TFMR Podcast #23 - The Jim Willie Trifecta

284

On Wednesday, I spoke again with the inimitable Golden Jackass, Jim Willie. 

First of all, I hope you've got some time to devote to listening as this baby clocks in at about 55 minutes. I tell you what, though, it's well worth your time. Think of it as two acts. In the opening act, Jim answers some of the Turdite questions that were submitted earlier this week. We tried to cover as many as we could but we only got to 5 or 6 of them. The questions were so good that it took a while to answer them but we tried our best to hit the most popular queries. In act two, Jim and I discuss current events and the developing "black hole" of the U.S. treasury market and U.S. government deficit funding.

Jim's on his game here so sit back, relax, maybe crack a cold one and enjoy. 

  284 Comments

pourty · Jun 14, 2012 - 7:57pm

Who will be first?

And make this all worth it? LOL!

Now I'll be ignored by 15 people!

Jager06 · Jun 14, 2012 - 8:00pm

Top Ten?

Wow Number Two!

As the World Burns, I make it to the position of First Loser!

Wait 'til I tell the kids!

¤ · Jun 14, 2012 - 8:04pm

Trifecta indeed

3rd?

Thanks for doing this for us TF and thank you Jim Willie.

Everyone appreciates it. yes

Speaking of black holes...I just did minutes earlier...

https://www.tfmetalsreport.com/comment/102453#comment-102453

QE to infinity · Jun 14, 2012 - 8:07pm

As the World Burns, I make it

As the World Burns, I make it to the position of First Loser!

​No, first runner-up cheeky or silver ​medallist yes

· Jun 14, 2012 - 8:07pm

From Trader Dan

This is a good chart. Watch 1630.

croc987 · Jun 14, 2012 - 8:08pm
Lanikai · Jun 14, 2012 - 8:18pm

Look for the wild card events

beyond just the continued bank runs and bond failures like the Euro no longer trading on the forex...

Ok, back to listening to the other half. Nice anniversary gift, thank you Turd.

ReachWest · Jun 14, 2012 - 8:36pm

Looking Forward to Listening

Thanks Turd - I look forward to these podcasts (and Jim is one of my favourites) - I will certainly be subscribing to the new Turdville radio, when it comes out.

bam ¤ · Jun 14, 2012 - 9:17pm

@Indigo

>Speaking of black holes...I just did minutes earlier...

The whole turd metaphor is really messing with my head. I truly thought you were talking about something else here.
¤ · Jun 14, 2012 - 9:26pm

bam

LOL! Damn that was funny! laugh

You people have no idea how many times I read something and start laughing and feel great sitting on my side of it and chuckling. Some seriously funny folks .

And other times I'm nodding my head a little and going "H'mmm?" from some brilliant or appropriate stroke of brain energy.

Or maybe just a bacon mention... cheeky

LMAO!

heyJoe · Jun 14, 2012 - 9:30pm

Jim Willie and Ayn Rand

After listening to Jim, I thought of an Ayn Rand quote:

"You can deny reality; but, you cannot deny the consequences of denying reality."

Lanikai · Jun 14, 2012 - 9:31pm

Jim Willie ends on something

I have lamented for years, that we traded our economy and manufacturing base for cheap products from China: "traded our factories for home equity loans" as Jim says, and thus no recovery for the US.

It's beyond a failed recovery with the ending of the SWIFT, petrodollars and failed US treasury bonds; a black hole indeed.

¤ · Jun 14, 2012 - 9:42pm

Torn

It's ok to crank your computer speakers, they won't mind....much 

Creed - Torn (With Lyrics)
Planters · Jun 14, 2012 - 9:51pm

These guys love the printing

These guys love the printing press more than the Brrrrrrrrrr-Skanky

https://buzz.money.cnn.com/2012/06/14/bank-of-england-euro-crisis/?iid=HP_LN

Bank of England moves to boost British economy

The Bank of England and the Chancellor of the Exchequer are working on new policies to support the British economy, BoE governor Mervyn King said Thursday.

"With signs of a deterioration in the outlook, especially in world markets, the case for a further monetary easing is growing," King said in a speech to business leaders in London

vonburpenstein · Jun 14, 2012 - 9:57pm

Page One!

do you get any love for that? 

Great podcast, good stuff no doubt...

tread_w_care · Jun 14, 2012 - 10:08pm

ICBC

jim mentioned the ICBC

https://www.bloomberg.com/news/2012-06-10/gold-investment-demand-in-chin...

https://www.icbc-ltd.com/ICBCLtd/en/

https://en.wikipedia.org/wiki/Industrial_and_Commercial_Bank_of_China

https://af.reuters.com/article/metalsNews/idAFL4E8GS2OW20120528

SHANGHAI May 28 (Reuters) - Industrial and Commercial Bank of China Ltd is seeking membership of overseas exchanges and aims to become a major global bullion market maker, a senior executive said on Monday.

The world's biggest bank by market value, ICBC is the top player by volume on China's gold and futures exchanges, but its participation in foreign markets is limited to over-the-counter trading, which reached a total $90 billion last year.

Emboldened by Beijing's ambitions to have a bigger say in global commodity prices, ICBC now has an eye on bourses such as COMEX and on joining the 11 market makers of the London Bullion Market Association (LBMA).

These quote continuous two-way bid and offer prices for gold, silver, platinum and palladium throughout the London day, providing a liquid market in which to trade.

"We hope to play a bigger role in the global precious metals market and become a major market maker, like Barclays," Shen Shisheng, ICBC vice-general manager of financial markets, told Reuters on the sidelines of a conference in Shanghai.

Barclays Capital is among the gold fixing members on the LBMA.

The newest LBMA market maker, Merrill Lynch, was appointed in January last year. ICBC became an ordinary member of the LBMA late last year, the first commercial bank in China to join the association.

Jim is right, this is happening right under our noses . . .

S Roche · Jun 14, 2012 - 10:15pm

@Turd re Trader Dan

The Fibonacci Arcs are prescribing $1626 as either the cap today or the launching point.

Punk-Assets · Jun 14, 2012 - 10:19pm

Killer. Enjoyed it. Thank you

Killer. Enjoyed it. Thank you both, very much. There at the end I was pounding the Coronas and biting my nails all at the same time. LOL

tread_w_care · Jun 14, 2012 - 10:28pm

Weimar + Ponzi = Treasury Market Black Hole

Effing brilliant

And horrifyingly true.

Treasury bond will be destroyed by its own success . . . wow.

Steinbacken · Jun 14, 2012 - 10:36pm

Jim Willie Podcast!

Thank you, Turdmeister! Now we won't have to wait until Sat. (I thought it could be tomorrow, too, but I Guessed Saturday, because no one would complain if we got it earlier!) cool

buzzybee · Jun 14, 2012 - 10:37pm

THANK YOU !

a great interview, such a fan, thank you !!

tread_w_care · Jun 14, 2012 - 10:44pm

Thank you Jim Willie

The logic, the pragmatism, the no BS-cut-through-the-MOPE laser focus - THANK YOU.

And thank you Turd for bringing Jim's wisdom to us. This is invaluable.

Time to back up the truck . . . again :).

tread_w_care · Jun 14, 2012 - 10:46pm

Oh and HOLY @#$% 3 for 1 dollar devaluation?

ZOMG

hold me

I think I'm not going to stash cash (greenbacks) any more. Re-evaluating that part of "the plan".

rl999 · Jun 14, 2012 - 10:57pm

well this is mighty cheery

Just got back from a long day, clicking through my many links of favorite sites, listening to the podcast, all is well.

Got to the steve quayle link and I get slapped in the face with a red screen. Oh goody. FWIW. 

Euro Has Collapsed!

June 14, 2012

It is with trepidation that I write to you....The Euro has collapsed unofficially. The money is OUT of Greece, Spain, Portugal, Ireland, Italy, France, Belgium and the German Elites have begun to shore up their wealth in hard assets and precious metals. RBS has given orders to close two of their major equities sectors, thousands of jobs are going to be lost the next few days/weeks. Credit Sussie has called on top investors to head to Swiss safe harbor and hard asset diversified portfolios.

The Capital Controls are in place to keep the charade of control going for the next four to six months before the official collapse. Steve...this is it. The Euro has collapsed and no one has noticed it. Greek bank runs are close to $3.5 Billion Euros per day not the $1 Billion that is being reported. The rest of the PIIGS are in the same boat. Bank Holiday imminent in all of continental Europe in the coming days and weeks. This is again theatrics to keep the plebeians believing in some semblance of control.

Please warn your listeners to pull out of their bank accounts everything that they need. Keep only to pay the day to day expenses. If they have land to go to, please do so now. Steve I do not know how much longer I can keep writing to you. You were knocked off line during your show with the Haggmans right before your were going to divulge what I have told you with the Spanish bailout. It is getting dangerous for all of now.

Again the Euro has collapsed...I repeat the Euro has collapsed. Unofficially.

May God Help Us All....

V

COPYRIGHT STEVE QUAYLE- ALL RIGHTS RESERVED---NO CROSS POSTING UNLESS ACTIVE HOT LINK TO MY SITE STEVEQUAYLE.COM IS PROVIDED

Quoted in full from original at the above link.

I believe that it's possible, given the lack of transparency, the possibility that the Greek elections have awakened enough people to reach "critical mass" and drain the banks, and thus kablewey. As the recently phrase goes, we won't know until we do.

Urban Roman · Jun 14, 2012 - 11:09pm

Who is Jasper VD Gemelos?

Jasper_VD_Gemelos_on_2012-06-13_at_13.10.mp3

I just changed the name and saved it as "Willie3.mp3"

Hold over · Jun 14, 2012 - 11:17pm

He reminds me of the carpet

He reminds me of the carpet bagger from Josey Whales. Good stuff though!!

Bugzy · Jun 14, 2012 - 11:20pm

Painful

You did very well under the circumstances Turd.

B

RGINSAT · Jun 14, 2012 - 11:20pm
Teach · Jun 14, 2012 - 11:23pm

Muchas Gracias

Thank you Turd and Jim for your time and your expertise. I have to admit that a fair amount of the high finance dialogue still is new to me. I only encountered this realm about 3 years ago, and it has been a steady learning curve. Your insights really help provide a lot of context for my fears, concerns, and responses to the situation I guess could be called "Life in 2012". They also help me try to get my main stream media bound associates in the loop, and to try to encourage people to brace them selves as best they can. When I am in Costa Rica next month I will be keeping a look out for a guy with an extra large cranium. Again, my sincere thanks to you both.

stealthbear · Jun 14, 2012 - 11:36pm

Happy Birthday present

What a great birthday present--a Jim Willie podcast!! I haven't listened yet. I am saving it until tomorrow evening so I can start the weekend off right.

If you enjoy the podcasts with Turd and Jim, let me highly encourage you to first, drop off a little fiat to Turd for this awesome home we have here, and second, subscribe to Jim's newsletter. I have subscribed since 2005 or thereabouts. Best money I have spent. Over the past 33 years I have traded futures....spent a couple of those years as a broker. I have subscribed to probably 40 newsletters (maybe more) of various types over that time. Jim's newsletter is the only one I subscribe to now. He produces two reports each month consisting of 20 to 30 pages each. I have gotten more from Jim's newsletters than the other 40 combined. To top it all off......even though the cost of the newsletter has gone up over the course of the past seven years, Jim still charges me the same price I paid when I originally subscribed. Jim---you are a class act! I have greatly profited from the information you provide.

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