Tuesday, January 21, 2020

Wall Street’s Derivatives Nightmare: New York Times Does a Shallow Dive

by Pam Martens and Russ Martens, Wall St On Parade:

The New York Times published a 1300-word shallow dive into the byzantine, globally-interconnected world of financial derivatives in its print edition yesterday. After years of ignoring this seismic problem since it last blew up the U.S. financial system in 2008, what accounts for the New York Times’ newfound interest? We can sum up its 1300 word article using only three letters – CYA.

What frightened the Times into this foray into the dark web of financial derivatives held by the biggest Wall Street banks was a frightening, 111-page deep dive into the subject by Michael Greenberger, a law professor at the University of Maryland’s Carey School of Law. Greenberger knows a thing or two about derivatives, having previously served from 1997 to 1999 as the Director of the Division of Trading and Markets at the Commodity Futures Trading Commission (CFTC) under its head Brooksley Born.

GOLD FLAT AT $1225.50 BUT SILVER ADVANCES BY 8 CENTS UP TO $15.50

by Harvey Organ, Harvey Organ Blog:

GLD INVENTORY ADVANCES BY 4.42 TONNES AND A POSSIBLE SIGN THAT GOLD WILL NOW ADVANCE/CHINA THROWS IN THE TOWEL ON ITS ECONOMY AS THEY USE BOTH FISCAL AND MONETARY AUTHORITIES TO STIMULATE THEIR ECONOMY; THE YUAN TUMBLES A BIT/THE TURKISH LIRA PLUMMETS TO 4.91 TO THE DOLLAR AS THEY FAIL TO RAISE RATES BY 100 BASIS POINTS

Turkey’s Attempt to Mop up Mattress Gold

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by JP Koning, BullionStar:

The Turkish government, in particular its central bank, has a relatively unique relationship to gold. Few governments directly involve themselves in the gold market as much as Turkey’s. This post provides a short review of this relationship.

Gold is popular in Turkey. According to a 2015 report by the World Gold Council, Turkey generally accounts for around 6% of global gold consumer demand. It is further estimated that there are around 3,500 tons of under-the-mattress gold in Turkey, which makes Turkey one of the largest gold sinks in the world. The existence of this “mattress gold” is believed to inhibit the growth of bank intermediation. By encouraging Turks to bring their gold to banks to be deposited, Turkish authorities believe that overall engagement with banks will increase, presumably leading to faster economic growth. Notably, India has also been very aggressive in trying to bring “idle” gold into the banking system, having launched a gold monetization scheme in 2015.

Martin Armstrong – Revolution Coming to Italy?

by Kerry Lutz, Financial Survival Network:

Martin Armstrong joined us for a talk about what’s happening in Italy and the EU. Martin believes that all the EU bureaucrats care about is keeping their jobs and collecting taxes. People in Italy used their homes as savings vehicles because until recently there were no real estate taxes and no inheritance levies. All that is changing and Martin says the people will reach a no mas moment. It’s coming. Back in the US, it’s Trump versus the Deep State and the World. Who’s going to win that one? What’s a Deep Stater to do?

Click HERE to Listen

3 ‘Powerful’ Things You Can Do NOW To Prepare For A Future Grid Failure

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by Sara Tipton, Ready Nutrition:

In the event of a grid failure, would you be prepared? Many who prep save extra food and water, but have no idea what actually going “off the grid” would entail. But there are some tips and tricks to preparing so you don’t find yourself or your family at the whims of those currently running the political system.

So what could happen in the event of a nation-wide power grid failure? If you rely on FEMA (Federal Emergency Management Agency), the situation could be dire. And what if it’s winter time? You will most likely be forced from your home in the dead of winter, with nothing more than the few supplies you were able to carry amongst yourselves. You would then be shuttered and locked into a community center (FEMA camp) with thousands of other families, displaced from their homes as well, relying on what few supplies the government could provide. You would have to wait in long lines to use the portable bathroom and security guards would monitor your every move. It wouldn’t exactly be a utopia – it would be more like a prison.

One of the most outrageous investment deals I’ve ever been offered

by Simon Black, Sovereign Man:

One of the biggest banks in the world – a name you would certainly know – just pitched its top clients on a major investment.

The deal was only offered to its private clients (with at least $50 million in net assets); and as I started reading through the opportunity, I started to understand why…

We talked about this in a recent podcast: this particular deal was a $500 million real estate investment.

Where Should I Go?

by Doug Casey, International Man:

One of the questions I’m most often asked is, “I’ve decided to get out of my home country before it’s too late. Which countries are the best ones to go to?”

Unfortunately, answering this question is akin to answering, “What’s the best place in town for me to have lunch?” The question is too broad to answer. It will depend upon what sort of food you like, how much you want to spend, whether you want a restaurant with a liquor license, etc. Likewise, the “best” destination will depend upon your age, whether you’ll need to work, whether you have school-age children, whether you’re seeking luxurious amenities or whether you’re hoping to lower your cost of living, etc.

A streaming fountain of Truth

by Dr Jerome, TF Metals Report:

Since we may all be thinking of other things instead of metals today, and seeing that chart this morning with silver swatted down yet again, I am certainly focusing on other things. Well, perhaps the bankers just gave metals a mean look and said, “Get back in your room!” rather than a full trip to the woodshed.

(My gut says, “If silver really does drop to single digits, crack open the piggy bank [credit] and make a purchase.”)

In an effort to give Turd a break, I thought I’d share some history and thoughts on that pesky first amendment. It even seems to be relevant to recent discussions, even this morning as the SGT report has been deleted from Youtube (as pointed out by two of our watchful members, AlexP23 and Ben Stakin).  see https://www.real.video/channel/sgtreport

More Lies From The Corrupt Elite

by Paul Craig Roberts, Paul Craig Roberts:

For two decades the offshoring of American jobs to Asia and Mexico has destroyed the careers and incomes of tens of millions of US citizens, the pension tax base for state and local governments, the federal tax base for Social Security and Medicare, and the opportunity society that once characterized the United States of America.

The rise in corporate profits that resulted from substituting foreign labor for American labor rewarded corporate executives and boards, hedge funds, large shareholders, and Wall Street with profits at the expense of the American population and the US economy.