Larry Summers Withdraws From Consideration for Fed Chairman!

 Chris Ratcliffe/Bloomberg via Getty Images

Chris Ratcliffe/Bloomberg via Getty Images

Harvard’s Larry Summers, who the Obama administration had been reportedly ready to tab as the next Chairman of the Federal Reserve as soon as last week (after floating the rumor via Japan) has apparently gotten cold feet about being blamed for the coming BIG ONE succeeding Shalom Bernanke, as Summers sent President Obama an official letter Sunday requesting his name be withdrawn from consideration for the next Chairman of the Federal Reserve.
SD predicts who will come out of nowhere to become the next Fed Chairman below
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Tim Geithner Rewarded for Financial Crimes: Will Join CFR As a Distinguished Fellow

Thank YouOnly in America can one submit false tax returns, hold meetings at the NY Fed with the agenda of manipulating LIBOR rates, and leak FOMC interest rate policy announcements prior to their release to your bankster buddies, be caught in all 3 above crimes, and be made a distinguished fellow of the Council on Foreign Relations rather than a resident of a NY penitentiary

Perhaps the CFR should consider looking up the dictionary definition of distinguished:
1. Successful, authoritative, and commanding great respect.
2. Dignified in conduct or appearance.

Exactly what comes to mind when one thinks of Mr. Turbo-Tax Geithner. [Read more...]

Jim Sinclair: German Gold Repatriation a Reaction to Geithner’s Take-Down of Gold at $1800 Via the ESF

imagesLegendary gold trader Jim Sinclair has sent an email alert to subscribers today stating that the Bundesbank’s announcement that they will repatriate 300 tons of gold from the NY Fed and 374 tons from the Bank of Paris is in direct response to outgoing Treasury Secretary Timothy Geithner’s take-down of gold at $1800 in October via the ESF

Sinclair states that a Central Bank would not insult another major central bank unless it is an act of financial war, and that a full blown financial gold war is coming as soon as 2015-2017.

Sinclair also states that Geithner’s parting shot to break gold’s back by the Exchange Stabilization Fund was considered a direct attack on the Euro strategy for what the end game recovery will look like. The Free Gold thesis requires significantly higher gold prices to work and to elevate the euro back in reserve by choice category.

Have we seen the initial shot in a full blown global currency war?

Sinclair’s full alert is below: [Read more...]

Bundesbank to Repatriate 374 Tons of Gold From Bank of France, Substantial Portion of Gold Held at the NY Fed!!

While Bernanke spent his afternoon today outlining why the gold standard can never work (never mind the fact that it worked perfectly for 2 centuries in America), the Bundesbank has just shattered the remaining confidence in the fractional bullion banking system, announcing that it will repatriate a portion of its gold reserves from the NY Federal Reserve, and ALL 374 tons of its gold held at the Bank of France!

In the months that followed Hugo Chavez’ 110 ton gold repatriation request in the summer of 2011, gold exploded nearly $400 as the bullion banks panicked.  As the Bundesbank’s official gold holdings held at the Fed and the Bank of France dwarf Venezuela’s 110 tons, don’t be surprised if the price of physical gold goes super-nova as Germany’s repatriation request plays out, as paper gold rehypothecated 100 times over must suddenly be conjured up in physical form.    [Read more...]

Smart Money Is on Geithner to Replace Bernanke

Just when we were worried that the position of Fed Chairman would soon be held by someone that is not detested by precious metals investors, Bloomberg reports that Treasury Secretary Timothy Geithner is the leading candidate to replace Ben Bernanke as Federal Reserve Chairman when Bernanke steps down at the end of his current term.  [Read more...]

Biderman: If Gov’t Were Subject to Laws, Barack Obama & Timothy Geithner Would Be Guilty of Financial Fraud

In his latest market update, Trim Tabs’ Charles Biderman states that If the U.S. government were subject to the same laws, such as Sarbanes Oxley, as is a public company, Barack Obama and Timothy Geithner would be guilty of financial fraud. How can I make such an outrageous claim? Simple, it is the truth.

Biderman’s full rant below:

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Timothy Geithner: U.S. ‘Absolutely’ Should Get Rid Of Debt Ceiling

Bloomberg News’ Al Hunt sat down with our favorite Turbo Tax expert and Treasury Secretary Timothy Geithner for his thoughts on the fiscal cliff and the debt ceiling negotiations in Congress.

When Hunt asked whether the US should get rid of the debt ceiling altogether so that Congress can spend to infinity and the Treasury and Fed can counterfeit to infinity, Geithner responded: “Absolutely”. [Read more...]