The Public Narrative

Thu, Sep 10, 2015 - 12:00pm

The great midwestern poet, Kurt Neumann, once said: "Everybody's got a breaking point. And baby, there you are". While not saying that ole Turd is at his personal breaking point, the daily accumulation of lies must certainly be having an impact on all of us.

You're likely a reader of ZeroHedge so maybe you already know this. If not...Did you know that the "market" for S&P futures was twice halted in the wee hours of New York morning today? No? You didn't know that? It wasn't reported on CNBS or Bloomberg? Really?!? That's surprising because you'd think that this would be a pretty important story...especially if your mission is to "inform investors" through "real time financial market coverage".

But I haven't seen coverage of this story at all. Isn't that odd? Here, check it out for yourself:

I simply cannot state this more emphatically or often enough...There are no "markets". At least not in the traditional sense in which you're led to believe there are. All you have are HFT computers that swap stocks, bonds, futures and other derivative products back and forth at the speed of light. In doing so, they provide only a bare minimum of market "depth". Therefore, when some or all of these computers line up on the same side of any trade, you get flash crashes and extreme volatility. (As an aside, we've seen similar action in gold for years where a massive seller simply overwhelms the entire market or "bid stack" and price collapses until willing dupes buyers are finally found.)

Again, THIS IS NOT A MARKET. This is a illusion, if you will. Designed to look like a functioning market...complete with quotes and Lester Holt giving you the "stocks closed slightly higher today" headline on your 6:00 news. But it's a sham and it's hopelessly broken. I say hopeless because there's no going back. Do you think that the NYSE, the NASDAQ and the CME are going to cut off the revenue stream they get from exacting fees from each and every HFT trade? Hell no! Of course they're not. Besides being completely corrupt, these exchanges are slaves to the almighty profit margin as they endeavor to keep their own share prices afloat in order to fatten executive bonus pools.

So, if the markets are broken and there's no going back, how the heck does this all end? Why can't the Central Banks keep all of the plates spinning indefinitely by daily tinkering with HFT inputs like the VIX and the USDJPY? Hell, I don't know. Maybe they can. This is all unprecedented. The world has never lived through this before. Therefore, we have no historical basis to say "well, the last time the markets were controlled like this, every stock eventually went to zero...or $1000, for that matter". All I can say is that I'm a firm believer in Mother Nature and a sort of Natural Law of Economics.

EVERY Ponzi or Pyramid Scheme finally fails. Water always reaches the lowest point regardless of your efforts to dam it and move it away. Gravity and human nature have a lot in common as they can both be suspended temporarily but not permanently. So, my conclusion is that this entire 6+ year period of bailing wire, rubber bands and unlimited fiat will, one day, come crashing down in breathtaking fashion. In the meantime, we all need to work together to keep our wits about us. This madness will push you to the edge and into the abyss if you let it.

And in case you're wondering if the lies, spin and MOPE are only confined to the "markets", check this next story. You don't even need to go down the rabbit hole of theorizing how and why ISIS came about, just read how the story is now being managed for maximum, intended effect:

So, over 50 "intelligence analysts" have complained that their reports have been "manipulated to fit a public narrative." Hmmm. How about that? Does that surprise you at all? And with that in mind, maybe you should look at this. Does anything here look like it's being "manipulated to fit a public narrative"?

"Manipulated to fit a public narrative". Maybe that's a good new tagline for TFMR. Instead of "Preparing For The End of The Great Keynesian Experiment", maybe we should try "Refusing To Be Manipulated By The Public Narrative"? Or perhaps "Standing The Public Narrative On Its Head Since 2010"? How about "Take Your Public Narrative and Shove It Up Your Fat A$$"?

Well, anyway. At least I got that off my chest and, hopefully, gave you something to think about on what would otherwise be just another status quo Thursday. Gold's up 8 bucks, silver is up 10¢ and not much else is happening ahead of the public narrative of the FOMC Fedlines one week from today. In the meantime, have a great day and be sure to check back later to hear a cranky old bastard swear his way through another podcast. wink


About the Author

turd [at] tfmetalsreport [dot] com ()


Sep 10, 2015 - 12:03pm


someone has to do it


4 oz
Sep 10, 2015 - 12:09pm


<Shakes head> Looking at the Sept #'s..... hmmmm, Are there supply issues?

US Mint 2015 Silver Eagle Sales
January 5,530,000

February 3,022,000

March 3,519,000

April 2,851,500

May 2,023,500

June 4,840,000

July 5,529,000

August 4,935,000

September 1,154,500

Total 33,404,500

Sep 10, 2015 - 12:09pm


NOT.... 1st made the mistake of reading first... smiley

Sep 10, 2015 - 12:12pm
Sep 10, 2015 - 12:14pm



It seems that the Algo's and HFT's are and have been created to keep the "financial industry" going. We have NO OTHER industry. Every other industry in this country has been manipulated and regulated damn near out of existence; well except government...

I have to admit, that I have always known the finance group was dirty, which is why I chose not to go to Wall Street in 1992. Laddering wasn't even a term during that time and I was well aware of it, or maybe it was, but it damn sure didn't exist in my collegiate classes.

Bottom line, man is fallible and the criminals will always steal until a punishment is metered out that truly MAKES the criminal to stop. Our markets are criminal and nothing short of full assault on their behavior will every change it. Every crisis has brought them more incentive to push the envelope and enslave the rest of us.

Oh well, I'm with you on the exasperation... But I see no end any time soon...

Sep 10, 2015 - 12:17pm

I'll take

Shove it up your fat a$$ for $200!

Sep 10, 2015 - 12:19pm


Remember the scene in a Few Good Men where Jack Nicholson says "You can't handle the truth!"? Now I find myself with eyes popping out and veins bulging screaming "You can't find the truth!"

Never in my lifetime has the truth been so difficult to find. Almost every source of news filters/slants the news based on their own agenda. It is not just what they report and how they report it but what they don't report. And we all know that data from any government (that's any department from any country) source is a manipulated distortion if not an outright lie. Adding to the problem are people that make make wild claims without factual documentation or report their opinion/belief as fact.

I feel like we are living in a real time version of 1984. The most amazing thing to me is how many people accept the lies and distortions. And most consider themselves intelligent and well informed.

Sep 10, 2015 - 12:27pm

Dude, I know what you mean, but during my five years in politics

I learned that every day has to start with a shower of Teflon and ear plugs for strategic deaf moments. And lunch is whenever you need it, not at a set time...just saying...

Sep 10, 2015 - 12:29pm

That 50 spies story

is enough to scare the shit out of any rational thinking man.

Dr Paul Craig Roberts has warned of the potential of a political crisis developing in the US. I wasn't sure what he meant at first, but long story short it means that no one (other nations) can tell who's in control.

So I ask you....who's in control?

Sep 10, 2015 - 12:34pm


Turd, there are at least 3 billion of us cranky people out here!

Sep 10, 2015 - 12:34pm

  September 10,


September 10, 2015
Santiago, Chile

Yesterday was a pretty big day.

First (and perhaps most importantly) my post-Italy no carb detox came to an end. Hooray for that.

Second, I signed the papers and closed on a new apartment here in Santiago.

It’s a great time to be buying in Chile for anyone spending US dollars. The peso is weak, as is the economy. So asset prices are very cheap.

Simultaneously, by any objective metric, the US dollar is enormously overvalued. So I ‘sold’ what was overvalued and bought what was undervalued.

It was a great deal-- it’s a spacious penthouse flat encompassing an entire floor in the nicest part of town, all for less than what a down payment would cost me in the US or Europe.

Hell, given the million-dollar price tag for some parking spots in New York City now, you could have several of my apartments for that much.

I don’t have any illusions about a personal residence being an ‘investment’. But if I need to sell at some point down the road, I expect to do quite well.

Not that I’m going anywhere anytime soon. Between our thriving agricultural project and the dozens of employees we have across three companies, I’m definitely planting a giant flag in Chile for the foreseeable future.

And buying an apartment here certainly underscores that sentiment.

This is a big move for me because I’ve been nomadic for so long; the last time I bought a personal residence was well over a decade ago when I left the military.

My father (my biological father, as I also have a step father) had terminal brain cancer of a particularly nasty variety known as glioblastoma.

So when I left the Army, I thought it a good idea to move back to Dallas to be closer to him and the rest of the family, and I ended up buying a condo in the upscale Turtle Creek district.

That was back in early 2004-- nowhere near the 2006 housing bubble peak.

Besides, property prices in that area never went bonkers to begin with, so the price I paid was quite reasonable.

My father died two years later, and, as I had already been traveling substantially at that point, I put the condo up for rent and left the city for good.

That was nearly ten years ago.

I still own the place; in fact, it’s the only asset I still have in the US. But recently someone from the property management company approached me and asked if I would be willing to sell.

“Sure,” I replied, “depending on how much.”

She did some calculations and came back to me with a figure so ridiculous I had to independently verify it with multiple real estate agents.

And I don’t mean “ridiculous” in a good way.

She told me that my property was basically worth 10% LESS than what I had paid more than a decade ago.

Come again? I could hardly believe it.

Then I started doing some thinking… and looking back at old records. The amount of rent that I’m receiving now is actually 15% LESS than what I got back in 2006.

Yet simultaneously both my property taxes AND home owners’ dues have more than doubled.

It’s one of the worst possible outcomes. And it illustrates a key point: it’s possible to have BOTH inflation AND deflation at the same time.

In this case, it’s a clear example of asset price DEFLATION with cost (or retail price) INFLATION.

So in other words, the stuff that makes me wealthier LOSES value, while the stuff that takes money out of my pocket INCREASES in cost.

This is not a unique situation; there are scores of examples throughout modern financial history.

During the Asian Financial Crisis in the 1990s, for example, many of the Asian Tigers experienced this dual inflation/deflation phenomenon.

I’ve seen it recently across my travels, including in southern Europe and even here in Chile.

Central bankers are at the end of their rope. They’ve conjured literally trillions of currency units out of thin air, creating epic risk bubbles that nearly anyone with a pulse recognizes as unsustainable.

One of the great financial debates of our time is whether all the unprecedented central bank monetary policy around the world will cause inflation or deflation.

It’s an irrelevant argument.

The question is whether the endgame results in inflation or deflation.

I’m here to tell you that we absolutely can have BOTH. And we likely will.

As my own experience suggests, it may already be creeping up on us. 

Until tomorrow,
Simon Black

4 oz
Sep 10, 2015 - 12:37pm
Sep 10, 2015 - 12:40pm

The Public Narrative

Should be made public. This is a great piece of work, Turd. Simply outstanding.

Sep 10, 2015 - 12:40pm

Danny B

Banking and organized crime AND endless war

Gerald Celente has been very clear for years. the New York bankers are nothing more than mafia in nice suits.
The London bankers are organized criminals; The City’s stranglehold makes Britain look like an oh-so-civilised mafia state | George Monbiot | Comment is free | The Guardian
Israel is over run by organized crime;
WikiLeaks: U.S. Worried Israel Becoming 'The Promised Land' for Organized Crime - Haaretz
In other news, the ratio of paper-gold claims was 126--1 a month ago. It's now at 228--1 with only 6 tons of gold left in the COMEX warehouses. Something Just Snapped At The Comex (Updated) | Zero Hedge
Martin Armstrong has always gone out of his way to bad-mouth gold.
He is a banker and a trader at heart. I find that it slants his observations. He considers gold to be just another commodity. He has no interest in currency being a store-of-value. Gold is the most sought after store of value in the world. It doesn't have to be in demand for currency use. It is very obvious that you can't have your transactional currency also serve as a store of value. This ALWAYS leads to over-issue. This is one of the elements of Triffin's dilemma.

NOPE, the store of value has to be a different item that can't be duplicated willy-nilly. Rickards and America are crying for the SDR to be adopted as the reserve currency. NOBODY else wants America to have control of a reserve currency. They are very tired of all our wars financed by their hard work. Gold will come back as the most accepted store of value. America is fighting this because the war mongers don't want any limitations on their misdeeds.
By destroying so MANY States, we have united the world against us (and israel). We are crashing the system to try to hold on to power. The R.O.W. knows that; no matter how bad the crash gets, it would always be worse if America is allowed to continue.

Sep 10, 2015 - 12:42pm

Thanks, Barfly.

I appreciate it.

ALL: Please be sure to check the homepage for a new post on that incredible BBG video from earlier today.

Sep 10, 2015 - 12:49pm

fat bastard & dr evil

25 great fat bastard quotes
25 great dr evil quotes

because sometimes you just have to laugh to keep from cryin'

no worries, turd, crankiness is the curse of the enlightened...

Moooowhahahahahahaha! hahaha! haha! ha! ha! mm...

Sep 10, 2015 - 12:50pm
Sep 10, 2015 - 1:03pm

Scottsdale mint

Was just told my order , placed two weeks ago , for tfmr rounds are going to be 2-3 weeks more out!!

what's up with that? 5 weeks for shipment of only 300 rounds. Silver must be tight!!

Sep 10, 2015 - 1:06pm

3 Possible Paths the Fed

3 Possible Paths the Fed Might Take Next Week

by Jim Rickards, Daily Reckoning:

 Markets eagerly awaited the August U.S. employment report that came out on Friday, Sept. 4. This was the last important piece of economic data to be revealed before the Federal Reserve’s FOMC interest rate policy meeting on Sept. 17.

It has been widely anticipated that the Fed would finally raise interest rates at that meeting for the first time in over nine years — the so-called “liftoff.”

But the liftoff is surrounded by a contentious debate. Powerful voices such as former Treasury Secretary Larry Summers, and IMF Chief Christine Lagarde have been warning Fed Chair Janet Yellen that the global economy is too weak to bear interest rate increases. That debate — to raise, or not to raise — includes many advocates on both sides.

Read More

Sep 10, 2015 - 1:06pm

Really? That long?

I just emailed Josh, the CEO, last week for some inside baseball perspective.

I'll send him your comment right now and will post his reply.

Sep 10, 2015 - 1:11pm

Excellent writing. Needs to be public for sure.

am I wrong in believing the greatest ponzi on earth is actually the US dollar in its current FIAT form? And most everything we see that is manipulated is to keep the the ponzi going for another day?

Remember when we all believed, at one time or another, that the US Dollar was 'as good as gold'. How's was that for a narrative? 

freemarkettrader 4 oz
Sep 10, 2015 - 1:12pm

US Mint #'s

As you well know the US Mint typically releases their updated numbers for silver eagles on Mondays or the 1st day of the week if there is a holiday. Then there might be one more small update during the week. I would anticipate that the Mint shows sales of 800k-1M eagles every Monday for the rest of the month. If the #'s are the same a week from today, then I think your suggestion of a silver shortage has real merit.

Sep 10, 2015 - 1:33pm

Sep 10, 2015 - 1:38pm

This is very important

First, read this:

Next, from that ZH post, review this chart. BE SURE TO NOTE the blue arrows I've added that point to 2001-02, 2008-09 and present day:

Finally, with all of that in mind, take another long look at this, noting the time periods of the previous collapses of the S&P:

Sep 10, 2015 - 1:59pm

Here is a thought...

...if the fight against ISIS is going so bad that CENTCOM has to manipulate reports to fit the public narrative, then maybe we should cut off funding and weapons supply to ISIS. I'm just sayin...

Sep 10, 2015 - 2:17pm

Denver Dave Give's Robert McHugh a big nod

"I’m not an e-wave theory advocate but there’s merit to some of the analysis. Robert McHugh is probably the most skilled practitioner of it these days and he’s run 5 different “wave” scenarios – all of them suggest a high probability of serious market crash coming soon – he specifically references the August sell-off as “gentle” in comparison."

Sep 10, 2015 - 2:23pm


How about some sanctions as well. That oughta rock their socks.

Sep 10, 2015 - 2:33pm

From Jesse / Getting Interesting

""I just got off the phone with A-Mark which is one of the world’s largest wholesalers. They are reporting that they have no gold and silver at all live available, that they have stopped taking orders for Silver Maples and Silver Philharmonics altogether and that Silver Eagles are available first in the end of November. For Pamp, there is similarly long delivery times for all minted gold bars.
We still have most products in stock because we stocked up as massively as we could in the last weeks but for many products, we are unable to replenish as of now when we run out.""

Torgny Persson, BullionStar CEO

Sep 10, 2015 - 2:35pm

Will the HUI bounce?

How about that HUI? Hoping it bounces off the low.

What price is it at now? I see 105.99 with a 15 minute delay.
By the way, am I using the best HUI link? Is there one without the delay? I think I'm using the one Turd recommended.

Sep 10, 2015 - 2:38pm


14 years to the day since the bros. took down the twins

maybe tomorrow we'll see some celebratory anniversary event in their fake charts, err... "markets"

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