Our friend Sean from the SGTreport has released a MUST LISTEN interview with Harley Schlanger the national spokesman for the LaRouche Organization.
Harley says, “We are about to have the most devastating collapse in world history, of the whole global financial system… If we don’t do something to stop this, we’re going to lose EVERYTHING. We’re going to have either hyperinflation or an implosion of the banking system which will reduce the value of the Euro and the Dollar to nothing.”
Full interview below: [Read more...]
It appears that the Supreme Court’s upholding of the PPACA precisely because it is a tax has created a new Constitutional issue.
The PPACA originated in the Senate, and the Constitution requires that all tax laws originate in the House.
So in an ironic twist of fate, Obamacare is now invalid for entirely different Constitutional reasons than the individual mandate.
The Patient Protection and Affordable Care Act (Obamacare) may now be invalid because the Supreme Court ruled that it relies on a tax for implementation. [Read more...]
Submitted by SD Contributor SRSrocco:
A FEW WORDS ON CONSPIRACIES
If you go to any local courtroom and sit and watch a full day worth of court cases, chances are you will witness several cases based on a “CONSPIRACY”. Furthermore I would like to list several well known large cases of where CONSPIRACIES have been present:
ENRON. WORLD COM. BERNIE MADOFF. MF GLOBAL. AIG. FANNIE MAE.
and the list goes on and on… [Read more...]
Doc’s Deal Of The Day
2012 Canadian Silver Maple Leaf
AS LOW AS $2.09 OVER SPOT!!! [Read more...]
While based towards the current fiat system like all MSM publications, the BBC has released an at least somewhat two-sided discussion on whether a gold standard would be beneficial at solving our current Western debt crisis.
Do we need to re-forge the link between money and something tangible?
A popular solution to the financial crisis has been to print more money, but is there another way of fixing our economy? Would the financial system be more stable if each pound, dollar or euro in our pocket was once again backed by gold? [Read more...]
BBC News reports that Barclays Chairman Marcus Agius will resign Monday over the ‘devastating blow to the bank’s reputation‘ caused by the revelations that Barclays attempted to manipulate LIBOR lending rates.
CEO Bob Diamond has so far refused to resign, stating that authorities have ‘found no evidence that knowledge of the manipulation went any higher than immediate desk head supervisors.’
So Bob, its fine that you were fully aware of your firm’s false reporting of Barclays’ borrowing rates, as long as authorities weren’t able to find hard evidence proving the fact?
Marcus Agius is to resign as the chairman of Barclays in the wake of the Libor lending rate scandal. [Read more...]
The BBC this morning has published details from a 2008 meeting with the Bank of England’s Paul Tucker with Barclays Bob Diamond in which the BOE allegedly advised Barclays’ submitters to provide data to the British Banker’s Association LIBOR setting committee’s that the bank was paying lower borrowing rates than was actually the case.
Tyler Durden is already all over the report, pointing out that JP Morgan and Bank of America at the time were reporting borrowing rates far below even nationalized competitors (which intuitively should have had lower borrowing costs than still private banks such as The Morgue).
With market rumors that a US bank will be dragged into the LIBOR scandal, Zerohedge predicts IF the SEC actually decides to hand down a wrist slap to a US bank over LIBOR manipulation (more like outright fraud), it will be either Bank of America or JP Morgan as the most egregious offenders.
We already know that Barclays has been exposed to be manipulating Libor on an epic scale. And even with all this, it still could manage to only be in the third best quartile? If they were manipulating their Libor submissions they sure sucked at it. Which of course is why even the BOE got involved.
However, it begs the question: what about the Libor submissions of the three then “healthiest” banks: Bank of America, JP Morgan and Deutsche Bank. If Barclays was manipulating and gaming Lie-bor, only to fall even below the median submission, does this mean that these three banks were all furiously coming up with totally meaningless numbers? And how long until the SEC comes up with a US scapegoat bank to mimic the FSA’s bold action on Barclays? [Read more...]
BrotherJohnF’s latest Silver Update: Silver & Euros [Read more...]
Federal Reserve Mulling New Gold Regulation; ‘May be biggest event in gold market since US dropped gold standard’
Gold continues to accelerate into its new role as global reserve currency as the BIS has proposed reclassifying it as a Tier 1 reserve asset. Meanwhile the dollar is falling into further disfavor by the day.
US authorities have recently called for comment on a rule change that may impact the gold market.
The US Treasury, Federal Reserve and the FDIC have jointly sought comment on changing some capital adequacy rules for when an institution holds gold in its own vaults or in another’s vaults. [Read more...]
Over the past year, SilverDoctors has documented several cartel raids in which the bullion banks dumped over an entire year’s global mining output in silver during paper raids.
Many have doubted the validity of these claims, as the official open interest reported by the CME the next day is often less than the reported volume of paper contracts dumped during the raid.
Andrew Maguire has released an excellent commentary dissecting the 515 ton paper ‘gold’ raid launched by the bullion banks immediately prior to the Fed’s release of the June FOMC statement. Maguire clarifies how the cartel can accomplish the raid and yet not have the occurrence appear in the CME OI report.
Andy states that of the 165,000 paper gold contracts dumped on the market: ‘Almost all these contracts were subsequently covered by the bullion bank into the days pit close thereby not showing up in the closing OI #.This is a standard MO. ‘ [Read more...]
The following is a detailed account of SD Reader AGXIIK and his initiative to take control of his 401K.
We, along with AGXIIK, have been investing a tremendous amount of time researching and mastering the process of forming a Self-Directed IRA.
Those months of research have come to completion and on July 16, 2012 SilverDoctors.com will be debuting SD IRA (Self-Directed IRA). We will release the official program details in the coming days, but until then, AGXIIK has provided an excellent first hand account of the process.
The following is an accounting of the process to develop a Self Directed Individual Retirement Account along with the reasoning behind this dramatic change in investment thinking along with the way one can own and manage an IRA or 401K.
As far back as the 1980′s a person could buy many types of assets with their retirement plans including land, buildings, tax notes, loans and other tangibles while retaining the self directed nature of the plan. In the last 15 years people bought businesses using their SD IRAs. I financed many people using this system.
The IRS has repeatedly challenged these plans and for good reason. We live in a Tax Farm called the United States of America. The governments are desperate for revenues. Anything that helps the Tax Bleeders shift the tables slightly to their advantage, removing themselves from the direct and predatory nature of the IRS, even temporarily, is a thing worth fighting for. We MUST fight to preserve our wealth and assets.
The IRS must fight to gather revenues to keep the machine going. The tax wars have been fought since 1787 and continue unabated.
The SD IRA has survived many extra legal attempts to shut it down but for now we are ascendant in our fight. This now leads to the best system I have seen to date which permits us to retain our retirement plans and create a coordinated investment plan within that ownership entity.
Here is how it works. [Read more...]
As I repeat, every week, the goal of the producer/merchant commercials is to get out of their massive short positions because they know the hand writing on the wall now and see what is coming clearly. They continue to reposition their short positions to make their fall from grace as painless as possible.
Gold COT Report 6/29/12
Commercials picked up 4,917 longs and a covered a massive -14,614 shorts to end the week with 55.08% of all open interest, an decrease of about .5% from the previous week. Commercials now stand as a group at 14,416,000 ounces net short, a huge decrease of almost 2,000,000 ounces net short from the previous week. [Read more...]
Silver COT Report 6/29/12 One for the History Books: Commercials Cover 25 Million Ounces of Naked Shorts!