TFMR Podcast #20 - A Second Visit With Mike Krieger


Back on Wednesday, I had the chance to visit again with Mike Krieger. He's one helluva smart guy and great analyst and writer but his new project ( is something you have got to check out.

On the LibertyBlitzkrieg site, Mike's "welcome" message pretty much sums it up:

"While these are dangerous times, these are also times of great opportunity. It is only in times like these that we can change the world…for better or worse. Our enemies want increased global centralization of political and economic power. We want the opposite. We want freedom. Freedom of speech. Freedom to use whatever money we want to use not have some digital garbage they create shoved down our throats. Freedom to pick whatever job we want and the freedom to live how we want to live. Please join me in the Liberty Blitzkrieg!"

To that end, in this podcast Mike and I discuss our losses of freedom. Whether the topic is the loss of "free" markets or the increasing government encroachment upon civil liberties, Mike is on it and his insights provide the basis for this interesting and informative interview.



May 18, 2012 - 4:29pm

Very interesting and positive

Very interesting and positive week ( for PM bugs, of course). GSR down to 55,5.

FB bugs may start to feel some doubts.

May 18, 2012 - 4:35pm


A quick double-whammy on a Friday. I'm liking it!

May 18, 2012 - 5:33pm

Turd .....unbelievable

i been working hard on my game. 2 top 100's this week and now turd. will go out and celebrate .. stack a little 90% (mercs and walkers abt $20.50 face $) to make up for my recent boating accident.

May 18, 2012 - 5:36pm


Mike Krieger has class...period.

May 18, 2012 - 5:39pm

Silver In a Depopulated World.....

Currently there are approximately 630 million ounces of silver mined out of the ground each year. That means, for each of the 7 billion individuals alive on the planet today, there are approximately 0.09 ounces of silver mined for each individual. Many of the market’s fundamentals point to the diverse uses for the metal and its relative rareness as a reason for its collectively perceived value among men and women over time.

Now, let’s assume that, if there were Ehrlich’s suggested 1.5 billion people alive, production levels would stay the same, made robust by the rolling out of robotics into the industrial sphere. This would therefore mean that 0.42 ounces of silver would be mined for each individual – that’s almost half an ounce of silver.

May 18, 2012 - 6:10pm

Banks Win, RIP "Show me the Note"

For those that are following this, the local court here in Riverside, sort of ground zero for the foreclosure mess in California, has been upheld in the outright rejection of "Show Me the Note" as a valid claim. In short, MERS has the right to foreclose, as does any trustee under the deed of trust. Period.

No more arguments that somehow there was not a proper assignment recorded, or that the chain of title is broken, or that MERS is not legally able to foreclose. In short, banks win, consumers lose, and that is that.

The case came down this week, and is not yet in the official reporter. Here is the info [No. E052943. Fourth Dist., Div. Two. May 17, 2012.]

SALVADOR HERRERA et al., Plaintiffs and Appellants, v. FEDERAL NATIONAL MORTGAGE ASSOCIATION, Defendant and Respondent. (Superior Court of Riverside County, No. RIC542435, Paulette D. Barkley, Temporary Judge. fn. * ) (Opinion by Codrington, J., with McKinster, Acting P.J., and King, J., concurring.) Cal.App.4th 2012

The case will end up in the published official reports in awhile, but for now, this case will become known nationwide, like the Gomes case. Basically, with the nationwide settlement, and now this judicial stamp of approval on the whole securitization scheme, at least here in So. Cal., expect there to be a lot more foreclosures, and a lot of non-paying debtors being kicked out of their homes.

This should be very bad for the local economy, because now those deadbeats have to actually use some of their unemployment money to pay for housing, which should derail discretionary spending, and send companies like Apple down. Just my prognostication, but the time line on this is over the next six months to a year.

The real estate market definitely has not bottomed yet here.

Sorry to interrupt this thread, but I wanted to post this before I forgot.

Have a great weekend everyone!

May 18, 2012 - 6:43pm

Amalgam of key themes

Love the themes of social, political, financial with historical coating. Manipulation is a sub-topic that must included: health-environment (clean air, water) and a fight for food freedom (topple Monsanto the other EE).

A wall street-central bank ponzi scheme hoodwinking the masses as Mike points out.

This is where the left and right come full circle to unite. Lucha por la lucha.

May 18, 2012 - 7:21pm

So, I filed my corporate

So, I filed my corporate taxes in February, and now the IRS is claiming that I filed them late, three days after the deadline, with a letter dated May 28th, 2012, and have charged an amount that is not listed in any law that I can find, including the law they cited regarding the penalty.

The US kleptocracy is now targeting my personal small business. I will be shutting it down next week if they refuse to wave this BS.

May 18, 2012 - 7:42pm

Mike's only problem.... that he is a Dukey. Other than that...solid.

It had to be said.

May 18, 2012 - 7:52pm


Hang in there bud

It might take awhile but you'll win out if you're right.

May 18, 2012 - 8:18pm

Hyperinflation versus Default

Great discussion Mike and Turd. Thank you for the informative podcast!

I agree with your point of view that the debt will never be paid off. Regarding the comments on the choice between hyperinflation versus default, it seems to me if you consider what happens in the two choices, one becomes obvious. If default is the way, the people holding the debt lose. Who are the people holding the debt? Seems to me like the banks/TPTB. If hyperinflation is the way, everyone loses together. When you look at it this way, I don't see how hyperinflation is not coming.

May 18, 2012 - 8:25pm

Just a quick thought

Who is going to be doing that mining of 630 million oz of silver a year if more than 3/4's of the world population is gone?

If I'm one of the ones left I'll be too busy working on my gardens for food.

Fred Hayek
May 18, 2012 - 9:21pm

Very good stuff, Turd. Thanks.

I'll have to check out his site.

Bobbejaan SV
May 18, 2012 - 9:50pm

Woo-Hoo !! ... Keep your hands off my pwecious - It's ....

Now, let’s assume that, if there were Ehrlich’s suggested 1.5 billion people alive, production levels would stay the same, made robust by the rolling out of robotics into the industrial sphere. This would therefore mean that 0.42 ounces of silver would be mined for each individual – that’s almost half an ounce of silver.

Woo-Hoo!! ... That means my family must be WAY ahead of the game as we've got MORE than our socialistic-fair-share of 0.42 ounces of silver each, AND we haven't been prince-philliped (yet).


Whilst I pity the poor suckers that won't now be able to get their 0.42 ounces due to our evil hoarding ...

... I feel my most appropriate, mature, and considered response should be :-

mine mine mine - finding nemo
May 18, 2012 - 10:09pm

Pink Floyd HD - PULSE Full Concert


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May 18, 2012 - 10:24pm

Expounding on a quick thought

I had failed to see the part about robotics. Not that it changes my mind. Being a poor working slob, I've seen attempts to futurize my job, almost all create more work for me. Mining isn't like car manufacturing. A car isn't coming down the nice clean assembly line, where one arm holds a part, while another arc welds it in place. Mining is a dirty & rough on equipment job. Maybe in 20 - 30 years, 15 at the earliest. Unfortunately, I can seen the world's population decreasing dramatically much sooner.

May 18, 2012 - 10:33pm
May 18, 2012 - 11:04pm

5 Types of Mining/vids

Let's see if we can draw some interest over to this podcast on a Friday night and get some lurkers to chime in.

Hello...fellow Turdite lurkers. Just nod if you can hear me.

Enjoy the vids

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May 18, 2012 - 11:10pm

This will probably get buried over the weekend, but...'s an interesting article RE gold mining from Mark Mahaffey, founder of Hinde Capital. Ben Davies is the CEO of Hinde, whom you might have seen in the financial press a fair bit.

Gold and Silver mining: A Post-Mortem

Mark's view is similar to what I've heard from Rick Rule lately RE the mining industry. The fat will be pruned vigorously, and only the cream will the big bucks.

Also interesting: "Clearly the cost issue has potentially bullish implications for the price of gold. If the cost push inflation feeding through to the production of gold is rapidly approaching the market price of gold then uneconomic mines will be closed and supply at this price level will be sharply reduced. If demand remains the same, our textbooks will tell us that prices will rise."

(link was posted on KWN)

Chris P. Bacon
May 19, 2012 - 5:04am

A nice study of the Fed

Particularly the efficacy of the Fed to it's stated mission. From they Von Mises Institute, presented by George Selgin.

A Century of Failure: Why It's Time to Consider Replacing the Fed | George Selgin
May 19, 2012 - 6:53am

They had to manipulate FB too...unbelievable

Facebook's IPO Sputters Underwriters Forced to Prop Up IPO of Social Network; Only a 23-Cent Rise

May 19, 2012 - 9:48am
May 19, 2012 - 10:59am


BHP may delay at least 2 mega projects to curb spending

Analysts reckons the mining group is likely to delay signing off on at least two mega projects after its chairman put the brakes on an $80 billion mega spending plan.

Author: By Sonali Paul
Posted: Friday , 18 May 2012

BHP Billiton, the world's biggest miner, is likely to delay signing off on at least two mega projects after its chairman put the brakes on an $80 billion plan to grow the company's iron ore, copper and energy operations, analysts say.

Slumping commodity prices and escalating costs have squeezed cash flows, pushing BHP to join rival Rio Tinto in reconsidering the pace of their long-term expansion in countries such as Australia and Canada.

"The major message is: 'We can't approve anything right now. We don't have a spare cent to spend,'" UBS analyst Glyn Lawcock said.


Again, more evidence is coming forth that the mining sector is running into trouble due to RISING COSTS and DECLINING METAL PRICES. We must remember, the majority of silver comes as a by-product of base metal mining. If BHP and RIO TINTO are cutting back on massive projects, this will also curb future silver supply.

Isn't it amazing that these huge mining companies "DON'T HAVE A SPARE CENT TO SPEND?" Why? Because the world's profits are not flowing into companies that actually provide goods, but to LEECH FINANCIAL BANKS & COMPANIES that consume the larger percentage of the total.

This will change going forward when the worlds banking systems implode and we go back to a more BARTER TRADE.

Lastly, I read Louise Yamada's technical analysis on GOLD and SILVER. She says that silver could hit $25... and if it takes that price out it could go down to $20. These stupid technical analysts have no clue just how the Financial markets have destroyed the RESOURCE SECTOR. If the price of silver goes down that far, you are talking major SUPPLY drying up and mines going bankrupt.

I would imagine a good percentage of JUNIORS will just simply dry up and blow away for good. I get so sick and tired of Technical Analysts putting down figures like this because of STUPID so-called resistance and support levels. These levels have nothing to do with the real world whatsoever.

Futures, Options and Derivatives used to be for the benefit of the PRODUCERS and TRADERS who dealt with these commodities and metals. Today, its just a FREE-FOR-ALL.

May 19, 2012 - 11:05am


The only place I differ with Mike is that the energy situation going forward will make the United States as a country.... unsustainable. Cheap and abundant energy connected the country together in the 1800's, and the opposite will tear it apart in this century (probably within the decade).

There are only a few analysts who truly understand just how bad the situation will become as it pertains to NET OIL EXPORTS. This is why I believe the EIA is overstating U.S. oil production figures. When the world realizes that OIL has finally peaked, net exports will fall even faster due to exporters holding on to their precious resource.

Urban Roman SRSrocco
May 19, 2012 - 11:23am


Yep, and that also explains the open-ended occupations of the Middle East. None of the official explanations, nor the various other rumors, make sense.

Unfortunately war is very inefficient -- we are rapidly dropping below an EROI of 1.0 on that activity, if we haven't already done so.

May 19, 2012 - 11:26am

confiscation fears

I have had my share of anxiety regarding the potential impact a heavy handed government could have and the possibility of all PM profits being siphoned away by the mob, via govt regulation/taxation...unless it shoots the mob in the foot....

How can this happen if the massive public union pension funds are in on the trade? Texas teachers union has been quite vocal about their position. Bridgewater is a massive hedge fund that must have hundreds of pension funds and Bridgewater is a vocal advocate of 10% allocation to gold. That is a significant body of constituents that are connected to the trade. This is hardly just a group of tinfoil hat wearing freaks hanging out on a blog ran by a guy named "Turd" This trade now affects hundreds of thousands if not millions of public employee pensioners. Thank God for Ray Dalio. Could you imagine the potential civil unrest? I suspect others will follow his lead.

I think critical political opposition to confiscation mass has been reached. I just bring this up because I feel the pain and I am sure others do, too, of anxiety. I think this anxiety is understandable, but at this point unwarranted.

This doesn't put an end to "The President's Working Group" or PPT or whomever pulls the levers on manipulation. Look at Facebook yesterday. Chance? Free price discovery? right. It happens in every market that matters to public opinion.

Damn does MS look all nets some number between here and minus a lot. MS is this seasons Bear or Lehman????

May 19, 2012 - 12:34pm


Appreciate this article. Mike is a great thinker and far out in front of the curve. He always highlights things I can barely comprehend but ends up making them intelligible.

May 19, 2012 - 12:40pm
May 19, 2012 - 12:46pm


I have to say that though I am a critic and naysayer of some of the theories expounded here I feel at home in this family regardless. And a good deal of it is just over my head and requires a lot of time and patience to read and digest.

I was on Facebook last night. That was my first mistake. Reading a guy's blog that he has set up on his home page. An older t.v. actor and terminal liberal. I criticized him for not addressing real issues. He plays around with all the hot button stuff like gay rights,freedom of choice,left-right,Obama as savior,etc. I could hardly believe the amount of rage that surfaced when I made the simple criticisms. All the faux humility this character puts on display daily was revealed as nothing more than thinly veiled self-righteous fury.

I am very happy that there are intelligent places I can go on the Internet where people want to confront real issues of survival and the system. In the end I think we are all just splitting hairs about our differences and I am grateful to the Turd for providing this island of sanity in an insane sea of delusion and mediocrity.

I am anticipating now a big up cycle in the metals. We rarely hold over 2 days up in a row, the COT however suspect it is is very bullish and for many other contrarian reasons, its that time again. Who knows?

May 19, 2012 - 1:36pm

Good Podcast

Good podcast, thank you. Krieger - good guy. (His name is German for 'fighter' or 'warmonger' or 'soldier', something like that?) Hmm....

Double up and fight harder? I'm so exhausted....

Managed to add two measly ounces of silver this week...but I have yet to sell even a tiny mercury round from the stacks. If I can't add anymore, I'll still hold for a very long time....

P.S. My traditional Christmas count will be a good one this year. Know what I mean? Anyone else with me on this one?

P.S.S. Just for the record, I did give 1 ounce to a poor, nearly blind stranger, a Native American (who insists I call him an 'Indian') obsessed with tracking lost PM hoards in the mountains of the Western US, so I don't just stack for no reason. We still stack to live, not live to stack. (Also, have part earmarked for 'helping others' when the time is right for such a thing, as in, the market is allowed to float again.)


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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)