I am not We

120
Wed, Oct 16, 2013 - 10:26am

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

About the Author

  120 Comments

Ciscokid
Oct 16, 2013 - 10:29am

First.

First.

wildstylechef
Oct 16, 2013 - 10:30am

Puck the debt

Demise of the empire I hope is set

bullion only
Oct 16, 2013 - 10:38am

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.

Cleburne61
Oct 16, 2013 - 10:45am

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.

treefrog
Oct 16, 2013 - 10:59am

furth

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



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
Oct 16, 2013 - 10:59am

Excellent points

Thank you.

zman
Oct 16, 2013 - 10:59am

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.

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

zman
Oct 16, 2013 - 11:16am

Do you really think...

...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
Oct 16, 2013 - 11:52am

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 HearnUrban Roman
Oct 16, 2013 - 12:04pm

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

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1/15 8:30 ET PPI and Empire Fed
1/16 8:30 ET Retail Sales and Philly Fed
1/17 8:30 ET Housing Starts
1/17 9:15 Et Cap Ute and Ind Prod

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Key Economic Events Week of 1/13

1/14 8:30 ET CPI
1/14 9:00 ET Goon Williams
1/15 8:30 ET PPI and Empire Fed
1/16 8:30 ET Retail Sales and Philly Fed
1/17 8:30 ET Housing Starts
1/17 9:15 Et Cap Ute and Ind Prod

Key Economic Events Week of 1/6

1/7 8:30 ET US trade deficit
1/7 10:00 ET ISM Services PMI
1/7 10:00 ET Factory Orders
1/8 8:15 ET ADP employment
1/9 8:00 ET Goon Chlamydia speech
1/9 1:20 ET Goon Evans 2:00 ET Goon Bullard
1/10 8:30 ET BLSBS
1/10 10:00 ET Wholesale Inventories

Key Economic Events Week of 12/16

12/16 8:30 ET Empire State Manu Idx
12/16 9:45 ET Markit flash PMIs Dec
12/17 8:30 ET Housing Starts and Bldg Perms
12/17 9:15 ET Cap Ute and Ind Prod
12/19 8:30 ET Philly Fed
12/20 8:30 ET Final guess Q3 GDP
12/20 10:00 ET Pers Inc and Spending
12/20 10:00 ET Core Inflation

Key Economic Events Week of 12/9

12/10 8:30 ET Productivity and Unit Labor Costs
12/11 8:30 ET CPI
12/11 2:00 pm ET FOMC fedlines
12/11 2:30 pm ET CGP presser
12/12 8:30 ET PPI
12/13 8:30 ET Retail Sales
12/13 10:00 ET Business Inventories
12/13 11:00 ET Goon Williams speech

Key Economic Events Week of 12/2

12/2 9:45 ET Markit Manu PMI
12/2 10:00 ET ISM Manu PMI
12/2 10:00 ET Construction Spending
12/4 9:45 ET Markit Services PMI
12/4 10:00 ET ISM Services PMI
12/5 8:30 ET Trade Deficit
12/5 10:00 ET Factory Orders
12/6 8:30 ET BLSBS
12/6 10:00 ET Wholesale Inventories

Key Economic Events Week of 11/25

11/25 8:30 ET Chicago Fed Nat'l Idx
11/25 7:00 pm ET CGP speech
11/26 8:30 ET Advance Trade
11/26 9:00 ET Case-Shiller home prices
11/26 10:00 ET New home sales
11/26 10:00 ET Consumer Confidence
11/27 8:30 ET Q3 GDP 2nd guess
11/27 8:30 ET Durable Goods
11/27 9:45 ET Chicago PMI
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11/27 10:00 ET Core inflation
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Key Economic Events Week of 11/18

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11/20 2:00 ET October FOMC minutes
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11/21 10:00 ET Existing Home Sales
11/22 9:45 ET Markit November Flash PMIs

Key Economic Events Week of 11/11

11/12 Three Fed Goon speeches
11/13 8:30 ET CPI
11/13 11:00 ET CGP on Capitol Hill
11/14 8:30 ET PPI
11/14 Four Fed Goon speeches
11/14 10:00 ET CGP on Capitol Hill
11/15 8:30 ET Retail Sales
11/15 8:30 ET Empire State Manu Index
11/15 9:15 ET Cap Ute and Ind Prod
11/15 10:00 ET Business Inventories

Key Economic Events Week of 11/4

11/4 10:00 ET Factory Orders
11/5 9:45 ET Markit Services PMI
11/5 10:00 ET ISM Services PMI
11/6 8:30 ET Productivity & Labor Costs
11/6 Speeches by Goons Williams, Harker and Evans
11/8 10:00 ET Consumer Sentiment
11/8 10:00 ET Wholesale Inventories

Key Economic Events Week of 10/28

10/30 8:30 ET Q3 GDP first guess
10/30 2:00 ET FOMC fedlines
10/30 2:30 ET CGP presser
10/31 8:30 ET Personal Income & Spending
10/31 8:30 ET Core Inflation
10/31 9:45 ET Chicago PMI
11/1 8:30 ET BLSBS
11/1 9:45 ET Markit Manu PMI
1/1 10:00 ET ISM Manu PMI

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