120814 – JPM Admits $150B Asset Fraud

Today’s Items:

Even the Mainsteam Media Now Thinks Germany Will Walk

Make no mistake. The Euro will collapse because it is a absolute mathematical certainty.   While everyone in the EU claims to support the EFSF, that was designed as a financial safeguard, only 3 billion euros has been put into it.   The real options for Germany are to leave the EU, leave the Euro, or kick out the PIIGS.   Either way, the euro is as good as dead.

We Could See A 100% Increase in 90 Days

Bill Murphy, whose London source predicts that gold and silver will go nuts in August, stated that JP Morgan is having a massive problem with their naked short silver position.   In fact, there has been a heavy covering of shorts in Chicago and New York that an imminent explosion in the price of gold and silver could be just weeks away. I certainly hope so…   Although I am not selling, this has been a long consolidation period.

JP Morgan’s $150 Billion FDIC Reality Adjustment

Officials at JP Morgan said it had a recovery plan in place, as ordered by regulators; however, get this…   The JP Morgan document details how a potentially $50 billion trading loss would be turned into a $200 billion trading loss as soon as the FDIC takes over.   Why?   Because they said that the FDIC would immediately write-down JP Morgan’s assets by $150 billion.   In short, Officials at JP Morgan have publicly admitted that they have miss-marked their assets by $150 billion! And one can be sure that this is the tip of the iceberg folks!

Problems Riddle Moves to Collect Credit Card Debt

Like the foreclosure process, there are problems emerging in the debt collection practices of credit card companies.    Judges are saying that banks, like Citigroup, are churning out lawsuits without regard to accuracy and improperly collecting debts from consumers.   In addition, lawsuits included falsified credit card statements, produced years after borrowers supposedly fell behind on their bills.   Looks like these broke banks are getting desperate to get some form of money at any cost…     Whether legal or illegal.

Issa to Sue Holder

House Oversight and Government Reform Chairman Issa plans to sue Attorney General Eric Holder for refusal to provide documents related to the “Fast and Furious” gun-smuggling operation.   Of course, if the suit is successful, one can expect the documents to have disappeared.   Perhaps we will have another Sandy Berger documents in the pants moment.

DHS To Purchase Another 750 Million Rounds Of Ammo

The Department of Insecurity, after purchasing 450 million rounds of hollow point rounds, has again made plans to purchase 750 million rounds.   So, they will have over a billion rounds of hollow point rounds that are strictly prohibited by international law for use in war.   Gee, guess they must be going rabbit hunting or something.

Finally, please prepare now for the escalating economic and social unrest. Good Day!

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