Thursday, October 17, 2019

Why Banks Didn’t Lend to the Repo Market When Rates Blew Out: JPMorgan CEO Dimon

by Wolf Richter, Wolf Street:

“Does that mean that we have bad markets?”

This still doesn’t show who or what triggered the fire in the repo market in mid-September when overnight lending rates more than quadrupled and briefly hit 10%, but it confirms who sat there and watched the fire and fanned it though they could have extinguished it.

ANOTHER RAID ORCHESTRATED BY THE OFFICIAL SECTOR

by Harvey Organ, Harvey Organ Blog:

ANOTHER RAID ORCHESTRATED BY THE OFFICIAL SECTOR/BANKERS: GOLD DOWN $13.25 TO $1480/00////SILVER DOWN 30 CENTS TO $17.38//HUGE PAPER WITHDRAWAL FROM THE SLV (2.15 MILLION OZ//)QUEUE JUMPING AT BOTH GOLD AND SILVER COMEX WITH THE GOLD ADVANCE MASSIVE (3/4 OF A TONNE)//CHINA’S CPI ADVANCES HUGELY DUE TO LARGE PRICE GAINS IN PORK//CHINA DEMANDS THE USA TO REMOVE TARIFFS AND THEN CHINA MAY RESUME FOOD PURCHASES (FAT CHANCE)//HOPE FOR A BREXIT DEAL TONIGHT//LEE ADLER PENS THE TRUTH BEHIND THE NEED FOR POMO (QE4) AND THIS IS YOUR MUST READ FOR TONIGHT//MORE SWAMP STORIES FOR YOU TONIGHT

Keiser Report: Will China announce it’s got 20,000 tons of gold? (E1449)

from RT:

In the second half, Max continues his interview with Alasdair Macleod of Goldmoney.com. In this segment, they discuss the rise of China, its large purchases of gold, and Alasdair’s belief that China may one day announce that it has over 20,000 tons of gold. Should Beijing do this, the dollar is toast, he says.

FED REPOS SIGNAL END Of Fiat Federal Reserve Notes

by Wayne Jett, Classial Capital:

For weeks, financial observers have been agitated by astonishingly high sums of Federal Reserve Notes (“hundreds of billions of dollars”) moving from the Federal Reserve to borrowers under lending instruments known as repurchase agreements, or “repos.” On September 17, e.g., the Fed created and loaned $53 billion to unnamed parties and, on September 18, an additional $75 billion. Those two days are the mere tip of the iceberg. Who are the borrowers and why is the Fed providing them so much money?

Fed Set to Launch “Massive” Bond-Buying Program — In Other Words QE

by Peter Schiff, Schiff Gold:

The Federal Reserve is set to begin what MarketWatch article called a “massive” bond-buying program.

Jerome Powell announced the program last Tuesday and the central bank released more details about the plan on Friday. The Federal Reserve will buy $60 billion in short-term Treasury bills each month. According to a statement, the purchases will continue, “at least into the second quarter of next year.” That would amount to around $400 billion worth of Treasurys added to the Fed’s balance sheet.

Will Interest Rate Cuts Be Enough?

by Michael Pento, Market Oracle:

The main stream financial media is absolutely ebullient about global central banks’ renewed enthusiasm to cut interest rates to a level that is even lower than they already are. And, most importantly, Wall Street is completely confident that theses marginally-lower borrowing costs will not only be enough to pull the global economy out of its malaise; but will also be sufficient to provide enough monetary thrust to blow asset bubbles into the thermosphere.

However, the truth is Fed stimulus does not always work. This was the case during both 2000 and 2008. A significant amount of rate cuts was not enough to avert a recession and also did nothing in the way of preventing the stock market from collapsing.

Here’s why the gold price could really soar over the next two years

by Simon Black, Sovereign Man:

At some point between the years 1483 and 1485, a Genoese businessman named Cristoffa Corombo had the opportunity to pitch his idea to King John II of Portugal.

This period was the dawn of what historians call the ‘Age of Discovery,’ a time when European explorers sailed all over the world opening new trade routes.

They were the tech entrepreneurs of their day, famous for their bold, absurdly expensive, and extremely high-risk ideas that often ended in catastrophic failure (or the mental/physical enslavement of countless people).

It Does Not Take Some “Major Event” To Get To A $10,000 Gold Price

from Silver Doctors:

A war or famine is not necessary for gold to reach $10,000 per ounce. Here’s all it takes… 

by Frank Holmes of US Funds

“Travel,” Mahatma Gandhi once said, “is the language of peace.”

If that’s the case—and I happen to believe that it is—then I’m extremely bullish about the future, especially with respect to U.S.-China relations. Last week I was in Lower Manhattan, and the number of Chinese tourists I observed visiting the New York Stock Exchange (NYSE) and Federal Hall National Memorial—the epicenter of American capitalism and birthplace of the U.S. government—was encouraging. Everyone wanted their picture taken with the statue of George Washington, the father of the country with which their own government has been locked in a trade war for more than 18 months now.

The Eurozone In Crisis? New President of the European Central Bank (ECB) has a Criminal Record. Christine Lagarde

by Prof Michel Chossudovsky, Global Research:

Ms. Christine Lagarde, outgoing Managing Director of the IMF has been appointed to the position of president of the European Central Bank (ECB) effective November 1, 2019

France’s president Emmanuel Macron acting on behalf of powerful banking interests was instrumental in Ms. Lagarde’s nomination. Praised by the Western media, Lagarde was also endorsed by Wall Street and the US Federal Reserve.

What media reports fail to mention is that Lagarde is a corrupt official involved in financial fraud. She has a criminal record.