TFMR Podcast #21 - Jim Willie Returns


It's been two weeks since we last visited with Jim Willie. In the time since, the JPM derivative fiasco has come into sharper focus and, of course, the global financial condition has continued to deteriorate. In this podcast, Jim has a forum to discuss these issues at length. Though it's about 55 minutes long, at least 50 minutes are of Jim talking in a stream of consciousness that will keep your attention. Please make time over this 3-day weekend to listen to the podcast in its entirety. You won't be disappointed.


May 25, 2012 - 3:45pm



May 25, 2012 - 3:50pm


One day Ill be first

Be Prepared
May 25, 2012 - 3:56pm

Another Homerun....

Thanks Turd for all your efforts and hard work. I really appreciate you putting together these podcasts. :-)

May 25, 2012 - 3:58pm

About to Listen ..

Looking forward to hearing what you and Jim discussed. Thanks Turd!

May 25, 2012 - 3:58pm

good to be turd

good to be turd.

After you listen to Jim Willie podcast give this a read and hopefully some action. Have a great weekend everybody.

With this being a long holiday weekend and with TFMR's one year anniversary upon us, I thought it might be a good time to request this of all those who are so inclined , again. Please stop in and leave Turd a little something.

When Turdites, Found, Developed, Insight, Knowledge

With a hat tip to TF for his love of acronyms. I was having a conversation with Pining about how and when we became aware of metals, the Ponzi scheme and finally TFMR. I thought it would be interesting as we approach TFMR's one year anniversary to start a new forum to keep a record of it for a future look back.

My story. Back in 2008 a friend recommended a book of fiction called The Shell Game. It's amazing how so much of this books content has been part of the conversation here in the last few days. For those who have never read it, I highly enjoyed it. Here's a synopsis.
From the Publisher

The events of September 11th, 2001,the invasion of Iraq,the threat of radical Islam,an impending showdown with Iran. What do these situations have in common? Oil. And the world is running out. The SHELL GAME is far more than a thriller, it is a MUST-READ cautionary tale that exposes the next 9/11 event a deception that will lead to a retaliatory chemical weapons strike on Iran and the terrorist elements the regime supports. Though the novel is written as fiction, it is filled with all-too-real details provided by insiders in the oil industry, military, and Middle Eastern affairs that extrapolates real events from the past and present that will lead us down a path of self-destruction.Unless we stop the insanity now!

Product Description

The story opens in 2007 when two CIA spooks meet with an American Colonel in military intelligence. The war is going badly, and President Bush, who steadfastly refuses to back down, remains unchallenged at home as Democrats and Republicans continue to toss verbal grenades positioning themselves for the 2008 elections. Meanwhile, Iran s pursuit of nuclear energy will yield enriched uranium within five years, uranium that can be used to manufacture suitcase nukes. The United States military is too drained to invade Iran, and a preemptive strike is out of the question,unless a nuclear detonation were to occur in an American city, the enriched uranium traced back to Iran. A U.S. reprisal would strike a death-blow against radical Islam, quell
the insurgent violence in Iraq,and yield more oil. Yes, the cost is unthinkable but if we sit back and do nothing then one day a dozen suitcase bombs could go off in a dozen American cities bringing with it anarchy and the collapse of Western civilization. December 2011: Ashley Ace Futrell is an oil expert working for PetroConsultants, married to Kelli Doyle, a former National Security Advisor and one of the CIA spooks from the opening scene. When Kelli threatens to expose the plot, Ace finds his existence hurtling down a rabbits hole of deceit where the orchestrated lies of the powerful few could lead to the darkest days of human existence, and the death knell for billions.

In the book the author refers numerous times to Michael Ruppert's Crossing The Rubicon book. After reading his book in which Ruppert wrote in 2004, he said gold was going to $1700 an ounce. At the time it was about $375. So many of Ruppert's other observations seemed spot on to me that I believed his gold forecast.

From there I came across FOFOA and Chris Martenson. Once there, one of the regulars on Martenson posted what he used as a homepage, consisting of the many sites we all read. Of course one of them was Zero Hedge. As many of us here know, is where we first discovered Turd.

I think it would be interesting to hear how many of the people on TFMR came to awareness.


May 25, 2012 - 4:17pm

Go Turd

Turd what you do here for us is so much appreciated and so important. As things are gathering momentum, you are not letting the TPTB wear you down , you are rising above silly bickering here and in fact you are upping your game. Kudos.

May 25, 2012 - 4:29pm


Haven't listened yet but look forward to it.

On another note I hope stackers noted today that a new law is being passed in Aussie land that will make it a 1.2 million dollar fine to speak against Rothschild's fraudulent 'carbon tax'.

Anyone who believes they won't be moving on physical with a huge confiscation tax might be naive.

May 25, 2012 - 4:32pm

Macro point of view

I think this drags out much longer than anyone thinks. From a macro standpoint, interest rates will stay low. Really low for quite a while longer as all the paper tigers still flock to the dollar because believe it or not its the least damaged house on the block. Europe is in deep doo as is China, even more so. Actually we can only speculate to the amount of trouble China is in because nearly 50 percent of enterprises are state run and they are suppressing the realities of the awful situation they are in.

As we continue to go deeper and deeper in debt with no political will to take on austerity, the entities that buy our debt will demand a higher interest rates and the US will have to acquiesce. This will be the flash point or bang point that everything falls apart at. Whether this happens in 2013,14, 15 or later I think they can juggle the balls much longer than most think. They always do. When we hit the point where the investment markets no longer have confidence in that stream of future revenues, then the discount rate will rise, and monetary policy won't be able to control it. Fiscal policy won't be able to control it. That is when all the stacking will have really payed off. That is when the new paradigm comes to fruition. Deflation would be nice, but thats just not in the cards Im afraid. Massive inflation/quasi hyperinflation is dialed in and the order of this decade.

By the way, I am half way through the podcast. Nice work Mr.F


May 25, 2012 - 4:46pm

Gotta give Jim his due

He came on w/ TF two weeks ago, when the 2 billion number was all you heard about JPM, and said "It's at least ten times what they are saying publicly". Now, two weeks later, his assertion is now conventional wisdom in the blogosphere and indications (suspending buy-backs and dividends) are supporting the idea that this is huge. Big props to Jim for the bold and correct call, and thanks to Turd for allowing all of us to get stuff like this in real-time.

R man J
May 25, 2012 - 5:49pm

thanks so much Turd &Jim

Took in the entire interview. Had to repeat a few sections. Some of my favorite points:

1. Large customers with 4+ year old bullion accounts taking delivery this year are getting bars dated 2011. Hmmm LIFO at the bullion banks or fractional reserve/leasing of customers gold?

2. 5,000 tons leaving europe heading East. 20,000 tons of physical required if all customers were to do the "Hugo".

3. 10 yr UST at 1.77 now to go to 1.4 soon and suck in all other bond $$$$. MSM SCREAMING "you have to be in USTs" as a sign of federal system implosion.

4. Coming backwardation of USD. Gotta get my head around that.

I subscribed to JW after the last TF interview. Glad I did. BTW Santa and Rickards are contrarians on EURO. They say EURO will win a long victory.

May 25, 2012 - 6:19pm


that guy is one smart character. I appreciate the reach of his insights. So many question marks and such a complex minefield, its nothing like "The Avengers", I wonder why?

Enjoyed hearing him make reference to the hoax pulled off 11 odd years ago. By now the Turd has got to be coming around on that one, hopefully.

Everyone have a good weekend.

May 25, 2012 - 6:28pm


Wow! great stuff! thank you!

Definately implies SHTF sooner than later. Sobering stuff

May 25, 2012 - 6:39pm


Good stuff! Wow, what an education on the final throes.

"...Ah, you're gonna have to edit that."

R man J
May 25, 2012 - 7:04pm

JW said something not too many are ready to hear

He will rejoice when the US system as it is implodes. He believes it will lead to states rights system closer to the original intent of the Constitution. AND that the East wants this. Imagine that China and Russia being more in favor of a constitutional govt in US. Banker owned Congress, President, Cabinet, Judiciary are working against a just system. Yet we must obey, while the quiet revolution (buying constitutional money) goes on.

May 25, 2012 - 7:05pm

18 billion lost by JPMorgan

Willie Called it! The End of JPMorgan If We Want It!

Fred Hayek
May 25, 2012 - 7:33pm

Many many thanks, Turd!

Every time I listen to or read Jim Willie, I feel like we're fighting on the same side but I'm a grunt or a non-commissioned officer at best and he's seen all the intel and gone over all the maps. It's fascinating to hear what everyone at HQ was looking at on the maps. Will some of the intel turn out to be false? Sure. But he seems to know a ton of stuff that our corrupt, lapdog media wouldn't inform us of in a hundred years.

As a kid or even 10 years ago I could never have envisioned being happy that chinese and other interests were taking down U.S. banks but those banks are not my friends. They would crush me, they would kill me for a dime's more return on any investment without a second thought.

And to hear that the scum manipulating the PM's are having their ammunition taken from them makes it easier to bide my time, makes me feel more certain that I've done the right thing.

Thank you, Turd and Jim Willie have a great weekend both of you.

Lamenting Laverne
May 25, 2012 - 8:28pm


Thank you so much for both podcasts. They were both excellent in different ways. It is easy to get disheartened by all the confusing messages out there. When you think your have figured something out, sure enough, two seconds later some new piece of information will blow your thesis right out of the water again. Both podcasts were 100% clarifying and 0% confusing due to the guests superb input and Mr. T's skilled structuring. WOW!... Dang!, now I won't be able to go to sleep

Vernon Wormer
May 25, 2012 - 8:57pm

Thanks Turd

Wow, that was a hell of an interview. So much to ponder.


I don't think so. There is so much that is happening behind the scenes in the bowels of these financial establishments that we can't know what the hell is going on. I don't even pretend to know a fraction of what JW was talking about, but most complex systems work until they don't. I really do believe that the end will happen over a weekend. Something will seem amiss on Friday and come Monday the whole damn thing will be broken. The challenge is to listen and try to figure out which weekend. Good luck and Godspeed.

May 25, 2012 - 9:19pm


Time will tell wont it. We're going to have to engage in austerity, but like I said I dont know when that happens. We're going to need a program of shared sacrifice at the federal level because the federal government is a critical component. We are going to have to do these four things for any hope. We are going to have to reform Social Security and Medicare; we are going to need to eliminate tax loopholes, so that all taxpayers share in the sacrifice; we are going to have to have some modest consumption-based tax; and hopefully we protect the marginal tax rates. If we cannot do that, then there is no path out – and that may be the path we take.


May 25, 2012 - 9:21pm

Crush on TF

All I have to say! Best podcast yet!

May 25, 2012 - 10:23pm

Thank you !! for the JIM WILLIE interview !

i signed up for an account just so i could say thank you so much for the JIM WILLIE interviews !! i'm a fan & hang on his every word. sincere regards .....

Vernon Wormer
May 25, 2012 - 10:39pm


I totally agree. However, all those fixes will do is save the system. Where I differ is that I do not believe that the system can be or should be saved. The debt numbers are simply too large. SS, Medicare, and really all federal giveaways need to stop. We need a really small federal government with extremely limited powers, just like the plan says. Fixing the tax system because we perceive it to be unfair assumes that it should be fixed. I don't.

We need to start over. Maybe this belief is why I think the crash will happen fast. You know, wishful thinking. In the end, I just want this fake existence to end for my kids. I simply want to keep the fruits of my labors and spend time with my family and friends.

Best to you and yours.

May 25, 2012 - 11:24pm

Adios, Adieu, Lebewohl, Bye Bye...Euro

Wow! What a podcast! Thanks Turd And Jim!! Mind boggling! No wonder they just designated Comex too big to fail.... How the hell are they going to deliver?

May 26, 2012 - 12:09am

enough said.

donnojackshit SilverWealth
May 26, 2012 - 7:09am


I haven't heard anything about this Aussie fine for speaking out against the impending carbon tax?

Please share what info you have?

May 26, 2012 - 8:36am

Great interview

It blew my socks out.

One slight point if i may...i don't think this derivative ponzi scheme will crack by accident, because poor old Jamie made a mistake. I think it will do so by design. This is what they have always wanted to happen. It is the ultimate excuse for martial law, for bank holidays, and for stealing whatever paper wealth Joe Sixpack has left.

May 26, 2012 - 9:10am


1) Why will the 10 year treasury note continue to rally? would not falling yields dissuade buying? Is it because I could sell the bond later for more than I paid for it?

2) Could Bernanke increase the Fed fund rate to slow down the rally in the treasury bonds or would that crash J.P. Morgan's derivative position?


May 26, 2012 - 9:34am


Just wondering if someone has any idea what would take place if we had a " default and restructure" of the dollar?

May 26, 2012 - 10:38am

The other podcast will

The other podcast will provide you with some answers.

May 26, 2012 - 12:00pm

Jim Willie is the MAN

IMHO, Jim Willie is the MAN. On JPM (LOL)

"JPM is too big to fail, too big to control, too big to govern, too big to confront, too big to punish, too big to liquidate, too entrenched to change"

He is pessimistic for the future of the USA. He does give PM investors a lot of encouragement in his latest letter, however.

"Down the road in the near future, the price attacks will be on the upside, since the Eastern Coalition will not see the ample stacks of gold bars in London or New York or Swiss to pursue in raids with low-ball price held with brute force. Then the gold price will zoom past the $2000/oz price. Silver will tag along for the ride in a similar fashion, zipping past $80/oz. The incredulous will simply have to watch, wait, and see. The naysayers are worth ignoring, since they cannot explain a single event in the mounting crisis."


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