero cost of production, your profits would be higher. If you could loan dollars and your cost to obtain them was zero, your interest earnings would be larger.
Why would the Federal Reserve create dollars from nothing, thereby devaluing all existing dollars, and use those dollars for QE programs to purchase dodgy assets from banks? They created dollars from nothing so they could bail out bankers. Socialize losses (spread the inflation across all dollar holders) and privatize profits (increase bank profits and banker bonuses) has worked for centuries. It also works for the European Central Bank, Bank of Japan, Swiss Central Bank, and the Bank of England.

From Steve Saville – an astute economist:
“Regardless of whether it is implemented via an emperor surreptitiously reducing the precious-metal content of the coinage or by the banking system (the central bank and the commercial banks) creating new currency deposits out of nothing, monetary inflation is a method of forcibly transferring wealth from the rest of the economy to the first users of the new or debased money. In other words, it is a form of theft.”
Repeat: Inflation “is a form of theft.”

Central banks want more inflation and often complain there is insufficient inflation in the financial system. Inflation is theft that benefits bankers.
Governments want more inflation because it benefits governments.
Individuals who save money currently earn perhaps 1% on their savings. The increase in U.S. consumer price inflation, as we all know, is far more than 1% per year. Hence, the low interest rates created by the Federal Reserve forcibly extract a huge sum each year from savers, insurance companies, and pension funds for the benefit of … bankers and governments. Estimates of the cost of such “financial repression” suggest that perhaps $300 billion is lost each year.
Inflation is a form of theft. Keynes understood it nearly a century ago when he said, “By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens.”
Inflation sucks away a piece of your savings every year. Hyperinflation does the same every day, which is why it is so destructive.
Historically fiat currencies have been inflated into worthlessness as they have been devalued toward their intrinsic value of zero. This has been clear for three centuries, but the theft remains successful so “printing currencies” and inflation of the currency in circulation are still used aggressively.

From Benjamin S. Bernanke: <By increasing the number of U.S. dollars in circulation, or even by credibly threatening to do so, the U.S. government can also reduce the value of a dollar in terms of goods and services, which is equivalent to raising the prices in dollars of those goods and services.> -Gary Christenson 

"...In the chart below we clearly see how high spirits can push valuations far above what underlying fundamentals suggest reasonable. Since 1990 we have seen three distinct “bubbles” and unsurprisingly every time reality has kicked in and brought exuberance back to earth. It is no reason to think the current, and so far largest on record, deviation from fundamentals will not crash and revert back to the NGDP line.

We can look even further back in time and conclude that these massive financial bubbles are a recent phenomenon that did not occur in the pre-Greenspan era. Household net worth used to be around three times NGDP and would occasionally trade a standard deviation away from its mean, but ultimately revert back. With Greenspan at the helm things changed because along with him came a new group of academics arguing, as Keynes before them, that a semi-boom could be maintained indefinitely. Keynes argued it could be achieved through intelligent fiscal policy, while the new breed of hacks now claimed monetary policy guided by scientific method would ensure eternal bliss. In the beginning it even seemed to work, but people fail to understand that expanding the medium of exchange only redistribute capital away from wealth producers to wealth consumers. It is like having a party on your credit card; fun while it lasts, but only help make you poorer over the longer term.

With concepts like wealth effects (the illusion of being rich, when you are not) and propensity to consume, our leaders actually believe they can sustain economic prosperity without proper wealth creation. The bubbles depicted above are obvious for all to see. The idea that you can be rich only if your neighbor feel rich and your neighbor can be rich only if you feel rich is so preposterous and ingenuous that it is actually hard to comprehend that educated people seriously believe in such notions. Do Janet Yellen really believe she can move rates gradually (we said gradually) higher without popping yet another bubble? It must per definition pop because it cannot sustain itself without being able to bid on the shrinking pie of wealth. Higher rates will make it impossible for these bubbles to continue fund themselves whilst refraining from hiking rates means the pie will shrink more and more as wealth creators are increasingly robbed of their funding. The future path is thus laid down for us and there is nothing we can do at this juncture to avoid the consequences of our past folly."  Do our money managers really believe this will end well?

 Three ways the banking system is rigged against you

"...No wonder Angela Merkel is her favorite leader... "

***Is Wall Street Trying to Rig Trump’s Business Advisory Panel?

Still Unprosecuted for its Frauds in the Crash, Goldman Sachs to Be the Financial Brains of the Trump Era

"...So - cash, bitcoin, precious metals, and prepaid cards over $150 are all instruments of the "terrorists" and are now open to confiscation if you are a suspicious person... which, by their rhetoric, you are if you actually hold any of these assets..."
Europe Proposes Confiscating Gold In Crackdown On Terrorist Financing

Psychopaths politicians & banksters: ***Modi’s Great Leap Forward

Into the Mind of a Psychopath Chapter VI

Fred & E Beach Announcements/Breaking News: 8 richest people as wealthy as poorest half of the world – Oxfam  

...Baring Asset Management’s Christopher Mahon has one major conviction about 2017: it will be the year in which central-bank bashing by politicians becomes the new normal, so he’s seeking shelter in gold.
“This year is the turning point,” Mahon said in an interview on Monday. “For seven years or so, central banks have largely escaped critique even though one could argue that their policies have been pretty inadequate in many senses. It’s very plausible now that politicians stand up and throw stones at central bankers.”

...For those who lose faith in central banks, gold may be the last holdout. It retains its appeal as an asset that once underwrote the monetary system and it can’t be created at will like currencies and bonds, said Matthew Turner, a Macquarie Group Ltd. economist...

***Central-Bank Bashing Has Gold Only Asset Safe From Meddling

H/T Tom from Florida

Federal Reserve Bankers Mocked Unemployed Americans Behind Closed Doors

In 2011, unemployment was at a near crisis level. The jobless rate was stuck around 9 percent nationally, an unusually high number due to the continuing effects of the financial crash.
House Democrats were aghast. “With almost five unemployed Americans for every job opening, too many people remain jobless because of a lack of work, not a lack of wanting to work,” said Congressman Lloyd Doggett, D-Tex. So in early November 2011, they introduced a bill to reauthorize Federal unemployment benefits, an insurance program designed to aide those looking for work.
Behind closed doors at the Federal Reserve however, the conversation struck a different tone.
The Federal Reserve’s mandate is to promote “maximum employment,” which essentially means: print enough money so that everyone who wants one has a job. Yet according to transcripts released this month after the traditional five-year waiting period, Federal Reserve officials in November 2011 were debating whether unemployment was caused by bad work ethics and drug use – rather than by the greatest financial crisis in 80 years. This debate then factored into the argument over setting monetary policy.
“I frequently hear of jobs going unfilled because a large number of applicants have difficulty passing basic requirements like drug tests or simply demonstrating the requisite work ethic,” said Dennis Lockhart, a former Citibank executive who ran the Atlanta Federal Reserve Bank. “One contact in the staffing industry told us that during their pretesting process, a majority—actually, 60 percent of applicants—failed to answer ‘0’ to the question of how many days a week it’s acceptable to miss work.”
The room of central bankers then broke into laughter.
Charles Plosser, the president of the Philadelphia Federal Reserve, cited “work ethic” as a common complaint he heard in his district, both in rural and inner city areas. A contact of his who owned 60 McDonald’s restaurants said “passing drug tests, passing literacy tests, and work ethic are the primary problems he has in hiring people.”
His wife, he noted, had attended a meeting in Philadelphia where employers cited literacy, work ethic, and drugs as impediments to hiring.
It was hardly the first time these bankers blamed unemployment on the unemployed, rather than, say, bankers. In an April meeting that year, Richmond Federal Reserve President Jeff Lacker told participants that “Several firms told us of difficulty finding adequate workers, because they preferred to collect unemployment benefits or can’t pass drug tests.” He reiterated that point in November, saying that in West Virginia he was told by an employment agency that “unquestionably the biggest problem in hiring skilled and unskilled workers was the inability to pass a drug test.”
Lacker’s Federal Reserve district includes West Virginia. In August, he again spoke of “widespread reports about hard drug use, OxyContin and methamphetamine, in Appalachia and other rural parts of our District—in particular, Appalachia.”
Apparently his colleagues responded with laughter again, because he then said “Drug abuse and the hardship involved in unemployment aren’t really laughing matters.” Usage, he noted, isn’t higher than the national norm in West Virginia. “It’s hard to pin this down quantitatively,” he continued, wondering if there was “something meaningful there as a contributor to impediments to labor market functioning.”
These debates took place within the Federal Open Market Committee (FOMC), the Federal Reserve body tasked with “influenc[ing] the availability and cost of money and credit to help promote national economic goals.” The debate revealed a split within the Federal Reserve system between “hawks” who worry more about inflation than unemployment, and “doves” who believe that too many are going without jobs. Typically, “hawks” tend to lean to the right politically, and “doves” tend to lean slightly more to the left.
Lacker is one of the most “hawkish” members of the FOMC, which means he tends to be in favor of higher interest rates and higher unemployment to ward off inflation. In 2015, Lacker ascribed increasing inequality to the lack of college education among the poor
Sarah Bloom Raskin, a dovish member of the Board of Governors, countered by saying that unemployment was a function of the financial crisis. “The economy remains mired in the worst slump since that of the 1930s,” she said.
Daniel Tarullo, another dovish Federal Reserve governor appointed by President Obama, called the focus on drug use a “red herring.” He said, “We had that problem 25 years ago, 20 years ago, 10 years ago; we have it today; and we’re going to have it 5 years from now.” He cited housing debt from the largest housing bubble in history as a core driver of unemployment.
The transcripts illustrate how the controversial method of picking Federal Reserve officials plays out in setting monetary policy: The three men who cited work ethic or drug use as a cause of unemployment instead of the financial crash were picked by regional private sector businessmen to lead the local Reserve banks.
The Dodd-Frank financial reform law passed in 2010 mandated that the Federal Reserve Board in Washington approve the choices of private businessmen, but the Board has yet to reject any suggested candidates. The board members who cited the financial crash as causing unemployment were appointed by the president and confirmed by the Senate.
The concept of having private business interests selecting public officials has been criticized by experts. As Wharton professor and author of “The Power and Independence of the Federal Reserve” Peter Conti-Brown put it, “It’s not clear at all that the opaque and obscure process by which the private sector selects the Reserve Bank presidents produces superior central bankers than the public process used to select the remaining principal officers of the United States.” This controversial selection process risks having, as he put it, “a system for enhancing the influence of certain slices of society on our central banking policy.
Lacker and Lockhart are retiring this year. Advocates and experts are putting pressure on the Richmond Federal Reserve to replace retiring Reserve Bank Presidents with someone more attuned to the reality of unemployment. Fed Up, a coalition of advocates seeking to shift the Fed from its traditionally pro-bank policies, is seeking to have the regional bank President’s picked with more attention to the needs of workers.
Jordan Haedtler, deputy campaign manager of Fed Up, lashed out at Lacker’s comments as related in the newly released transcripts. “Even nine years into the recovery, workers are still struggling to get the wages and hours they need,” Haedtler said. “Yet with unemployment above double digits in huge swaths of President Lacker’s district in 2011, he was citing anecdotes about drug use and desire to collect unemployment benefits as key reasons why employers weren’t hiring. Rather than looking for solutions and talking to people who were out of work, he was seeking excuses from employers.”
President Donald Trump has a number of vacancies on the Federal Reserve Board to fill as well. He has been highly critical of Federal Reserve Chair Janet Yellen. He argued, without citing evidence, that she pursued monetary policy goals to help support Barack Obama and elect Hillary Clinton. If Yellen and Tarullo follow custom and step down from their board slots in 2018, Trump could appoint a majority of Federal Reserve board members within two years.
Despite the importance of monetary policy, the Federal Reserve keeps the transcripts of internal deliberations of the committee that sets monetary policy out of public view for at least five years. But the people who attend those meetings take other jobs — some in the financial services industry. In 2010, incoming House Oversight Committee Chairman Darrell Issa questioned whether it was appropriate for the Fed to withhold its deliberations for so long. “If the Fed’s full transcripts can be released sooner, they should be,” he said.
The debate in the Fed and within Congress was ultimately resolved. The Federal Reserve kept interest rates low. And in 2011, a new wave of recently elected Tea Party Republicans and Democrats finally compromised on language to cut unemployment benefits.
Neither West Virginia senator, Shelley Moore Capito nor Joe Manchin, would comment on Lacker’s discussion of the West Virginia drug epidemic and its relationship to unemployment. The Appalachia region, including West Virginia, went strongly for Trump in the 2016 election. -Matt Stoller

"...If the Trump administration really wishes to live up to its campaign promise “Make America great again,” there is no way of getting around addressing Fed policy. A first step in that direction is the idea to subject the US central bank to public scrutiny (“Audit the Fed”), bringing to public attention the scope of the Fed’s interventions into the world’s banking system.
Of course, the liquidity swap agreements in particular can be expected to be heavily defended by central bankers, bank representatives, big business lobbyists, and mainstream economists as being indispensable for financial system stability. And for sure, a sudden withdrawal from this practice would almost certainly deal a heavy blow to financial markets.
If push comes to shove, it could even make the worldwide credit pyramid, built on fiat money, come crashing down. However, the really important argument in this context is that the continuation of the practice of central bank cartelization will eventually result in a despotic regime: and that is a single world fiat currency regime.
Of course, change for the better doesn’t come from politics. It comes from better ideas. For it is ideas that determine human action. Whatever these ideas are and wherever they come from: They make humans act. For this reason the great Austrian economist Ludwig von Mises (1881 – 1973) advocates the idea of the “sound money principle”:
The sound-money principle has two aspects. It is affirmative in approving the market's choice of a commonly used medium of exchange. It is negative in obstructing the government's propensity to meddle with the currency system.1
Mises also explains convincingly the importance of the sound money principle for each and every one of us:
It is impossible to grasp the meaning of the idea of sound money if one does not realize that it was devised as an instrument for the protection of civil liberties against despotic inroads on the part of governments. Ideologically it belongs in the same class with political constitutions and bills of right.
Mises’s sound money principle calls for ending central banking once and for all and opening up a free market in money. Having brought to a halt political globalism for now, the new US administration has now also a once in a lifetime chance to make the world great again — simply by ending the state’s monopoly of money production.
If the US would move in that direction — ending legal tender laws and giving the freedom to the American people to use, say, gold, silver, or bitcoin as their preferred media of exchange — the rest of the world would most likely have to follow the example. That said, Mr. Trump could really make a real change, simply by embracing Mises’s sound money principle..."

***What Will Trump Do About the Central-Bank Cartel?

"Created in 1913 after the Panic of 1907, the Federal Reserve was founded to keep the public’s faith in the buying power of the U.S. dollar. After failing miserably in the 1930s, the Fed aimed to be more responsive. This led the institution to find discipline in the rising macroeconomic models championed by top monetary theorists. During the ensuing “Quiet Period” in American banking, deposit insurance prevented panics, the Fed controlled interest rates and manipulated the money supply, and though occasional disruptions flared, like the failure of Continental Illinois National Bank and Trust Company in 1984, no systemic risk erupted for seventy years. The Fed had tamed the volatile U.S. economy.
Until September 2008, when all hell broke loose in a worldwide panic that completely blindsided and, embarrassed the Federal Reserve..."

***How the Fed went from lender of last resort to destroyer of American wealth***

Feb 3, 2017 5:10:12 GMT -5 Entendance said:

***Reality vs. The Recovery Narrative

End of Fed Independence! House Financial Services Committee Sends Warning Letter to Yellen “This is Unacceptable”

***The cancer of bankers

 ***Le cancer des banquiers

*** Het kankergezwel van de bankiers

H/T Tom from Florida

Avoid paper gold products, just starve the banksters: buy gold & silver bullions, then store them outside the banking system. E.