TFMR Podcast #8 - Mike Krieger


Earlier this week, I was able to track down Mike Krieger. If you're a frequent visitor to ZeroHedge, I'm sure you've read his stuff and become a fan.

Let me just say this: Mike seems like a really good dude, which you'll no doubt discover by listening to this podcast. The guy walked away from a bigtime, Wall St job because he could see this trainwreck approaching and he felt that he had to do something to help as many folks as possible to prepare. Sound familiar?

Currently, Mike authors opinion columns once per week. He makes these available free of charge to anyone who would like to be included on the distribution list. He's not selling anything. He doesn't have a newsletter or subscription service. He's simply trying to help in any way he can. If you'd like to be included on his list, simply drop him an email at michael[at]kamlp[dot]com and explain to him who you are and why you'd like to be on the list.

I think you'll enjoy this podcast. TF


Economical Disaster
Dec 9, 2011 - 7:27pm

This has NOTHING to do with

This has NOTHING to do with being first..I like Mike he knows exactly what he's talking about..

BUT...FORGET about saving your country, SAVE yourself and your family...

You KNOW this is coming:

Dec 9, 2011 - 7:46pm
Dec 9, 2011 - 8:09pm


This is an impactful podcast, Wow. Thanks.

Fred Hayek
Dec 9, 2011 - 8:58pm

Good stuff, Turd

Thanks for that podcast. I wish it had been longer.

Fr. Bill
Dec 9, 2011 - 9:34pm

If you want more of Krieger ...

You can find a lot more of Krieger at Zero Hedge. They archive his columns there.

Simply find the search box on any ZH page, type Krieger into it, and hit the return key.

You'll get a search results listing of all the columns Krieger has written for ZH. It's quite a list, and you'll enjoy reading them.

Dec 9, 2011 - 10:39pm

^ Die Ugg Boot Spammer... I

^ Die Ugg Boot Spammer...

I like Krieger a lot, nice to see something besides Lacrosse Rapists coming out of Duke these days :). I don't blame him from relocating to Boulder though, it's far less a Pseudo-Socialist maven...

--------------------------- |

Dec 9, 2011 - 11:00pm

every families got their Crazy Uncle

At least with all those credentials no family member is going to tag him their crazy uncle.

Dec 10, 2011 - 12:08am

The signs are there

Great podcast! Krieger knows his stuff, and I commend folks like him and Turd who are helping to get the message out there.

Dec 10, 2011 - 12:17am

Big hat tip for mike! Thanks

Big hat tip for mike! Thanks!

Dec 10, 2011 - 1:31am

Major kudos, TF

Thank you for bringing Mike to TFMR, and thanks Mike for sharing here (and all else you do). I really look forward to this podcast.

Dec 10, 2011 - 1:46am

Turd's Podcast interview was awesome. Two thumbs up.

Turd's podcast interview was awesome; the chess piece analogy,
million paul reveres', QE 3 delay theory, the chronology of the
s&p downgrade, then the occupy movement + more.

I think it's been the best one yet, great work! Cheers!

Dec 10, 2011 - 2:31am

Excellent podcast

Regarding the last question, I have to admit, I've lost hope here for America. When the mathematical reality of a crash comes down, 1, 10, or 50 million people knowing the facts and fighting for a framework of an America we once knew won't save us. Democracy is doomed to fail when mixed with a complete loss of morality. A once minority of self-serving Godless individuals dependent on government is quickly becoming the majority - a trend that will hyper-inflate relative to the USD when the time comes. Here we come debt-serfdom.

Even if we all became expert economists, the root cause of the issue is the degraded morality of society, not bad economics/politicians. Bad economics/politicians is but a symptom of the real problem. As soon as we stop tolerating public officials who: cheat on their wives, lie under oath, vote for a healthcare plan they won't even take themselves, take kickbacks, and act in their own self interest - As soon as we all get our morality in check, stop acting like a society of individuals guided in their own self interest - is when we can start healing this country. Instead, we vote for the guy, and vote him back in as long as we can maintain our standard of living we are not willing to compromise. We all know the bankers are evil, however they could not have accomplished what they did without playing on a people's overindulgence in easy credit. Hey, I deserve that $500k home, even though I can't afford it. Everyone has a right to go to college to get rich and buy that BMW, regardless of the size of the student loan, right?

Ethics of the overall society, not just the .0005% of the ones in charge, is what created this mess. Think about it, look at the graphs going back before Nixon. This all started right around the same time we checked our morality at the door.

Not saying I'm going to sit back and do nothing, just my pessimistic analysis.

Dec 10, 2011 - 3:02am


for diluting Mike's thread but I want to make a short comment on this ZH article about Gold Custody

This really is an exciting moment for us custody-watchers. There is a comment in the article that speculates about HSBC custody of SPDR/GLD. I want to clarify what happened to me when I met ETFS Securities representatives around 2 months ago. Being quite noisy about the dangers of PM ETFs, these guys had decided to try and convince me how much better/safer their products were so they came into my office with legals etc - I happily took the meeting but even I couldnt have imagined what would come out of it.

I mentioned the Bob Pisani comedy show on CNBC where he had held up a bar to camera that wasn't on the GLD inventory list and asked them if they had seen the infamous clip. No they hadn't. But please do forward it on. This I did and then to my total mystification I was informed by ETFS that following an internal check they could confirm that it was actually one of THEIR bars. So, just to clarify, the ETFS and SPDR Gold ETFs share the same custodian, HSBC. We know from the footage on CNBC that the Gold is uncaged and open in the vault and we now know that despite Bob 'spending an hour with the 2 guys who keep the bar list' for SPDR/GLD, he was actually holding (with no permission) a bar belonging to a competitor ETF.

The game is up. Don't expect the market/Press to react immediately but in my opinion the music just stopped and it is time to grab one of those chairs. Kick back, pour a beer and watch the carnage.


Dec 10, 2011 - 4:41am

Box Car Willie

Turd, great podcast. Good content, quality and no time delay so you guys could have a proper 2- way chat

I'd like to ride in a car with Turd, Mike and Jim Willie

Boxcar Willie - The Wreck of old 97

(But not one that crashes)

Dec 10, 2011 - 6:35am


This is one of the best interviews yet! I, too, like the million Paul Revere reference...and his take on the warning indicators. I can totally see TPTB running scared. It all makes perfect sense.


Dec 10, 2011 - 7:50am

TPTB don't run scared, they pull another plan off the shelf

Jacey, I think there's another way of viewing what's going on. It's not that TPTB are running scared so much as they are being forced to pull down increasingly more totalitarian plans which undermine their secrecy. They prefer to operate in the shadows, but since that didn't work, they are moving forward with their repressive newest plan.

I don't often recycle posts, but I wrote a piece on ZeroHedge on this very topic which I liked, and because we had a guest piece here recently on the very topic of shredding the Constitution, I'll paste here and save the typing.

The Iraqi war is another example of selling CDS insurance like mad when the company is in trouble, as discussed in today's ZH article, because if there's no default you make your best year, and if there is, you are dead anyway. Similarly, the United States Corporation has been in trouble for decades. That's why we went off that gold standard and that's why we invented the petro dollar, and that's why the Patriot Act was prepared years ahead of time. The Iraq War ushered in US Corps final gambit to make an all-in bet to control the Middle East's oil production, because if we failed, the USD ponzi was dead anyway.

We know now that the bet was a failure and the USD is going down. Bernanke gave a speech in 2002 that clearly identified gold as the final tool in the five tool toolkit and that plan came off the shelf when everything started to go to shit in the war theater. The big conspiracy is now gold.

I would mistrust Ron Paul because of the way TPTB operate, but we know he is legit because TPTB derive all their power from secrecy and misdirection. They would never use an operative who shines light on their operations. These people think decades ahead, and they always have a pawn on each side of an issue like abortion or war. Case in point, which US Senator was the only one to vote against the war? Yup, Obama. And who received the financial backing to win the presidency despite never having accomplishing anything at all as a senator, or even having the competency to give a speech without a teleprompter? Once again, Obama. Come on, do you really think that 100 politicians could ever agree on anything at all if they weren't told how to vote? Bush was a pawn of TPTB, and so was Obama. How come the only one out of 100 senators dead set against the war is now a war monger? Kind of a coincidence, huh? Obama is an excellent example of how things really work and how the pawns are set years in advance. It's not a market, it's a sideshow to entice you to gamble away your money. It's not a political system, it's a sideshow to make you think you are represented and to get you join the war effort.

The Patriot Act

Indefinite detention of US citizens

The Internet kill switch

The national emergency broadcast system (like we didn't already have instant access to emergency info, all this did was create a media kill switch)

The extension of appointment terms of cronnies like the Directior of the FBI and the Atty General, people who have shown their loyalty to the machine and who can be counted on to do anything they are told. (now you know why Fast and Furious won't unseat Holder)

and the Northern Command, soldiers poised to act on US soil

These things are being prepared for a reason. It's coming folks, the old US Corp. is about to fail, and the new one is about to go into lockdown. Better get your ham radios if you want your Metals Report fix, because when it happens it's lights out for us internet types.

Dec 10, 2011 - 8:05am

Krieger??? Whoa! Really nice Get Turd

Pardon for not addressing the podcast content but previous comments have already done that very well. I love Mike, go back with you to the earliest days of ZH and have followed him there since...

Just want to say that there have been a number of good and informative pieces about and related to the senate defense auth act (bill 1867) uploaded to You Tube the past few days. Just put something like "senate bill 1867" in the yt search box and you'll see what's available...

With CAL's brilliant 1867 sticky now being un-stuck :-), I'll drop 2 of these pieces here...

Video unavailable
Battlefield U.S.A. (S. 1867 National Defense Authorization Act) on Freedomlink Radio
Dec 10, 2011 - 8:13am


Some of what Mike said scared the hell out of me but the truth is often very scary. Keep finding guys like this for the podcasts, Turd.

Dec 10, 2011 - 8:15am

An interesting View on the Euro

I know we can see it, yet getting the idea across to the people is the point;

Dec 10, 2011 - 9:41am

Thanks Turd

Great interview Turd. Mike makes a lot of sense in a logical way, like yourself. You guys should do a weekly Turd and Tyler show :)

Brotha Bob
Dec 10, 2011 - 12:43pm

What's scary?

What's scary? Is not that I think TPTB are so screwing up everything, it is that so many people see the same thing. The train wreck is coming. Even TPTB see it. But, instead of stopping it, it is full steam a head, strait into the wall. AIG, MF'ing Global, HSBC vs JPM, CDS to infinity, QE to infinity. My God, when will it stop? Yes, it is all scary. On the other hand, even educated, knowledgable people, knowing these facts, refuse to listen to the inevitable outcome. I have talked about my brother before. Refuses to stack metals. Has guns and food ready to go. But, no silver, no gold. It scares him to much to think about the end of fiat. Yes, it is scary. Or, my wife. Who does not have a financial education. Nor, cares to have one. What little I can talk to her about, before she says stop, knows what's coming. But, won't take the time to understand. She is bright, and able to grasp the ideas, easily. Yes, it is scary. Or those who have no one trying to tell them what is going to happen. What's going on the will have a profound effect upon their lives. The masses that will awake someday to nothing. Yes, that is scary. Will it all turn out like Mad Max? The Postman? The Book of Eli? That the fall will happen is scary. But the conclusion, how we as a society come out of it, is truely terrifying.

Dec 10, 2011 - 1:31pm


This was an informative interview.

Dec 10, 2011 - 2:17pm


First, thanks TF. Kreiger is an excellent interview. Second, let me give you all a visual. I am cleaning my guns from yesterdays range shooting. My adult son comes in the room and says, " what you are doing makes you a very macho guy, cleaning your guns and listening to an interview about gold and the collapse of the financial system". After a moment I thought that was too much of a gloom and doom picture, so I put on my big TF hat to lighten the mood.

All kidding aside. Is it inevitable that the system will collapse? Maybe so, but who knows how long they can drag it out. One month, a year, or five years? If it's next month then the only thing to do is prepare. If it's longer, don't we have the responsibility and the time to educate our friends? I don't think California Lawyer is wrong when he says write your congressman this week. Look at the effort he put in composing that massive op-ed piece this week. I emailed it along with a personal letter to my congressman. I also told him I sent it to hundred people on my email list.

Will all the letter writing in the world stop the fraud and the corruption? Probably not, but it may delay it. I truly believe if I send this interview to intelligent people and give them the background of whom Mike Kreiger is, they may listen. What I mean by that is, Duke educated, Wall Street, etc. We could do the same thing with the recent Kyle Bass interview. These guys are not living in a bunker (yet), they are/were respected members of the "accepted" investment community, but have dropped out of it voluntarily.

As we all know there is too much paper manipulation to explain to people who believe in the system. We need to make it as easy as possible to give them the info. Maybe by giving it to them in audio form they will listen and respond. We can't expect them to spend the hundreds of hours that many of us here spend, and continue to spend acquiring this knowledge.

I think the way to go is to keep it simple. Maybe try to address one or two topics.

Write your congress people and buy metal.

Dec 10, 2011 - 2:25pm

Keiger article

I posted this a while back I think it's even more pertinent today.

The Krieger article, Useful Idiots below, is a must read by everyone, but especially all teens and young adults. Those who have graduated from college and those that did not. Whether you are employed or trying to live on a fixed income or unemployed looking for income. If you are caught up in the haves vs. the have nots. The repubs vs. the dems. Less spending or more, more taxes or less entitlements. Libs vs. cons. Etc.,etc, etc.

I believe this article and especially Jim Quinns facts and figures will address the original sin that everyone has to start and wrap their heads around. I ask all those who tweet, link, facebook and any other media spreading methods to spread these two articles around.

Read the Kreiger article first as it is easier to get through. I cut and pasted it below. TF also has been mentioning Jim Quinn of The Burning Platform lately. Here's a good article from him as well.

From Mike Krieger

Useful Idiots

First they ignore you, then they laugh at you, then they fight you, then you win.
- Mahatma Gandhi

There isn’t a cohesive message coming from the protestors other than the system is rigged in favor of the top .01%. Those who think they are in control are losing their grip. They see their power and wealth slipping away. They’ve had their way for decades and will not willingly submit to a change in the existing social order. Last night Jim Cramer voiced the concerns of the .01% by saying the Occupy Wall Street protests were worrisome. They are worrisome to the moneyed interests. They are a reason for hope to the 99.9%. We are approaching our moment of truth. There is something terribly wrong with this country. A new American Revolution has begun. It is time to stop being afraid and take this country back. What happens next? The choice is ours.
- Jim Quinn (Read this

But the banking elites that led these frauds have been able to do so with impunity from prosecution. Take on federal agency, the Office of Thrift Supervision (OTS). During the S&L debacle, the OTS made well over 10,000 criminal referrals and made the removal of control frauds from the industry and their prosecution its top two priorities. The agency's support and the provision of 1000 FBI agents to investigate the cases led to the felony conviction of over 1,000 S&L frauds. The bulk of those convictions came from the "Top 100" list that OTS and the FBI created to prioritize the investigation of the worst failed S&Ls. In the ongoing crisis -- which caused losses 40 times larger than the S&L debacle, the OTS made zero criminal referrals, the FBI (as recently as FY 2007) assigned only 120 agents nationally to respond to the well over one million cases of mortgage fraud that occurred annually, and the OTS' non-effort produced no convictions of any S&L control frauds. OTS' sister agencies, the Fed and the OCC, have the same record of not even attempting to identify and prosecute the frauds. The FDIC was better, but still only a shadow of what it was in fighting fraud in the early 1990s. If control frauds can operate with impunity from criminal prosecutions, then the perverse Gresham's dynamic is maximized and market forces will increasingly drive honest banks and firms from the marketplace.
- Bill Black

The Tea Party and Occupy Wall Street are Two Sides of the Same Coin

I am extremely disappointed by the way most people are belittling the Occupy Wall Street protests, which I firmly believe is an extraordinarily important moment in American history that will be seen as the moment when rebellion arrived on the streets of America. Despite my frustrations regarding how pretty much every commentator out there is trying to spin it negatively, this simple fact convinces me without a shadow of a doubt that this is the real deal and we are merely in the second stage of transformative change that Gandhi describes in the quote at the top. We are in the ridicule phase. That is good since like anything else, a transformative rebellion manifests as part of a cyclical process just like anything else.

One thing that I think people are really missing is how similar Occupy Wall Street is to the early stages of Tea Party protests. Do you remember how the fake liberals dismissed that as a bunch of uneducated, racists wearing George Washington costumes? Many claimed it was “astro turf” and would die out. I recall the very day that I saw Rick Santellii on CNBC call for a new “tea party” in America. The moment that event got posted on youtube I sent it out to the entire trading floor at Bernstein saying it was the beginning of something big. People looked at me as if I was insane (as usual) and said that it was an irrelevant comment and nothing meaningful could come out of it. Fast forward a few years, here we are and not only did the Tea Party not peter out but it has become one of the most vibrant and influential political movements in America today. Those that dismissed the Tea Party most forcefully in the early days were from what I would call the “fake liberal” camp and the mainstream media (MSM). This is unsurprising because they simply did not understand it (the MSM aren’t paid to understand anything their job to help maintain the status quo and minimize and trivialize revolt). What the Tea Party represented was a rebellion within the Republican Party which had long ago sold itself out to the 0.1% financial elite class, the military industrial complex and large multi-national corporations that pay no taxes.

So now the Occupy Wall Street protests have begun and the EXACT same thing is happening. Yet this time most of the ridicule and contempt is spewing from what I would call “fake conservatives.” The MSM of course is playing their traditional role as is to be expected. Fortunately for me, I hold no attachment to any fake political party in America and I never have. I stand for a free and fair market system for the economy, for a fierce defense of Constitutional rights in all circumstances NO MATTER WHAT threat we supposedly face, and a cessation of the brutal violence and war we perpetrate abroad. As a result of this non-partisan stance I have an excellent group of friends and contacts across the entire ideological spectrum. From this standpoint, I think I can see things for what they really are and what I am here to say is that Occupy Wall Street represents in part a rebellion within the Democratic Party (ie, the other side of the tea party coin). This is why most of the attacks are coming from the “right” side of the fake political divide. Just like the fake liberals couldn’t understand the tea party, the fake right can’t understand Occupy Wall Street. This is alright. It is all part of the process. Next they will fight us. Just like Gandhi said.

Useful Idiots

Most of the time you hear the term “useful idiots” it is used in a totally pejorative sense. I think this is wrong. A “useful idiot” is actually not really an idiot, rather it is someone who is ignorant and therefore can be manipulated by those that are not ignorant to do as they desire. I mean who reading this was not a “useful idiot” at some point? I know I was. For most of my career on Wall Street that is exactly what I was. I worked in finance but had no idea how the system actually worked. As a result of my ignorance I was very susceptible to much of the propaganda that was blasted in my ear overtly and subliminally for much of my life. While I have always been cynical and never fell for the garbage either political party spewed, I was ignorant about how the world works and as such I could have been a danger to myself and others. Fortunately, I finally did dig further into the matrix, took the red pill and started writing about what I learned. Eventually I decided to leave Wall Street and pursue a different path.

Ok, so is there a point to all this rambling? Of course. The point is that just because there are a lot of “useful idiots” at the Occupy Wall Street protests (just as there were at the Tea Party Protests) that doesn’t mean we should dismiss what is happening or belittle their frustrations. They are merely ships without anchors floating around aimlessly in a sea of ignorance. Rather that mock them right into the hands of bad guys that want to recreate feudalism like Michael Moore, George Soros and Warren Buffett we should educate them.

Michael Moore and Other Carpetbaggers

Let me be clear about one thing. There are plenty of disconcerting things that have emerged in the Occupy Wall Street Protests. The main threat is the clear attempt of disingenuous elites to co-opt the movement and steer the “useful idiots” right into the concentration camps. You think George Soros is an idiot? You don’t think he knows exactly what he is doing when he voices his support? He is trying to co-opt it and own it. He didn’t start anything. He is a carpetbagger of the highest order.

One of the more disturbing things I have seen is this video of Michael Moore at the protests.

Peace and Wisdom,

Dec 10, 2011 - 3:13pm

oh yes, more support

If Mike is not already registered R and supporting Ron Paul, I hope he signs up right away!

Dec 10, 2011 - 5:28pm

Suggestion for Future Podcast

First, this was a great podcast. I enjoyed listening to Mike Krieger.

Would you consider interviewing Andy Hoffman for a future podcast? Like Mike Krieger, Andy Hoffman spent several years on Wall Street, and he really knows his stuff. In my opinion, he is one of the brightest minds out there in the PM world. Andy is the Director of Marketing at Miles Franklin, a precious metals dealer. He writes a daily newsletter, which you can sign up to receive for free at Miles Franklin's website. Here is the link to Andy Hoffman's archives.

Dec 10, 2011 - 8:23pm

Epic Interview

Wow, what an interview. I think I am going to go back and listen to it again. Yes, I am going to do that.

I really hope we all have more time than we think to prepare, but I also think those in power can drag this out for a long time, and like Krieger I am afraid of an Orwellian future where people have ceded their freedoms when down the road everything is falling to pieces.

I love how he said something about side-lining big PM players and people like us; "they know that we know the game is up, and we have already protected ourselves..., everybody who knows the score is long metals... Bernanke wants to print so badly one, two trillion right now, but he is terrified, because we all would go buy tomorrow." Perfectly thought out logic IMO.

Krieger calls out the internet towards the end of this interview. I have been thinking about the internet from a different perspective for months now, and how much social media and instant communication have impacted our societies. The our current state of affairs is linked at the hip to the internet, such an integrated time to be alive, most human integration/knowledge share yet. Human integration has gone exponential, just like the money supply and the price of precious metals and population growth and fossil fuels consumption. Shit, all unsustainable, cannot last forever. Why is this not common knowledge? Oh yeah, power/greed and corruption everywhere you look. Well, let's all just share the knowledge of how screwed up the entire planet's outlook for humans looks - and then BAM! Now here we are, global awakening to the injustice, the corruption, the truth about global financial markets. Sometime awakenings can be violent, I sure hope ours is not.


Dec 10, 2011 - 9:59pm

@ ipreferPHYS

powerful comments

spot on

Dec 10, 2011 - 10:28pm
Dec 11, 2011 - 12:34am

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