rocketIn an interview with USAWatchdog’s Greg Hunter, Jim Willie says, “There are staggering bullish market indications for gold. The primary cylinder is negative real interest rates for the past 10 years.” Dr. Willie says other bullish factors include “phony accounting at insolvent global banks” being propped up by massive money printing.

Dr. Willie contends, “In January alone, the European banks were the beneficiaries of $1.2 trillion from dollar swap facilities as directed by the U.S. Fed. That’s what’s keeping these bonds floating and the banks alive. They’re zombies.” Dr. Willie says, “Europe is on the verge of collapse.” When it does, Dr. Willie says a new “Gold Trade Finance System” is already in place to take over for the dollar. Dr. Willie’s sources say, “The trade finance system has already agreed on a gold price of $7,000 to $8,000. Silver would be $150 to $200 per ounce.” Join Greg Hunter as he goes One-on-One with Dr. Jim Willie.

sinclairLegendary gold trader Jim Sinclair sent an alert to email subscribers this morning stating that the reason gold was massively shorted by the banksters at $1800 down to the lows near $1530 was the fact that inside info was intentionally leaked to them by governments wishing to suppress the gold (& silver) price that quantitative easing would be shifting to depositor haircut bail-ins

Sinclair states that as is plainly seen by the rapidly spiraling out of control Cypriot bail-in, the reason why gold has been so heavily shorted in the paper market is NOT valid, and shorts in the paper market must cover.
Sinclair states that this week’s events in Cyprus ensure that QE to infinity has its foundation solidly set in cement.

Sinclair’s full MUST READ alert is below:

Selected eurozone pension costs
Welfare costs are rapidly escalating- everywhere.
Pensions are only part of the story, with all these countries providing healthcare and other social services, which with aging populations is a substantial and increasing cost. And while some state healthcare provisions are better than others, when healthcare is run by the state it is more likely to be better as the result of higher spending than greater efficiency.
We can draw two conclusions about the European states: unless they ditch the majority of their welfare commitments, their welfare, health, and social service liabilities are going to bankrupt them.

JP Morgan Chase & Co won their case of a nationwide investors’ lawsuit accusing them of conspiring to drive down silver prices. U.S. District Judge Robert Patterson in Manhattan said the investors, who bought and sold COMEX silver futures and options contracts, failed to show that JPMorgan manipulated prices, by creating long short positions that were not in synch with market events at the time period. The judge acknowledged that the firm could influence prices, but said that it was not proven that the bank “intended to cause artificial prices to exist” and acted accordingly.  The plaintiffs had nearly 43 complaints filed from 2010-2011, which accused banks of profiteering in over $100,000,000 by illegally manipulating silver prices. The lawsuits against major Wall Street firms were consolidated, naming JPMorgan and 20 unnamed individuals as defendants. The complaint had sought triple damages for what it saw as antitrust violations in jiggering silver prices from 2007-2010, including through alleged “fake” trades during low market volumes.

Jamie Dimon89 year old judge Robert Patterson Monday officially dismissed the class-action lawsuit against JP Morgan alleging illegal silver price fixing

Patterson stated that investors failed to demonstrate that JPM was manipulating the silver market at their expense.   Judge Patterson claimed that while investors successfully demonstrated that JPM influenced silver prices, they failed to demonstrate that JP Morgan
intended to cause artificial prices to exist“.

In other words, the smoking gun was not enough evidence, silver investors failed to prove the sinister motive behind JPM’s actions.

jp morgan chaseMultiple reports from numerous sources tonight (including multiple emails from panicked readers) indicate that online bank balances are showing $0 for all accounts.

Perhaps the ECB worked out a deal with JPMorgan to allow Chase banking customers to participate in the Cypriot depositor haircuts?

All joking aside, this doesn’t instill extra confidence in the banking system in the wake of the historic Cyprus wealth confiscation.

bank collapseSubmitted by Bill Holter:

The news over the weekend is that the Cyprus banking system will have a “holiday” on Monday which was “scheduled” AND at least Tuesday which was not.  The ECB and IMF wanted a 40% haircut and apparently the deal reached is one where balances under €100,000 will be reduced by 6.75% and by 9.9% for those over €100,000.  Understand that much of what is deposited in Cyprus are funds from wealthy Russian oligarchs and mafia. 

This is a disaster on so many levels I can’t even count them all.  First off, what happened to the rule of law?  I thought that in a capitalistic society that equity holders lose first, then preferred shareholders followed by unsecured then secured debtors…DEPOSITORS are the absolute last in line to lose money.  This is being called a “tax”, when in reality it is outright theft! 

In this case the depositors are first in line which will surely cause a bank run in Cyprus…which will be followed by runs in other places like Greece, Spain, Italy and Portugal.  Make no mistake, this could turn into something ugly and HUGE very quickly as the world runs entirely on confidence and won’t run without it.

Investors (depositors) the world over will see this and shortly understand that the rule of law is no longer and that “possession” is now more than 9/10th’s of the law.  The possibility exists that within 2 weeks the entire system is shuttered. 

Reuters headlines are reporting that the Eurozone finance bureaucrats were looking at the same chart we were this afternoon, and are ready to back down regarding the Cypriot depositor haircut- at least as it pertains to ordinary Cypriots with deposits under €100,000 and make sure they remain whole.    Astoundingly, the ECB continues to demand that the entire €5.8 billion deposit wealth confiscation level must still be achieved.

As to those unfortunate to have saved more than €100,000 in a Cypriot banking institution (i.e. all Russian oligarchs), the ECB proposes now a 15.6% wealth confiscation! 

Sunday’s scheduled Cypriot Parliament vote was delayed until Monday as the banksters did not have enough votes. Today’s scheduled 4pm vote has been delayed till Tuesday, with reports that the vote could be delayed as late as Friday (while the Cypriot banking system remains shut down in a bank holiday until the banksters receive their proper vote).
Below is why the Cypriot bank holiday may not be ending any time soon…

cyprus bail outOur friend Sean from SGTReport looks at the banksters next target after the Cypriot pillage is complete.  Who’s next?

The Banksters in the EU have announced that they intend to STEAL cash from the savings accounts of the people in Cyprus, and give that cash to the criminal BANKS! This is an overt, malevolent act of total evil. It cannot stand. It is the epitome of everything we’ve been warning about for years. This is the proof that the real world war is the one of the Banksters VS Humanity. The question now is, who’s next?

bank-holidayYesterday the scheduled Parliament vote on the Cyprus bank bailout was delayed till 4pm Monday as the banksters were short 33% of the necessary votes to pass the wealth confiscation tax/theft. 
Overnight, the ECB/IMF banksters rushed to change the tax to hit foreigners with a higher tax relative to native Cypriots (with the highest tax rate now reportedly OVER 15%!).
Apparently that was not enough to twist the arms of enough of the Cypriot Parliament, as today’s bailout vote has just been delayed until 4pm Tuesday, and the bank holiday extended through Friday!   The bailout vote reportedly is facing such a lack of support that the vote may be delayed further until Friday!

ron-paul-dont-steal-government-hates-competitionSubmitted by Deepcaster:

Libertarians commendably focus on maximizing Economic Freedom and Individual Liberty. Who, after all, wants not to be economically and politically free?

But there is considerable dispute even among libertarians about what freedom does, or should entail regarding a variety of crucial issues such as “free trade,” immigration, and the proper role of government.  

A profitable (and proper) understanding of Freedom is essential to maximizing Individual and Political Freedom, and to Protecting Economic Freedom and thus enhancing Wealth and Prosperity. 

pearl harborIn this episode of the Keiser Report, Max Keiser and Stacy Herbert ask why China fears currency war. They also look at Johnson & Johnson’s big loss on Venezuela’s currency devaluation and what this means in a currency war world where major devaluations can happen at any moment. In the second half of the show, Max Keiser talks to Jim Rickards, author of Currency Wars, about which nations are winning the war.