Another 3-day Weekend? Must Be Time For Some Jackass!


In what has become a tradition here in Turdville, our pal Jim Willie stopped by this morning for a wide-ranging, hour long discussion. <Note: This is a free, public thread!>

This baby checks in at just over an hour so you might want to break it up into parts. Download this to your computer/ipad and, if you need some time away from the pool or the beach, put in your earbuds and go to town! Amongst the topics discussed are these:

  • The latest developments in the budding "Eur-Asian Alliance"
  • The progress the BRIC nations are making in setting up the 21st Century financial system
  • Falling U.S. interest rates and the treasury market
  • DoucheBank and the other walking, TBTF zombies

Jim has promised to join us again for our next 3-day weekend in July. Until then, this hour-long discussion should satisfy even the most starved info-junkie.

Have a great weekend!



I Run Bartertown
May 26, 2014 - 6:23am


I'll agree that she's said some interesting things. So has Charles Manson.

1) She supports racial discrimination in the form of affirmative action. Worse, she fabricated a false ethnicity for herself in order to assure that only other White people would be victimized, not herself.

2) She supports massive violence and the death of millions in this country. She seeks to start this outbreak of violence. She calls it gun control.

For #1, I say burn the witch. For #2, I say let her lead the door-knocker squad...

May 26, 2014 - 6:43am

Petro-Dollar, again

atarangi, way funny!! LMFAO, you are special!!

Lementing_Laver, my humor is out there, often missed by most, no ridicule intended at all, you are obviously a thinker, and well loved for it by yours. It is natural for those with an inherent bias to interpret facts and connect dots along the lines of internal perceptions and that bias. Yours attempts to question in self-reflection positions taken, so as to retain open mind for sound critical analysis. Your mere presence at this site lead by that suspicious stacker renders a perception of internal bias that is pervasively encountered in Turdville. My background is engineering and patent law, and not markets and geopolitics, and so I struggle in attempting to understand it all like most, but the legal background has afforded a healthy skepticism as to various and often differing pronouncements by others based upon respective perceptions and biases, and thus, inherently a doubting thomas. I too bought into the "petro-dollar" for a decade, not really analyzing it through, based upon the repetitiveness of its use by those self-proclaimed experts in markets and geopolitics, and only this year took a fresh new look at the petro-dollar. Turdville, at least for me, is a wonderful place, as the TF bullion show is the best anywhere, and is stock full of those with anti-US biases which functions as a counter balance to my personal biases, and I want to hear opposing views, in self-check.

We agree on the facts, by and large. Its the respective conclusions that separate.

As the world's dominate power and econo-engine for decades, post WWII, it would be natural that exchanges be dominated in USD, the monetary safe haven of choice by others for half a century, and that the US would be prosperous and use a disproportionate amount of oil. With the advent of the FED bank, and the leftist political pandering, it is natural that the US would become insolvent with a huge bond stack. It would be natural for the US to seek to have exchanges denominated in dollars to perfect money flows into that bond stack about the globe. These things are not inherently evil, just the way it was in the late 20th century. There is nothing inherently nefarious about that, even though you couch that as a "privilege", and the use of that word again indicates "bias". One can see it clearly, if you have an eye for it.

The US spent 6T$ to civilize this world in the second half of 20th century, and protecting international trade lanes to protect that investment and international trade is also natural and not inherently nefarious, in a long standing tradition as woe to the barbarie coast pirates of old. The US with its giant oil companies, its technology, and drive toward capitalistic profits would naturally jocky for position to economically exploit oil reserves across the world, as China is now doing for commodities in Africa. Again, there is nothing inherently nefarious about that either, and is actually a good thing, building global interconnectiveness.

The middle east possesses large oil reserves with many "immature" nations, not having a history of free-speech constitutional-liberty democracy. Russia, in the same light, and does not have a tradition of 250 years of free speech constitutional-liberty democracy, and has had only a few decades at this democracy thing, and is plagued by residual notions of "crazist strong man rule", absolute election fraud, and soviet style imperialism, and hence, its foreign policy tends to be imperial (Afghanistan, Arctic Circle, Crimea, Georgia) actually attempting and succeeding in acquiring new lands, where practicable, post the era of imperialism up to the 19th century and is generally culturally supported by Russians. Since WWII, the US has not admitted a 51st state, whereas Russia has in Georgia and Crimea, and there is an exemplar clear difference, IN YOUR FACE.

In Iraq, in Iran, in Libya, and else where oil is found, the US has engaged, as a sole super power, world police cop, where WMD and Terrorism raises the bar and threatens oil flows and trade lanes and international commerce, and thus US econo-vital interests, opposing political-military posturing by rouge "GAP" nations. In Iraq, the actual use of WMD, and the failing to respond to UN resolutions, ditto Iran, and the terrorism of Libya, has prompted the US into action. Were those actions evil? Turdites come down as clearly yes, always. WTC prompted the US into action in Afghanistan. People can of course connect the dots as their inherent bias will lead them, and can rationally conclude that the US is there to take oil, which is a stretch of the facts. Afghanistan however, does not have oil, so the logic fails, and so, the US must be there for some other reason. Could it possibly remotely be because a terror group operating from there, struck the WTC killing 3000 Americans? Yeah, I know, its an extreme far-fetched trudville notion, but lets keep an open mind, shall we?

Totalitarian Socialism is inherently evil, (FU BHO), locking down the free spirit and enterprise of human beings, and the US has intervened world wide. Some may call it compassionate foreign policy, (Tear Down This Wall), while others call it naked imperial aggression, (Bush Lied Soldiers Died) as their inherent bias will lead them in connecting the dots and arriving at coc-sure conclusions, neither being inherently irrational in thinking, just tainted with bias and personal perspective.

The term "petro-dollar" is used, by and large, by those with an anti-US bent, who have connected the dots of US interventions, global oil reserves, US oil giants, and conclude in painting the US in various nefarious ways. As such, the use of that term is suspect, and hence, the reflection upon its use, and the basis for it.

Now lets get down to business.

Laver: The US *is* an imperial oil hog

The US is an oil hog. The use of the term imperial suggests a nefarious over-reaching conclusion, not a statement of fact.

Laver: the US *is* interfering in many countries to gain/maintain control over oil production ...

The US is interfering in many countries. The use of the terms to gain control over oil production suggests that the intend of US foreign policy is to nefariously control world oil supplies, which is another conclusion, not a statement of fact.

Laver:serving the “best interest” of the US at the expense of other countries

Could those interest possible be a world interest of maintaining open trade lanes and the free flow of oil? The use of the terms at the expense of other countries suggest nefarious motive and is a conclusion, not a statement of fact. Are these countries dictatorial, or totalitarian socialistic, or are you talking about the people of those countries innately desiring freedom from enslavement by governmental powers?

Laver: we are probably going to have to rely on ourselves to clean up this western mess.

Agreed, but the mess perceived by yours has more to do with the use of fiat money supporting totalitarian socialism over the people, rather than a perceived nefarious use of US foreign policy.

The crux of the matter:

Laver: If your argument boils down to that the US Bond stack of today is not only a “petro-bond-stack” in the sense that it only exists because Oil is traded in USD, then I agree.

We disagree. The exchanges including the oil exchanges, the transactional currency swap facilities, the transactional systems (swift), collectively enable the world to buy US bonds, the largest bond stack in the world, that supports the dollar, and hence supports totalitarian socialistic fascism of that cesspool in DC. Exchange transactions are fleeting instantaneous procurement which does not place a significant amount of support for the US dollar, but rather, its the large US bond stack which does, and to an extent, the oil exchange, like ALL OTHER EXCHANGES do the same thing. But the anti-US crowd does not speak, in nefarious terms about other exchanges, such as the forex exchanges, because that does not directly support notion of perceived nefarious US oil imperialism. By connecting the dots along the lines of US driven global interventions to selfishly capture the global oil production, through bias, the term "petro-dollar" was born of evil bias and repetitively used to support conclusions of nefarious US foreign policy. Rather, in another view, there is no such thing as the "petro-dollar" significantly supporting the US dollar per se, but there is US bond stack, which does support US foreign policy, fiat dishonest money and markets, greed and corruption, and concurrently supports American Totalitarian Socialistic Fascism enslaving us all as tax mules, perpetual debtors, and state dependents, caused by 100 years of leftist political pandering, the root cause of true evil in the USSA.

Very Truly Yours, DIAMOND FLEECE

In parting, I trust that turd does not mind having a loyal turdite who offers opposing views to critical issues of our day, in the EVIL TOTALITARIAN SOCIALISTIC FASCIST USSA.

Video unavailable
Video unavailable
May 26, 2014 - 7:13am

I run laugh town


David Bowie The Jean Genie
Pattaya7 I Run Bartertown
May 26, 2014 - 8:11am

I agree

fake Indian lying Harvard scum. controlled resistance to draw away attention. She's a tool.

May 26, 2014 - 9:45am

Rickard's 8100 tons

Rickards seems well connected. What he says may not be what he believes. On one hand, if he publicly said that the 8100 is gone, he might lose his connections. So he maintains the official view on US holdings to keep from being cast into the conspiracy crowd. I enjoy the balance he brings to the discussion. I take away that the west is headed for collapse, but not right away. so far he has been correct.

May 26, 2014 - 9:55am

I don't like talking about

I don't like talking about cryptocurrencies here because of certain lying, FUD-spreading trolls, but since someone has brought up the subject, I would suggest that those interested in anonymity with cryptocurrency transactions take a look at Darkcoin. I moved my BTC to DRK a while ago since it seemed promising and has a good developer (whose name we know!), and I think a lot of other people are going to follow suit. It is already draining most of the other altcoins dry, and now has the second largest volume after bitcoin, and the third largest market cap.

It's not ready for full release yet, so it is speculative as hell, but BTC is and has been only a small part of my portfolio.

It uses a new concept called masternodes to prevent a 51% attack (you need to control 90+% of the masternodes to attack darkcoin), and opening a masternode requires an investment of 1000DRK, so attempts to manipulate the market via a masternode attack would push the price of the coin absolutely through the roof.

In the end, both bitcoin and darkcoin will have their uses. Bitcoin for transactions that need to be public (colored coins, blockchain programs, political donations, etc), and Darkcoins for transactions that need to be private (payments to suppliers, anonymous charitable donations, etc). Both can still be used for transferring wealth overseas instantly with no chance of confiscation (this is a bid deal).

May 26, 2014 - 10:16am

Karl Rove It Is

Don't stop watching and believing CNBS

May 26, 2014 - 10:47am

Dont Stop!!

Journey-Dont Stop Believing (official song) with lyrics
May 26, 2014 - 11:33am

Cyprus savers sue ECB, Commission amid losses in island rescue

By Aoife White

Cyprus bank depositors sued the European Central Bank and the European Commission for putting them in the firing line as part of last year’s rescue package for the crisis-hit Mediterranean nation. The savers filed four lawsuits demanding compensation after they were hit by forced losses on deposits at Bank of Cyprus Pcl and Cyprus Popular Bank Pcl.

The ECB and the commission “deprived” the savers of their money and “manifestly and gravely disregarded the limits on their power” by inducing “the premature passing of a bail-in tool on deposits,” according to the lawsuits. The four suits also challenge “restrictions on the movement of money preventing deposit holders from withdrawing and/or transferring their funds to safer” lenders.

After a tumultuous week in which an initial aid plan fell apart, European governments and the International Monetary Fund agreed to loan Cyprus 10 billion euros ($13.6 billion) as long as the country liquidated its second-largest bank and forced losses on bank bondholders and deposits of more than 100,000 euros. The concessions were demanded by authorities in a bid to shrink the country’s banking industry and led to Cyprus imposing the first capital controls in the euro area.

Details of the filings at the EU’s General Court were published today in the EU’s Official Journal. The savers don’t say how much money they lost by the so-called haircuts on their deposits.

May 26, 2014 - 11:51am


yes i heard about darkcoin too but don't have any (yet)you know a good exchange to get some ?

tmosley Mantis
May 26, 2014 - 11:55am

@mantis is

@mantis is probably the best. Stay away from Cryptsy. They don't do a good job. I used them for a while, but grew afraid that their incompetence would put my coins at risk (I trade). Everyone seems to agree that Mintpal is the best place for now. You will have to buy BTC elsewhere and deposit it there before buying DRK.


May 26, 2014 - 1:30pm


Did anyone else see this?

I saw it on turds embedded link on the side, but could not see it anywhere else... so i thought it was a mistake...


May 26, 2014 - 1:36pm
May 26, 2014 - 1:39pm

Very odd...

20$ spike and then a 20$ drop in a matter of minutes...

Better view there... probably just a mistake but maybe not! What's the message being sent if it isn't? Anyone remember the devil's horns we got on 3-31-13? Two weeks later the price died.

Lamenting Laverne
May 26, 2014 - 2:04pm

@ Hatter

I think that was an excellent post! Thank you!

It is good to know that you have a background in engineering and law. Both Engineers and Lawyers are professionally required to be very particular about words - the exact choice of any particular word matters. This opens up a second dimension of discussion that I cannot participate in, because I don't know the English language well enough. So I will stick to the words that are generally used already - and not apply deeper interpretation of their use as biased one way or the other - hence accepting the risk of my words being interpreted a long lines not entirely intended.

You clearly love your country and as such I can imagine that all of these blunt pokes by the "anti-US crowd" gives you a little sting in the heart every time you see them. There is a saying out there, that I think applies at least partially well to the situation. "You flog the one you love". The meaning of this is that one only spends the energy on bashing people (and countries per extension) that one actually cares about. All the others do not even get the time of one's day. I can not speak for other people, only for myself, but I would not be surprised at all to find that many of the people who are quite vocal in a "anti-US crowd" kinda way:

1) are very selective in their ire - as in the problem they have is with the US Government (and the interlinked international banking cartel), not with the people of the US.

2) have previously been firmly rooted in the camp of US admirers and cheerleaders in favour of the 250 years of personal freedom and enterprise based on the rule of law - including the recognition of inalienable rights according to natural law. And the reason the ire comes across as so unforgiving is because they feel betrayed, cheated and mislead by former ideological idols.

I generally can follow, what you write, with one main exception. It makes no sense to me that you seem to subscribe very clearly to the idea that domestic trespasses committed by what you call "Totalitarian Socialistic Fascist USSA" is indeed reality - yet at the same time you seem to believe that US Foreign Policy conducted by the very same people, who brought about "Totalitarian Socialistic Fascist USSA" domestically, were acting abroad in a completely non-nefarious - almost fatherly and altruistic - way.

Those people who have disabled habeas corpus, who have made kill lists to be executed without trial in front of a jury of peers, who have initiated surveillance of regular people of mindboggling proportions, who have allowed legal favoritism towards big businesses at the expense of small business, who have been caught lying to the American people and per extension the people of Allies, which has caused death and injury to young men and women, who were just trying to do the "right thing" for their country - those people are nice abroad and bad at home. I am sorry, but I just do not see it that way.

Personally my criticism originates from a place of love for the ideals that the US was built on - to me those ideals has been nothing less than a friggin beacon of light - and the disappointment of discovering all the lying, covert maneuvering, manipulation (yes in ALL markets - which IS being addressed by anti-US sentiment people every day), killing and misery is tangible.

In 2004, I stood at the fence at ground zero, looking at the still remaining few spots of molten asphalt and all the names of those, who were murdered that day, crying my eyes out because I had this painful lump of pressure in my chest from sensing the anguish and utter desperation that had unfolded a few years before. It was not until much later, I understood that something was not right with the explanations given in the aftermath of 9-11.

I don't know what happened at WTC, but I know that the US is not being honest about it, and I know that I am much more unforgiving towards the US government, because I expect MORE of the US than from less "mature" countries - exactly because of those very special ideals, that the US was founded on. And I expect MORE from the US, because the US is referring to its role as leaders of the "free" world every day - implying that their justification for intervening is legitimized exactly because the US is spreading transparency, freedom and prosperity to the rest of the world.

If you really believe that the invasion of Afghanistan and Iraq was primarily about catching terrorists - why is it then not obvious to you that all the "wonderful initiatives" undertaken domestically are indeed enacted solely and entirely benignly to protect the American public from further attacks by bad guys at home.

The ONLY positive spin I am able to come up with on all those initiatives that have emasculated personal freedom and juridical security in the US is if it is true that there is a league of people, who are working to take back the US from the statists and unwind the subversive coup d'etat that has been successfully accomplished so far using those newly applied "legal means" to fight them behind the scenes, because the coup-people are so well organized and have infiltrated all public mechanisms of checks and balances to such a degree that these frightening new "legal means" are necessary to be able to carve out the gangrene rot efficiently - where upon successful completion there would be some kind of truth and reconciliation hearing setting the record straight in a transparent manner to repair the souls of all the people, who have felt violated and wronged by these extraordinary measures.

I am not hopeful though - not at all. To me it looks like another chapter in the totalitarian expansion - like we have seen a few rounds of in Europe in earlier days.

After 9-11, I no longer trust any government, including my own, and my barometer is not names like socialism or fascism or islamism or other emotionally charged words designed to make people hate other people, they do not even know.

My barometer is centralism versus de-centralism. Any party or entity that argues for highly centralized and hierarchical government and against direct democracy and transparent local community governance is in opposition to my opinion.

Thank you for the debate, Hatter! Although I doubt we will agree on all this, you have challenged my biases and reminded me to revisit these on a recurring basis. I hope that I have poked you enough to afford a similar effect in your lines of thought.

May 26, 2014 - 2:08pm

20$ spike

That's gold saying "I'm fed up of this shit!"

Then the algos stepped in...

May 26, 2014 - 2:15pm

Our gold or not

Having kept up with all the events of the past 10 years much more than my wife likes it has occurred to me that we may still have our 8200 tons or something in that vacinity and have been disposing of everyone else's with or without their knowledge ( see Germany). There has been nothing else this country has done in this age of criminality that is above board so why would we sell ours and keep theirs? Of course it could all be gone, who knows?

May 26, 2014 - 2:15pm
May 26, 2014 - 2:44pm

feral reserve is not a govvy agency.

reading bp9192's post above suggested a really twisted idea to me.

germany's gold is (?) held at the feral reserve of new york.

likely other nations' gold is held similarly.

what happens if somehow, we can "end the fed?"

the feral reserve is a private outfit. if it gets "ended" to whom do its creditors present their claim(s)?

do those claims just go "poof?"

does the feral reserve hold this nation's gold?

more questions than answers. damn, don't you hate it when that happens?

May 26, 2014 - 2:57pm


Is this real? Sounds and looks like him.

Obama erklärt in kürze die Neue Welt Ordnung 2016 ^^ - Zusammenschnitt
May 26, 2014 - 3:03pm

Rickards says...

The fed is out busily looking for buyers of last resort. That's every 401K and IRA in the system liquidated and forced to buy government bonds. It's already happened with workers in the postal system. It's going to happen with everyone else. Tick Tock.

Wonder what the effect on the system would be if everyone tried to cash out their retirement plans all at once?

May 26, 2014 - 4:07pm
May 26, 2014 - 4:44pm


Austria sending auditors to check gold held by Bank of England

Colombia probes gold trading firms in cocaine laundering case

As much as $3.3 billion of gold was smuggled into Colombia in the past two years, says the head of DIAN, an agency assisting in the probe

May 26, 2014 - 5:08pm

Oh oh !

Another country questioning if their gold is there!

get ready for a massive slam !

May 26, 2014 - 5:44pm

The Potemkin Village Markets

The phrase Potemkin villages (an alternative spelling is Potyomkin villages, derived from the Russian:Потёмкинские деревни, Potyomkinskiye derevni) was originally used to describe a fake village, built only to impress. According to the story, Grigory Potemkin erected fake settlements along the banks of the Dnieper River in order to fool Empress Catherine II during her visit to Crimea in 1787.

From the front, these things look real, like a movie set. see-


But critically 'think' past that which you are being shown, and...

Things look a little different than the producers would have you believe.


Consider the front of the Potemkinville silver market

The official story is that...

"The Potemkinville Silver Price chart represents the results of the computerized trading of "silver" contracts. Big hedge funds, and spec funds, and bullion banks, and all their magical headline reading HFT Algos, just trading trading trading. Behind that chart is a Real Trading Market ! ! !

But the only visible/knowable effect of the Potemkinville "Silver Price" front is this- The Potemkinville Silver Price chart is the single price reference for all of the world's physical Silver transactions. It is a price control device that controls the public's perception of the value and monetary nature of physical silver.

For the owners of the World Fiat Currency System, the need to directly control the perception of what the public believes to be the price of silver is pretty obvious. But-

...everything needed to critically think one's way around to the hidden side of the Potemkinville Silver Price Chart is right in plain sight. It might mean leaving that comfortable manufactured position... And it might require the admission that certain market hopes were really false hopes. And there might even be that little sting that prompted the following quote-

“The truth will set you free, but first it will piss you off.”Gloria Steinem

And it may, but for those who prefer truth over comfort, it's all there.

Only Silver and Gold are Money

May 26, 2014 - 5:55pm

There's Just Something About...

...A girl in a uniform.

May 26, 2014 - 6:14pm

Opening red...

If anyone is interested this is the only place I know of that provides a 1 minute gold chart

Just change the time measurement at the bottom right (it's default is 15min).

4 oz
May 26, 2014 - 6:17pm


Anyone with good theory outside of algos, which undoubtedly was true, for this $20 spike?? Sure makes for a funny looking chart....

'Corse Jim Rickards on Greg Hunter was saying watch for one day a $100 pop, followed the next day by another $100 pop and then the next following day another $100 pop and Gold would be off to the races....

May 26, 2014 - 6:21pm

Econ system fubar

In 1995 robert rubin gave our medicare and social security trusts treasury notes, in exchange for the marketable securities in the trusts.

We have precedence.

Pounds of Money -SilverIsMoney-
May 26, 2014 - 6:30pm

@SilverIsMoney Re: Opening Red

SilverIsMoney, I usually ignore whatever it does when it opens.

Half the time (figuratively), it winds up doing the opposite within 30 minutes or so. Actually, I'd love it if somebody had analysis showing what gold was doing an hour after the open, directionally, vs. what it was doing in the opening ticks. i.e. When opening tick is down, 80% of the time it is X amount higher within 60 minutes... or something like that.


Donate Shop

Get Your Subscriber Benefits

Exclusive discount for silver purchases, and a private iTunes feed for TF Metals Report podcasts!

Key Economic Events Week of 5/20

5/20 7:00 pm ET CGP speech
5/21 10:00 ET Existing Home Sales
5/22 2:00 ET FOMC minutes
5/23 9:45 ET Markit PMIs
5/24 8:30 ET Durable Goods

Key Economic Events Week of 5/13

TWELVE Goon speeches through the week
5/14 8:30 ET Import Price Index
5/15 8:30 ET Retail Sales and Empire State Manu. Idx.
5/15 9:15 ET Cap. Ute. and Ind. Prod.
5/15 10:00 ET Business Inventories
5/16 10:00 ET Housing Starts and Philly Fed
5/17 10:00 ET Consumer Sentiment

Key Economic Events Week of 5/6

5/9 8:30 ET US Trade Deficit
5/9 8:30 ET Producer Price Index (PPI)
5/9 10:00 ET Wholesale Inventories
5/10 8:30 ET Consumer Price Index (CPI)

Recent Comments

by eastofwest, 1 hour 6 min ago
by NW VIEW, 1 hour 45 min ago
by SteveW, 2 hours 31 min ago
by matt_, 2 hours 45 min ago
by Turd Ferguson, 2 hours 56 min ago