Another New Video

My friend, Dan at Future Money Trends, just sent over this new video. I had to post it because you have to hear it.

The video is embedded below. It's an interview of Jay Taylor, who has been in the metals for over three decades and he currently writes his own newsletter, among other interests. Jay discusses gold manipulation and a few other things and it's all very helpful information.

The fun part begins at about the 4:00 mark. Here Jay states that:  

"For example, somebody pointed out that when JP Morgan, which is by far the predominant player in the futures markets for gold and silver, that when JP Morgan, when they are taking delivery, or when they are delivering gold, when it’s a delivery month for them, you’ll see the gold price go down very dramatically. Probably so that they can go out and secure gold at lower prices."

Gee, I wonder who that "somebody" is?? He then goes on to add: 

"And the point was made, I just saw here, an analyst was suggesting that in fact October should be the bottom here in the gold markets because of that dynamic with JP Morgan."

Isn't that fun? I had no idea that Jay was such an active reader of this site. Glad to have him as he's obviously a very smart guy!

Anyway...I think you'll enjoy the video.

TF

 

 

78 Comments

Marcus's picture

Enough

Enough of this "first" nonsense.

Howard Roark's picture

Nice vid!

And starts with Portugal!

Salut,

HR

And I´m first???!!!

(edit): not first... Marcus, enough of what???

achmachat's picture

Dan's video

I was listening to this interview earlier, and at the point you mentioned up there, I actually went "tehehehe"

So many closet turdites out there!

brad_pitts_betterlooking_brother's picture

we have got to get past

this  having to constantly state and explain the case that the gold market (and silver) is manipulated.    

we have been pummeled for the past two + years and still we have to defend the obvious.

one way or another the conversation needs to switch to a base of conventional wisdom  everywhere (even in the herd) that the manipulation is a fact.

how this is accomplished once and for all with all the cover provided by the cftc, msm, and all means of government involvement is unknown to me,  but it needs to get done.

until this occurs, i guess a nice depression, inflation event, or collapse is what we need to base our hopes on for the truth to out and honest markets return?

still a great visit here - i've been here since the salad days of the watchtower site - but i admit to viewing far less often since sometime after mid 2012 .       i do see some familiar names still here.    best of luck to all of you.    and ty tf as usual.

Dagney Taggart's picture

Fifth

"Out of these troubled times, our fifth objective — a New World Order — can emerge..." - George H.W. Bush, 9/11/90

Bollocks's picture

Enough of this sixth nonsense

too

silver foil hat's picture

Seventh

This space for rent. Payable in counter-fiat money only.

gazzmann's picture

The other side of the mistrust equation

Once again JT brings up the shaky and manipulated nature of fiat currencies backed by nothing. A number of times I've heard and read the idea(from sharp people) that there is a large psychological element to the possible collapse of fiat, and that psychological element being mistrust. So that mistrust would also be a mistrust of those who manipulate our fiat.

The other side of that equation is trust. I talk to a lot of people on a daily basis in the course of business. I am getting the feeling, and to some degree finding, that people at ground level are starting to trust each others information more and more, even though it may contradict what the PhD's and the nice suits are saying. 

Is it possible we should be keeping a sharper eye on the level of trust out there, as opposed to mistrust? Is it possible that trust(in each other) will be the psychological spark to set the fiat system ablaze?

Just a perspective that occurred to me.

Mr. Fix's picture

9

smiley

Mantis's picture

Silver again

This is my latest attempt at vandalising a silver spot chart. I'm starting feeling quite bullish in silver myself cool 

achmachat's picture

Mantis...

whenever I see your profile picture here, I just have to take a quick look at the bitcoin chart.

right now, I almost threw up a little in my mouth.

what the hell?!

Mantis's picture

achmachat

Don't tempt me! I've sworn not to mention them again broken heart

They are rising insanely fast though

DeaconBenjamin's picture

Swiss firm 'laundered' gold pillaged in DR Congo conflict

5984850e5a86649ab3c2150c7ac2945ecf51b522

An employee shows a 250 grams golden bar on April 6, 2009 at a plant of gold refiner and bar manufacturer Argor-Heraeus SA in Mendrisio, southern Switzerland

Activists claimed on Monday that a Swiss company laundered gold ore pillaged by an illegal armed group from conflict-torn Democratic Republic of Congo.

Argor-Heraeus is believed to have refined almost three tonnes of gold ore pillaged from the country between 2004 and 2005, according to Track Impunity Always, or TRIAL, an organisation dedicated to ensuring that perpetrators of international crimes are held accountable.

Pillaging is considered a war crime, stressed TRIAL.

The NGO said it had filed a criminal complaint against Argor-Heraeus, and that the Swiss federal prosecutor's office had responded Monday by opening a probe into the company for "complicity in war crimes and pillage".

The company knew, or should have assumed, that the gold which passed through Uganda had been obtained through pillage in DR Congo, the group said.

Argor-Heraeus, one of the world's largest processors of precious metals, strongly rejected the allegations. In a statement it said the firm had already been cleared of similar suspicions by two Swiss and one UN investigations.

"Eight years after the conclusion of the case, the allegation arrives like a bolt from the blue for Argor-Heraeus," the company said.

TRIAL claims that the gold in question was illegally mined by a group called the National Integrationist Front (FNI), which financed its operations through trafficking in gold.

The FNI was created with Ugandan support and in 2003 took control of a mineral-rich area in the conflict-ravaged northeastern Ituri region of the DR Congo.

The gold "was mined in appalling conditions" before being sold in Uganda by a Congolese gold trader and air transport company owner called Kisoni Kambale, TRIAL said.

Kambale in turn resold the gold to a Kampala-based company called Uganda Commercial Impex Limited (UCI). They then sold it on to British Hussar Limited, based in the Channel Islands.

The gold was initially refined by South Africa's Rand Refinery, but that company stopped working with Hussar in mid-2004 "because it suspected the gold had been acquired illegally," TRIAL said.

That's when Argor-Heraeus entered the scene, refining nearly three tonnes of the gold into ingots from July 2004 through May 2005, according to TRIAL.

"By turning this illegally obtained gold into ingots, Argor-Heraeus made it impossible to identify the criminal origin of the gold," TRIAL charged.

The Swiss firm stressed Monday that in 2005 it had "decided not to accept any material for processing in its plant from Uganda and instable regions and to cease any commercial activity with Hussar".

Such a move was too little too late, said TRIAL, stressing the DR Congo conflict and illegal gold trade had been going on for years.

A 2004 UN report documented Hussar and UCI's role in the pillage, and recommended sanctions against Argor-Heraeus, claiming they were supporting the FNI and thus violating a UN arms embargo.

However, the UN did not impose sanctions on the Swiss company.

http://en-maktoob.news.yahoo.com/swiss-firm-laundered-gold-pillaged-dr-congo-conflict-202236455.html

tmosley's picture

Turd: I think it might be

Turd:

I think it might be time to start using your real name so people can give you credit for your analysis in public.  The fact that they are mentioning you now without your screen name tells me that you would get a lot more new traffic if you did.

Turd Ferguson's picture

I know. I'm thinking about it.

MODERATOR

One option is to start going by Troy or Tony. Skittish people could interview me and call me "Troy Ferguson of the TF Metals Report". I don't know. That's probably a pretty lame idea.

Jim Willie always cautioned me against using my real name but, now, anyone who gives a shit can readily find my real name.. Again, I don't know. I need to hire a PR firm and see what they think.

achmachat's picture

Real Name

funny how out of all your guests, it was Jim Willie who accidentally called you by your real name.

But you are absolutely right to choose a nom de plume that starts with a "T". Otherwise the website's name and URL wouldn't make much sense anymore.  wink

DayStar's picture

Harvey's Up! (TFMR)

  • As more and more gold is taken out of the LBMA system, the bigger the shortage of physical gold becomes. So the question is, how much of the West’s supposed 23,000 tons of gold is still in the vaults? Nobody knows, but I would be surprised if it’s more than half. The reality is that we have a system where physical gold is owned many times over, and we also have a system where the paper gold market is 100 times the size of the physical gold market, with absolutely no chance whatsoever for people who hold paper gold to receive physical delivery. With this extremely fragile and precarious situation you wonder why anybody with a sound mind would hold paper gold or physical gold in a bank? The bottom line here is there is only one way for investors to hold gold, which is in physical form, and outside of the banking system.
  • William Kaye: November has been one of the best months of the year for a number of years for gold. The average gain over the course of November was 4.9% to 5% for the last 10 years. That’s astonishing when you think about it. I’m told from our sources that the premiums in India are as high as $200 an ounce, which is just mind-boggling because of the controls that have been place on gold by the Reserve Bank of India.
  • Harvey: GOFO numbers are now partly in the negative as gold is now extremely scarce as the boys are finding it harder to find physical. Gold is in backwardation from 1 month out to 2 months out. GLD: Gold was unchanged at 866.32 tonnes. SLV: Silver was unchanged at 10,502.23.
  • Mark O'Byrne (GoldCore): Physical demand in China and India appears to have fallen from the incredibly strong levels seen recently but store of wealth, physical buyers in the west continue to accumulate physical bullion. 
  • Indians are opting for cheaper silver due to high gold premiums and the scarcity of physical gold on the domestic market. This bodes well for silver in the coming months as buyers internationally see silver as undervalued and undervalued against gold.
  • GoldCore: The US Mint sells gold coins to dealers, who in turn make them available to the public. Market participants consider the Mint data as an indicator of retail investors’ demand for physical gold. However, ETFs may be a better indicator of retail investor demand and physical coins an indication of store of wealth or financial insurance demand. This is an important distinction as retail investors tend to buy near highs and sell near lows. While store of wealth buyers are generally value buyers and tend to accumulate physical bullion on weakness and price dips. They are reluctant sellers and therefore do not tend to sell on price weakness rather they use their physical bullion as financial insurance and tend to only sell when they have a need for paper currency.
  • Zero Hedge: After rising to a gross 131 tons imported from Hong Kong alone in August, which was the second highest ever monthly import tally, September saw a modest decline to "only" 116 tons: "only" because it is still 67% more than the amount imported a year earlier.  Netting out exports to Hong Kong, September was virtually unchanged from August, at 109 metric tons vs 110 a month earlier. In other words, September was tied for the third highest net import month in Chinese history.
  • Dave Kranzler (GoldenTruth): We have witnessed a stunning drain of gold from the GLD ETF trust. Through last Friday, an incredible 479 tonnes - more than 35% - of GLD's gold has been removed and has disappeared, most likely to Asia - in the space of about 10 months. How much more gold can they drain from GLD before it loses all credibility? As you we all know, for all intents and purposes the Fed defaulted on Germany's request for its gold, and that's when the massive drain of gold from GLD commenced. The gold in the GLD trust is being used to satisfy the enormous physical delivery demands from China and the other big gold buying countries because the western Central Banks have run out of gold to deliver.
  • Daniel Schäfer and Caroline Binham: Authorities including those in Switzerland, the UK, Hong Kong, and the US have opened preliminary investigations into whether some of the biggest banks in the world rigged the foreign exchange market, which has daily volumes of $5.3 trillion and is used by millions of companies, institutional funds and retail investors. Citigroup and JPMorgan on Friday became the latest banks to confirm they were co-operating with regulators on the investigations, joining Barclays, UBS, Deutsche Bank, and Royal Bank of Scotland.
  • Peter Cooper: Gold retailers in Dubai are expecting to see their sales surge by 50 per cent this week as the five-day Diwali festival of lights continues this week. Gulf News reports that retailers are posting 25 to 100 per cent increases in business so far. Thank a 25 per cent fall in gold prices this year and a 10-15 per cent tax on gold by the Indian Government. Savvy Indian investors have always responded to falls in the gold price by buying more gold, not selling it.
  • Bill Holter: China has imported through Hong Kong over 2,200 tons of Gold over the last 2 years. This amount is roughly half of the entire worlds' production. This 2,200 tons does not even take into account Gold that the Shanghai exchange has delivered which is another 1,750 tons which accounts for nearly the rest of ALL mined Gold over the last 2 years. So where is all of this Gold coming from? A large part has come from GLD, Comex and the BoE.
  • Bill Holter: You ask what the problem is with the global economy? The Fed now has no options left. They can step on the brake (no they can't), stomp the accelerator and turn the steering wheel in any direction as far or as many times as they'd like. This will not stop the crash that is coming.  The biggest problem is that this "experiment" is a global one. This is not "some country" that will fail and have to pull up their bootstraps, no, we are talking about the reserve currency of the world that is the foundation for virtually every single banking and financial system on the planet. Understand that dysfunctional man cannot repeal Mother Nature nor her laws.
All this and more on...
The Harvey Report! smiley
DayStar
Dewey's picture

Troy

Troy is actually perfect......long live the double entendre! Dewey

Boswell's picture

"Mr. Ferguson"???

Easy enough to call you Mr. Ferguson at TFMetals Report.

ButchCassidy's picture

Can someone post that chart

Can someone post that chart again that compares gold lease rates to the Fed funds rate? The one that shows them both to be basically identical?

I didn't save them when they were posted here when backwardation first appeared in September, and can't find them now.

Thanks.

foggyroad's picture

Jim Quinn -The Burning Platform-

http://www.theburningplatform.com/

excerpt;

Instead of being outraged and lashing out against this injustice, the medicated, daycare reared youth passively lose themselves in the inconsequentiality and shallowness of social media, reality TV, and the internet, while living in their parents’ basement. They have chosen the ignorance inflicted upon their brains by thousands of hours spent twittering, texting, facebooking, seeking out adorable cat videos on the internet, viewing racist rap singer imbeciles rent out sports stadiums to propose to vacuous big breasted sluts on reality cable TV shows, and sitting zombie-like for days with a controller in hand blowing up cities, killing whores, and murdering policemen using their new PS4 on their 65 inch HDTV, rather than gaining a true understanding of the world by reading Steinbeck, Huxley, and Orwell. Technology has reduced our ability to think and increased our ignorance.

“During my eighty-seven years, I have witnessed a whole succession of technological revolutions. But none of them has done away with the need for character in the individual or the ability to think.” -Bernard M. Baruch

The youth have one thing going for them. They are still young and can awaken from their self-imposed stupor of ignorance. There are over 80 million millenials between the ages of 8 and 30 years old who need to start questioning the paradigm they are inheriting and critically examining the mendacious actions of their elders. The future of the country is in their hands, so I hope they put down those iGadgets and open their eyes before it is too late. We need many more patriots like Edward Snowden and far fewer twerking sluts like Miley Cyrus if we are to overcome the smog of apathy and ignorance blanketing our once sentient nation.

The ignorance of youth can be chalked up to inexperience, lack of wisdom, and immaturity. There is no excuse for the epic level of ignorance displayed by older generations over the last thirty years. Boomers and Generation X have charted the course of this ship of state for decades. Ship of fools is a more fitting description, as they have stimulated the entitlement mentality that has overwhelmed the fiscal resources of the country. Our welfare/warfare empire, built upon a Himalayan mountain of debt, enabled by a central bank owned by Wall Street, and perpetuated by swarms of corrupt bought off spineless politicians, is the ultimate testament to the seemingly limitless level of ignorance engulfing our civilization. The entitlement mindset permeates our culture from the richest to the poorest. Mega-corporations use their undue influence (bribes disguised as campaign contributions) to elect pliable candidates to office, hire lobbyists to write the laws and tax regulations governing their industries, and collude with the bankers and other titans of industry to harvest maximum profits from the increasingly barren fields of a formerly thriving land of milk and honey. By unleashing a torrent of unbridled greed, ransacking the countryside, and burning down the villages, the ruling class has planted the seeds of their own destruction.

When the underclass observes Wall Street bankers committing the crime of the century with no consequences for their actions, they learn a lesson. When billionaire banker/politicians like Jon Corzine can steal $1.2 billion directly from the accounts of farmers and ranchers and continue to live a life of luxury in one of his six mansions, they get the message. Wall Street bankers are allowed to commit fraud, reaping profits of $25 billion, and when they are caught red handed pay a $5 billion fine while admitting no guilt. No connected bankers have gone to jail for crashing the worldwide financial system, but teenage marijuana dealers are incarcerated for ten years in our corporate prison system. The message has been received loud and clear by the unwashed masses. Committing fraud and gaming the system is OK. Only suckers play by the rules anymore. A culture of lawlessness, greed, fraud, deceit, swindles and scams was fashioned by those in power. Reckless disregard for honesty, truthfulness, fair dealing, and treating others as you would like to be treated, has permeated the beliefs and behavior of our society.

The ever increasing number of people in the SNAP program along with abuses committed by retailers and recipients, the skyrocketing number of people faking their way into the SSDI program, billions of taxpayer dollars lost to Medicare fraud, billions more lost paying out earned income tax credit refunds based on non-existent children, public schools falsifying test scores, students cheating on SAT tests, credit card fraud on a grand scale, failure to report income and falsifying tax returns, and a myriad of other dodges and scams are just a reflection of a moral and cultural collapse. The dog eat dog mentality glorified by the media, with such despicable men as Dimon, Greenspan, Corzine, Clinton, Trump, Rubin, Bernanke and Bloomberg honored as pillars of society, has displaced honesty, compassion, humanity, shared sacrifice, and caring about our descendants. Self-interest, self-indulgence, and a narcissistic focus on what is in it for me today has led to an implosion of trust and an attitude of “who cares” about our fellow man, morality, right or wrong, and the fate of future generations. We ignored the warnings of our last President who displayed courageousness and truthfulness when speaking to the American people.

“As we peer into society’s future, we — you and I, and our government — must avoid the impulse to live only for today, plundering for our own ease and convenience the precious resources of tomorrow. We cannot mortgage the material assets of our grandchildren without risking the loss also of their political and spiritual heritage. We want democracy to survive for all generations to come, not to become the insolvent phantom of tomorrow.” – Dwight D. Eisenhower

The Me Generation has devolved into the Me Culture. While the masses have been mesmerized by their iGadgets, zombified by the boob tube, programmed to consume by the Madison Avenue propaganda machines, enslaved in chains of debt by the Wall Street plantation owners, and convinced by their fascist government keepers that phantom terrorists are hiding behind every bush, they surrendered their freedoms, liberties and sense of self-responsibility. There will always be evil men seeking to control and manipulate the ignorant and oblivious. A citizenry armed with knowledge, critical thinking skills, and moral integrity would not passively submit to the will of a corporate fascist oligarchy. Well educated, well informed citizens, capable of critical thinking are dangerous to rich men of evil intent. Obedient, universally ignorant, distracted, fearful, morally depraved slaves are what the owners of this country want. As the light of knowledge flickers and dies, we sink into the darkness of ignorance.

“No people will tamely surrender their Liberties, nor can any be easily subdued, when knowledge is diffused and virtue is preserved. On the Contrary, when People are universally ignorant, and debauched in their Manners, they will sink under their own weight without the Aid of foreign Invaders.” – Samuel Adams

Cult of Ignorance

“There is a cult of ignorance in the United States, and there has always been. The strain of anti-intellectualism has been a constant thread winding its way through our political and cultural life, nurtured by the false notion that democracy means that “my ignorance is just as good as your knowledge.” – Isaac Asimov

  

“While every group has certain economic interests identical with those of all groups, every group has also, as we shall see, interests antagonistic to those of all other groups. While certain public policies would in the long run benefit everybody, other policies would benefit one group only at the expense of all other groups. The group that would benefit by such policies, having such a direct interest in them, will argue for them plausibly and persistently. It will hire the best buyable minds to devote their whole time to presenting its case. And it will finally either convince the general public that its case is sound, or so befuddle it that clear thinking on the subject becomes next to impossible.

In addition to these endless pleadings of self-interest, there is a second main factor that spawns new economic fallacies every day. This is the persistent tendency of man to see only the immediate effects of a given policy, or its effects only on a special group, and to neglect to inquire what the long-run effects of that policy will be not only on that special group but on all groups. It is the fallacy of overlooking secondary consequences.” – Henry Hazlitt

America’s cult of ignorance, combined with the selfish interests of various constituencies, the character weakness of the people elected to office, a lack of understanding or interest in basic mathematical concepts, and inability to comprehend the long term and unintended consequences of every piece of legislation, have brought the country to the brink of fiscal disaster. But still, the vast majority of Americans, including the supposed intellectuals and economic “experts”, are basking in their ignorance, as the stock market reaches a new high, the local GM dealer just gave them a 7 year $40,000 auto loan at 0% on that brand new Cadillac Escalade, Bank of America still hasn’t foreclosed on their McMansion two years after making their last mortgage payment, and they just received three pre-approved credit card notices from Capital One, American Express and Citicorp. As long as Bennie has our back printing $1 trillion new greenbacks per year, nothing can possibly go wrong. Our best and brightest economic minds are always right:

“Stocks have reached what looks like a permanently high plateau.” – Irving Fisher, Professor of Economics, Yale University, 1929

“Many of the new financial products that have been created, with financial derivatives being the most notable, contribute economic value by unbundling risks and shifting them in a highly calibrated manner. Although these instruments cannot reduce the risk inherent in real assets, they can redistribute it in a way that induces more investment in real assets and, hence, engenders higher productivity and standards of living.” – Alan Greenspan – March 6, 2000

“We’ve never had a decline in house prices on a nationwide basis. So, what I think what is more likely is that house prices will slow, maybe stabilize, might slow consumption spending a bit. I don’t think it’s gonna drive the economy too far from its full employment path, though.” – Ben Bernanke – July 2005

The profound level of ignorance displayed by economists, politicians, business leaders, media personalities, and the average American, regarding the mathematically unsustainable path of our fiscal ship is perplexing to me on so many levels. If the Federal government was a family, the budget ceiling debate would be put into the following terms. Our household earns $28,000 per year, but we spend $38,000 per year and add $10,000 to our credit card balance, which stands at the limit of $170,000. In addition, we owe our neighbors $2 million we don’t have because we promised to pay if they voted for us as Treasurer of our homeowners association. We celebrate our good fortune of getting approved for another credit card with a $30,000 limit by increasing our spending to $39,000 per year. Intellectuals scorn such simplistic analogies by glibly pointing out that the family has a crazy uncle with a printing press in the basement and can pay-off the debt with his freshly printed dollars. And this is where the deliberate and calculated ignorance by the highly educated Ivy Leaguers regarding long term and unintended consequences is revealed. They ignore, manipulate, cover-up and obscure the facts because their wealth, power and influence depend upon them doing so. But ignorance doesn’t change the facts.

“Facts do not cease to exist because they are ignored.” – Aldous Huxley

Nothing exposes the ignorance of various factions within our society better than a debate about budgets, spending, and unfunded liabilities. This is where every party, group, special interest, and voting bloc ignore any and all facts that are contrary to their selfish interest. They only see what they want to see. The fallacies, errors, omissions and mistruths of their positions are inconsequential to people who only care about their short-term self-seeking interests. When I question the out of control spending on entitlements and our impossible to honor level of unfunded liabilities, those of a liberal persuasion lash out with accusations of hating the poor, starving children and throwing granny under the bus. Anyone suggesting we should slow our spending is branded a terrorist by the overwhelmingly liberal legacy media.

When I accuse Wall Street bankers of criminal fraud and ongoing manipulation of the financial markets, the CNBC loving apologists for these felons bellow about the market always being right. When I rail about the military industrial complex and our un-Constitutional invasions of other countries, the neo-cons come out in force blathering about the war on terror and imminent threats. When I point out the horrific results of our government run educational system and how mediocre union teachers are bankrupting our states and municipalities with their gold plated health and pension plans, I’m met with howls of outrage about the poor children. The common thread is that facts are ignored because each of their agendas requires ignorance on the part of their team’s fans.

The following chart of truth portrays an unsustainable path. Ignoring the facts will not change them. This isn’t a Republican problem or a Democrat problem. It’s an American problem.

“There are men regarded today as brilliant economists, who deprecate saving and recommend squandering on a national scale as the way of economic salvation; and when anyone points to what the consequences of these policies will be in the long run, they reply flippantly, as might the prodigal son of a warning father: “In the long run we are all dead.” And such shallow wisecracks pass as devastating epigrams and the ripest wisdom.” – Henry Hazlitt

Henry Hazlitt may have written these words six decades ago, but they aptly describe Paul Krugman and the legions of Keynesian apostles whose bastardized interpretation of Keynes’ theory has led us to this fiscal cliff. How anyone can truly believe that borrowing to consume foreign produced goods versus saving and making job creating capital investments is a rational and sustainable economic policy is the height of ignorance. One look at this chart exposes the political party system as a sham. When it comes to the fiscal train wreck, set in motion thirty years ago, the ignorant media pundits peddle a narrative about politicians failing to compromise as the culprit in this derailment. Nothing could be further from the truth. Compromise is what has gotten us to this point. The Republicans compromised and allowed the Democrats to create a welfare state. The Democrats compromised and allowed the Republicans to create a warfare state. The Federal Reserve compromised their mandate of stable prices and preventing financial calamities by inflating away 95% of the dollar’s purchasing power in 100 years, while creating bubbles every five or so years, like clockwork. There are a myriad of facts related to the chart above that cannot be ignored:

  • It took 192 years for the country to accumulate $1 trillion in debt. It has taken us 30 years to accumulate the next $16 trillion of debt. We now add $1 trillion of debt per year.
  • If the Federal government was required to use GAAP accounting, the annual deficit would amount to $6.7 trillion per year.
  • The fiscal gap of unfunded future liabilities for Social Security, Medicare, Medicaid, and government pensions is $200 trillion.
  • Using realistic growth assumptions adds another $6 trillion of state and local government unfunded pension benefits to the equation.
  • The Federal government has increased their annual spending from $1.8 trillion during Bill Clinton’s last year in office to $3.8 trillion today, a 110% increase. The population has increased by 12% over that same time frame, and real GDP has advanced by 25% since 2000.
  • Defense spending has increased from $358 billion in 2000 to $831 billion today, despite the fact that no country on earth can challenge us militarily.
  • The average Baby Boomer will receive $300,000 more than they contributed to Social Security and Medicare over their lifetime. Over 10,000 Boomers per day will turn 65 for the next 17 years.
  • The Social Security lockbox is filled with IOUs. The funds collected from paychecks over the last 80 years were spent by Congress on wars of choice, bridges to nowhere, and thousands of other vote buying ventures.
  • A normalization of interest rates to long-term averages would double or triple the interest on the national debt and increase our annual deficits by at least 30%.
  • Obamacare and the unintended consequences of Obamacare will add tens of trillions to our national debt. The initial budget projections for Medicare and Medicaid showed only a modest financial impact on the financial situation of the country. How did that work out?
  • Entitlement spending in 2003 was $1.3 trillion. Entitlement spending in 2008 was $1.7 trillion. Entitlement spending in 2013 was $2.2 trillion. Entitlement spending in 2018 will be $2.8 trillion, as these programs are on automatic pilot.

When you consider the facts in a rational manner, without vitriolic denials, bitter accusations, acrimonious blame, and rejection of the entire premise, you come to the conclusion that we’ve passed the point of no return. Decades of bad choices, bad leadership, bad men in important positions, bad education, bad governance, and bad citizenship have led to bad times. But very few people, across all socio-economic classes, have any interest in understanding the facts or making the tough choices required to save future generations from a life of squalor. We willfully choose to ignore the facts.

“Most ignorance is vincible ignorance. We don’t know because we don’t want to know.” – Aldous Huxley

more..

http://www.theburningplatform.com/

apologies if posted already,

Throckmorton Ferguson?

kidding of course, Troy has a manly ring to itcool

ButchCassidy's picture

Turd

Even a small change can be quite effective. Why not call yourself "Turk Ferguson". You can get a tan, grow a beard, and it will seem totally legit ;)

Mr. Fix's picture

Dear Mr. Ferguson,

I for one would appreciate it if you could come up with any name that is not synonymous with a piece of shit,

which is exactly how my wife puts it. She thinks it is simply horrible that I spend any time corresponding with anyone with such a name.

Personally, I could care less, I think you have built phenomenal name recognition, and quite a loyal following, and for good reason, but there are a lot of completely uninitiated who are put off by the name Turd.

Damn near anything else would be an improvement.

I hope this does not come off as rude, I'm only passing a message on from my other half who has no idea why I'm here in the first place.

Please keep up the good work, the world is a better place with you  in it, and I  sincerely hope you get the credit you deserve, hopefully in the future you can build  name recognition  that can extend to a vastly wider audience,

you deserve worldwide recognition.

I'm just passing on what I hear on a regular basis.

I think you are Truly  Fabulous ,

maybe even Tremendously Fantastic.wink

To many of us, you have become a True Friend.

TomMack's picture

how about Thor Ferguson?

images?q=tbn:ANd9GcRq0ZVZEm4hD_UKzCBquWUAnd while we are doing a Turd/Thor makeover, we change the yellow hat to a Silver winged helmet, like our beloved winged liberty head dime,(representing freedom of thought).

Dyna mo hum's picture

Turd's new name..

I am fond of the Percival Sweetwater handle you once mentioned and it is certainly unusual. yes

Mr. Fix's picture

Seems like they put armored gunman everywhere these days!

Armored Gunman Loose In New Jersey Mall; Shots Fired, Injuries Reported - Live Stream

UPDATE: First images from inside the mall...

Shots were fired Monday night at the 2.1 million square feet Garden State Plaza mall in Paramus, New Jersey. Local TV network PIX11 reports, "according to a police source: the shooting began near the Nordstrom’s department store on the second level of the mallAt least eight shots have been fired;  The gunman is believed to be wearing body armor; Stores are on lockdown;

CNN reports from mall insider:"There was just people running like crazy so I quickly just closed my doors, ran to the back, turned off all the lights, music and everything, just to stay hidden,"

Injuries, sadly, are now being reported. According to CNN witnesses, the gunman was tall, dressed in black, and was wearing a biker helmet.

 
Mr. Fix's picture

Need a good time story? I really like this one! Sweet dreams.

PETER SCHIFF: THE ONLY THING THAT WILL STOP THE FED IS A CURRENCY CRISIS!

Ron Paul goldPeter Schiff joined our friend Sean from the SGTReport over the weekend to discuss the Federal Reserve, the impending collapse of the United States, and all things Obamacare.
As for the Fed’s recent announcement that QE will continue unabated Peter says, “The Fed will keep blowing air into the bubble until it bursts and the only thing that will stop them is a currency crisis… The Fed has to maintain the illusion and the only way to do that is with the drug of QE.”
On Obamacare and government entitlements Peter says, “We once had a great free market economy that was the envy of the world. People were coming here from all over the world to participate in FREEDOM. We had limited government and maximum prosperity.Even though we had no government benefits at all, the poor people from all over the world wanted to come here. Why did so many poor people want to come to a country with no welfare benefits, no medicare and no food stamps? Because they knew that the best way to get out of poverty was the OPPORTUNITY to work in a FREE MARKET… We had a great country and we screwed it up.” [Read more...]

foggyroad's picture

No smoke filled rooms

"People just acting in their own best interest", with a 1500 contract limit, maybe, but 10,000 contract pre-market not for profit selling dump, who can pull that off.

What entity can behave like that with impunity?

Literally breaking the market, tripping the stop trading breaker.

I don't buy Jay's contention that the large trading houses are just playing their own books.

JMHO.

Otherwise good stuff, Thanks, Perceval

Thorne Forrester
Thorne 01.png
Winsor Harmon as Thorne Forrester
The Bold and the Beautiful character
Portrayed by Clayton Norcross (1987–89)
Jeff Trachta (1989–96)
Winsor Harmon (1996–)
Duration 1987—
First appearance March 23, 1987
Created by William J. Bell
Classification Present, regular
Profile
Occupation Businessman
Residence Thorne's Beach House,
Los AngelesCalifornia

http://en.wikipedia.org/wiki/Thorne_Forrester

redwood's picture

Name change

Please, please change your name.  I avoided using your name for the longest time as it sounded so disrespectful.  It also imo denigrates your credibility.  I know its supposed to be catchy, but it can be catchy without bringing you down simultaneously.

I also agree a name with a T would ease the transition.  Here's a few to consider:

  •  

Travis
Tyler
Trey
Trenton
Timothy
Titus
Thane
Tad
Talon
Tanner
Teagan
Travis
Tate
Tevin
Terrance
Terrell
Trevor
Trace
Truman
Tristan
Tucker
Tyrone

Tyson

I rather like Tucker, but its your choice of course if you do.

silverstool's picture

Tord?

A strong Scandinavian name. Sounds fine as long as you're not a Dubliner in which case it is indistinguishable from Turd.

http://www.babynamespedia.com/meaning/Tord

Alternatively, pretend you are Irish and your name is actually Third, it's just everyone else misunderstanding you.

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