A New Year with JB and SFC


Batchelor and Cohen begin the year with a thorough update on the Ukraine Crisis.

Even though it's the dead of winter, there are plenty of new developments in and around Ukraine. This situation remains the single most important geo-political crisis as we enter 2015. You would be wise to give this podcast a thorough listen and be sure to check back every Wednesday for further information from John and Steve.

Again, Professor Stephen F. Cohen is a recognized, global expert on Russia and Russian history: https://en.wikipedia.org/wiki/Stephen_F._Cohen

And The John Batchelor Show can be heard nightly on radio and on the internet. More information can be found here: https://johnbatchelorshow.com



Jan 7, 2015 - 10:18am


Trrrrst attack in Paris, alleged E. UKR hack on German.gov domains, 10Y under 2%... Interesting day...

Jan 7, 2015 - 10:21am

New from Bill H

"Audit the Fed!", there is now another movement within Congress to do this. Will it ever happen? Maybe, but not unless the Chinese (and rest of the world) demand it in my opinion. Let me explain this but please remember what came to light the last time the Fed pulled her skirt up just a few inches. Back in 2010, we found out the Fed had lent over $16 trillion (yes, with a capital "T") during the 2008 financial crisis. Some of this $16 trillion went to U.S. banks, brokers, insurance companies and mortgage institutions ...but, the majority went to FOREIGN institutions!
A full and true audit in my opinion would only do one thing, totally crash confidence in the dollar and put a permanent end to the charade we call "reserve currency status". I do not believe Congress will ever call for a full audit for this very reason, it is known (by Congress and anyone in associated finance) just how dirty the books really are. Can you imagine the reaction when 1,000's of S+P contracts, 1,000's of Treasury bond contracts along with short oil and gold turn up on ("off") their books? Can you imagine how many more "back door loans" have been made since 2008? Talk about the crazy aunt in the basement, an audit of the Fed would put an overflowing insane asylum of crazy aunts in full view! In my opinion, the only way this movement goes forward is if it is demanded by foreigners under threat of dollar boycott.
A connected topic to the audit is the recent strength in the dollar. Why has the dollar been so strong and what does it mean? First, as I mentioned yesterday, the dollar carry trade is unwinding and dollar shorts are being squeezed. The ramifications are plentiful. Foreigners are experiencing local inflation as their currencies drop versus dollar based food commodities etc.. This will not put the U.S. in any favorable light as foreigners now lose more control over internal pricing of external products. The strong dollar, and moving as rapidly as it has is also creating margin calls within the global financial system. We have not gotten news from any individual banks yet but rest assured, some have already been rendered bankrupt by being short dollars, long oil or some combination. I believe the derivatives market is no longer in danger of blowing up, I believe it already has!
This situation has not been lost on Mr. Putin as Russia suggested directly to Europe they change allegiance when it comes to trade. He has invited Europe to trade "more naturally" with their own neighbors in the new Eurasian Union. This makes perfect sense and should be viewed by Europe as an "olive branch" rather than "the hammer" of lost energy supply.
Even the timing of this proposal is prescient. Greece will vote for a new government at the end of this month. All polls suggest the party in favor of an exit from the EU is in the lead. Maybe the election will "turn" or be stolen and this is a false alarm but a Greek exit from the EU means the end to Western finance as we know it. 
How could tiny Greece destroy Western finance you ask? Please follow this through as it is not complicated but is a fairly long and far reaching chain. First, a Greek exit means the $ billions of loans recently extended by the EU to keep them afloat will not be paid back. It also means default and non payment on $100's of billion more loans extended prior to the last couple of years. Greek banks will go down and the French banks who are the most heavily exposed lenders to Greece will also be impaired. This will result in a "contagion" across Europe as others may exit, or an alternative scenario is the "core four" Germany, Netherlands, Belgium and Austria (who are by the way repatriating gold) will form a "Northern Euro" and break away. 
Mr. Putin sees all of this. He knows it is cold outside and Europe is trapped by energy supply from Russia to keep warm and to keep industry running. He is offering a peaceful way out ...at the expense of the U.S.. He also knows what we know, the skyrocketing dollar is pressuring everyone from the common man to financial institutions to the central banks themselves. And thus his "timing" of this offering.
Let me tie these thoughts together because it looks like something will come to a head very quickly. In my opinion, in spite of all the recent "tightening" speculation, I believe we will see by necessity a "QE 4" shortly. The dollar cannot continue on its recent path, and in fact must reverse or a financial implosion will be exposed. Asset prices, FOREX and oil in particular have swung wildly. This has created massive margin calls whether we see them or not. An announcement of QE 4 would pressure the dollar downward and support oil prices. I personally do not believe it will be done "in time" as the internal collateral damage has already been done. I also don't believe it will change the outcome of a monetary crisis where the last currency standing will be gold ...valued at multiples of current levels in ALL paper currencies.
The point is this, dropping oil prices (which was Mr. Obama's idea and doing according to him) are impairing all sorts of debt and institutions. Oil cannot trade sub $70 for any great length of time without folding the tent because of the leverage involved in the industry. Unless the Fed wants to preside over an all out financial deflation, they must and will be forced to "QE" with something far larger in scope than any of the previous monetizations. This is exactly how all Ponzi schemes come down. They require "new money" in larger and larger quantities in order not to be exposed. If the Fed does not want to be exposed ...they must supply the money!
Going full circle and back to the top of my article, the Fed cannot afford an audit of any sort. Were this to even start, rats would be jumping ship before the auditors even set foot in the Mariner Eccles building. There would be so much front running toward the exits, the fear of looking beneath the covers alone would create a panic. Just watch, if the markets do not turn around sharply and quickly, the Fed will very soon announce a new QE "elixir". I personally believe the new elixir is already necessary, far too late, and useless anyway because of the collateral carnage already done versus razor thin margins. 
As I have mentioned for the last month, I believe the drop in oil prices was in fact originally "our plan". Lower prices have now gotten so out of hand that "THE plan" is now in view. Current low oil prices have broken the derivative daisy chain, this is something I believe China and Russia already knew but sat back and let us create our own demise. Just as fast as the dollar has risen and the shorts were forced to cover, watch as the dollar burns out like a rocket spent of fuel (confidence) and crash back down. There is no telling "where" this level will occur but mark my words, the casinos will figure out the end game where deflation in the financial system means death to the "chips" themselves. 
Please remember this, as very soon it will be understood by the masses, "gold is money, everything else is credit"! Regards, Bill Holter
Can't Happen Here
Jan 7, 2015 - 11:03am

Thank you once again

There's virtually zero chance I would have found these John Batchelor - Stephen Cohen broadcasts without your site, the insights they provide are are great. I'm just surprised more people in the PM/Austrian Econ/Red Pill areas of the interwebz haven't mentioned these guys. More proof of the "best value" claim of your site and subscription service.

Jan 7, 2015 - 11:08am

where can we get the GOFO info?

I must have missed the new place after the LBMA stopped posting.

Jan 7, 2015 - 11:10am
Jan 7, 2015 - 11:55am

GOFO going positive

Only slightly negative in 1st month - rest positive. The Govt must have found another country to help or relieve them of their gold.

Jan 7, 2015 - 11:55am

Did I post somewhere here

Did I post somewhere here that Russia will resort to some form of capital controls on January 12th? If not, this is the prediction. 

Jan 7, 2015 - 12:35pm

jumping topics

I think there is something to chew on here:


​1) Gun control obviously is a waste of time and actually is as effective as price control. Generally creating "victim areas" not gun-free zones. Just like price control creates high prices and black markets. Imagine if the guy who video'd the perps had a glock 19 tucked into the small of his back instead of an iphone. Might have stopped some of the killing, and definitely would have created some opportunity for dismantling the perps. "The only thing necessary for evil to succeed is for good men to do nothing"...(I paraphrase)

2) Howard Dean needs to be dressed down with words. Of course, there are decent muslims. We all know them. But these folks are muslim, too. Do not take that away! It is an important point. This is not just some kind of "cult". It is radical muslim, taken straight from the Koran. Period... Not everyone lives by the old testament either, else, it would be constant killing..........thank you, Jesus......Good muslims need to out these people. Harshly. Yet, the ridiculous apologists will just let him spout his nonsense, further pushing these crazies....Anyone who assaults the 1st amendment deserves harsh punishment. Dean, too... I found it interesting that one of the cartoonists had a copy of one publication that had both caricatures of both a muslim and a jew, titled "untouchable". Indeed. You can't touch either one, else you are a...., a, a, first amendment proponent. Not anti-anything....

Sick of the senseless killing. Sick of the bullshit spouted by the apologists. Sick.

Oh, and the MOAFUBM is hanging in the wings. The canary sezso...and I think you are setting up for an assault of the BS pricing dating back to Obama's meeting with the banking whores in April, 2013.....mid-20's...but I have thought that several times and been very wrong....

oh, 2.0....oil looks "capitulative", to my eyes....wtfdik?

and finally, Turd, thank you for allowing folks to exercise their 1st amendment. Free thoughts, free speech, free markets. What a concept. Did I say FUBM?

Jan 7, 2015 - 1:04pm

Fed Audit Video from the Streets of Turdville

The Fed Audit discussion reminds me of this silly video we did (direct from Turdville) back in early 2012. 


Wow - Hard to believe that this was 3 years ago!! I'm guessing they will not be able to keep this chicanery going much longer (although I though the same 36 months ago).

Jan 7, 2015 - 1:14pm

Realpolitik:1) West (most of


1) West (most of You included ) needs Russia for expansion to sustain own existence . Reason good enough. 

2) It should be weak enough now for USA and China to try bring it finally down (the sovereignty of Russian Empire) . 

3)This attempt will push Russians into aggression. That will threaten quite a few countries mine included for some time. Mostly and firstly neighboring on all sides but 

4)the real drive should be for Bosporus, ME and China if things go that far. 

5)Then Russia will lose, and point 1 will be achieved with China also getting its part enabling it to participate in reserve currency world governance. 

After You (West) won one war ( Cold) and You do not drive the success home -what was the point? German Empire was destroyed in 2 successive World Wars, same applies here, with one war ( Cold) already behind us. 

Next one is already starting. Do not think Russia will be able to maneuver out of it without a substantial loss. 

James Crighton
Jan 7, 2015 - 2:05pm

Thanks to all concerned

for a great discussion on Ukraine / Russia / USA. Highly recommended for all to absorb.


Jan 7, 2015 - 3:01pm


Ivars, thanks very much for comments on your views of Russian situation. I know it goes counter to the beliefs of most here, including mine, but given your position/location, very interesting to read. I sense most here share my thoughts on that also. Certainly puts a different slant on how we look at it. Do most in your circle also see it similarly? Thanks again for all your thoughtful and informative posts.

Jan 7, 2015 - 3:08pm

Comversation With Silver User

I'm on vacation visiting family in Florida. Just spoke for 15 minutes to a man who owns a company that manufactures silver plated wire for the aerospace and electronics industries. He buys 75,000 to 100,000 ounces of silver per month from refiners like Handy and Harmon and stated he believes he is the biggest buyer of industrial silver that he knows of. He buys silver by the pound and could quote the troy ounces to pound conversion off the top of his head (14.528). His wire accounts for most of the wiring in the Boeing 787. His company buys silver every Friday 51 weeks per year. He has very little concept of people like us who view silver as a pure form of money. It really doesn't matter to him what the price is, he can raise the price of the wire to whatever he needs to achieve his profit margin. He stated he has never had a problem getting whatever amount of silver he needs, it's just a matter of price. He sees no shortage. We asked if he is doing any stockpiling of silver while the price is low, and he said no, because he has never had a problem getting silver and doesn't expect to. He took the CFTC silver investigation at face value. Ted Butler has been talking about a user panic for a long time, but it doesn't seem to be on the horizon according to this man.

Jan 7, 2015 - 3:14pm

Go Santelli

Another great rant

Jan 7, 2015 - 3:31pm

CoNversation with an Au user

This simply reinforces a notion that I've had for quite some time now:
TPTB have very skillfully kept the public demand for Ag at a very very low level, so as to not cause any demand that would affect the industrial usage demand and therefore price, by stressing the current supply chain.

It's all psychological warfare. Imagine if 500,000 people were to buy a 1 oz. coin every month. Without knowing the exact numbers, we could surmise that market requirement would double the AG demand every month. I suggest that the above ground supply would be tapped-out in three months, and the price would rise two or three fold immediately. It is no coincidence that the MSM uses every opportunity to bad-mouth PMs. They are following their script. They Manage the Psychology (MOPE), of the PM market and the CRIMEX manages the rest with the price manipulations.

I have a Very large jeweler in the extended family, (15 full time retail sales people). I asked him about his policy for buying Au. "Do you try to stockpile when prices go down?"

NOPE. Can't be bothered. I pay whatever the asking price is, and mark-up accordingly. Day-to-day I couldn't even tell you what the price is.

You see, he has no supply issues either. TPTB keep enuf Au available to suppress any jewelry demand stress on their CRIMEX activities. They've been at this a long long time troops......................................

Terabyte lakedweller2
Jan 7, 2015 - 3:32pm

Just saw that here too.  Ole

Just saw that here too. Ole Rick just says it like it is and everyone else be damned. You go Rick!

Jan 7, 2015 - 3:47pm


Most in my surroundings expect Russian invasion in Baltic's not in so far future. May be not based on such broad picture as I try to paint, but from previous experiences and from watching/reading Russian media. And most in my surroundings expect 80% of Russian population to support such aggressive actions - in the name of previous imperial glory or messianic destiny they see for Russia in the world. 

Which is something I read here as well, funny. But then, Hitler also had many supporters outside Germany, in all countries, people who excused his actions as justified by e.g. Versailles treaty treatment of a loser in a war. Many also saw economic force in times of depression in totalitarian state and oligarch merger called fascism.

We are seeing/going to see same attitudes today, but towards coming Russian model- also fascism with war economy- which will continue as long as they will be winning propaganda and some real wars.

But they will lose in the end; the hit by loss at cold war plus 25 years of humiliation by the West is too heavy to sustain. And, Russian Empire has been shrinking since 1905 if not earlier. American still needs to expand. Chinese want to join ruling of world by controlling reserve currency supply ( part of); There is no place for Russian sovereignty ( real) in these plans and historic realities coming to roost. 

Jan 7, 2015 - 3:57pm

Choke hold

on gold and silver in to the close

Bohemian ivars
Jan 7, 2015 - 4:08pm


"Did I post somewhere here that Russia will resort to some form of capital controls on January 12th? If not, this is the prediction."

Bloomberg was reporting about this possibility in September, 2014, already, based on two "insiders" info. It was even in newspapers in Slovakia ;-))) on September 30, 2014.

Jan 7, 2015 - 4:17pm


It would be a very convenient day and I kind of feel they can not spend reserves any longer if they want to have any money left in war chest; They are burning now 10-20 billion USD/week to keep ruble at 76 to EUR...pointless activity given oil price development and forces behind it with deeper pockets. 

Jan 7, 2015 - 4:25pm

Santelli video

Amazing how disingenuous freaking LIESman is. HE HAS TO KNOW that he is spewing bullshit on behalf of his puppet masters. All you have to look at to see the outrageous mispricing of debt is Europe. Read this:


Yet LIESman and the straight-out-of business-school anchorette defend the status quo as if their very lives depended upon it. I guess, in a sense, they do...

Safety Dan
Jan 7, 2015 - 7:12pm

The First Question to Ask

The First Question to Ask After Any Terror Attack: Was It a False Flag? 

"Unverified reports that one of Charlie Hebdo terrorists dropped his ID at scene of attack". That's weird...https://twitter.com/AndreyPanevin/status/552948198919004161


And just look at all those identical, professionally printed signs the protesters have, just hours after this supposedly unexpected terror attack!

Paris Charlie Hebdo attack has at least 3 NATO Operation Gladio signatures

Look what's trending in Google+ Pre Packaged Muslim hate

Attack in France and Casting the First Explosive 

Safety Dan
Jan 7, 2015 - 7:23pm

More Doctors Confess to

More Doctors Confess to Making Cancer Diagnoses Just for Profit

It happens more often than you can imagine, but more Doctors are finally getting caught in the act of misrepresenting their oath and fraudulently diagnosing healthy patients with cancer to turn a quick buck from kickbacks on chemotherapy poisons.

Why shouldn’t Doctors lie when the entire cancer industry is one gigantic fabrication from start to finish? Is it any wonder that cancer societies worldwide put a far greater financial initiative on chemotherapy and radiation research than disease prevention techniques? Preventing disease doesn’t make money, but treating disease certainly does.

Take Dr. Farid Fata, a prominent cancer doctor in Michigan who admitted in court one year ago to intentionally and wrongfully diagnosing healthy people with cancer. Fata also admitted to giving them chemotherapy drugs for the purpose of making a profit.

Were his patients shocked? You bet they were. Who would ever suspect a Doctor of faking a diagnosis to collect money. It’s unconscionable. Yet it happens with cancer and almost every disease that medical doctors can generate income through kickbacks and commissions based on the volume of patients treated with specific pharmaceuticals. Like anything people are used as a commodity.

“Many of these unscrupulous Physicians are like businessmen without a conscience. The only difference is they have your health and trust in their hands–a very dangerous combination when money is involved,” said Dr. Sayed Mohammed, a retired Oncologist who admits seeing the trend more than a decade ago.

“It is my choice,” Fata said on Tuesday of his surprise guilty plea, which included rattling off the names of numerous drugs he prescribed for his patients over the years. In each admission, he uttered these words:

“I knew that it was medically unnecessary.”

Fata was charged with running a $35-million Medicare fraud scheme that involved billing the government for medically unnecessary oncology and hematology treatments. The government says Fata ran the scheme from 2009 to the present, through his medical businesses, including Michigan Hematology Oncology Centers, with offices in Clarkston, Bloomfield Hills, Lapeer, Sterling Heights, Troy and Oak Park.

According to the government, Fata had a patient load of 1,200 people and received $62 million from Medicare; he billed for more than $150 million.

U.S. Attorney Barbara McQuade said she plans to seek life in prison for Fata, calling his case is “the most egregious” health care fraud case her office has seen. She said Fata not only bilked the government — which is typical in such cases — but he also harmed patients.

**** Read the rest of the article and comments.


Safety Dan
Jan 7, 2015 - 7:44pm

Problem Immunity, Sickness, Illness? See USC's Findings

USC Researchers Discover How to Regenerate Your Entire Immune System in 72 Hours

White blood cells (right) help immune response, and they can be recycled through fasting, the study showed.

White blood cells (right) help immune response, and they can be recycled through fasting, the study showed.

- See more at: https://fitlife.tv/usc-researchers-discover-how-to-regenerate-your-entir...

Prolonged Fasting Reduces IGF-1/PKA to Promote Hematopoietic-Stem-Cell-Based Regeneration and Reverse Immunosuppression


Figure thumbnail fx1


•Prolonged fasting downregulates a IGF-1/PKA pathway in stem cells

•Prolong fasting protects hematopoietic cells from chemotoxicity

•Prolonged fasting cycles promote HSC self-renewal to reverse immunosuppression

•Inhibition of IGF-1 or PKA signaling mimics the effects of prolonged fasting


Immune system defects are at the center of aging and a range of diseases. Here, we show that prolonged fasting reduces circulating IGF-1 levels and PKA activity in various cell populations, leading to signal transduction changes in long-term hematopoietic stem cells (LT-HSCs) and niche cells that promote stress resistance, self-renewal, and lineage-balanced regeneration. Multiple cycles of fasting abated the immunosuppression and mortality caused by chemotherapy and reversed age-dependent myeloid-bias in mice, in agreement with preliminary data on the protection of lymphocytes from chemotoxicity in fasting patients. The proregenerative effects of fasting on stem cells were recapitulated by deficiencies in either IGF-1 or PKA and blunted by exogenous IGF-1. These findings link the reduced levels of IGF-1 caused by fasting to PKA signaling and establish their crucial role in regulating hematopoietic stem cell protection, self-renewal, and regeneration.

Flying Wombat
Jan 8, 2015 - 6:24am

Fantastic interview w/ David Morgan

The following is one of the best interviews David Morgan has ever done, and I've been following his work closely for 15 years. Great analysis on commodities, and I think he's probably right about the repercussions of the oil crash and industry junk debt overhang taking about 4 to 5 months to see the full thrust of nasty fallout.

I'm very much looking forward to interviewing David this Friday -- along with Alasdair Macleod and Bill Murphy. The timing couldn't be better given what's going on in the world. Feel free to toss question suggestions my way. Should be a good roundtable discussion.

Greg Hunter has really upped his game in the last year in particular. He's always been a top-rate interviewer. But what's different now is that he's been schooling himself about all these economic dynamics for years now, and the depth he is now able to steer conversations often nails that rarified objective of dialog leading to deep insight. Great stuff, Mr. Hunter...

-- Eric Dubin

# # # #

Oil Derivatives Explosion Double 2008 Sub-Prime Crisis – David Morgan w/ Greg Hunter/USA Watchdog


Safety Dan
Jan 8, 2015 - 6:48am

King Dollar….Game changer if

King Dollar….Game changer if a breakout happens here!

01/07/2015 at 10:16 am, filed under CRX (Commodity Index)Dollar UpdateEurogoldGold Bugs;



Even though the U.S. Dollar and Euro seemed to have had decent moves the past 6 months, when you take a 30,000 foot view of both, they are at the same price point as they were 11-years ago. 

Both have done nothing more than trade sideways, inside of a channel for the past decade. Jason from Sentiment Trader, shows sentiment towards both is at extremes. 

Should King Dollar break resistance, it could be a portfolio "game changer!"

What happens here, (breakout or failed break from channel) in my humble opinion, could well become the most important currency event in a decade. What these two key currencies do going forward will tell us a great deal about owning commodities (Gold, Silver & Miners) and if deflation has run its course or is about to pick up speed.

Safety Dan
Jan 8, 2015 - 6:52am



Layered Megaphone Fractals Emerging

Published 01-07-15

In our 2014 Thesis Paper "The Globalization Trap" we laid out the rationale for our "M TOP" expectations playing out. Over the last year it has been unfolding right on target.



We are presently seeing the development of our 'Deflationary Leg' which we refer to as "Real Deflaltion". This has been evident for some time in the Commodities Complex and Credit Spreads arena but has become blatantly obvious to the public with the recent Oil price shock .


More at https://gordontlong.com/Articles/art-2015-01-A-Analytic_Insights-Positio...

Safety Dan
Jan 8, 2015 - 6:58am
Flying Wombat
Jan 8, 2015 - 7:15am

regarding GOFO data sources

This is/was a really cool tool: https://www.quandl.com/LBMA/GOFO-Gold-Forward-Offered-Rates-GOFO

I'm not sure what's up with Quandl now, however. Looks like they stopped updating the public data at the end of 2014. Anyone know?

Jan 8, 2015 - 8:19am


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1/15 8:30 am ET Producer Price Index
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1/7 10:00 ET ISM Services Index
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