Another 3-day Weekend? Must Be Time For Some Jackass!


In what has become a tradition here in Turdville, our pal Jim Willie stopped by this morning for a wide-ranging, hour long discussion. <Note: This is a free, public thread!>

This baby checks in at just over an hour so you might want to break it up into parts. Download this to your computer/ipad and, if you need some time away from the pool or the beach, put in your earbuds and go to town! Amongst the topics discussed are these:

  • The latest developments in the budding "Eur-Asian Alliance"
  • The progress the BRIC nations are making in setting up the 21st Century financial system
  • Falling U.S. interest rates and the treasury market
  • DoucheBank and the other walking, TBTF zombies

Jim has promised to join us again for our next 3-day weekend in July. Until then, this hour-long discussion should satisfy even the most starved info-junkie.

Have a great weekend!



May 24, 2014 - 4:53pm

Harvey's Up! (TFMR)

Harvey's Up!

  • Harvey: Today again for the 5th straight day, our bankers decided it was necessary to keep gold and silver under wraps as they seem loathe to let gold rise above the 1300 dollar mark and silver over $20.00. it looks to me that the bankers have a problem if gold exceeds the 1300 dollar mark due to the massive derivative underwritten. The same can be said for silver. Today's raid brought gold down to $1286.00 and silver to $19.22 and then they spent the rest of the day trying to recover. The big story of the day is the fine paid by Barclay's on the rigging of gold. They are the first firm to be ever charged in a gold rigging case and to be fined.
  • GoldCore: Bank of Ireland has told their customers that they must remove all legal documents and valuables as the bank has made a decision to phase out their important safe keeping facility. GoldCore and Sentinel Vaults have announced a partnership today which will allow for both the safekeeping of valuables and also the storage, delivery and collection of gold.
  • Chris Powell: Here are a few observations on the British Financial Conduct Authority's finding today that a trader for Barclays Bank manipulated the London gold fixing down one day two years ago to cheat a customer: 1) The London gold fix, a peculiar and suspect mechanism already the target of class-action lawsuits for market manipulation, has been definitively impugned. But almost any market could have been the venue for what Barclay's did, because: 2) While the London gold fixing is not an open and transparent market and thus is more vulnerable to manipulation, the sort of manipulation in the Barclays case is not peculiar to the fixing. For with enough money, anyone can manipulate any market.
  • Bill Holter (Miles Franklin): I believe that the volatility has dropped dramatically because it HAD to. Do you remember how still, methodical and quiet you had to be carrying a completely full glass so that you didn't spill any? Even more so if it was hot coffee or tea because it would burn you? This is what I think we have today, I think we have banks that are so levered and "full" with derivatives that any volatility will make the cup spill. The problem is that the cup is filled with the stuff that if spilled will blow up like nitroglycerin. There is one more aspect to this that I would be remiss if I didn't mention. This aspect is "fraud". Fraud is prevalent everywhere and has been used to "get us to where we are now". Volatility will not only create losses, it will expose fraud. Just like the "chain breaking" I spoke of above, the discovery of one fraud will lead to another and another and another ... what happens when "trust meets fraud? This is why I believe the volatility has dropped, because it had to and has been "made" to!
  • Chris Powell (GATA): The major targets of this price suppression -- gold mining companies and gold-mining countries -- have chosen to curl up and die quietly rather than fight it. Many of them have been told all about gold price suppression but will do nothing to defend themselves. Second is that major financial news organizations all around the world have been told about the gold price suppression scheme as well but seem to have a policy of suppressing the information. GATA has delivered to major news organizations on all continents the most important documentation and summaries of gold price suppression and what it means. While there has been some journalistic interest lately in Russia and China, and some journalistic interest in the West in regard to complaints about the daily London gold fixings, the connection to central banks has not been reported by the mainstream financial news media in the West. I have been told by reporters at several major news organizations that the topic is simply forbidden.
  • Tony Cartalucci: The regime in Ukraine is rushing forward with elections, supposedly to take place on May 25, even as much of the country descends into chaos. With Crimea now part of Russia, and two more provinces declared autonomous after recent referendums – with more provinces to follow – Kiev has responded with a campaign that resembles more of a foreign invasion and occupation than a national security operation. With its regular army in shambles, Kiev has turned to a patchwork of militias, ad hoc mercenaries, armed gangs, and has even tasked loyal corporate-financial oligarchs with raising and deploying private armies of their own. The result is predicable mayhem and can be seen playing out most acutely in the breakaway province of Donetsk in Ukraine’s east. Recently militants, militias, and even helicopter gunships clashed near the town of Volnovakha leaving up to 16 dead.
  • Zero Hedge: We previously highlighted the European people's growing 'revulsion' against Europe and overnight we got yet another confirmation that the status quo - despite record low bond yields and record high stock and real estate prices - are losing their grip on control. Having taken the lead in the polls last week, UKIP's Nigel Farage has scored a major victory in local elections in England with early results pointing to considerable gains for the euro-skeptic party: UKIP GAINS 20 SEATS IN EARLY ENGLISH LOCAL-ELECTION RESULTS. U.K. TORIES LOSE 20 SEATS IN EARLY LOCAL-ELECTION RESULTS. As Reuters reports, one MP noted "I think Nigel Farage, for quite a lot of those people, is just a big sort of two fingers stuck up at what they feel is a sort of hectoring, out-of-touch elite."
  • Tyler Durden: Last month's dramatic miss of expectations for a modest post-weather pop in new home sales (having dropped 14.5% month-over-month) so it was inevitable that there would be a bounce. Modestly beating expectations, 433k annualized new home sales in April was only a 6.4% gain MoM thanks to the upward revision of the big miss in March. This 'recovery' remains well below the peak see in January - right in the middle of the worst weather impacted time in US history if one is to believe what the media is spewing. Before the 'housing recovery is back on track' meme gets going though, there is the fact that homes sold in the Northeast fell to the lowest since June 2012... as the average home price fell to $320,100 - the lowest since August 2013.
  • Jim Willie: China is converting to a lot of property, not only Toronto property, but New York and Los Angeles, California urban property. They’re owners of 60% of the commercial property in Manhattan, New York. They’re buying up property all the time in Los Angeles, San Francisco. They’re converting, and, you know, they cannot convert quickly enough, because they’re not accumulating anymore, but they’re lying as to how much they’re shedding, getting rid of their treasury bonds. Everybody’s lying to everybody now. and the biggest lie of all, regarding the gold world, it doesn’t have to do with Comex. The biggest lie has to do with the Chinese saying, “We only have 1050 tons. They’ve got over 20,000 tons. They have been using various m ethods, including Interpol, to drain London of 1000 tons a month, ever since March 2012. I’m talking about over two full years. 25,000 tons of gold left London. I’m sure some of it is sourced through Switzerland. I’m sure some of it is sourced through the Vatican, but from the airports of London, 1000 tons a month
  • Jim Willie on Silver: In 1905 U.S. President Teddy Roosevelt created a stockpile of 6,000,000,000 ounces of silver, and it was depleted in 2005 or 2006. Silver is coming from a hidden supply chain from India and the Vatican. When I ask, “Well, why would these countries play ball? Why would they support the banker cabal?” The answer all the time is the same, including from my best sources, the Vatican is the cabal, and India is looking for favors for the future, and they don’t want any terrorism on their soil. So this silver deficit has been in there for ages, and I believe the annual deficit, which is very difficult to estimate, is getting worse by the month. When this is all done, when we get resolution and the markets go dark, and then they open up and are fairer again, based on pricing on equilibrium of supply and demand, which there’s no evidence right now of, my firm belief, confirmed by my smartest sources, including The Voice, is that the rise in the silver price will be somewhere on the order of triple the rise of the gold price.
  • Eric Sprott: Indian purchases are to increase from 40-50 tonnes to 50-60 tonnes. Relaxation of the 80-20 rule may be decided very quickly. The new ruler takes office this week and he is less Western oriented and more gold friendly. Barclays pleaded guilty to gold manipulation on Jun 28, 2013 where gold went down $20. A Barclay's customer had $4 million in options in the money when gold anomalously dropped 1.5%. He lost all his money in 1 second. The guy at Barclay's gained $1.5 million. There were many other days when strange things happened. Nobody who is a genuine seller purposely drops gold $20 a day or $200 a week. Everybody lost money on those days when they manipulated the gold down 1.5% giving great grounds for class action suits.
  • Lindsey Williams: Lindsey Williams ( “A while back I mentioned that my Elite friend was traveling for a few months. He and his wife JUST arrived back home. I just received an email from him. It was startling beyond words. HE SAID -“The Elite are instituting drastic measures which will be implemented IMMEDIATELY. The world as we know it will never be the same again. Expect catastrophic events in the monetary world, nature and the Elite EXPECT DIVINE REPERCUSSIONS.” I will try to get my friend to elaborate more. I have received an update from Pastor Williams who has told me, “I do have some very interesting NEW information. The statement by my Elite friend which you posted has been confirmed by two other people – My Wall Street insider and a visionary (Christian) in Connecticut. I have been given the plans (Agenda) of the Elite for 2015. Multiply the events of 2008 many times over and that is what is about to happen. Hopefully I will have a statement before long. I am trying to decide how to tell it. The Elite are ready to bring in the New World Order in its entirety. People MUST take action to combat the Elite and let them know we have had enough.” Pastor Williams followed up with another email and he stated “One of the most fascinating things I have found out is – Elite Riot Control. Another is – Cycles of seven. Even the Blood Moons fit into the scenario.”

All this and more on...

The Harvey Report!


May 24, 2014 - 5:23pm

Iranian executed over $2.6 billion bank scam

A billionaire businessman at the heart of a $2.6 billion state bank scam, the largest fraud case since the country's 1979 Islamic Revolution, was executed May 24, state television reported.

Authorities put Mahafarid Amir Khosravi, also known as Amir Mansour Aria, to death at Evin prison, just north of the capital, Tehran, the station reported. The report said the execution came after Iran's Supreme Court upheld his death sentence.

Khosravi's lawyer, Gholam Ali Riahi, was quoted by news website as saying that his client was put to death without any notice.

"I had not been informed about execution of my client," Riahi said. "All the assets of my client are at the disposal of the prosecutor's office."

State officials did not immediately comment on Riahi's claim.

The fraud involved using forged documents to get credit at one of Iran's top financial institutions, Bank Saderat, to purchase assets including state-owned companies like major steel producer Khuzestan Steel Co.

Khosravi's business empire included more than 35 companies from mineral water production to a football club and meat imports from Brazil. According to Iranian media reports, the bank fraud began in 2007.

A total of 39 defendants were convicted in the case. Four received death sentences, two got life sentences and the rest received sentences of up to 25 years in prison.

The trials raised questions about corruption at senior levels in Iran's tightly controlled economy during the administration of former President Mahmoud Ahmadinejad.

May 24, 2014 - 5:37pm

Silver Recliner Report 38

Remember Those That Have Fallen This Memorial Day Weekend. Keep Stacking

Video unavailable
Urban Roman
May 24, 2014 - 5:54pm


Just watched your report. How could anyone say anything negative about that?

Jeez, trolls. If ya don't like 'em, don't watch, how complicated could that be?

Lamenting Laverne
May 24, 2014 - 6:07pm

@ Hatter - Petrodollar

I am not sure what there is to be explained. I may be missing your point, but here is how I understand it:

You are correct that there is a petro-bond-stack maintained due to fact that Oil is priced and traded in USD. Countries need to buy oil, so they have to keep a certain amount of USD on reserve, which are kept to a large degree in US denominated debt instruments.

When it comes to artificial privilege of the currency itself - that the USD would not be as attractive as it is today, if it was not the petro-dollar, I have these notes:

Since most oil transactions involve USD, even if the oil-buying-country reserve is kept in another currency, this provides more utility/demand for USD, than what would have been the case if oil was traded in a lot of other currencies as well.

On the other side of the coin we have the oil-producing nations. They receive a huge amount of USD for oil. Some of that no doubt goes into Treasuries (petro-bond-stack), some of it goes into direct gold loans with bullion banks, when oil producing countries want gold for oil, but they have to jump through a hoop first and lend dollars to bullion banks, who again lend dollars to mines, and where bullion banks receive gold back, when the loan is repaid, which again is paid back to the oil-producing country for the original dollar loan.

But I think that another huge significance of the Petro-dollar is that because the oil transactions (and other commods) are concentrated in one currency, this has insured huge liquidity and utility in/of the currency, which has been necessary to be able to keep expanding the debt, enabling the US as world power, but also to ensure that compounding interest would not to implode the system.

In addition to this much of the oil revenue in USD has presumably has been re-deposited by oil-producing countries into a relatively small group of Western banks (mostly the same that own the fed) - thereby securing liquidity for those banks and enabling those banks to do most of the heavy lifting in expanding the money supply (credit) based on those deposits, again to postpone the day, when compounding interest would implode the system.

So I believe that the petro-dollar-currency is very real indeed - not only the petro-bond-stack - because the concentrated USD revenues, directed to certain compadre banks of the fed, have been used to lever up the general money supply as well.

May 24, 2014 - 7:00pm

Thank you !

Thank you very much for this podcast ! this podcast made my day & your website is much appreciated. sincerely .....

May 24, 2014 - 9:30pm
May 24, 2014 - 10:46pm

Happy Birthday Jim

Thanks TF.

I like the tradition, JW's the Bomb.

Prayers for the Vets, and Families.

God Bless.

Fred Hayek
May 24, 2014 - 11:59pm

Okay, Dan N., now what about the other 600 times?

So, Dan Nopehaventseenany is crowing that Mr. Plunkett over at Barclays has been shown to be the cause of a couple of gold paper contract bombings. And his reaction is not to wonder about the cause of the roughly 600 other such gold paper contract bombings in the last couple years (never mind the hundreds more in the decade before that) not alleged to be the work of Plunkett. No, Dan thinks this explains it all.

Way to maintain your grasp of the overall context of things, Dan!

Dagney Taggart
May 25, 2014 - 12:44am


Maybe so.

Looking back at what has happened and what the present sounds like, a great way to cull the bad apples is to give them power for a short time then let them destroy themselves. And it's a great historical way to wipe out the low side of the ethics spectrum when it gets bloated.

All the same, if these two men ever get into positions of real power, they better deliver quickly because it sounds like their political bases will not tolerate half-solutions and unprincipled compromises. This is a fight to the death and there is no compromise with liars and thieves.

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Key Economic Events Week of 11/18

11/19 8:30 ET Housing Starts & Bldg Perms
11/20 2:00 ET October FOMC minutes
11/21 8:30 ET Philly Fed
11/21 10:00 ET Existing Home Sales
11/22 9:45 ET Markit November Flash PMIs

Key Economic Events Week of 11/11

11/12 Three Fed Goon speeches
11/13 8:30 ET CPI
11/13 11:00 ET CGP on Capitol Hill
11/14 8:30 ET PPI
11/14 Four Fed Goon speeches
11/14 10:00 ET CGP on Capitol Hill
11/15 8:30 ET Retail Sales
11/15 8:30 ET Empire State Manu Index
11/15 9:15 ET Cap Ute and Ind Prod
11/15 10:00 ET Business Inventories

Key Economic Events Week of 11/4

11/4 10:00 ET Factory Orders
11/5 9:45 ET Markit Services PMI
11/5 10:00 ET ISM Services PMI
11/6 8:30 ET Productivity & Labor Costs
11/6 Speeches by Goons Williams, Harker and Evans
11/8 10:00 ET Consumer Sentiment
11/8 10:00 ET Wholesale Inventories

Key Economic Events Week of 10/28

10/30 8:30 ET Q3 GDP first guess
10/30 2:00 ET FOMC fedlines
10/30 2:30 ET CGP presser
10/31 8:30 ET Personal Income & Spending
10/31 8:30 ET Core Inflation
10/31 9:45 ET Chicago PMI
11/1 8:30 ET BLSBS
11/1 9:45 ET Markit Manu PMI
1/1 10:00 ET ISM Manu PMI

Key Economic Events Week of 10/21

10/22 10:00 ET Existing home sales
10/24 8:30 ET Durable Goods
10/24 9:45 ET Markit flash PMIs
10/24 10:00 ET New home sales
10/25 10:00 ET Consumer Sentiment

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

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