The Consent of the Governed

“Government has become a paramecium, an amoeba whose prime directive is to grow and consume and multiply without knowledge of what it is supposed to be doing other than expanding. Or maybe the better metaphor is the zombie. The groping State smells those still alive and then plods and claws itself toward the few remaining living, in a mindless effort to incorporate or devour them. The zombie likes best the scent of the pizza franchiser or masonry contractor, not the welfare recipient or the Facebook executive.”  (Link)

*

I have a neighbor who is a small farmer, and in addition to growing feed corn and raising beef cattle, he raises healthy, free-range chickens and sells a few hundred fresh eggs a week at farmers markets and “buy local” Co-ops. That is, he used to.  He quit last year when new regulations for food safety (instituted at the behest of factory egg farms) required all sorts of new certifications, inspections, and expensive equipment to comply with the laws.  Paying for all the things the new laws will require was only cost-effective for a large operation (thus driving small farmers out of the market, which was precisely why the large operations lobbied for the bill).  Rather than do all that work for virtually no gain, he butchered his flock and just stopped producing.

*

Healthy young people, finally waking up to the fact that they are the financial pack-mules for Obamacare, have refused to sign up for the program in numbers that come anywhere close to balancing those they are supposed to subsidize. One wonders what they will do if they ever take a good, hard look at Social Security and Medicare: A double-earner couple (making the US median wage) who retired in 2010 will receive $310,000 more in benefits than they paid in to the system over the rest of their lives.  The same couple, if the household was a single-earner married couple, will receive nearly half a million dollars more ($446,000) in benefits than they paid in during their lifetimes (Link).  Just like Obamacare, the young are expected to produce in order to subsidize these costs.  It will be interesting to see what happens if they ever figure this out.

*

Taxpayers, particularly successful middle and upper-middle class business owners, are deliberately managing their income levels by working less and precisely calculating how much they need to give to charity in order to fall below Federal tax thresholds.  Many have simply decided that, given increasing taxation and regulatory burdens, it is no longer in their interests to run a business at all and have closed-up shop entirely (Link).

*

There is a property I particularly admire that I pass on my drive to work- beautiful fields, groves of woods along the property boundaries, and the whole thing gently sloping to the banks of a bend in the river.  It used to be a working farm, but the family that bought it a few years ago realized that if they registered with the state as a farm and rented out the acreage, they would be subject to all sorts of restrictions and laws. Worse, the new “Food Safety Act” which is set to become law next year has granted unelected bureaucrats in numerous Federal agencies (from the FDA to the Department of Agriculture to the EPA) unprecedented control over privately held farmland, in particular the ability to force landowners to comply with expensive restrictions without recourse or appeal (Link). The choice was easy for the folks who own that farm- don’t farm anything, and don’t get on the watch list of half a dozen federal agencies. I think about how much that prime land could have produced as I drive past it. But I suppose there is a silver lining: eighty tillable acres that have been left fallow look quite pretty when the weedy grasses turn a golden tan in the fall.

*

California’s productive middle class, realizing that the social compact constructed by Sacramento over the last few decades is one where they have enormous financial obligations and regulatory burdens and receive precious little in return aside the privilege of contributing even more, have left the state in droves: you could literally populate the state of Montana three times over with the number of middle-class earners who have left the People’s Republic of CA over the last 20 years (Link).

*

Tri-City Herald, Kennewick WA:  It took Bob Bertsch 25 years to build his construction business and just a day for it all to go away. Bertsch’s Ashley-Bertsch Group went on the auction block Friday at 9 a.m. By 4 p.m., Booker Auctions had sold off almost two dozen vehicles and trailers, tons of power tools and supplies, even the gas-fired fireplace in the office. Bertsch, 65, said he is down-sizing because the tax burden got too expensive to stay in business.

“I am tired of carrying all the tax load,” Bertsch said. “I renew 13 licenses here every year just so I can spend money in this city.” Bertsch makes no attempt to conceal his frustration with the costs government imposes on small businesses like his. “Government is killing small business. We used to have 24 employees at our peak. Now, all of those people who used to work here are in unemployment lines,” he said. (Link)

__________________________________________________

What does any of this have to do with precious metals investing?  I am of the opinion that it has quite a bit to do with it, actually.  In each of the above cases, you see a two-part dynamic at work.  Part 1 is a political system and its allied bureaucracies treating the earnings, property, and labor of the citizenry as its piggy bank and plaything- a government/state which bases its very existence on successfully conducting a continual process of plunder in order to fund a continuous expansion of its own power.  Part 2 is the response of individuals to the particulars of this process, the quiet refusal to play the role of serf to the feudal lords of the state. In each case, from closing a business to working/earning less to letting productive farmland lie fallow, the dynamic is the same. The state says “Your productivity is mine” and the individual quietly responds “No, it isn’t” and changes their behavior accordingly. These people are, in a very practical way, refusing to aid and abet this process. They are withholding their consent.

The ‘consent of the governed’ isn’t created simply because a political party manages to make enough promises to enough special interest groups to bring in enough campaign cash to buy enough political ads to deceive enough people to squeak out a narrow electoral victory. It doesn’t result from the ability of unelected bureaucrats to use the coercive power of government and law to enforce their will.  At the core of it, the ‘consent of the governed’ rests on each individual citizen consenting (or not) to go along with the demands being placed on them.  Refusing to consent doesn’t require armed resistance, or showy protests and signs, or loud confrontations. It doesn’t require breaking the law or going to jail. All it takes is a refusal to participate in the activity being controlled.

At this moment, western central banks are engaged in a process of funding massive expenditures through monetizing (directly or indirectly) government debt.  They create more Euros or Yen, or Pounds, or Dollars out of thin air and each time they do, they devalue your paycheck, pension, retirement account, and the change in your pocket.  I understand they have the legal right to do this.  I understand they are appointed by the elected representatives of the people and that this supposedly gives them the moral and practical authority to do so.  But I have not been asked and did not give my approval to this process. My money is nothing more than a marker for my productivity and saved value, my efforts and risks, and indeed a significant portion of my life – and these things are mine. I do not consent to them being plundered in this way.  So I remove my money from their system, as much as I am able.  I buy gold and silver.

More regimes have been brought, piecemeal, to their knees by what was once called “Irish Democracy,” the silent, dogged resistance, withdrawal, and truculence of millions of ordinary people, than by revolutionary vanguards or rioting mobs.   –James Scott, Two Cheers for Anarchism (Princeton University Press, 2013)

Dogged resistance, withdrawal, and truculence.

Sounds good… I’m in. 

88 Comments

John Galt's picture

Thanks Pining

Thanks Pining for another excellent post.

Your timing is impeccable, considering what happened in my world today.

First, I had a meeting with a representative of a small business association who asked why I'd gone Galt with my "successful company" (taking a business that once employed 25 people down to the current level of zero employees). I said in a nutshell that I decided to say "F*ck it", and by the time I finished ranting some of the many reasons for my decision his comment was "Wow, just about every business owner I'm talking to is saying the same things these days."

No shit, Sherlock.

After that I met a friend for lunch. He is also a small business owner, and he too has effectively gone Galt without actually stating that he has. The way he put it to me today, he is so worn out from dealing with all the BS that he no longer has the desire to even try grow his business any more. He is running his business on low idle, he says, just enough to pay the bills. Over the course of our meal we compared notes on running a business between then (30 years ago) and today, and we concluded that anyone thinking of starting any kind of small business today would have to be insane - especially if it involves hiring an employee. The only logical job choice these days seems to be in getting a government job, and destroying wealth rather than creating it.

AlienEyes's picture

Going Galt Tax

Beware the new "Going Galt Tax".  surprise angry

.

ag1969's picture

Well said John Galt

"The only logical job choice these days seems to be in getting a government job, and destroying wealth rather than creating it."

My Grandma used to say, "There are only two kinds of people in the world; builders and wreckers."

The wreckers seem to be winning right now, but they are simply destroying the host.  I just know Grandma will be right in the end that it is better to be a builder.  We'll see!

Silverivalist's picture

What going Galt means to me...

Great write up Pining

It was just a short 5 years ago, my wife and I (both professionals) were living the middle class dream in Southern California. New cars, new home, custom pool/spa, toys galore, (mostly all financed) but something was missing. The harder we worked the more "stuff" we bought to try and feel good. The harder we worked the more taxes we paid and the less time we had to spend with friends and family. 

As I peddled as fast as I could to keep up with this ridiculous life style I suffered a stroke at my high stress job at the early age of 52. All of a sudden it all became clear, sell all the "stuff" get off the tread mill and enjoy everything I can while I still can. After selling everything (I really mean everything) and paying off all the creditors, we had enough cash left over to buy a motorhome and a decent used car.  Cashed in my 401k, made my last donation of 10% to the IRS and now I manage to keep my income at a very low taxable level.

Wife takes a few travel nurse jobs a year, and we go where ever that takes us. We live on less now then what we used to pay in taxes, (but I still manage to get my pm fix at the local we buy gold stores 1-2 ounces at a time)

treefrog's picture

(No subject)

Wizard's picture

Things Are Getting, Uhhh... Interesting

China Announces That It Is Going To Stop Stockpiling U.S. Dollars

The People’s Bank of China said the country does not benefit any more from increases in its foreign-currency holdings, adding to signs policy makers will rein in dollar purchases that limit the yuan’s appreciation.

“It’s no longer in China’s favor to accumulate foreign-exchange reserves,” Yi Gang, a deputy governor at the central bank, said in a speech organized by China Economists 50 Forum at Tsinghua University yesterday. The monetary authority will “basically” end normal intervention in the currency market and broaden the yuan’s daily trading range, Governor Zhou Xiaochuan wrote in an article in a guidebook explaining reforms outlined last week following a Communist Party meeting. Neither Yi nor Zhou gave a timeframe for any changes.

http://www.silverdoctors.com/china-announces-that-it-is-going-to-stop-stockpiling-u-s-dollars/

DayStar's picture

Harvey's Up! (TFMR)

  • Zero Hedge: Shortly after 1am ET Monday morning, someone with no apparent fiduciary duty to their clients for best execution or even any apparent trade allocation expertise decided it was time to dump 1500 contracts into an entirely illiquid gold futures market. The 150,000 ounce notional sell order ($184.5 million) sent the price down $10 instantaneously, tripped the exchange's circuit breakers and halted the market's trading for 20 seconds (once again). 
  • Harvey: GOFO numbers are now very slightly increasing in the positive, and all GOFO rates still positive. GLD: Gold lost 3.3 tonnes to close at 848.91. SLV: Silver was unchanged at 10,359.94.
  • Bloomberg: The detente with Iran is not as bearish for gold as is thought. While the threat of any imminent conflict with Iran has eased in the short term, the move allows Iran to begin accumulating gold again - another source of significant sovereign demand.
  • Bloomberg: Demand for bullion gold in China remains robust as seen in Shanghai gold premiums. Closing wholesale premiums continue to strengthen. Gold closed at a $33 premium at $1,265.69 today, up from a $11.25 premium at $1,265.69/oz on Friday. Friday saw deliveries of physical gold in Shanghai at 17 tonnes. Total for the month: 216 tonnes. The world produces 175 tonnes of gold per month, so Shanghai is delivering 123% of monthly global gold production.
  • GoldCore: Silver remains very undervalued and will likely reach its inflation adjusted high of $140/oz in the coming years. Silver remains a tiny market with all above ground refined silver in the world at roughly 1 billion ounces for a total valuation of less than $20 billion at today’s prices. Therefore, all the silver in the world is worth less than the total market capitalisation of one tech darling, Twitter. It is worth less than the total market capitalisation of Tesla. All the investment grade silver in the world, is worth roughly what the Federal Reserve prints in one week - $19.6 billion.
  • Tyler Durden: The Fed said it would consider lowering the Interest on Excess Reserves to zero as a means to offset the implied tightening that would result from the reduction in the monthly flow once QE entered its terminal phase. However, leading US banks have warned the Fed that should it lower IOER, they would be forced to start charging depositors. What the real danger is, is that once the Fed lowers IOER and there is a massive outflow of deposits, that banks which have used the excess deposits as initial margin and collateral on marginable securities to chase risk to record highs (as JPM's CIO explicitly and undisputedly did) that there would be an avalanche of selling once the negative rate deposit outflow tsunami hit. Which brings us back to the Fed's now massive Catch 22: on one hand, should the Fed taper, rates will surge and stocks will once again plunge, as they did, in early summer. On the other hand, should the Fed cut IOER as a standalone move or concurrently to offset the tapering pain, banks will crush depositors by cutting rates, depositors will pull their money from banks en masse, and banks will have no choice but to close on a record levered $2.2 trillion in margined risk position.
  • John Ing: Gold is coming in to India even through airport washrooms. So there is a great deal of black market trading going on in India that is not reported in the official figures. The reality is that this paper market, the Comex market, is a precarious market. It is very much a manipulated market. Those coordinated sales smack of huge [DS: naked] short sales. So there is going to be a run on the Comex. When this run on the Comex begins in earnest, we will have stunning $100 to $200 increases in the gold prices in a given day.
  • Jonathan Tirone, et al.: The detente reached with Iran allows it to keep exporting crude at current levels. Iran will be allowed to buy and sell precious metals, including gold, but it will be barred from accepting them as payment for oil or any other sanctioned transaction, according to the officials. DS: But, Iran is not barred from selling oil for Turkish lira (not dollars) and turning around and buying gold in the Istanbul bazaar. 
  • Bill Holter: Jim Sinclair announced publicly that he will accept the position of executive chairman of the Singapore Physical Precious Metals Exchange. Gold will sell there for no leverage. True "cash and carry" exchanges will destroy the West's ability to price Gold using leverage and unbacked contracts.

All this and more on...

The Harvey Report! smiley

https://www.tfmetalsreport.com/comment/367171#comment-367171

DayStar

murphy's picture

Another

nice one Pining, as usual. This is a new TTMYGH from Grant Williams. This part fits into your thread imo. A harbinger of things to come to the US?????

Indeed. The key is wages. Unless they rise, Avenomics is DoA, so I was very surprised at an article I read a few weeks back that received scant coverage and, amazingly, even less commentary.

Chubu%20Map.psd

First, to set the scene, a little history on a company called Chubu Electric Power:

The company, founded in 1951, is an electric utilities provider for central Chubu on the main Japanese island of Honshu. It has 199 generating stations with a total capacity of 32,473 MW, of which 183 are hydro-electric generating stations, 12 are thermal power stations, and making up the total are 1 wind and 2 solar stations as well as the company's lone nuclear power plant, which was shut down in May 2011 on government instructions after the Fukushima tragedy.

Chubu Electric employs 17,345 people and is one of the "Big 4" Nagoya-based companies (alongside Meitetsu, Matsuzakaya, and Toho Gas).

In short, Chubu Electric Power ain't a small business.

So with that as background, let's get to the article:

(Kyodo News, October 22, 2013): Chubu Electric Power Co. plans to cut its workers' wages by around 20 percent from April in a bid to gain customer approval for raising electricity rates from that month, sources close to the utility said Tuesday.

It presented to its labor union Tuesday a plan to reduce unionized employees' basic wages by around 5 percent, halve their summer bonuses and cut other allowances, the sources said.

The planned cut of basic wages will be the first since the company's founding in 1951.

Wait, what?

(Japan Times, October 22, 2013): Chubu Electric Power Co. called on its labor union Tuesday to accept a 20 percent cut, excluding overtime, in the year starting next April.

The steep salary cut is designed to win public understanding for when the company seeks government approval for a full-fledged increase in electricity charges for household users beginning in April.

As part of the pay cut, the monthly basic salary would be reduced by 5 percent, the first wage cut since the firm was launched in 1951.

Summer bonuses would be halved from last year to the equivalent of one month of basic salary. Winter bonus levels have yet to be determined.

The company will carry out an even steeper pay cut for managers.

Yep, you heard right.

The Japan Times, however, went further:..................................

http://www.mauldineconomics.com/ttmygh/avenomics

edit @ SRS/Steve- good stuff about energy as well. Right up your alley.

WhyMeLord's picture

RE:Tempted to go Galt

Back in the daze, I was employed by a State Dept of Transportation. Took a promotional  exam and scored top 4 out of 200.

Got the promotion, six months later got the axe due to state budget cuts and low seniority in my new position.

It was a WTF moment. Here they they are laying off the best and brightest (me in particular), what kind of deal is this?

Went off on my own and never looked back. That was 40 years ago. Today, I have my own business, live in a very rural area, grow our own food, make a very comfortable living, plenty in retirement, 10 acres, no mortgage, no debt and really enjoy what I'm doing.

It certainly was not easy, there were years when only the other half had any income, but in the long run the hard learned skills and work really paid off. Failing a few times also put things into perspective...

And by failing, I mean having your family live in some god forsaken sh*t hole, unable to even afford a telephone, patching a leaky gas tank with epoxy and old underwear and still getting up and moving on to better things.

My old colleagues at the DOT have long since retired (as mature cucumbers) and enjoy (for a while) some nice benefits, but they have never, ever experienced the real thrill of living as an independent free individual.

I found that continually amassing a practical skill set increases the chances of being in the right place at the right time.

I'm not sure if this course takes courage or just plain stupidity, but it worked for me and I'm still having a hell of time.

Easier to do when you are young, harder to make the change as you get older.

Big hint: Start young!

Katie Rose's picture

Pining,

I totally agree with your post. I have been a small business owner. I remember sitting down at the kitchen table adding up all my taxes. It was unbelievable to me how much $ was going to taxes! There wasn't enough $ left over for me to live on, pay my mortgage, car payment, etc.

It made me really, really mad!

So now I am usually broke, yet happier than I ever thought possible. I've learned a very important lesson. That lesson is simply,

"Don't pay any attention to what others think about you. It doesn't matter.”

If my house is messy, so what?

If I wear sweat pants from Walmart, who cares?

If I drive an old car with peeling paint and a big ding from where a deer dove into the door, does it really matter?

I am so much freer than I have ever been. I am happier, too.

Our high stress, high cost urban lifestyle is unnatural. I am glad I traded it in for my goats, chickens, garden, orchard, and greenhouses. When I think of all the $$$ I spent on “professional clothing” I want to weep. I used to spend hundreds of dollars on one business suit. And my closet was full of them.

Now, like so many here, I just want to be left alone.

So I don’t sell my excess goat’s milk. I give it to my dog who loves it. I don’t want a swat team showing up because of raw milk.

I believe in order to “go Galt” one needs to know the law of the land, and obey it. It makes no sense to me to wave a red flag in front of a charging bull. And make no mistake; government has become a charging bull.

And I need my PM’s, just in case the local government decides to raise my property taxes in the midst of an economic collapse. That’s why I have PM’s. It is insurance against the government’s insatiable appetite for more and more revenue.

I’m content with my simple lifestyle. I would be terrified if I didn’t have any PM’s.

BagOfGold's picture

Never be afraid to explore...

& find out more about yourself!...You may not be perfect...& far from being the best...but at least when you try...it enables you to understand how to achieve things others said you would never be capable of doing...By listening to all of the negativity...& to never try...you will remain unhappy...like the others who are afraid to even try!...Dyna Mo...hang in there my friend...you are strong...& your family & friends are with you!!!...

YMCEANY.png

Bag Of Gold

Wizard's picture

Wild thing to wake up to

All Right Then, One of the larger Cracks are in sight,On a short horizon

US banks warn Fed interest cut could force them to charge depositors

By Tom Braithwaite and Stephen Foley in New York and Robin Harding in Washington
Leading US banks have warned that they could start charging companies and consumers for deposits if the US Federal Reserve cuts the interest it pays on bank reserves.

Depositors already have to cope with near-zero interest rates, but paying just to leave money in the bank would be highly unusual and unwelcome for companies and households.

The warning by bank executives highlights the dangers of one strategy the Fed could use to offset an eventual “tapering” of the $85bn a month in asset purchases that have fuelled global financial markets for the last year.

Minutes of the Fed’s October meeting published last week showed it was heading towards a taper in the coming months – perhaps as soon as December – but wants to find a different way to add stimulus at the same time. “Most” officials thought a cut in the interest on bank reserves was an option worth considering High quality global journalism requires investment Executives at two of the top five US banks said a cut in the 0.25 per cent rate of interest on the $2.4tn in reserves they hold at the Fed would lead them to pass on the cost to depositors.
Banks say they may have to charge because taking in deposits is not free: they have to pay premiums of a few basis points to a US government insurance programme.

“Right now you can at least break even from a revenue perspective,” said one executive, adding that a rate cut by the Fed “would turn it into negative revenue – banks would be disincentivised to take deposits and potentially charge for them”.
 

Other bankers said that a move to negative rates would not only trim margins but could backfire for banks and the system as a whole, as it would incentivise treasury managers to find higher-yielding, riskier assets.

“It’s not as if we are suddenly going to start lending to [small and medium-sized enterprises],” said one. “There really isn’t the level of demand, so the danger is that banks are pushed into riskier assets to find yield.”

The danger of negative rates has deterred the Fed from cutting interest on bank reserves in the past. If it were to do so now, it would most probably expand a new facility that lets banks and money market funds deposit cash at a small, positive interest rate. That should avoid any need for banks to charge depositors.

About half of the reserves come from non-US banks that do not have to pay the deposit insurance fee. Their favourite manoeuvre is to take deposits from money market funds and park them overnight at the Fed, earning millions of dollars risk-free. Cutting the interest on reserves would stop that. Lowering  interest on reserves would also affect money market funds, said Alex Roever, head of US interest rate strategy at JPMorgan.

“[It] would decrease the incentive for those banks to borrow in the money markets, which in turn could leave money market funds short of certain investments and force them to bid up the price of their next best options,” he said.

Richard Gilhooly, strategist at TD Securities, highlighted some benefits to the Fed from the possible cut: “[It] would not only anchor short-term rates near zero, it also stands to boost the profits for the Fed as they pay less interest to banks,” he said.

Additional reporting by Michael Mackenzie in New York and Patrick Jenkins in London

http://http://www.ft.com/cms/s/0/b1d409d0-5...#ixzz2lc8FPVoy

dgstage's picture

BOG

Awesome energy work, love the white light around you.

DeaconBenjamin's picture

New York Fed’s Strange New Role: Big Bank Equity Analyst

By Pam Martens: November 25, 2013

For more than two decades, financial columnist John Crudele has been hypothesizing on whether the Federal Reserve has its fingers in the stock market – directly or indirectly. Tampering with stocks is off limits to the Federal Reserve, as far as the public is aware. Its stated function is to serve as the central bank of the United States, focusing on achieving monetary policy through its open market activities in the bond markets and foreign exchange area.

But the New York Fed itself is helping to fuel suspicions about what’s going on within its cloistered walls at 33 Liberty Street in lower Manhattan. Of the 12 regional Federal Reserve Banks, the New York Fed is the only institution with a trading floor and highly sophisticated trading platforms. But despite multiple requests, the New York Fed will not provide a photo of the full trading area. Photos of its gold vault and currency vault are on line, but photos of the trading area is off limits, for unspecified reasons.

The resume of Kathleen Margaret (Katie) Kolchin is also noteworthy. On Saturday, September 17, 2011, Kolchin spoke at the annual Lehigh University Financial Services Forum. According to the handout given to participants, she works for the Federal Reserve Bank of New York, “performing equity research on the large cap US and European banks. Throughout her career as an Equity Research Analyst, Katie has covered various sectors, including Global Consumer Products, Global Real Estate, and Metals and Mining, at UBS Securities and also at a boutique investment bank.”

Even more curious is the resume Kolchin has posted at LinkedIn. The resume states that the New York Fed has an “internal equity research team,” of which she is the Senior Analyst. The team’s coverage includes Bank of America, Barclays, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan, Morgan Stanley, UBS, and Wells Fargo.

http://wallstreetonparade.com/2013/11/new-york-fed%E2%80%99s-strange-new-role-big-bank-equity-analyst/

usk's picture

Todays's numbers

There is a mind-boggling 69x times more open interest of paper gold than available physical gold to deliver to the holders of those contracts. This is for all durations.

For the short term , here are the numbers:

The December OI contract is at 104,270. This represents 7 172 533 onces of gold.

There is 587,234 ounces of "registered," available for delivery ounces of gold at the comex.

That means that before tomorrow, for every serie of 14 open contacts at the Comex, 13 should be rollover or sold.

If they can not force this configuration, they will implement cash settlements.

usk's picture

London Gold price fixers to

London Gold price fixers to be probed

According to unnamed sources, The U.K. Financial Conduct Authority is scrutinizing how prices are set in the gold market London fix, the benchmark rate used by mining companies, jewelers and central banks to buy, sell and value the metal

  • They are doing so without having announced anything publicly
  • The fix is announced twice daily
  • The fix is set by telephone calls amongst 5 dealers: Barclays, Deutsche Bank, Bank of Nova Scotia, HSBC, and Societe Generale
  • Sources say the authority is examining if knowledge gleaned on those calls could give some traders an unfair advantage when buying and selling

This comes on the back of news of probes into the FX market

http://www.forexlive.com/blog/2013/11/26/u-k-how-prices-barclays-hsbc-london-gold-fix-market-26-november-2013/

tyberious's picture

The British government's

The British government's abuse of general warrants was one of the kick starters of the American Revolution.

Sadly, our government still insists there is no expectation of privacy when it comes to your bank records, visa purchases or internet searches.

And the worst part is supporters of the surveillance state are trying to define government spying out of existence.

Recently, Senators who defended the government's data mining program proclaimed that no American is being spied on.

I hope you'll take a few moments to watch this video I recently released exclusively to Breitbart.com where I discuss these attempts to airbrush government abuses out of history.

click to watch

And after you watch the video, I hope you'll sign your "Fourth Amendment Protection Act" petition and demand your Senators slam the brakes on the assault on our protection against unreasonable searches and seizures.

Once you sign your petition, please make a generous contribution of $250, $100, $50 or $35 so I can mobilize millions of Americans through email, direct mail, online and social media ads to dial up the pressure on their Senators to support my Fourth Amendment Protection Act.

If that is too much for you to afford, please chip in a contribution of $25 or $10 today.

I thank you for all that you do.

In Liberty,

Senator Rand Paul

P.S.  I recently released a video exclusive to Breitbart.com where I discussed how defenders of the surveillance state are trying to airbrush out of history the government abuses of our Fourth Amendment protections.

I hope you'll take a few moments to watch this video.

ag1969's picture

Just had to share

So last night Mrs. ag1969 came home with a new 20" fry pan with cover, "green" ceramic coating, she got it from the Co-op by saving her green stamps, and she had already "earned" the smaller one which is really a nice pan.

So anyway, last night it was just my six year old son and me in the kitchen, and I had to move the new, glorious fry pan.  As I moved it across the kitchen, I looked at my son and said, "This is a wicked nice fry pan that Mom got, don't you think?"

He looks at me and says, "You know Dad, I really don't care because I just don't cook all that much."  LMAO

HappyNow's picture

Oh those crazy Chinese!On

Oh those crazy Chinese!

On the one hand they are buying gold like it is going out of style.

On the other hand they have been pumping money into their markets just like the USA, EU, and most other major players.  But at an even faster pace.

On the other hand they state that they are about finished with currency market intervention.

If they are QE to infinity faster than the USA and buying gold with those QE renminbi then maybe it's China more than JPM et al that we should be watching when it comes to hammering gold prices?

tyberious's picture

ag1969

LOL! How olds your boy?

ag1969's picture

Tyberious

I put six years old in the post, but now that I have had a few sips of coffee it came to me that his birthday was last week and he is seven now.

tyberious's picture

ag1969

Geeze, poor reading comprehension on my part!

atadheavy's picture

A model for the future

I really think Pining's message is important. Just say "No" to the attack on your savings, your business, your income. Passive resistance is the key and stacking is the first step.

Patrancus's picture

Galt project

explanation unveils tonight with Jason Lewis @ GCNlive

Pining it is most refreshing to read your piece this morning, these past 5 years we have been eager to employ any and all legal means of denying goob everything that isn't his. Starving this beast is the only way to force it into submission and a working peoples conformity.

flyinkel's picture

You feed the monkey a banana

every time you swipe your credit card.  Think about this multiplied  by our purchasing population over a single day in the US, what this means to them.

"Rewards" you receive worth it?

ag1969's picture

flyinkel

guilty as charged.  I have an Amazon rewards Visa Card.  Over the course of a normal month I put $20-30 thousand on it.  It is money I spend anyway, but it saves me writing a bunch of checks to my vendors.  They find it convenient because they get there dollars more quickly, and I get 200-300 bonus ponzi coupons per month to spend at Amazon.

It just became quite apparent to me that I have not gone Galt in the true spirit of the term.  It is going to be hard for me to give up that little bonus I have discovered. 

I feel so dirty now!

murphy's picture

@Ty

either that or you were just playing dumb. Didn't I see you having coffee with Mrs. AG at Starbucks the other day?

ag1969's picture

Uh oh Murph...

...Mrs AG has always had a soft spot for grown men that can't read!  I might be in trouble!

Counterfiat's picture

rewards

Banking ripper rewards program.

tyberious's picture

LOL

I was just trying to jog Ag's memory, see I knew his son was 7!

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