Breathtaking Audacity

192
Mon, Oct 1, 2012 - 3:35pm

I don't normally spend time parsing the words of The Bernank. However, parts of his speech today in Indianapolis were so audacious, so utterly disingenuous, that I am compelled to discuss it here.

So, where to begin? We might as well start at the top with what is arguably the most deceitful and insidious passage that The Bernank has uttered during his term as Head Goon:

"The securities that the Fed purchases in the conduct of monetary policy are held in our portfolio and earn interest. The great bulk of these interest earnings is sent to the Treasury, thereby helping reduce the government deficit. In the past three years, the Fed remitted $200 billion to the federal government. Ultimately, the securities held by the Fed will mature or will be sold back into the market. So the odds are high that the purchase programs that the Fed has undertaken in support of the recovery will end up reducing, not increasing, the federal debt, both through the interest earnings we send the Treasury and because a stronger economy tends to lead to higher tax revenues and reduced government spending (on unemployment benefits, for example). Even though our activities are likely to result in a lower national debt over the long term, I sometimes hear the complaint that the Federal Reserve is enabling bad fiscal policy by keeping interest rates very low and thereby making it cheaper for the federal government to borrow. I find this argument unpersuasive."

This is astoundingly disingenuous. Yes, it's true that the bond interest paid to The Fed by The Treasury is ultimately returned to The Treasury, but to say that this "reduces the federal debt" is ludicrous! The Bernank is essentially arguing for direct monetization of debt, like Japan has done for decades. He even mentioned the "Japan Model" earlier in the speech:

"Once at zero, the short-term interest rate could not be cut further, so our traditional policy tool for dealing with economic weakness was no longer available. Yet, with unemployment soaring, the economy and job market clearly needed more support. Central banks around the world found themselves in a similar predicament. We asked ourselves, "What do we do now?"

To answer this question, we could draw on the experience of Japan, where short-term interest rates have been near zero for many years, as well as a good deal of academic work. Unable to reduce short-term interest rates further, we looked instead for ways to influence longer-term interest rates, which remained well above zero."

So, even though direct debt monetization is a BAD IDEA that will be HORRIBLY INFLATIONARY, don't worry. The Bernank, just minutes later, goes on to reassure everyone that direct monetization is not occurring:

"With monetary policy being so accommodative now, though, it is not unreasonable to ask whether we are sowing the seeds of future inflation. A related question I sometimes hear--which bears also on the relationship between monetary and fiscal policy, is this: By buying securities, are you "monetizing the debt"--printing money for the government to use--and will that inevitably lead to higher inflation? No, that's not what is happening, and that will not happen. Monetizing the debt means using money creation as a permanent source of financing for government spending. In contrast, we are acquiring Treasury securities on the open market and only on a temporary basis, with the goal of supporting the economic recovery through lower interest rates."

Huh? Confused? You're supposed to be. That how he wants it! He then goes on to tell this whopper:

"At the appropriate time, the Federal Reserve will gradually sell these securities or let them mature, as needed, to return its balance sheet to a more normal size. Moreover, the way the Fed finances its securities purchases is by creating reserves in the banking system. Increased bank reserves held at the Fed don't necessarily translate into more money or cash in circulation, and, indeed, broad measures of the supply of money have not grown especially quickly, on balance, over the past few years."

As if the global treasury buyers, whose exit from the market has prompted this policy in the first place, will suddenly return in a few years with enough gusto and buying enthusiasm to allow The Treasury to raise the funds necessary to refund the bonds on The Fed's balance sheet!! Words fail me here in my attempt show my incredulity at this bald-faced contradiction.

Then, in an affront to risk-averse savers of all generations, he utters this doozy:

"A second observation is that savers often wear many economic hats. Many savers are also homeowners; indeed, a family's home may be its most important financial asset. Many savers are working, or would like to be. Some savers own businesses, and--through pension funds and 401(k) accounts--they often own stocks and other assets. The crisis and recession have led to very low interest rates, it is true, but these events have also destroyed jobs, hamstrung economic growth, and led to sharp declines in the values of many homes and businesses. What can be done to address all of these concerns simultaneously? The best and most comprehensive solution is to find ways to a stronger economy. Only a strong economy can create higher asset values and sustainably good returns for savers. And only a strong economy will allow people who need jobs to find them. Without a job, it is difficult to save for retirement or to buy a home or to pay for an education, irrespective of the current level of interest rates."

What a jackass. Why don't you come down out of your ivory tower, Ben, and try running that line of shit past the little old lady in line at the bank, sadly renewing her latest CD at 1% and wondering how she'll make ends meet next month. Do you think she's going to buy some Master Limited Partnerships or preferred stocks in order to supplement her social security? Hell, no! She and millions of others are trying to scrape by on social security and their savings alone. They cannot, under any circumstances, afford to take risk but you, you self-serving and arrogant jerk, try to assuage them by telling them that your "strong economy" policies will help them find "higher asset values and sustainably good returns". Disgusting.

Additionally, almost everyone, but particularly those on fixed income, are getting eaten alive by inflation. John Williams at ShadowStats estimates the real CPI to be somewhere near 10%. Never fear, though, The Bernank in his best Colonel Klink impression sees nothing:

"A third question, and an important one, is whether the Federal Reserve's monetary policy will lead to higher inflation down the road. In response, I will start by pointing out that the Federal Reserve's price stability record is excellent, and we are fully committed to maintaining it. Inflation has averaged close to 2 percent per year for several decades, and that's about where it is today. In particular, the low interest rate policies the Fed has been following for about five years now have not led to increased inflation. Moreover, according to a variety of measures, the public's expectations of inflation over the long run remain quite stable within the range that they have been for many years."

Isn't this unbelievable? Now do you see why I had to type this post? Head-shakingly, painfully unbelievable.

Finally, for good measure on his way out the door, The Bernank "gave the finger" to the idea of a representative republic, Congressional oversight and accountability. Read this and weep:

"While the GAO has access to all aspects of the Fed's operations and is free to criticize or make recommendations, there is one important exception: monetary policymaking. In the 1970s, the Congress deliberately excluded monetary policy deliberations, decisions, and actions from the scope of GAO reviews. In doing so, the Congress carefully balanced the need for democratic accountability with the benefits that flow from keeping monetary policy free from short-term political pressures.

The Federal Reserve's financial statement is audited by an independent, outside accounting firm, and an independent Inspector General has wide powers to review actions taken by the Board. Importantly, the Government Accountability Office (GAO) has the ability to--and does--oversee the efficiency and integrity of all of our operations, including our financial controls and governance.

However, there have been recent proposals to expand the authority of the GAO over the Federal Reserve to include reviews of monetary policy decisions. Because the GAO is the investigative arm of the Congress and GAO reviews may be initiated at the request of members of the Congress, these reviews (or the prospect of reviews) of individual policy decisions could be seen, with good reason, as efforts to bring political pressure to bear on monetary policymakers. A perceived politicization of monetary policy would reduce public confidence in the ability of the Federal Reserve to make its policy decisions based strictly on what is good for the economy in the longer term. Balancing the need for accountability against the goal of insulating monetary policy from short-term political pressure is very important, and I believe that the Congress had it right in the 1970s when it explicitly chose to protect monetary policy decision-making from the possibility of politically motivated reviews."

In other words: "If you think you're going to get inside and look at the books, you're freaking crazy. Ain't no way, no how we're letting some legislative branch beancounter in here. We'll continue to take our orders directly from Dimon and Blankfein. The rest of you losers can go pound sand."

In conclusion, please ignore this speech and the mainstream media SPIN. If you really want to know what's going on, go back and read this, instead: https://www.tfmetalsreport.com/blog/4202/brass-tacks. As always, please make use of the time you've given to prepare and stack. Physical precious metal remains your only financial protection against this impending and eventual financial disaster.

TF

About the Author

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turd [at] tfmetalsreport [dot] com ()

  192 Comments

Larry
Oct 1, 2012 - 9:31pm

The Feds are only human

In thinking on the Fed lately, with growing amazement at their ability to lie with straight faces and never get called on it by the MSM, my opinion seems to vascillate around what they have done throughout their dubious history and what they are doing today. I’ve narrowed my opinions of them down to three separate choices:

1. They are Satan’s favored power tools, consummate liars and thieves, used to destroy all freedom, fairness, health and wellbeing on earth. This Cartel/Western Elite human herding process is ramping up and soon to be finished in a final push against the middle class and towards a one world government, one world currency. There will be many newly sad, poor, dead and dying. Oh, but of course the government(s) will be there to help them, feed them and control them like sheep… as long as they are productive and compliant.

2. They are a bunch of highly educated, dream-in-numbers, scheming incompetents who are collectively in way over their hubris filled heads. Filled with amazing greed and orders from below, they are desperately and blindly driving the economy off a cliff and debasing the US Dollar, pushing the US right into the arms of a global currency, global power.

3. They are merely a group of the latest round of ambitious, smart, lying individuals without a conscience that have taken the reins after a long line of similar psychopaths that preceded them in an ‘experiment’ created by international bankers, industrialists and moguls to game the system for a few years back in 1913. To the originators and those that followed, they received a pleasant surprise:

The politicians folded like a cheap suit and continue on their knees with hands out for donations. The American public was just too trusting, distracted and stupid to notice that their purchasing power and freedom was evaporating with the fiat promises of the American Dream. So, seeing a longer-term opportunity, the Federal Reserve continued the Ponzi. It worked so well they franchised it all around the world. It’s still working today.

All of these scenarios have one common denominator: They all have the same master.

Just can't decide which number to assign to them. Maybe it'll sort itself out in time.

Hammer
Oct 1, 2012 - 9:37pm

Although monetary policy

Although monetary policy cannot cure the economy's ills, particularly in today's challenging circumstances, we do think it can provide meaningful help. So we at the Federal Reserve are going to do what we can do and trust that others, in both the public and private sectors, will do what they can as well.

is the bit that made me go, "Oh sheeeeeeeeeeeeeettttttttt......" That is just outright admission there is nothing they can do except pump up the morphine drip to ease the patient and hope and pass the buck (pun fully intended there). Wow, just wow.........That is a the sound of rats leaving a sinking ship my friends..........

tyberious
Oct 1, 2012 - 9:40pm

2012-10-01 Monday Alex Jones Show Max Keiser


On the Monday, October 1 edition of the Alex Jones Show, Alex covers the slow-motion implosion of the U.S. economy as the Federal Reserve implements QE-infinity and unleashes withering inflation on the American people and business. He talks about the only sane refuge as the banksters deconstruct national sovereignty through economic warfare – gold, which is poised to break the $1,800 barrier. Alex talks with broadcaster, film-maker, and television show host Max Keiser about endless QE and the fate of the dollar as the bankers move to consolidate wealth and power. Alex also takes your calls on today’s worldwide broadcast.

https://www.ajpfiles.com/October2012/2012.10.01.Alex.Jones.mp3

tyberious
Oct 1, 2012 - 9:42pm

2012-09-30 Sunday Alex Jones Show Gary Johnson


Alex breaks down the series of events that have led to now 2,000 U.S. soldier deaths in Afghanistan and the snowballing acceleration towards World War III, the staged “cyber attack” to invigorate Internet control legislation, California’s Proposition 37 mandatory GMO labeling measure gaining speed and more. He’ll continue to explore the crazed, delusional frenzy exemplified in the viral Obama phone video, sadly depicting an impoverished public’s open welcome of chains in trade for trinkets. We’ll also air our recent interview with Gary Johnson.

https://www.ajpfiles.com/September2012/2012.09.30.Alex.Jones.mp3

DayStar
Oct 1, 2012 - 9:51pm

Harvey's Up!

Read all about Mike Pento on QE4, GATA on devaluation of the dollar, Ted Butler on the arguments about silver manipulation, Harvey on the rial; all that and more on the Harvey Report https://www.tfmetalsreport.com/forum/4132/harvey-organ-should-be-interes...

DayStar

Colonel Angus
Oct 1, 2012 - 10:10pm

JPMfradulent and/or negligent, silver, and the moonshot???

So, JPM might owe some Muppets the $20 billion, which means that they can't keep money on margin in trading accounts, their silver shorts have to be liquidated, and silver goes to the moon???

I like the sound of that story, but then again I'm presently wearing a Max Keiser "A silver coin is a silver bullet" t-shirt. I did, however, take off the tinfoil hat.

El Gordo
Oct 1, 2012 - 10:17pm

An antimated view of the charts

Here's how the PM charts look in real life:

Hill Climb Havoc
Roark
Oct 1, 2012 - 10:34pm

Perspective

Today I took a break from nursing a sick kid (flu) to wander outside and get a breath of fresh air. Out of habit I gave the pitcher pump out back a couple of pumps and watched the water spill over the spout. Cold, clear, fresh. Free. Nothing more technical than cast iron and leather. It felt good. Comforting. Tomorrow, I will do this again. It matters not what what gold or silver does, nor Bernankes words. There will be water. :)

Green Lantern
Oct 1, 2012 - 10:35pm

I must be in a fog.  Well, I

I must be in a fog. Well, I am. I just posted this on the old blog in response to Pinings question why aren't metals rising and dollar tanking.

The Answer is dollar VELOCITY! there he goes again using that fancy word. It seems to me that we still have a dollar velocity issue and the flood gates of velocity still haven't opened. People still want to hold the dollar. They still perceive it to be more valuable than trading it away for non-dollar goods. And to get a good picture of this we have to look at ALL non-dollar assets not just the metals ie collectable. You know the stuff the really wealthy do with their money when they realize that their currency is no good. While we know better, the crowd hasn't caught on yet. In other words, things might be even worse than we thought.

Today Fed Pres. Evans and Bernanke made a spash on the headlines and everybody took notice. For the last several days, I've been pasting articles from Bloomberg and other financial trades by statements made by Evans and the other Fed Presidents regarding, "" we are going to need more" These interviews just don't happen. Calls have to be made, appointments scheduled. It's obvious from the consecutive number of interviews being given that there is an agenda here. A public relations tour and total saturation to get the word out that they are not finished, QE3 is not enough and expect more. Keep watching how many interviews the Fed President gives to tell us what they are going to do. The frequency of these interviews is a sure sign something is up.

Lets look at the markets. I think this article from today's New York Post summarizes the velocity issue very well even although the paper is rag. Fear of the markets is still on the table big time.

Skittish investors have yanked more than $300 billion out of US equity markets in the last two years, with a drawdown of $4.47 billion last week alone. That’s despite the huge climb in the Dow Jones industrial average since its depressionary low of 6,547 in March 2009.

A huge signpost on the road out of equities was the announcement late last week that Fidelity — the home of rock-star stock pickers like Peter Lynch — now has more than half of its customers’ $1.6 trillion assets in bond funds. A huge signpost on the road out of equities was the announcement late last week that Fidelity — the home of rock-star stock pickers like Peter Lynch — now has more than half of its customers’ $1.6 trillion assets in bond funds.

“Most people haven’t made money in the stock market in the last decade-plus,” said Sonu Kalra, who manages the $15.4 billion Fidelity Blue Chip Growth Fund.

The daytrading fad also has waned. While 76 million households have individual trading accounts through services such as E*Trade, only a tiny fraction — 9 million — actively trade.

So if the Fed is throwing another 300 -400 to the banks which is not going to automatically get the $300 billion dollars of equity sitting on the sidelines to get back in. They are going to have to create the mother of all bubbles. It's not enough YET and they will have to literally flush the economy with fake dollars. And it seems they are intending to do it come high or hell water. It would seem to me that every bodies patience will continue to be tested. And I hope somebody will make an argument to tell me that it won't take that long. My guess is that you can't shovel it all in at once. But it's going to more like fire fighters dropping their water loads on a forest fire. One drop at a time.

What somebody needs to do and who is really motivated, start following the money that the Fed wired to all the banks. This will start telling us where all that fake currency is going to enter the system. That would be the mother of all analysis!


Oct 1, 2012 - 10:40pm
Karankawa
Oct 1, 2012 - 10:51pm

Just information.

I grew up near Ft. Hood but this is not a contact. I figure it as just information.

https://www.youtube.com/watch?feature=player_embedded&v=iz6Q5qjdYrQ#

I'm not doing anything because of this, but I've done everything because of something like this.

flycozy
Oct 1, 2012 - 10:54pm

The Truth will win!

The Bernanke thinks he knows what he's doing. This verse reminds me of what's happening today. Bernanke and the Cartel are crafting their own demise.. They just don't know it yet..

They spread a net for my feet- I was bowed down in distress. They dug a pit in my path- but they have fallen into it themselves. Psalm 57:6

beardeus
Oct 1, 2012 - 10:56pm

I have stumbled on a massive

I have stumbled on a massive rabbit hole about the Federal Reserve.

Who wants to hear it?

SaratogaPrepper
Oct 1, 2012 - 10:57pm

Pitcher pumps

Funny you should mention pitcher pumps. I just picked up all the supplies needed to put in a second point well. My chore for this weekend. After reading TF's post about being ready I ordered another set of Berkey filters and stopped at the hardware store for all the plumbing supplies. Cause any good prepper knows that 2=1 and 1=none. Putting the second one on the other side of my property. This will make about 7 that I have done for myself or neighbors. The kid who does the dowsing is always spot on, kinda creepy watching him do it though.

babaganoush2307
Oct 1, 2012 - 10:59pm

Today...

...the metal content of a pre 2013 nickel just hit a melt value of $0.0543635, the copper in it officially just became worth more than the nickel. Funny that the mint is changing the content of the nickel next year. If anyone has $200 extra bucks laying around i would go exchange it for nickels before the change happens. The value is only going to go up. Same thing happened to pre 64 silver coins and pre 82 copper pennies. Just get'em and throw them somewhere in the basement till 2014-15ish.

Karankawa
Oct 1, 2012 - 11:11pm

@ constitutional money ...

Was crafted with such wisdom and purpose. The people loved the prosperity it brought them, and got so hooked on 'prosperity' they gave the power to the bankers to destroy it.

Such is life.

Lightning
Oct 1, 2012 - 11:48pm

Lets hear it Beardeus

Details please.

DBean
Oct 2, 2012 - 12:02am

Velocity -

New construction start numbers might be an interesting place to look...Maybe?

Monedas
Oct 2, 2012 - 12:13am

All in the family !

Mr. and Mrs. Swineflocker .... may I present Mr. and Mrs. Silverflogger ? As they taught us at Ma Bell : "Flocking or flogging .... the pay's the same ! Twippers ? As to your question about how much it cost the Fed to smack down silver ! The Feds pockets are so deep .... they could break every casino in Vegas .... just playing the slots ! Monedas 1929 Comedy Jihad Hoarders Have More Fun Tour

beardeus
Oct 2, 2012 - 12:18am

@ Lightning

I am going to write a nice summary tonight and will post it later.

Strongsidejedi
Oct 2, 2012 - 1:03am

Oct 2, 2012 - 1:04am

Things just got serious...

"When it becomes serious, you have to lie," Juncker reportedly said during a meeting in Brussels just before Easter [2011]

Well, given the circumstances, I'd say that today has been a pretty good indication that things ARE indeed serious. A smokescreen THIS big, this comprehensive is trying hard to cover something all too large.

It's all in our best interests, how else would it be:

"If you are pre-indicating possible decisions, you are fuelling speculation on the financial markets, throwing into misery mainly ordinary people whom we are trying to safeguard from this." - also from Jean-Claude Juncker, above

The lying is a necessary, essential part of the process. And it needs, by definition, to continue to escalate.

On the positive news front, there are some who hold somewhat different views on the matter (though the fact that Forbes is publicizing it does give one pause). Both of these have been mentioned here, I think:

"Indeed, the fact that central banks can create money out of thin air, so to speak, is something that many observers are likely to find surprising and strange, perhaps mystical and dreamlike, too – or even nightmarish."

— Jens Weidmann [Bundesbank president]

"[G]old is not really a commodity at all. While it is included in the commodities basket it is in fact a medium of exchange and one that is officially recognised (if not publicly used as such). We see gold as an officially recognised form of money for one primary reason: it is widely held by most of the world’’s larger central banks as a component of reserves. We would go further however, and argue that gold could be characterised as ‘‘good’’ money as opposed to ‘bad’ money which would be represented by many of today’s fiat currencies. " Deutsche Bank - Gold: Adjusting for Zero (Daniel Brebner and Xiao Fu)

A short but thorough piece from www.lemetropolecafe.com - I BELIEVE it was the author from the site who posted it on ZH (from the PIMCO piece on ZH linked by Turd above), but in case not, you can also the site directly:

"Has Germany asked for an audit of their Gold held in New York?

Why does China continually purchase Gold from the rest of the world while mining new Gold which stays put within their borders? Why has Russia been accumulating Gold. Why are Russia, China, Brazil, India and others even including Mexico doing trade deals that specifically EXCLUDE the use of Dollars for settlement?

The answers to all of these questions are basically the same and pretty obvious. The world knows. They know that the Dollar is becoming more unstable and less valuable as every day passes. In fact a deal has already been done."

______________________________________________

@beardeus -- oh, snap. You mean the current rabbit hole we're in isn't deep enough for you...? :-)

Strongsidejedi
Oct 2, 2012 - 1:12am

US Navy sends China a polite greeting

Two aircraft carrier groups and a Marine Ampib landing craft.

This photo from the waters near Guam a few weeks ago.

These three US Navy assets are now in the waters around the Senkaku Islands to help China and Taiwan understand the existing "situation" and "international maritime law".

https://nation.time.com/2012/09/30/big-u-s-fleet-nears-disputed-islands-...

Navy officials confirmed Sunday that the USS George Washington carrier strike group has begun operating in the East China Sea, near the disputed islands. The USS John C. Stennis group is only slightly further away in the South China Sea. Each carrier is armed with more than 80 warplanes, and strike groups typically include guided-missile cruisers and destroyers, submarines and supply ships.

In the nearby Philippine Sea, some 2,200 Marines are embarked aboard the USS Bonhomme Richard and two escorts. The Marines are equipped with amphibious assault vehicles, light armored vehicles, artillery, helicopters and Harrier fighter jets.



Read more: https://nation.time.com/2012/09/30/big-u-s-fleet-nears-disputed-islands-but-what-for/#ixzz287E3B1ph

beardeus
Oct 2, 2012 - 1:19am

*BREAKING BOMBSHELL*

How to break yourself from the Federal Reserve debt instrument known as the Federal Reserve Note.

I just stumbled upon this information tonight and am without words!

No conspiracy here but fact!

The Federal Reserve Note is not lawful money but is simply legal tender. By virtue of using it you contractually agree to pay interest on said notes.

From federalreserve.gov website:

What is lawful money? How is it different from legal tender?

"Lawful money" is a term used in the Federal Reserve Act, the act that authorizes the Board of Governors of the Federal Reserve System to issue Federal Reserve notes. The Act states that Federal Reserve notes "shall be obligations of the United States and shall be receivable by all national and member banks and Federal reserve banks and for all taxes, customs, and other public dues. They shall be redeemed in lawful money on demand at the Treasury Department of the United States, in the city of Washington, District of Columbia, or at any Federal Reserve bank."

https://www.federalreserve.gov/faqs/currency_15197.htm

The US code is found here: https://www.law.cornell.edu/uscode/text/12/411

The Treasury has only issued $300,000,000 of United States notes or lawful money!

https://www.law.cornell.edu/uscode/text/31/5115

(a) The Secretary of the Treasury may issue United States currency notes. The notes—

(1) are payable to bearer; and

(2) shall be in a form and in denominations of at least one dollar that the Secretary prescribes.

(b) The amount of United States currency notes outstanding and in circulation— (1) may not be more than $300,000,000; and (2) may not be held or used for a reserve.

Here is a United States Note:

and a Federal Reserve Note:

How does one unshackle themselves from the chains of the Federal Reserve Note? Demand lawful money and buy things only using lawful money. Since you will not receive physically United States Notes you state to the banks in writing when you deposit cash or checks that you "demand for lawful money per 12 USC 411". Essentially when you do this you are not using Federal Reserve Notes. Technically if you did this an entire year you would owe no IRS income tax because you are not using their form of currency.

When you simply sign your name on the back of a check you are agreeing to their system.

More to come...

BagOfGold beardeus
Oct 2, 2012 - 1:49am

beardeus...Your "breaking bombshell"...

is ingenious!...In order to be able to use "lawful money" & avoid tax...wouldn't you need to free yourself from slavery by changing the name on your birth certificate from all caps...to lower case...& change your property certificate name from the street name (in all caps to lower case) to allodial title from eminent domain (king's title)?...

Bag Of Gold

ivars
Oct 2, 2012 - 2:00am

GSR gave all clear signal

GSR gave all clear signal yesterday by moving further south (as did silver by moving up on daily basis and testing new highs yesterday) . That confirmed end of the first Log-periodic wave of length 30 trading days ( from August 15th-Sept 25th a moment, this weeks question seems resolved, and silver will move up. There will be of course intraday volatility (but the effect of yesterdays down move has been already eliminated by a nice symmetric triangle on silver uptrend as seen on e.g hourly chart) , but I would not be surprised to see silver end >36 this week or in moments even above (GSR below 50). That is a forecast already with added wishful thinking correction, so silver price may go higher.

As for Target date for GSR 48 ( Silver 38-39) it now moves into the range from October 19th till November 6th-based on shortening ratios of log-periodic waves from 2,7 - 2. October 19th does not at least now present any clearly set event date, but then market may feel something that is not announced brewing. November 5-6th is clearly market expectations forming about positive for silver outcome of elections (which is ? Most likely Obama with continued spending, deficit and Bernanke policies).

For November 6th peak the pullbacks will occur around: Oct 15th, Oct 24-25th, Oct 30th, Nov 1st, Nov 2nd, Nov 5th and then peak Nov 6h. Then it should relatively rapidly crash back around 3-4 USD (10%). If this sequence happens, 38-39 sounds like a even a mild target, but - see the song below. Everything is dragged along longer than expectations skewed by wishful thinking aim at.

Well, one could add silver 42 on November 6th as extreme max target(GSR 46) . That would mean that somewhere in the middle during October GSR will bounce around 48-49 (old resistance level from January 2011) and silver around 38-39.

In the middle there is FOMC decision on October 24th, which could also be some target date. Interestingly, Oct.5 payrolls seems to be not so important probably because bar huge surprise on positive side, it will not change unemployment excuse of Fed easing. Any weakness will move silver up rapidly.

This song relates to all my forecasts:

Video unavailable

Love electric guitar solos, especially including lower 3 strings.

Grigeo ivars
Oct 2, 2012 - 2:05am

SEC Sues the One Rating Firm Not on Wall Street's Take

While on the subject of "Breathtaking Audacity".....

"The Securities and Exchange Commission, it seems, has finally lost its mind...."

https://www.bloomberg.com/news/2012-09-30/sec-sues-the-one-rating-firm-not-on-wall-street-s-take.html

beardeus BagOfGold
Oct 2, 2012 - 2:07am

Exactly!

When depositing a check sign your name then put DBA (doing business as) and print your name in all capital letters.

The $300,000,000 is public money and cannot be taxed.

Essentially, we have the power to "End the Fed" just by demanding that banks accept our deposits as lawful money.

BagOfGold beardeus
Oct 2, 2012 - 2:41am

beardeus...Here's another angle!...

What if you started a church...you would be exempt from taxes...& if the church was based on the belief of only paying with "lawful money"...wouldn't it be discriminatory if you were made to pay with a debt based currency (fiat)?...Could gold & silver be considered "lawful money"?...

Bag Of Gold

beardeus
Oct 2, 2012 - 2:50am

We are on to something here...

I am going to repost this on tomorrow's thread if there is one.

I legally should be able to demand United States Notes or minted coins in exchange for Federal Reserve Notes. I wonder if I could legally exchange a $1 Federal Reserve Note for $1 silver Eagle?!

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4/1 8:30 ET Retail Sales (Feb)
4/1 9:45 ET Markit & ISM Manu PMIs
4/1 10:00 ET Construction Spending (Feb)
4/1 10:00 ET Business Inventories (Jan)
4/2 8:30 ET Durable Goods (Feb)
4/3 9:45 ET Markit & ISM Services PMIs
4/5 8:30 ET BLSBS

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