hey, ya gotta do it once,anyway.

I wonder if this time it's for real:

Now making his resignation speech in Athens, George Papandreou says a decision has been reached on a new consensus government and Greece will do all it can to stay in the euro. As of yet, he has yet to name the new PM, prompting one reporter to quip that he's using the speech to begin his re-election campaign.

Brother JohnF update

http://www.youtube.com/user/BrotherJohnF

as well as ETF -Epic Trading

http://www.youtube.com/user/BrotherJohnF#p/a/u/1/7GHcwJgCoXo

Thanks for your effort TF!

Do any Turdites know of a place with an ongoing MF Global discussion taking place?  I sold all my miners and long PM positions concerned about the liquidations of MFG customer positions that were supposedly coming.  I don't feel comfortable getting back in until I know WTF is going on with that.  Thanks in Advance

http://www.cmegroup.com/clearing/mfglobal.html

my bad

#laziness

There was a post on Harvey's comments today that said:

> Every time SLV gets above JPM there is a margin Hike.
> 1) The 5 Hikes from early May (Everybody raised)
> 2) 8/03 Interactive Brokers
> 3) 9/23 China/ CME
> I'm sure there are more but I do not have access to the data or the
> ability to do a correlation study. I would appreciate it if you could
> find the time for this. Or better yet, forward to one of your contacts
> who could spend the necessary time to see if I am on to something or
> not.

I wondered if anybody had checked this out?

DayStar

Thanks TF for the update, I know we're base-building for a huge move up, but I'm hoping the EE can buy me a few more days, as I wish to make a purchase, but don't have the capital ready yet. Grr.

Oh, I've also been trying to teach my little boy the value of sound money, as he recently went with me to the local coin shop, and got to hold silver dimes in those tiny hands. He's also been learning about the value of saving.  Perhaps though, he's learned these lessons a bit too well.  As I must admit, I was a little concerned when I saw him yesterday morning, dump the contents of his piggy bank onto the floor, and dance around atop the jingling coins, yelling, "Money, money, money!"

He's 2 by the way.

As long as it can be stored and not go bad, and you are pretty sure it's something that people will accept as payment or in trade, that's all that really matters. Gold and silver just happen to be concentrated forms of tangible wealth, that's all. You could say they're the ultimate symbols of tangible wealth.

But it doesn't have to be PMs. People snicker softly at those people and their canned hams, but not me. Not me.

As suspected, MF Global brazenly took liquid assets like Treasuries and warehouse receipts, but not cash which would have been more quickly missed, from customer accounts to post as illegal collateral for emergency funding with a lender who must have known that they were receiving stolen goods.

When things fell apart, the lender simply took the collateral and liquidated it, and kept the money.

And now they are refusing to even acknowledge this transaction, and apparently the management of MF Global is not yet talking. Why? Because it was an insider deal, and they don't want to give back the stolen money.

When 'non-consequential' customers were requesting their funds, they were issued checks instead of wire transfers. The checks of course were not honored and bounced. But days later, and just hours before the bankruptcy filing, MF Global was paying BONUSES to its UK traders. Remarkable in light of how much dirty business the NY firms have been outsourcing to London. Follow the hush money.

This is a scandal of the first order, and a severe test for the Obama Justice Department, the regulatory agencies, and the exchanges.  This is a great crime, undeniably premeditated, and possibly the tip of an iceberg that would shake the public confidence in a deeply corrupt financial system. 

If a registered broker can simply take Treasuries and receipts for physical assets like gold and silver from customer accounts and give them to a complicit crony lender, and then look at the public with a straight face and say the money is missing and they do not know where it is, then no one's accounts are safe, anywhere, at any bank or broker, in the US financial system. 

This has every appearance of a legally sanctioned theft, pure and simple.

Here is a synopsis of the likely events from Forbes:

When did MF Global exploit the customer segregated accounts and why? How were the proceeds used to stem the firm’s deepening insolvency?

Based on the sequence of events described above, I believe that MF Global transferred assets, not cash, from customer segregated accounts to a “house” account sometime late Wednesday or early Thursday.

I’ve given those who executed the “nuclear option” to save MF Global the benefit of the doubt. I believe those executives used all available legitimate means to raise cash first, including trying to sell proprietary assets, as CNBC reported, and exhausting existing credit lines. When margin calls on the repurchase agreements and account closure demands from strategically important clients – not the bread and butter individual traders and smaller investors and money managers who got rubber checks – kept coming, they hit the wall.

Why do I believe MF Global executives transferred customer assets not cash to “house” accounts? Because missing cash would be noticed immediately. Their clients were still trading and clearing and cash was required to settle. Securities such as U.S. Treasury Bills, blue-chip equities such as CME Group stock held by many exchange members, and physical assets such as gold, warehouse receipts, and other certificates of title are less active. They would not be missed Thursday through Monday...

Any firm willing to lend $300-400 million for a week or so against approximately $700 million of customer assets was certainly wise enough to require recourse to those assets in the event of a bankruptcy. Some of the assets, like CME stock, were sure to drop in value if the bankruptcy occurred.

When MF Global filed for bankruptcy midday on Monday October 31, 2011, the lender owned the customer assets.

My guess is the pledged assets were immediately liquidated.

No one is raising their hand to admit they’re the firm who lent MF Global several hundred million dollars, enough to get them through the weekend, based on collateral MF Global had no right to pledge. It’s not clear what the responsibility of a firm is in that situation to ask questions and confirm title. What is clear is that the arrangement, most likely a favor called in based on very strong relationships, must have been planned in advance. When all else failed to generate enough cash on Wednesday afternoon, someone at MF Global pressed the button and set the wheels in motion.

The lender must have had the capacity to make such a loan and the ability to execute a strategy intended to leave few traces. But there are always trails to follow. (Like the traces of the enormous number of put options that were placed prior to 911.)

Regulators can look for records at MF Global and at the DTC of transfers of assets between customer accounts and MF Global house accounts and, then, of those same assets between MF Global and a third party. I suspect there is only one lender, since there was not enough time to arrange for more than one and the potential for exposure would be greater with more counterparties.

I don’t think the last inning lender is one of the banks with existing MF Global accounts. Everyone knew those organizations would be under immediate and heavy scrutiny...."

Read the rest here.

I beg to differ with the author. I do think it is a big, very well-connected name, and I think they are a party to a greater ongoing fraud that will never see the light of day, even if the money is eventually returned. And I have to wonder if anyone of consequence will ever be prosecuted for this, because they simply know too much about this and other things.

This increasingly brazen theft is the consequence of moral hazard from a credibility trap.

I am amazed at how so many people cannot wrap their minds around what is happening in the financial system, as a late stage fraud turns increasingly to blatant looting.

Is this a classic case of cognitive dissonance? They simply will not see it, until it comes for them? What is it going to take, how far can this go?

If this continues, then nothing you hold in this system is safe.

I respect the heck outta ya.  nuff said. 

Carry On Comrade - Appreciate you

Something I could not dare to post here-but its quite far away and good to know:

http://saposjoint.net/Forum/viewtopic.php?f=14&t=2626&p=35029#p35029

The occasional bitch slap doesn't mean I don't love ya....just the opposite ! After all, I'm a people person !      I'm proud of Rushbo and Herman Cain for shoving back at the MSM whores ! Monedas 2011 Comedy Jihad Emoticon Challenged Communicator

@Dr G - an investment in Santa's "Little Black Book on Gold" will be your Rosetta Stone.

@Louie - 50/50 - I like your take on the political links via OWS, but I WILL send you 5 SAE the day Holder indicts Obama or even does anything to severely put a legal light on his administration (and I'll be very "liberal" in how I define that). These birds of a feather won't ever peck at each other. Holder and Obama walk hand-in-hand politically (I won't use labels).

PS - The course I suggested is worthy of Sisyphus, but I have no better ideas with someone like Eric Holder at DOJ.

http://gata.org/node/4753

I wonder which way it will resolve? Shouldn't take too long to find out - it's almost complete...

That story is both plausible and scary.  Callous disregard for the law - and in a frenzy too.  Psychopaths.

@ivars - well guy, if that's the case, I'm out at 10,000 and the heck with all this PM stuff. Only a 25x return for my DCA??? Boy, should have stuck with MSFT and INTC.

Now why do i like the sound of that?

Oh and the truth is out about the Head Delta Bravo... What does it say when even 2 low-life Strangers to the Truth like Sarko and Barry Owebombya say you are a Liar?

The French president Nicolas Sarkozy reportedly said he could not stand Binyamin Netanyahu. Photograph: Alfred/Witt/Sipa/Rex Features

The French president, Nicolas Sarkozy, described the Israeli prime minister, Binyamin Netanyahu, as a "liar" in a private exchange with Barack Obama at last week's G20 summit in Cannes that was inadvertently broadcast to journalists.

"I cannot stand him. He's a liar," Sarkozy told Obama. The US president responded by saying: "You're fed up with him? I have to deal with him every day."

Neither leader apparently realised that microphones that had been attached for a press conference had already been switched on, allowing journalists waiting for a press conference to hear the conversation.

Just curious, has anyone quantified this year down days in gold and silver vs. up days.  It would be an interesting exercise to take on. For some reason there seems to be more down days then ups..but net-net we are up for the year.