Either he’s lying, or he’s totally clueless, so it’s apparently that time to read three very short, super-simple paragraphs on the US Department of Treasury’s website, again…
(by Half Dollar) The problem, of course, is that otherwise thinking people, who are lacking in understanding and perhaps newly learning about the markets and the economy, believe the “there is no Cartel” lie because the otherwise thinking people don’t yet know any better, much less do they know the truth, and so the Mainstream Manipulation Deniers and Wannabe Mainstream Manipulation Deniers, who will from time to time admit there are “Rogue Traders” that have merely “spoofed” the market for personal gain because, well, Rogue Traders voluntarily or involuntarily plead guilty as Fall Guys in US Courts of “Law”, so the Manipulation Deniers don’t really have a choice, those very same Manipulation Deniers, who get the soapboxes, who get the airtime and who get the fake & phony charismatic credibility, don’t just do a dis-service to all “traders”, “investors” and “speculators” out there, and I do mean all of them, but the Manipulation Deniers actually feed dis-information and propaganda, at best, or tell bold-faced lies with ulterior motives, at worst, all of which only contribute to trading accounts blowing-up.
Especially trading accounts in the gold & silver “markets”.
Like, what are you going to do after you lost all of your life savings and now have a margin debt problem to deal with in the Rigged Casino, bro?
What matters is that soon, the Has Beens of the trading, investing, and speculating world, such as Bill “The-Fed-Ain’t-In-There-Buyin’-The-SPOOS” Fleckenstein, will be talking about the good old days, and thankfully, those people will pretty much be ignored as Economic Misery and Financial Ruin set in across America, and as such, Joe Deplorable has much less time on his hands for living in a Fairy Tale and instead is figuring out how to survive in America’s Socio-Economic Collapse.
Regardless, here’s the quote of the week from nearly the witching hour on September 30, 2021 (captured as a screen shot in case Bill Fleckenstein deletes the Tweet, with yellow highlight added for emphasis and commentary):
Send an email to “[email protected]silverdoctors.com” and we can arrange to talk about this live, on air.
Spoiler Alert: He won’t talk about it with Half Dollar, much less argue about it, but Bill Fleckenstein will probably talk about it with some other System Apologist, Enabler, Sympathizer, Shill, Sleazy Opportunist, or Worse, in a watered-down, topic avoidance, and roundabout kind of way.
Spoiler Alert II: He wouldn’t be able to hide behind the cover of the “data” with Half Dollar, either.
Now, please excuse me if I misread that quote due to the awkward grammar choice.
However, I am an actual Master of Language, and I’m quadlingual, so I feel pretty confident in saying the intended meaning is “there is no cartel” (his little “c”, not mine).
That said, in plain English, from the US Department of Treasury’s own website, let’s clarify this “there is no cartel”, yet again:
The ESF can be used to purchase or sell foreign currencies, to hold U.S. foreign exchange and Special Drawing Rights (SDR) assets, and to provide financing to foreign governments. All operations of the ESF require the explicit authorization of the Secretary of the Treasury (“the Secretary”).
The Secretary is responsible for the formulation and implementation of U.S. international monetary and financial policy, including exchange market intervention policy. The ESF helps the Secretary to carry out these responsibilities. By law, the Secretary has considerable discretion in the use of ESF resources.
The legal basis of the ESF is the Gold Reserve Act of 1934. As amended in the late 1970s, the Act provides in part that “the Department of the Treasury has a stabilization fund …Consistent with the obligations of the Government in the International Monetary Fund (IMF) on orderly exchange arrangements and an orderly system of exchange rates, the Secretary …, with the approval of the President, may deal in gold, foreign exchange, and other instruments of credit and securities.
It’s not that hard to comprehend, really.
This is like grade school stuff, you know?
Apologies in advance if Bill has not graduated from grade school, for admittedly, and not to make an excuse, but for lack of time, I didn’t do the research.
Not that I need to.
But to make it simple, in case I’m wrong about things, such as level of education or when I call out the Manipulation Deniers as liars, if in this case I’m wrong, and if Bill Fleckenstein is actually clueless about the Cartel, let me go ahead and use the first three words followed by the last twelve words of those three very short, super-simple paragraphs on that Treasury Department webpage:
“The ESF can deal in gold, foreign exchange, and other instruments of credit and securities”.
That wasn’t hard to understand, was it?
But in case it was, I’ll go ahead and dumb it down in another way, this time by using the first two words followed by the last thirteen words of those three very short, super-simple paragraphs on that Treasury Department webpage:
“The ESF may deal in gold, foreign exchange, and other instruments of credit and securities”.
And to not mince words, but rather, to state the obvious, which is also totally obvious on other webpages on the US Department of Treasury’s own website, let me say that whenever a Silver Bug, Stacker, or other Smart Investor talks about “the Cartel”, we’re not talking about some shadowy group of unknown characters, but rather, “the Cartel” is exactly, and specifically, “the Exchange Stabilization Fund, the Fed, and Agents acting on behalf of one or both”.
That, is “the Cartel”.
There is, in fact, a Cartel.
On Wednesday, I said I was going to start saying the things that need to be said and pointing out the things that need to be pointed out:
Because the Gamblers in the Rigged Casino believe Bill Fleckenstein’s lies, or cluelessness.
Sometimes I’m not even sure why I care?