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.

Key Economic Events Week of 10/14

10/15 8:30 ET Empire State Fed MI
10/16 8:30 ET Retail Sales
10/16 10:00 ET Business Inventories
10/17 8:30 ET Housing Starts and Bldg Perms
10/17 8:30 ET Philly Fed MI
10/17 9:15 ET Cap Ute and Ind Prod
10/18 10:00 ET LEIII
10/18 Speeches from Goons Kaplan, George and Chlamydia

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Key Economic Events Week of 10/14

10/15 8:30 ET Empire State Fed MI
10/16 8:30 ET Retail Sales
10/16 10:00 ET Business Inventories
10/17 8:30 ET Housing Starts and Bldg Perms
10/17 8:30 ET Philly Fed MI
10/17 9:15 ET Cap Ute and Ind Prod
10/18 10:00 ET LEIII
10/18 Speeches from Goons Kaplan, George and Chlamydia

Key Economic Events Week of 10/7

10/8 8:30 ET Producer Price Index
10/9 10:00 ET Job Openings
10/9 10:00 ET Wholesale Inventories
10/9 2:00 ET September FOMC minutes
10/10 8:30 ET Consumer Price Index
10/11 10:00 ET Consumer Sentiment

Key Economic Events Week of 9/30

9/30 9:45 ET Chicago PMI
10/1 9:45 ET Markit Manu PMI
10/1 10:00 ET ISM Manu PMI
10/1 10:00 ET Construction Spending
10/2 China Golden Week Begins
10/2 8:15 ET ADP jobs report
10/3 9:45 ET Markit Service PMI
10/3 10:00 ET ISM Service PMI
10/3 10:00 ET Factory Orders
10/4 8:30 ET BLSBS
10/4 8:30 ET US Trade Deficit

Key Economic Events Week of 9/23

9/23 9:45 ET Markit flash PMIs
9/24 10:00 ET Consumer Confidence
9/26 8:30 ET Q2 GDP third guess
9/27 8:30 ET Durable Goods
9/27 8:30 ET Pers Inc and Cons Spend
9/27 8:30 ET Core Inflation

Key Economic Events Week of 9/16

9/17 9:15 ET Cap Ute & Ind Prod
9/18 8:30 ET Housing Starts & Bldg Perm.
9/18 2:00 ET Fedlines
9/18 2:30 ET CGP presser
9/19 8:30 ET Philly Fed
9/19 10:00 ET Existing Home Sales

Key Economic Events Week of 9/9

9/10 10:00 ET Job openings
9/11 8:30 ET PPI
9/11 10:00 ET Wholesale Inv.
9/12 8:30 ET CPI
9/13 8:30 ET Retail Sales
9/13 10:00 ET Consumer Sentiment
9/13 10:00 ET Business Inv.

Key Economic Events Week of 9/3

9/3 9:45 ET Markit Manu PMI
9/3 10:00 ET ISM Manu PMI
9/3 10:00 ET Construction Spending
9/4 8:30 ET Foreign Trade Deficit
9/5 9:45 ET Markit Svc PMI
9/5 10:00 ET ISM Svc PMI
9/5 10:00 ET Factory Orders
9/6 8:30 ET BLSBS

Key Economic Events Week of 8/26

8/26 8:30 ET Durable Goods
8/27 9:00 ET Case-Shiller Home Price Idx
8/27 10:00 ET Consumer Confidence
8/29 8:30 ET Q2 GDP 2nd guess
8/29 8:30 ET Advance Trade in Goods
8/30 8:30 ET Pers. Inc. and Cons. Spend.
8/30 8:30 ET Core Inflation
8/30 9:45 ET Chicago PMI

Key Economic Events Week of 8/19

8/21 10:00 ET Existing home sales
8/21 2:00 ET July FOMC minutes
8/22 9:45 ET Markit Manu and Svc PMIs
8/22 Jackson Holedown begins
8/23 10:00 ET Chief Goon Powell speaks

Key Economic Events Week of 8/12

8/13 8:30 ET Consumer Price Index
8/14 8:30 ET Retail Sales
8/14 8:30 ET Productivity & Labor Costs
8/14 8:30 ET Philly Fed
8/14 9:15 ET Ind Prod and Cap Ute
8/14 10:00 ET Business Inventories
8/15 8:30 ET Housing Starts & Bldg Permits

Forum Discussion

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