London Gold Hub Implodes
According to Andrew Maguire, the London hub is failing because of the growing disconnect between the massive multi-billion naked short derivative bets and the underlying physical market that it’s anchored to. He goes on to say that the real supply/demand equation for gold and silver has become so distorted, and for such a long time, that it’s irreversibly damaged the market as we know it today. The wholesale markets are starting to backwash derivatives positions and that is a dangerous thing for the “Too-Big-for-Jail” bullion banks. But don’t worry, American taxpayers will not be held responsible for those derivatives.
Thanks to the criminals in Congress, U.S. taxpayers are now responsible for 303 trillion dollars in derivatives. Yes, the four “Too-Big-for-Jail” banks have successfully recieved their Christmas present. But don’t worry, at least American’s mutual funds are safe.
Mary Jo White, chair of the Securities and Exchange Commission, is calling for mutual fund “stress tests.” She may be concerned about the large body of mutual funds that bloated up with derivatives or the lack of liquidity in the bond market. But don’t worry, at least pension plans are safe.
Pension Plan Theft
Congress could soon, to help 1,400 multi-employer pension plans, cut benefits to current retirees. Get ready for misrepresentations, like your money will be safe in Treasuries. This may be the very beginning of the true destruction of the financial collapse as billions of dollars in retirement funds are destroyed virtually overnight. But don’t worry, stocks always go up during the “Santa Claus” rally.
Santa’s Rally Fiasco
The famous “Santa Claus” December stock rally won’t be making its traditional appearance this holiday season. The notion that a rally would follow one of the worst sell-offs of 2014 proved very short-lived. But don’t worry, at least there is equality in median wealth in various racial groups in the U.S..
Everyone knows inequality is growing in the US, but a new Pew report shows how stark that divide is by race and ethnicity. The median wealth for Whites in the U.S. is nearly $142,000. For Blacks, its $11,000 and for Hispanics, its $13,700.
Unreliable sources say that Nancy Pelosi breathed a sigh of relief for herself when she heard that Pope Francis stated all dogs do go to heaven. Unfortunately for her, the Pope was simply misquoted; thus, she is still in trouble. Right Nancy?
More and more restaurants are replacing their cashiers with touch-screen tablets as portrayed in the movie ‘Idiocracy.’ McDonald’s is installing touch-screen ordering devices at 2,000 locations by the end of 2015. In addition, Apple-bee’s will be rolling out 100,000 tablets. To make a long story short, if you want to help the local economy, eat at a locally owned, and non-franchised, restaurant.
Palestinian State Vote
Portugal’s parliament, following similar votes around Europe, recognizes the recognize the Palestinian state. Just one question, how does one recognize something that does not exists? Oh wait, this is the same philosophy that allowed Obama to be nominated for the Nobel Peace Prize while he was President for only 12 days.
Finally, please prepare now for the escalating economic and social unrest. Good Day!
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