More Evidence That JPM Has Cornered Comex Gold

If I can bring all of this together, it will go a long way toward proving correct Ted Butler's theory on JPM's current corner of the Comex gold futures market.

So, let's start with Uncle Ted and his assertions. Recall that Ted is a first-rate analyst who has been trading commodities for about 40 years. He has paid particular interest to the silver manipulation for the past 20. He writes an excellent newsletter to which you can subscribe by clicking here: http://www.butlerresearch.com

Using the CFTC-issued weekly and monthly data (Commitment of Traders & Bank Participation Report), Ted has followed along over the past eight months of position changes and, over that time, the changes have been dramatic. As you know, The Bullion Banks were caught heavily short at the initiation of QE∞ last autumn. I contend that this entire manufactured correction scheme was initiated by The Bullion Banks to give them an opportunity to get out from under their naked short positions and move net long. Ted has concluded that it's not the Bullion Banks per se. Instead, the scheme was initiated by JPM solely for the benefit of JPM and, from a net short gold position in excess of 50,000 contracts last December, JPM has now transitioned into a net long gold position of more than 65,000 contracts. IF THIS IS TRUE, there can be absolutely no doubt as to:

  • The motive behind the counter-intuitive price correction AND
  • The certainty of a very large and significant UP move for gold in the very near future.

I did not set out to prove or disprove Ted's assertions. After following the Comex gold and silver deliveries these past 60 days, simple curiosity led me to do some research on recent delivery patterns. What I found not only piqued my interest, I think it proves Ted correct. And again, IF TED IS CORRECT, then there is most certainly a very big move coming in gold.

So, let's start here: After taking into their house account (again, this means stopping the metal to themselves, into their own, proprietary account) 280 of 3,922 Dec12 silver deliveries, 970 of 2,526 March13 silver deliveries, a big fat zero of 3,416 May13 silver deliveries, JPM stopped to themselves 2,824 of the 3,444 July13 silver deliveries. That's 82%. For obvious reasons, this anomaly got my attention.

As I've been chronicling here all month, this trend continued into the August13 gold delivery period. Last Thursday alone, the final day of August deliveries, the JPM house account took down 154 of the 164 Aug13 gold deliveries. This brings their monthly total to 3,151 of the 4,075 contracts delivered. That's 77.3%! What's more, after the initial surge of 1,962 deliveries on the 1st and 2nd of the month, the JPM house account claimed for itself 1,945 of the 2,113 remaining deliveries. That's 92%!

With this as inspiration, I went back and reviewed the previous delivery months for gold on The Comex. These delivery months in 2013 have been February, April, June and now August. What I found is startling.

Let's start with February. Before we begin, recall that for every buyer, there is a seller...and...for every person or entity taking delivery, there is an issuer from whose vaults that metal will flow. Further, keep this in mind...If you have been naked shorting paper contracts all month, you stand the risk that the entity on the other side of your trade will stand for delivery. So, it follows that, when we see one firm taking consistently taking delivery and another firm consistently issuing the metal, we can deduce who has been shorting all along and who has been buying. Does that make sense? I hope so. If it doesn't. then please re-read that info before proceeding. It is critical that you understand this.

OK, back to February. During that month, the Feb13 contract was in its delivery period. What initially caught everyone by surprise was the sheer volume of deliveries. After just 3,253 in Dec12, a month which is usually one of the biggest delivery months of the year, the delivery total for February surged to 13,070. Of that total, the DeutscheBank house account took 5,917 and the HSBC house account took 4,879. Between the two of them, they accounted for 82% of all Feb deliveries. And just whom was issuing this metal? JPMorgan. For the month, JPM issued 7,854 of the 13,070 delivery requests. That's 60%. Also getting in on the act was Scotia. They got clipped for the issuance of 3,644 contracts. That's 28%. So, the DB and HSBC house accounts took 82% of the deliveries while the JPM (house and customer) and Scotia house accounts supplied 88%. And don't forget, this was a lot of metal! Thirteen thousand and seventy Comex contracts is 1,307,000 troy ounces, which equates to 40.6 metric tonnes.

Suddenly, the deliveries for March surged, too. Instead of the moribund 500 or so settlements that we typically see in this "non-delivery" month, March13 saw an incredible 4,229 made...more than last December! I'm quite certain that that has never happened before. So what happened? Why was the March total about 3,000 to 3,500 more than typical and expected? Keep reading...

After getting clipped for 3,644 deliveries in February, Scotia immediately went on to warpath to get that gold back. For the month of March, the Scotia house account took in 3,383 deliveries while at the same time issuing 179. All totaled, Scotia net deliveries were 3,204 of the 4,229 deliveries for March. That's 76% and, if you take that away, you're left with just the typical 1,025 March deliveries. (Actually, it's not that typical. The Barclays customer account took 834 of the 1,025.) Oh, you're probably wondering which firm provided the metal for all those deliveries? JPM. For March, JPM issued 1,813 out of their house account and 2,209 out of their customer account. That's a total of 4,022 or 95% of all March deliveries.

The next month is April and, once again, it's a delivery month. The surge in total deliveries continued as 11,632 contracts were delivered to eager buyers. Of those, HSBC was again the big winner with 3,954 deliveries into their house account. Scotia took 3,292 and Barclays got in on the act with 1,276. Between the three of them, these proprietary house accounts combined for 73% of all April13 gold deliveries. And who got stuck with the bill? DB paid out 992 and Scotia paid out 595. This left the balance with none other than JPM and they issued 9,690 contracts or 83%. 5,990 came out of JPM house and 3,700 came out of their customer accounts. Again and just for fun, 9,690 Comex settlements means that JPM had to ship out another 969,000 troy ounces or 30.1 metric tonnes.

So now it's May and, remarkably, the trend of deliveries in traditional non-delivery months continues and, whaddayaknow, it's a near-repeat of March. Of the 3,050 total deliveries in May, the Scotia house account took 1,746 or 57%. And guess who provided the metal...again? JPM. This time they got stuck providing 97% of the metal or 2,948 of the 3,050 deliveries. What's more, they issued the vast majority of this out of their customer account, which was raided for 2,781 of the 2,948 contracts. Again, "customer" gold is metal held on deposit for JPM customers. This is registered and eligible gold and, as we've seen for years, JPM is able to shift it around wherever they see fit. (And who are JPM's "customers"? Well, wouldn't you like to know?...)

Finally, this trend repeated one more time during the delivery month of June. For the month, 9,869 contracts were delivered. Once again, HSBC grabbed the lion's share, moving 4,935 (almost exactly half) of the deliveries directly into their house account. The Barclays house account took 2,000 and, for the first time since last December, the JPM house account claimed 547 or 5.5%. Issuing? You guessed it. JPM issued 7,425 or 75% while Barclays and DB added about 1,400.

So, through adding all of this together we get this. For the 3 delivery months of Feb, Apr and June plus the traditional non-delivery months of March and May:

HSBC House Account: 13,768 deliveries. Total issuance: One. Yes, you read that right. One.

Scotia House Account: 8,932 deliveries. Total issuance: 4,259

DeutscheBank House Account: 5,918 deliveries. Total issuance: 1,746

Barclays House and Customer: 5,384 deliveries. Total issuance: 908

JPM Customer: 1,444 deliveries. Total issuance: 16,758

JPM House: 547 deliveries. Total issuance: 15,181

OK, now before we go any further, I want you to take a second and review this excellent piece by Mark McHugh from back in April. Not only had he spotted this trend, he also goes on to explain how and why the deliveries out of the "customer" account should almost always match. There should not be a significant disparity. http://acrossthestreetnet.wordpress.com/2013/04/26/jamie-dimon-has-issues-or-meet-the-idiot-selling-gold/

Can you see what has transpired here?

Desperate to cover and eliminate their 50,000 contract short position but not wanting to do so through the actual buying of futures contracts for fear of disrupting the building price collapse, JPM decided to eliminate most of the position by settling and closing the short contracts in physical metal, instead. They likely made this decision in the expectation of re-acquiring the metal in the near future at lower prices. So confident were they in this eventuality, they even used customer gold to settle more than half of these obligations.

The month of June marked the bottom for the manufactured "correction" with price beginning the month at $1390 before trading down to a low of $1179 and closing out the month at $1224. Price has since continued to recover to a last of $1375.

Not coincidentally, June was also when Uncle Ted first noticed the change of position for JPM and he reported it in early July after reviewing the Bank Participation Report changes from June. Ted got me all worked up so I did some of my own research and wrote about it here. (https://www.tfmetalsreport.com/blog/4824/amazing-cot-and-bpr-gold) The gist of it is this: After years of being net short, the U.S bullion banks were net long, so much so that on the July BPR, they were suddenly net long almost 45,000 Comex gold contracts! This trend then continued onto the August BPR (https://www.tfmetalsreport.com/blog/4929/reconciliation) which showed the four largest U.S. banks to be net long an astounding 59,473 contracts.

It's important to note here that the BPR does not provide specifics. It simply aggregates the positions of the four largest U.S. bullion banks and the 20 largest non-U.S. bullion banks. So, it's impossible to say with certainty how the 59,473 contract net long position is divided. But consider this:

On the BPR dated 2/5/13, the 4 U.S. banks had a combined net short position of 69,300 contracts. After five months of deliveries and a $500 price drop, the 4 banks had flipped to 59,473 contracts net long. Now, go back up and reconsider all of the delivery totals listed above. Can you connect the dots??? If not, I'll do it for you.

JPMorgan decided late last year to rig the gold market lower in order to create the ideal conditions under which they could flip a 50,000 net short position to a sizeable net long position. Price, delivery notices and the CFTC-supplied reports document that they accomplished this feat by covering and delivering shorts while at the same time initiating and buying longs. They have no doubt been on the buy side of the record-setting Large Spec selling: http://www.zerohedge.com/news/2013-05-22/they-better-pray-there-no-short-squeeze.

And here is where it begins to come together...

If this is the case, and JPM is now net long a massive amount of gold futures, we should expect a complete change in the recent delivery pattern on The Comex. Instead of JPM being the primary issuer, they should be the primary stopper. Additionally, instead of the other banks being the stoppers, they should now be the issuers, particularly the non-U.S. banks as the August BPR showed them to have a net short position in excess of 22,000 contracts.

And what has happened this month? Exactly that! As stated above, of the 4,075 total contracts deliveries in August, and noting the huge dropoff from the volume of the three previous delivery months, 3,414 were stopped by JPM with 3,151 specifically designated for the JPM house account. And which firms have been issuing? Deutsche issued 1,116, Barclays has done 447 and Scotia accounted for 463. That's a total of 2026 or 49.7%. Note that all three are non-U.S. banks!

To me, this proves that Ted is correct. Not only is JPM net long the entire 59,473 shown on the August BPR, their position is likely even higher, offset in the net total by a net short position held by the other three U.S. banks included in the report.

And now...finally...here's the rub. The Big Kahuna. The Grand Finale. JPM is likely going to want back most, if not all, of the 3,193,900 ounces of gold that they delivered earlier this year. (16,758 customer + 15,181 house = 31,939 contracts = 3,193,900 troy ounces = 99.341 metric tonnes of gold) But the other banks aren't budging...at least not yet. There were only 4,075 total deliveries in August! And note that HSBC has taken delivery of 13,768 contracts so far in 2013 while delivering just ONE. And who is HSBC??? Yes, they're an English company but what do the "H" and "S" stand for? Do you really think that they are going to be in any hurry to return this 1,376,700 ounces of gold to The Comex and JPMorgan??? I'd say that this is pretty unlikely. Think about it. If HSBC would have simply played ball and handed back to JPM the 4,935 contracts that it settled to itself in June, total deliveries for August would have been at 9,000 not 4,000, a pace that would have matched February, April and June. Instead, total delivery volume came in at just 4,075 and JPM was left grasping to deliver any contract it can get its grubby little hands on as the final two delivery days saw JPM House stop 395 of the 419 remaining deliveries (19 out of every 20).

So, most importantly, what happens next?

Right now, the total open interest for the typically slow delivery month of October is just 23,758. Of that total, how many do you think are held long by JPM? 5,000? I'll guess we'll see when the deliveries begin next month. More significantly, the total open interest of the December contract stands at 229,838 (that's 60% of the entire Comex gold complex) and this is where JPM likely holds the majority of its net long position. If that's correct...and it most likely is...what the heck is going to happen in December? Is JPM going to simply roll into the Feb14 and the Apr14 OR are they going to stand for delivery AND, if they stand for delivery, are they going to attempt to extract 20,000 contracts or more worth of gold from the other BBs? And if the other BBs get wind of this, are they just going to sit idly by and wait to deliver or will they begin to move net long before it even gets that far? And then you're only left with Spec Shorts who don't have the capability to deliver 2,000,000 ounces of gold because they don't have it. They're just short the paper!

All of this could and should set off a buying frenzy/short-covering spree like no one has ever seen. Not only could and should price move higher in the weeks and months ahead, it should move dramatically higher, catching nearly everyone (except the readers of this site) by complete surprise.

Of course, all sorts of unforeseen events could come along and derail this plan so caution is always warranted. War could erupt in the MENA. Another Financial Collapse could materialize. Maybe India really will dump 200 metric tonnes onto the market. Any of these things could happen and nullify this forecast. However, I firmly believe that it is highly likely that this plays out almost exactly as I've described above.

I hope you're ready. Prepare accordingly.

TF

 

470 Comments

Zoltan's picture

Statute Of Limitations

Just in case anyone is holding out hope that the criminal CFTC would do anything about the silver manipulation it would appear that the statute of limitations has now expired.

The confirmation of the investigation (in 2011 I believe) stated that the period in question was before September, 2008.  Five years is now up.

Oooops, sorry silver bugs.  Yeah the evil JPM made a mockery of free markets but it looks like they got away with it cause we ran out of time.

Pathetic.

Z

Turd Ferguson's picture

Don't give up hope just yet.

MODERATOR

Don't give up hope just yet.

cavalier's picture

End of war means gold and silver get pounded?

Now that Obama has punted the war decision to Congress, that means no decision for weeks, Doesn't this mean the monkeys will hit gold and silver Sunday and Monday? 

Maximillion's picture

End of war means the reality sinks in!

Great posts this weekend Turd et all.

IMO with the non war stuff that's going on, ie the June China Russia statement that Gazpron gas would not be spot tied to the $, plus the India ministers announcement today that they should import more Iranian oil and pay in Ruppees, combined with Turds analysis, it wont be long until the sheeple awake, so who the hell would want to be short even paper pms at this point. 

Watcher's picture

wow

That's a lot of work Turd. Better change that calculator battery. This post should be posted everywhere so folks can understand what is happening. The result of course is to get ready for the shorts to get a religious experience as Santa likes to say. Next week should be interesting as summer vacation for trading desks ends. The end of the petro dollar will only accelerate things. There is only one way to have true peace with what's coming.

tmosley's picture

Glenn Beck betraying

Glenn Beck betraying libertarians again?

http://www.theblaze.com/stories/2013/06/17/this-scathing-magazine-cover-of-the-real-rand-paul-has-apparently-not-been-photoshopped-in-any-way/

Because apparently crossing your fingers makes you a liar or something.

How many times will we allow this man to stab our movement in the back?

Rico's picture

If the analysis of JPM's gold

If the analysis of JPM's gold position is correct, wouldn't that allow them to sell into any price increases with impunity?

2014's picture

SA GOLD MINERS STRIKE,AS JP MORGAN SPECULATED

South African gold miners plan to strike for higher pay from Tuesday, inflicting more damage on an industry that has produced a third of the bullion ever pulled from the earth but is now in rapid decline.

Kerbouchard's picture

What a load of codswallop!

Bazza says, “I’m also mindful that I’m president of the world’s oldest constitutional democracy.”

No you're not.  Greece, India, and Iceland, to name a few, are far older democracies.

BTW, Turd, I feel all warm and fuzzy now that you've posted outside the vault.  It's like poppa coming back from a long trip and silently blessing the family again.

Xty's picture

I have finally found a pajama top for the cult

but somebody else better be footing the bill:

Golden appeal: Wealthy Datta Phuge has splashed out £14,000 on a solid gold shirt to make sure he's a 24 karat hit with women in central India

...

'I know I am not the best looking man in the world but surely no woman could fail to be dazzled by this shirt?' he explained.

http://www.dailymail.co.uk/news/article-2257209/Wealthy-Indian-Datta-Phuge-spends-14-000-shirt-GOLD-impress-ladies.html

 

Mr. Fix's picture

RE, Don't give up hope just yet.

IT'S HOPELESS!!!

Bollocks's picture

hip.o.crit.

Nigel Black's picture

Henry Kissinger: “If You Can’t Hear the Drums of War You Must Be

Henry Kissinger: “If You Can’t Hear the Drums of War You Must Be Deaf”

ACCURATE SATIRE: Kissinger, the most famous living practitioner of international statecraft

Region: USA
 
ACCURATE SATIRE:  Henry Kissinger: "If You Can't Hear the Drums of War You Must Be Deaf"

NEW YORK – USA – In a remarkable admission by former Nixon era Secretary of State, Henry Kissinger, reveals what is happening at the moment in the world and particularly the Middle East. [ACCURATE SATIRE]

Speaking from his luxurious Manhattan apartment, the elder statesman, who will be 89 in May, is all too forward with his analysis of the current situation in the world forum of Geo-politics and economics.

“The United States is bating China and Russia, and the final nail in the coffin will be Iran, which is, of course, the main target of Israel. We have allowed China to increase their military strength and Russia to recover from Sovietization, to give them a false sense of bravado, this will create an all together faster demise for them. We’re like the sharp shooter daring the noob to pick up the gun, and when they try, it’s bang bang. The coming war will will be so severe that only one superpower can win, and that’s us folks. This is why the EU is in such a hurry to form a complete superstate because they know what is coming, and to survive, Europe will have to be one whole cohesive state. Their urgency tells me that they know full well that the big showdown is upon us. O how I have dreamed of this delightful moment.”

“Control oil and you control nations; control food and you control the people.”

Full articile here:

http://www.globalresearch.ca/accurate-satire-henry-kissinger-if-you-can-t-hear-the-drums-of-war-you-must-be-deaf/28610

maravich44's picture

yes yes..

he is your GUY.

¤'s picture

It's gotta' be asked...

Does Goldman Sachs have enough GLD shares at this point in GLD where they could put a serious dent in it's inventory or might they be working their way to that point where they could do so?

Will they be the one to drain GLD down to a certain point where that ETP closes? And will JPM be the one to bring about a Comex default or trade stoppage? Might they do this around the same time and be working in unison to some degree?

Or are they both in a race for a finite pile of gold and they're both going about it a different way?

130320125339-jp-morgan-goldman-sachs-620

¤'s picture

Nat Geo (2)

Nothing on TV?

2929487787_fd7c506f85_o.jpg

 

Natural World visits the Arizona desert, where a new honey ant queen wages an intense battle for survival as she attempts to build and defend her empire. Eliminating rivals with ruthless efficiency, sacrificing thousands in her quest for domination - murder, cannibalism, genocide, she will do anything to keep her crown. The epic story of one honey ant queen's dramatic rise to power and her brutal fall from grace.

Pogonomyrmex barbatus red harvester ants, at the nest entrance.  Tucson, Arizona, USA
¤'s picture

Mining Related (17)

 Regulating the Bitcoin

 

US lawmakers mull over if and how to regulate the crypto-currency.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

The ascendency of real gold demand – Gold Miners Weekly

 

August 31, 2013

Asian demand in general and Indian demand in particular, must not be confused with the superficial understanding of gold and the fickle demand typically displayed by western investors towards the yellow metal.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

China loves West’s 99 fine

 

August 30, 2013

According to Bloomberg, whose calculations were based on Hong Kong customs data, net gold imports into China more than doubled in the first half of 2013 to 493 metric tons, up from roughly 239 tons over the same period in...(more)

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Gold production decline imminent

 

August 30, 2013

Gold’s precipitous decline in the first half of 2013 sent shockwaves throughout the entire mining industry...(more)

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Neil Adshead, Ph.D., says some mining stocks are 'sitting ducks'

http://www.mining.com/

 

Gramp's picture

Who the Guy with the snazzy tie?

DeaconBenjamin's picture

Greek investment collapse bodes ill

By Dimitris Kontogiannis

Greece may have made substantial progress in cutting its twin deficits, mainly thanks to the sharp drop in domestic demand, but has little to show on another front: the rebalancing of its economy from a consumption-based to an export-oriented, investment-driven model. This cannot be done overnight but the results to date are far from satisfactory, raising concerns about the effect of the collapse of investment spending on capital stock and the capacity of the economy to generate growth in the future.

Many economists and others have blamed a huge, inefficient and corrupt public sector for Greece’s economic malaise. They have also singled out the need for a fundamental change in the composition of domestic demand with a lesser role for consumption, and a bigger role for investment spending and exports of goods and services.

So far, the rebalancing of the economy has been the result of the collapse in domestic demand that is driving mass unemployment to the tune of 27 percent of the labor force. This, along with lower interest payments after the restructuring of the public debt, has contributed to the narrowing of the current account deficit to about 3 percent in 2012 and an estimated 1 percent or lower this year.

Fiscal consolidation has also been a bright spot in the adjustment process with revenues seen surpassing expenditures without interest for the first time since 2002. The country is projected to register a small primary surplus compared to a primary deficit in excess of 10 percent of GDP, or more than 23 billion euros, in 2009. Optimists also like to mention the closing gap in international competitiveness between Greece and its eurozone partners by pointing to the sharp reduction in unit labor costs over the last few years.

http://www.ekathimerini.com/4dcgi/_w_articles_wsite2_1_31/08/2013_516475

DeaconBenjamin's picture

Greek opposition slams gov’t preparations for Syria hit

  
As the government scrambled to prepare for a US strike against Syria, following reports that Greece has been asked to provide a supporting role by offering its military bases and air and sea access, the main leftist opposition slammed authorities for taking a submissive role despite strong opposition to a Syria intervention in the UK, France and the US itself.

In an address to the central committee of his party on Saturday, SYRIZA leader Alexis Tsipras lashed out against Foreign Minister Evangelos Venizelos and government spokesman Simos Kedikoglou, referring to “a pathetic gang of willing yes-men.” The leftist leader was particularly critical of Venizelos, whom he accused of “seeking an intervention in Syria before Obama himself had decided,” Referring to US President Barack Obama. Tsipras insisted that SYRIZA was completely opposed to the prospect of any military strike against Syria, noting that this would be “inconceivable” in the absence of any form of approval from the international community.

Venizelos is said to have spoken by telephone with several European Union counterparts and peers from Arab states in recent days as Greece attempts to prepare for the fallout of a Syria intervention but also, sources said, to promote itself as a reliable interlocutor with all sides.  Defense Minister Dimitris Avramopoulos is reportedly in favor of Greece taking a bolder diplomatic initiative, possibly mediating between the different sides to avert an intervention.

Greek government officials have been discussing two action plans – code-named Cosmos and Ioni – related to the likely repercussions of a strike against Syria. The first plan concerns the safe evacuation of Greek citizens living in Syria if such a need arises, and the second aims to bolster Greece’s land and sea borders to deal with a likely surge in refugees from Syria. According to sources, the country’s armed forces have already started drafting plans for the transfer of Greek citizens from Syria by air or sea, depending on the restrictions imposed by the upheaval.

http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_1_31/08/2013_516471

DeaconBenjamin's picture

Ticket checks stop after bus death

Ticket inspections on public transport in Athens have been unofficially suspended, Kathimerini understands, as authorities fear a public backlash after the death of a 19-year-old student who fell from a trolley bus in Peristeri, western Athens, earlier this month following an argument with a ticket inspector.

The death of Thanassis Kanaoutis on August 13 fuelled a barrage of protests and was joined by supporters of the “I Won’t Pay” anti-austerity movement.  Although the upheaval has died down, a spokesman of the Athens Urban Transport Organization (OASA) told Kathimerini that virtually no inspections have been carried out since mid-August. “The anger provoked by the tragic accident, combined with the economic difficulties that citizens face, make it virtually impossible for inspectors to do their job,” he said.

The majority of the inspectors are said to be angered by the move as they can no longer collect the commission on the fines they impose to fare-evading passengers.

The suspension of inspections has also dealt a blow to OASA’s revenue, which had received a much-needed boost following a crackdown on fare evading last year.  In July of this year, a total of 6,363 fines were imposed, bringing in 471,106 euros, compared to 3,681 in July 2012 and 292,038 euros, an increase of 72.8 percent.    

http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_1_31/08/2013_516470

DeaconBenjamin's picture

Turkish PM calls for Kosovo-like intervention

 

Prime Minister Recep Tayyip Erdoğan participates in the Victory Day reception at the presidential palace in Ankara on Aug. 30. AA photo
 

Prime Minister Recep Tayyip Erdoğan participates in the Victory Day reception at the presidential palace in Ankara on Aug. 30.

Prime Minister Recep Tayyip Erdoğan has said the U.S. statement on a "limited" military action against Syria will not be enough to satisfy Ankara, pleading for an intervention similar to the one in Kosovo in 1999.  "A limited military action will not satisfy us. It [the intervention] should be like in Kosovo," Erdoğan was quoted by daily Hürriyet as saying during the Victory Day reception at the presidential palace on Aug. 30.

A few minutes earlier, U.S. Secretary of State John Kerry had given signs during a press briefing in Washington that the United States would act following last week's chemical attack in Syria, but said its response would be "tailored."  Erdoğan told reporters that the intervention could take place next week.  "Looking at what Kerry has said, there could be an intervention prior to the G-20 summit. This intervention should not be a one or two days hit-and-run, but push the regime to the point of collapsing," he said.

The G-20 summit is due to start on Sept. 5 in Russia's imperial capital St. Petersburg.   Erdoğan said Turkey had made efforts to solve the issue diplomatically up to now, but had been unsuccessful. "We did not get any result for eight months. We had some work with Russia and Iran too, but we didn't get any results either," he added.

Answering a question, the prime minister also said that authority was with President Abdullah Gül with regard to mobilizing Turkish troops. "We don't need memorandums at the present moment. Parliament is on vacation until Oct. 4. Will an extraordinary session be required or not? We will talk about this with our president. He holds authority during the period in which Parliament is closed," Erdoğan said.  For his part, Chief of General Staff Necdet Özel told reporters that necessary preparations had been made, and he was "not worried" about the possible intervention.

http://www.hurriyetdailynews.com/turkish-pm-says-limited-action-against-syria-wont-be-enough-calls-for-kosovo-like-intervention.aspx?PageID=238&NID=53586&NewsCatID=338

SilverSurfers's picture

symbionese liberation army

Reminds me of Patty Hearst, way back when.

Of course I could find many flaws in the demigod rant, but like a unified field theory, one tries to get to the core of the complaint, and it has to do with the scope of a super power role, properly defined, within a constitutional frame work, but currently the government operates open loop, a calling card of totalitarian rule.

SLA puts turdville to shame, LMAO!!!!

hhmmm, turkish asset, employed on the eastern front misdirective? why not?

JIHAD!!!!!!

Ants are social creatures, practicing full on socialism, as in the USSA, as its all biology of course, just done at different intellectual levels, but the same in kind.

lakedweller2's picture

Statute of Limitations

If they are still doing the same thing, the statute hasn't run.  It is an ongoing act and all acts can be joined.  CL has addressed intentional failure to act on the part of the state as disqualifying the action, but that may only apply to the CFTC.  Join the CFTC in a criminal action and prosecute all.  Just need someone with standing that is not a codefendant.

lakedweller2's picture

End of War Means gold and silver can be attacked falsely

We still have an economy and dollar that has been destroyed. 

Spartacus Rex's picture

Obama Reveals His Dictatorship - The Isolation of America

Paul Craig Roberts

Washington preens itself on being “the world’s greatest democracy.” Washington uses the claim that it is spreading democracy as a justification for its naked aggression–a clear and unambiguous war crime–against other countries. Washington cloaks its illegality in democratic rhetoric despite the obvious fact that its wars are not a consequence of democratic decision.

Washington has used deception and lies to gain acceptance of its extra-constitutional and extra-legal wars, but Washington’s wars have all been launched outside the constitutional/democratic framework of the United States.

Obama’s war against Libya occurred without the participation of Congress. And now Obama is again revealing that the US is so far removed from democracy that he plans to attack Syria without a vote by Congress. Where is the democracy when a Caesar makes the decisions that the Constitution reserves to Congress?

Polls indicate that 80 percent of US citizens believe that a US military attack on Syria requires approval by the House and Senate. Yet, the Obama regime is purposely avoiding any such vote. The Obama regime has also ignored the letter signed by 162 members of the House of Representatives demanding to see evidence, debate it, and vote prior to any US military strike.

It is an act of treason for the US military to carry out any war orders without congressional authorization. Any military commander who violates his oath to defend the Constitution of the United States has committed high treason against the United States. If the US were truly a lawful democracy, such commanders would be subject to arrest and trial.

The fact that the executive branch and the military operate outside the Constitution and democratic process is proof that the US is not a democracy.

In yesterday’s columns I noted that Obama, his media whores, and worshiping Obamabots are overlooking considerations of critical importance. One is that military aggression is a war crime. In the past, Bush and Obama had cloaks for their war crimes, such as a “coalition of the willing,” NATO, some limited “congressional consultation” or vague resolution, or a UN resolution that is then stretched to cover the regime’s actions.

None of these things are adequate legal cover. Their worth comes from the fact that other countries and institutions besides the US executive branch are involved in the war crime. There is safety in the numbers. Charging the entire Western world with war crimes means only that the entire Western world will defend the validity of their excuse.

But this time the regime has no cover. There is no “coalition of the willing,” no UN resolution, no NATO support, and Obama has ignored both Congress and the American people. For Obama to proceed with his attack on Syria would be the action of an unaccountable dictator. He would have no cover for his war crime.

Obama’s effort to rush to war with Syria has already destroyed the credibility of the US government as a truthful, honest government. The entire world, even Washington’s most subservient puppet states, have recognized that Washington has no evidence to back its accusations. No one believes Obama or Kerry. Both have revealed themselves to the entire world as brazen liars.

This has destroyed all trust in the US government. And now Obama seems determined to prove that America has a dictator, not a democracy.

It is difficult to imagine a more serious blow to the US than the one Obama has delivered.
All of the important props for Washington’s propaganda, such as “the world’s greatest democracy,” have been kicked out from under what now stands revealed as a criminal enterprise.

Russia’s President Putin has openly expressed his contempt for the lies that are flowing nonstop from the mouths of Obama and Kerry. Putin called Obama’s claims “utter nonsense.” Putin said that if the Americans have any proof, “let them show it to the United Nations inspectors and the Security Council.”

In fact, the evidence that exists indicates that the chemical attack originated with the rebels and may have been an accident caused by “rebels” transporting chemical weapons given to them by the Saudis but without instruction to correct handling. The reporter, Dale Gavlak, who spoke with the rebels, who were themselves harmed by the weapons, is a Middle East expert from the University of Chicago who has reported for the Associated Press, National Public Radio, and the BBC.http://original.antiwar.com/Dale-Gavlak/2013/08/30/syrians-in-ghouta-claim-saudi-supplied-rebels-behind-chemical-attack/

For another perspective unreported by the US media, see Ambrose Evans-Pritchard’s report in the UK Telegraph that Saudi Prince Bandar, head of Saudi intelligence, attempted to bribe and intimidate Putin into abandoning Syria to the Americans. Reportedly, Bandar offered Putin a Saudi-Russian oil cartel and offered Putin protection against Chechen terrorist attacks on Russia’s Winter Olympics.http://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/10266957/Saudis-offer-Russia-secret-oil-deal-if-it-drops-Syria.html

As farfetched as all of this sounds to Americans, it is more plausible than anything Washington says.

Washington’s claim that the Syrian “rebels” have no access to chemical weapons is obviously false. On May 30, an Istanbul newspaper reported that Turkish police apprehended al-Nusra “rebels” with sarin gas that al-Nusra planed to use in an attack
on Adana. http://www.todayszaman.com/news-316966-report-police-foil-al-nusra-bomb-attack-planned-for-adana.html

Having repeatedly declared that the use of chemical weapons requires a military response from the US, what will Obama and Kerry do when it comes clear that the “rebels,” not Assad, are responsible for the chemical weapons? Will Obama and Kerry attack the “rebels”? Will Obama and Kerry attack Saudi Arabia for giving the chemical weapons to the “rebels”? Don’t hold your breath.

My Ph.D. dissertation supervisor, G. Warren Nutter, was brought into the Pentagon by Melvin Laird as Assistant Secretary of Defense for International Security Affairs and given the task of winding down the Vietnam War. Nutter opposed US foreign policy based on secrecy and deception. He was convinced that US foreign policy had to be transparent, consistent with the country’s principles, and carry public support. A policy based on secrecy and deception would undermine democracy and the trust of the public and foreigners in the US government.

Today there are no Warren Nutters in Washington, and there have not been such people in government for many years. As Nutter foresaw, the consequences are the loss of public confidence in government and the isolation of the US in world affairs.

Obama now stands on the verge of military aggression as isolated as Adolf Hitler when Germany attacked Poland.

UPDATE: 4:00 PM US East Coast Time

The White House Fool, learning from the alternative media and not from his moronic advisers that he is isolated in the world and has no cover for his war crime against Syria, has announced that he is going to wait until he gets approval from Congress.

No doubt the White House Fool was also moved by the letter from 161 members of the House of Representatives that to engage in hostilities without congressional authorization is unconstitutional. The letter contains the threat of impeachment:

“We strongly urge you to consult and receive authorization from Congress before ordering the use of U.S. military force in Syria. Your responsibility to do so is prescribed in the Constitution and the War Powers Resolution of 1973.

“While the Founders wisely gave the Office of the President the authority to act in emergencies, they foresaw the need to ensure public debate – and the active engagement of Congress – prior to committing U.S. military assets. Engaging our military in Syria when no direct threat to the United States exists and without prior congressional authorization would violate the separation of powers that is clearly delineated in the Constitution.” http://antiwar.com/blog/2013/08/31/impeachment-congress-fires-opening-shot-across-obamas-bow/

We can be thankful that at least 161 members of Congress recognize their responsibility to hold the executive branch accountable to the Constitution. Perhaps the lies from the executive branch became so brazen that they lost their effectiveness. Instead of fearing a hyped “terrorist threat,” people now see the threat of a White House Tyrant.  http://www.paulcraigroberts.org/2013/08/31/obama-reveals-his-dictatorship-paul-craig-roberts/

Spartacus Rex's picture

Forget Al Capone — Today’s Racketeers are on Wall Street

None of the above. Capone and his fellow kingpins of “organized crime” left high-risk, low-return illegality to the lowlife. Kingpins like Capone ran rackets instead. They sold “protection.” They loan-sharked. Most lucratively of all, they bootlegged outlawed alcohol.

Rackets like these guaranteed returns both steady and steep. Capone at one point was clearing $100,000 a week.

Racketeering, of course, is still going strong. But the getup of our contemporary racketeers has changed somewhat. Our most highly compensated racketeers today don’t wear fedoras. They fill power suits. Our top racketeers these days don’t run from the law. They run Wall Street.

Most of us imbibed our first inkling of this Wall Street racketeering after the economy melted down in 2008.

We soon learned that America’s biggest banks had been nurturing systematic fraud for years, bankrolling mortgage operations that thrived on phony appraisals and “liar’s loans,” then slicing and dicing the resulting junk mortgages into exotic securities they marketed, for exorbitant fees, to unwary investors.

Eventually, this whole house of marked cards collapsed, and millions of families lost most everything they had. But taxpayer bailouts would keep Wall Street flush — and searching for new twists on old rackets.

This summer’s headlines have put these new rackets front and center. Just last week the federal Consumer Financial Protection Bureau informed us that mortgage fraud has outlasted the settlement deal that 49 states reached with banks in 2012. That settlement put in place obligations that banks, as New York’s top prosecutor charges, have “flagrantly violated.”

But this summer’s most riveting big-bank racket doesn’t revolve around financial industry paper. This racket impacts things we can actually touch and feel, like the beer cans millions of Americans will be holding next week at Labor Day picnics.

We need some background here: Generations ago, champions of the public interest battled to keep America’s banks from operating non-banking businesses. They sought to both protect depositors and prevent banks from manipulating their “financial might to gain an unfair advantage over competitors.”

By the 1960s, lawmakers had put into effect a variety of regulations that kept banks restricted to banking. But these restrictions would start eroding as deregulation — and America’s plutocratic restoration — started gaining serious momentum in the 1980s.

Then in 2003 the dam broke. The Federal Reserve Board, as one expert analyst told a Senate hearing last month, “razed the walls between deposits and commerce” and allowed Citigroup to buy up a nonfinancial business. In 2005, another Fed waiver let JPMorgan Chase enter the physical commodities business.

In short order, Wall Street’s biggest banks had essentially won a green light to rush into “mining, processing, transporting, storing, and trading a wide range of vitally important physical commodities.”

No bank rushed more boldly than Goldman Sachs. Three years ago this Wall Street giant bought up a string of 27 aluminum warehouses around Detroit. Industrial users of aluminum use warehouses like these to store, until their factories need it, the metal they buy on the global market.

Before Goldman’s entry into the commodity business, aluminum warehouses would deliver metal to end-users in a timely fashion, typically about six weeks.

With Goldman in charge, that timeliness started slipping, all the way to 16 months. Beverage companies and other manufacturers found themselves paying huge additional storage fees — to Goldman — for the added time.

In 2011, angry Coca-Cola officials formally complained to the metal industry’s global self-regulatory body, the London Metals Exchange. Coke charged that Goldman had “intentionally created” a warehouse bottleneck to drive up the global price of aluminum and cash out on speculative windfalls.

The Metals Exchange, a private body with bankers among its decision makers, feigned deep concern and then doubled the amount of metal that warehouses must ship out daily.

Goldman never missed a beat. The bank, to meet the new rule, simply started shipping aluminum bars from one of its warehouses around Detroit to another.

“Each day, a fleet of trucks shuffles 1,500-pound bars of the metal among the warehouses,” the New York Times reported last month. “Two or three times a day, sometimes more, the drivers make the same circuits. They load in one warehouse. They unload in another. And then they do it again.”

The Times estimates that this “merry-go-round of metal” has cost consumers about $5 billion over the past three years. In 2012, Goldman’s top five execs together took home $92 million.

Wall Street’s leap into commodities has, over recent years, gone well beyond aluminum. Last December, the Securities and Exchange Commission gave a big-bank syndicate the green light to buy up and warehouse up to 80 percent of the world’s copper.

Similar big-bank rackets are running in oil, wheat, cotton, and coffee, notes reporter David Kocieniewski, bringing “billions in profits to investment banks like Goldman, JPMorgan Chase, and Morgan Stanley, while forcing consumers to pay more every time they fill up a gas tank, flick on a light switch, open a beer, or buy a cellphone.”

All sorts of federal agencies are now investigating the various banking rackets that have so far this year hit the headlines. JPMorgan Chase alone, the Washington Post reports, “is staring down six separate investigations by the Justice Department, four by the Securities and Exchange Commission, and three by the Commodity Futures Trading Commission.”

But the penalties exacted on the big banks so far have been ridiculously slight.

One example: Earlier this summer, the Federal Energy Regulatory Commission penalized JPMorgan for parlaying control over a dozen California power plants into a scheme that defrauded consumers out of $125 million. JPMorgan now has to pay back the $125 million, plus another $285 million.

This $285 million — one day’s net revenue for JPMorgan — doesn’t make for much of a deterrent, observes Los Angeles Times analyst Michael Hiltzik.

“If you could steal $125 million, with the only downside being that if you got caught you might have to give the money back and lose a single day’s income,” he asks, “would you give it a go?”

The Federal Reserve Board has the power to undo the deregulation that has opened the door to big-bank control over nonfinancial commerce. Indeed, several key waivers that the Fed has handed out to major bank holding companies, unless renewed, will expire next month.

In Senate testimony last month, Joshua Rosner, a managing director of the research firm Graham Fisher &; Company, called on the Fed to make a regulatory about-face.

We’re entering a new Gilded Age, Rosner warned, “where the fruits of all are enjoyed by a few.”

Al Capone liked things that way. Racketeers always do. [ Edit: To All U.S. Non-Sheople: Have You Told Your U.S. Senators Yet To Force The Fed To NOT Renew These Racketeering Waivers Granted To Wall St. Banksters?] 

Labor journalist Sam Pizzigati, an Institute for Policy Studies associate fellow, is the editor of Too Much and writes widely about inequality. His latest book: The Rich Don’t Always Win: The Forgotten Triumph over Plutocracy that Created the American Middle Class, 1900-1970.  http://billmoyers.com/2013/08/29/forget-al-capone-todays-racketeers-are-on-wall-street/
Orange's picture

Der Spiegel - Wow Legs to Appreciate

I wanted to find out what the German press was saying about Obummer. Didn't find much, however I did find that they are more focused on East German Legs.

http://www.spiegel.de/fotostrecke/photo-gallery-searching-for-eastern-germany-fotostrecke-100788-3.html

Xty's picture

I think that just might have been a posed shot

Sand and naked private parts are not actually a good combination.  Hence the lack of sand-paper undergarments, and the popularity of silk.

edit to add:  The people you want to see naked are not the people who will take their clothes off in public if the rules allow it.  This is an important rule in life. 

Hrunner's picture

Red Phone, 12:01PM EST, 8/31/2013

B:  Hello, who is this?

P:  You know who this is.  Now you trot your ass out there and make up some excuse to send this matter to your circus congress, guaranteeing that nothing will get done.

B:  But P, it will make me look weak.

P:  You already look weak.  Now, trot your ass out there.  You will receive further instructions at G20.  Time to exercise that "flexibility".

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