I am not We

Just for fun, I thought it would be fun to see what the late Puck T. Smith thought of the previous debt debacle in 2011.

Below is a short post of Puck's from his blogspot site:

FRIDAY, JULY 22, 2011
I am not "we"

I am not "we." I did not incur the debt. I do not owe one single cent of it. My signature is on none of their fraudulent instruments. It is their problem and they are trying to fix it by destroying what little value is left in the US dollar--and all other currencies for that matter. There is nothing you nor I nor anyone else is going to be able to do about it.

Call me a doomsayer, but I am convinced it is at most a matter of a few months before shit is really going to start coming unglued. This is the culmination of 100 years of either colossal ignorance or diabolic intent (or some malignant symbiosis of the two). There is no one in any position of power who has any clue about how to manage the Frankenstein clusterfuck of fractional reserve central fiat banking at the exponential culmination of compound interest.

All paper is on the verge of reverting to its inherent worth. I intend to be completely out of it by the end of next week with the exception of day-to-day living from my paycheck. My money will weigh a lot, shine and be well hidden.
POSTED BY PUCK T. SMITH AT 8:43 PM

120 Comments

Ciscokid's picture

First.

First.

wildstylechef's picture

Puck the debt

Demise of the empire I hope is set

bullion only's picture

Third

Well what can we expect today?

russell soars to new highs

treasuries sell off

ang gold and silver?

whatever they want it to be. 

treefrog's picture

furth

in case you don't hear from me.....

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To help save the economy, the Government will announce next month that the Immigration Department will start deporting seniors (instead of illegals) in order to lower Social Security and Medicare costs. Older people are easier to catch and will not remember how to get back home.

 
Cleburne61's picture

Silver now tightening for the Powers?

I miss Puck.  God bless his memory and God rest him.

_____________________

While everyone here has rightly kept a keen eye on the GLD’s ever-shrinking inventory…..losing now over 34% since January 1st, there is now perhaps a dark horse coming up from the outside that few are mentioning.  Folks have pointed to the loss of GLD gold as proof that the bullion banks use the ETFs as a flywheel to supply bullion to those who want it most, without having to go into the market and buy up enough supply to satisfy those deliveries.  The result has been that due to a shortage of gold, the GLD has been drained.  Folks rightly point to the GLD’s (I believe permanent) loss of gold as an example of how tight supply really is, which brings me to why I wrote this.

We know that the PTB have knocked down silver in a serial fashion, every day, every week, for the last 2.5 years, since the May Day Massacre.  As SRS has shown us, doing so repeatable messes with the investor psyche, and discourages stackers from adding to their position, which helps alleviate the shortage.  As a result, last year the silver (and gold) demand was lower than it was in 2011.  Which doubtless gave the bankers a bit of a pile of silver to play with, and put out shortage fires.

However, those tricks have run their course, and are no longer resulting in dousing demand….as the US Mint and RCM will both set all-time records this year in silver coinage minted.  It’ll likely be between 70 and 72 million oz coined, and that doesn’t even count the numismatics they make.  Two mints are using 10% of mine supply to make two coins!

Furthermore, several months back, the news out of India was all the rage that Eric Sprott and others jumped all over, rightly, I feel.  The surge in demand for silver out of India has proved enduring, and is not to be discounted lightly.  So far through August, India has imported over 4,000 metric tonnes of silver, or roughly 130 million oz, or put another way, 25% of all silver mined globally through August. The all-time annual import record for India was just over 5,000 tonnes, I believe, and we’re set to hit 6,000 this year in India.  That would put India’s 2013 silver demand at roughly 200 million ounces, or 30% of all the silver mined in 2013.  However, that completely forgets Diwali, which is on the radar now in India, and has seen bumper crops this year, and could bump that figure even higher.  Taxes on gold are still at record highs, and many are still using silver as the poor man’s gold.

Now, thus far this year…..we haven’t seen a tightening in wholesale silver, with the exception of April-June, which has since died down for now.  But, one place we never saw wholesale silver tightness signs was in the SLV.  In fact, Turd mentioned many times, that the SLV’s inventory was stagnant while the GLD’s was being drained.  Many pointed to this saying that the powers still had silver on lock down, and that this was evidence that a repeat supply crunch, as happened in the spring of 2011, hadn’t returned yet.

Now this could be changing.

Last week in the SLV, we had not one, not two, but three redemptions at the SLV, all over 1.9 million ounces apiece!  Yesterday we had a withdrawal of yet another 1.7 million ounces.  This makes over 7.5 million ounces of silver withdrawn in just over one business week. I haven’t seen withdrawals of this size so close together in many months.

It’s too early to tell if this is a fluke, but I repeat, with just two mints using over 10% of all silver this year to make two coins, and with India alone likely importing over 200 million ounces this year (almost all of it to be investment silver), are the fundamentals of supply and demand finally catching up to the most hallowed of all EE stockpiles: the SLV?

Remember, as Jesse said: the bullion banks have the central bank stockpiles to help meet Asian gold demand, but there are no central bank stockpiles of silver.  The SLV and Comex are all they’ve got, so while early, this situation requires our attention going forward, I believe.

Turd Ferguson's picture

Excellent points

MODERATOR

Thank you. 

zman's picture

India gold imports down 90%

From Stewart Thomson, "In the big physical (gold) markets of Asia, India's have been crushed by government regulation. With imports down by as much as 90% in India."

Maybe there is a very good reason why gold trades at $1270 oz today.

http://www.321gold.com/editorials/thomson_s/thomson_s_101513.html

Turd Ferguson's picture

Do you really think...

MODERATOR

...that government tariffs have dropped demand 90% and caused gold imports into India to drop by 90%, too? Seriously?

Perhaps there are some sub-continent Turdites who can set you straight.

Urban Roman's picture

A common thread that runs

A common thread that runs through all these government actions, and sometimes we see it more plainly, but usually it is obscured behind a sheer curtain of propaganda, is that the (de facto world) government will do anything to preserve and increase its authority and power. 

Whether it's the food police going around wrecking the lives of organic farmers, or the FDA not inspecting shipments of food from overseas (melamine, etc), or the EPA/DOE turning off radiation monitors in the wake of Fukushima, or the brutal police attacks on OWS, or the snipers on the White House aiming at veterans, or the news blackout on various legitimate 1st amendment protests, or the attacks on the 2nd amendment, not to mention the 4th amendment which is long since well trashed, the action of the 'authorities' will always be to assert more authority. 

That was a long sentence ... anyhow, as to inflation/deflation and the price of PMs, you can count on the worst possible outcome for the middle class. We shall either have inflation (or 'stagflation'), or we shall have deflation accompanied by bail-ins (broad daylight robbery). There will probably be more of both, as the central planners have effectively abandoned every shred of legitimacy over the last decade or two. 

Right now, it looks like the suppression of PMs and the papering-over of equity markets will go on until it can't. The question is, exactly when does it get to where it can't? Myself, I have been astonished that it kept on going in 2009 and 2010. 

If they print, and it leads to runaway inflation, that reduces their central-planning power. If they don't print, and that leads to economic/industrial collapse, that also reduces their central-planning power. (and please note that little of this 'printed' money has been distributed to the peons -- it just goes into the "financial industry") So, in conclusion, they will print but say that they are not, or they will not and say that they will, whichever keeps this whole kleptofascist freakshow going the longest. Is it cheaper to pass out fiat coupons to the FSA, or is it cheaper to hire mercenaries to shoot them when they riot? That has to be the sort of calculus that is going on about now. 

Sneed Hearn's picture

Expect the worst from this crew of psychopaths . . .

and you will rarely be disappointed.

No matter how cynical you become, it is never enough to keep up. Lily Tomlin

RedRiver's picture

Manipulation

The manipulation in the PM markets is finally becoming so blatant that even the MSM can't ignore it. However, no one seems to comment on the fact that the mining stocks have been under constant attack over the last 24 months. How many times have we seen 2-3% falls in the HUI and XAU prior to waterfall declines in Gold and Silver the next day. The evil plan to completely discourage any prudent investment in this sector will be recorded someday as one of the greatest crimes against the citizenry this century. FWIW

tyberious's picture

Great post by Will Kaye on KWN

This leaves GLD with just 28 million ounces of total gold, and a very large short interest.  So people who own GLD need to understand that it is highly probable that, unlike what the prospectus says, the gold in GLD is not fully backing the paper certificates that investors own. 

By that I mean that there is a considerable short interest, which would be the bullion banks, and it’s basically their I.O.U. representing the balance for the gold which has already been looted from London.  This gold has been transited to Hong Kong, or Shanghai, or other points in the Far-East.  This is something that people need to understand because it’s getting no mainstream media attention. 

But when it comes to the ETF GLD, you need about $13 million worth, or 100,000 shares, if you want to redeem the shares for physical gold.  We have a number of our sources who have told us directly that JP Morgan and some of the other bullion banks are in fact turning down investors with 100,000 shares who have asked to redeem those shares for physical gold.

Meaning, various entities or high net worth individuals who have presented 100,000 shares or more to JP Morgan for the purposes of redeeming those shares for physical gold have already been told, or are currently being told by the banks, ‘No, we will not act on your behalf.’

This goes right to the heart of the reason why these ETFs were set up in the first place, which is so the bullion banks could loot them when they needed the physical gold from the vault to engage in the kind of manipulative behavior that we are witnessing today.

The winners in all of this are the bullion banks themselves because they created the game.  Meaning, they are the referee as well as a player in the game so they can’t lose because they fix the game.  So the ordinary investor has no hope when it comes to owning an ETF such as GLD.

People also have to remember that Eric Sprott’s physical Gold and Silver Trusts have lost very little metal to redemptions.  So, while GLD has lost a staggering 34% of its gold inventory because of the looting, the Sprott Gold Trust has lost a mere 1.3% of its gold.

This is why the mainstream media is the ‘Great Deceiver.’  There is no mass exodus from physical gold as the mainstream media would have investors believe.  In fact, we have been and continue to see unprecedented levels of physical gold demand that we have never seen in history.

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/10/15_The_West_Is_Now_In_The_Process_Of_Destroying_Itself.html

tyberious's picture

SILVER: 4 Cycles in 12 Years

http://www.deviantinvestor.com/5087/5087/

During the past 12 years silver prices have bottomed, rallied sharply, collapsed, and then languished for a year or more. The patterns are not identical, but there are obvious similarities as shown in the following chart. (Note that it is a weekly line chart, from close to close, log scale, with high and low bars not shown. For example, silver might have bottomed on a Wednesday but only the Friday close is plotted.)

Click on image to enlarge.
Crash Lows: 11/23/2001, 5/7/2004, 6/16/2006, 10/24/2008, 7/5/2013
Launch Lows: 3/21/2002, 8/26/2005, 8/17/2007, 2/5/2010
Breakouts: 5/2/2003, 10/14/2005, 9/21/2007, 4/16/2010
Highs: 4/2/2004, 5/12/2006, 3/14/2008, 4/29/2011

- See more at: http://www.deviantinvestor.com/5087/5087/#sthash.Udt3un2D.dpuf

twolfe81's picture

Market Reaction Beyond Belief

We certainly do live in strange times...throughout this whole debt "we" crisis, markets barely pushed down and on any glimmer of hope they soared past any point the false economic data would ever push them on a day...just because things might get back to normal, we see new records (maybe not new highs, but regaining off of multi-day slow push downs in a one hour or less climb).  VIX remained relatively contained but hopium seems to have an extra strength dose of helium in it on low volume.

To add to the strange takings, we now have what seems to be certain news, normal market reaction would be buy on rumour, sell on news, but instead we are seeing continued inching up on the day. 

Then we have the Republican Congress reaction to the Senate plan.  If the Congress is the house with the purse strings, they certainly are letting the Pres and the Senate dictate things.  And even though the more moderate Repubs didn't want this fight, in taking a stand and now caving in with no concessions, they've basically signed their own election death warrant as they are now "the same as the Dems" for their caving in, but will be seen from the left and entitleists (aka not those needing or who have earned pensions or assistance, but those addicted to it) as "the Dems didn't start this, you did" for left leaning voters and from the right as "you caved in and are no better than them", losing campaign money and votes as the right side voter base fractures further and seeks someone that will stand up to the syphoning of their pockets. 

The Drudge has an article that the age of Speaker Pelosi is about to return.  I find this to not be as far fetched as one would think, the Dems if they have the moral high ground and some Repubs in their pocket, can overthrow Boehner and move to a Democrat speaker if the right procedure is used.  And kicking the can down the road to Feb isn't going to help the Repubs take the high ground then unless they are looking for a "look what Obamacare has done to you" moment to help save them.  But if they lose control of the House, then they have no way to set the agenda.  And the people will remember the government shutdown still at that time, no hiding from its blame in that short a timeframe.

Finally, the Tea Partiers, Libertarians, and other such leaning Repubs are going to skewer their colleagues in the moderate side and not lift a finger to help them as now they are either dead in the water in their districts or guaranteed re-election for life due to their stand against the machine and subsequent "betrayal" by the Repub party.  This will in turn lead to more fracturing of the Repub brand.  Boehner has to know this is political suicide for him and any hope of Repub authority and control if he lets the deal go through, debt ceiling and government shutdown concerns or not.

With all this insanity, I can see one of two things happening...Boehner sees the pending suicide for the House Repubs coming and moves with what authority he has left to torpedo the bill from the Senate or to whip the Repubs in the House into a last minute push to counter it, or it goes through with no resistance and Boehner becomes a non-person.

In the case of the former, the markets may or may not break, but its hard to say with all the manipulation controlling the downside that has worked so far.  In that case, I don't know where we'll go as things fling around some more.  If the later, I see tomorrow as potentially finally being the sell on news day as things slip back to normal of government open, back to work, start manufacturing false economic data again, keep up the blame the Repubs band going, etc.  We might see some gold gains and sanity return then.  Guess we just have to hold onto our hats and see.

Patrancus's picture

The Plan

is to collapse the welfare state by turning off goobs electronic opm and the heavily dependent sheeple then commence quick action into rioting and pillaging the republic, could be pins and needles real soon.

SilverTree's picture

RIP Puck

RIP Puck

Down Range's picture

RIP Puck

You are missed!!!!   ;-(

Wizard's picture

Gold premiums hit record in India

Just Sayin wink

(Reuters) - Gold premiums in India, the world's biggest buyer of the precious metal, hit a record $100 an ounce, about 8 percent over London prices, on a shortage of supplies to meet festival demand, traders said on Tuesday.

http://in.reuters.com/article/2013/10/15/india-gold-idINDEE99E09620131015

The Doc's picture

Boehner Folds, Full Details

Boehner Folds, Full Details of Debt “Deal”

debt deal

Speaker John Boehner has reportedly folded, and will give in to essentially all of Obama’s demands according to reports.
While the media reports that the deal is a 3-month can-kicking, the reality of the “deal” is far worse.

http://www.silverdoctors.com/boehner-folds-full-details-of-debt-deal/

SF340Ag's picture

My question has been answered...

I was wondering why I haven't heard this statement before.

This debt is NOT OURS!!

It is a fraud and all contracts involving fraud are voidable.

The FRN's are unconstitutional and a "law" does not make them legal or Constitutional.

All parties involved in this mess (read domestic and foreign) can CLEARLY read our Constitution and have willfully entered into fraudulent contracts based on their own greed.

Our Constitution is not a secret or hidden document that will allow the defrauded parties to file a claim against Americans or their assets.

FRN's are no different than sea shells and in a free market men could continue to accept or deny value at will.

I have brownies for sale, hot, fresh out of the oven, with and without walnuts, served with a cold glass of milk. Priced as follows;

$750 FRN's
$750,000,000 Monopoly bucks
1 oz Ag

Wizard's picture

Ex-Navy SEAL says Government is creating conditions

America : Ex-Navy SEAL says Government is creating conditions to impose Martial Law (Oct 15, 2013) On Fox News

http://www.youtube.com/watch?feature=player_embedded&v=HDuds14OBiE#t=0

Karankawa's picture

John Williams: Very Serious Trouble in this Next Year - Weaker D

Wizard's picture

Lt. Gov. Dewhurst Says President Obama Should Be Impeached

And then Dewhurst criticized alleged inaction. “I am very concerned about Benghazi, in which all of the national news reporting indicated that live video was streaming into the White House situation room.  Which means there was a(n) overhead platform, probably a drone in the area.  At least that’s what it tells me.   And for not mobilizing some response to protect the ambassador and those three Americans is just outrageous to me.  Just outrageous.”

http://dfw.cbslocal.com/2013/10/15/lt-gov-dewhurst-says-president-obama-should-be-impeached/

Wizard's picture

Chase Having Fun With Rules

Chase Bank Limits Cash Withdrawals, Bans International Wire Transfers

Chase Bank has made the move to limit cash withdrawals as shared in this story from Infowars . Is this but the latest sign of an economy and society ready to totally collapse? This latest signal is but the most recent one in a series that spell out a much bigger picture. A video report about the rapidly crumbling US economy is also below.

Chase Bank has moved to limit cash withdrawals while banning business customers from sending international wire transfers from November 17 onwards, prompting speculation that the bank is preparing for a looming financial crisis in the United States.

Numerous business customers with Chase BusinessSelect Checking and Chase BusinessClassic accounts have received letters over the past week informing them that cash activity (both deposits and withdrawals) will be limited to a $50,000 total per statement cycle from November 17 onwards.

http://beforeitsnews.com/economy/2013/10/chase-bank-limits-cash-withdrawals-bans-international-wire-transfers-2561750.html

 

SilverTree's picture

Credits Will Do Fine

JY896's picture

GOFO update

FWIW, here are some graphical representations of the recent drop in GOFO rates -- near-term values are negative once again:

March-October, 2013:

Closer zoom on the near-term:

The rate of decline really is remarkable, and it seems like the longer durations (6-12 months) are following the shorter-term rates more closely than in early July.

Note that the near-term reversal of the gold price occurred even before the rates went negative last time.

Dyna mo hum's picture

The wizards of bullshit did it again....

Dyna mo hum's picture

@wizard

No offense to you intendedyes

Bollocks's picture

Wizard

"Ex-Navy SEAL says Government is creating conditions to impose Martial Law On Fox News"

I'd prefer it if they shut them down altogether.

(geddit? nah.... don't worry)
 

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