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Monetary Policy Killing the System / By Jim Willie CB, /19 September 2014


The USFed monetary policy is killing the system, simply and boldly put. They call it stimulus, when the extreme accommodation is actually just a backdoor Wall Street bailout combined with a pass on the USGovt debt discipline. No debt limit is enforced anymore, a travesty. The United States is looking more like a Third World nation with each passing month, with colossal fraud, economic decay, war and sanctions, and no leadership. The US Federal Reserve has ventured into very dangerous ground, putting hyper monetary inflation as the installed policy, while making money free for the Interest Rate Swap machinery that operates the derivative for maintaining the easy policy. So foreign creditors have largely exited the room, with no great entities to finance the yawning annual $trillion debt. So derivative machinery is relied upon to maintain the absurd 10-year USTreasury (TNX) yield at 2.60% without buyers. So asset markets like the US Stock Market go to monthly new high levels, despite the USEconomy mired in the worst recession since the Great Depression. The visible piece is shopping malls with one third of stores shuttered, and the jobless rate over 22% in the real world without rose colored glasses. These conditions cannot be sustained, especially since the credit machinery is all jammed. The big US banks are insolvent structures dedicated to the bond carry trade, where that same cheap money is used to invest, often with leverage, in the long-dated maturity USTreasury Bonds. The banks serve the casino, not the business sector.


In no way can the current easy money policy be reversed, and put into a normal mode. In no way can the accommodation be tapered. The entire Taper Talk is a lie, and always has been a lie. The Jackass called out the USFed last June and July, and was proved correct by September. Since that time, the USFed has been lying vigorously and creatively. The Belgium Bulge showed itself as a $400+ billion abscess visible to the world, hardly a real savings account by the small nation. It was either a Hidey Hole for USTBonds or else a loading depot for BRICS sourcing of Gold bullion for their upcoming central bank. In no way can the enormous bond carry trades be stopped. They are the only source of actual income for the big US banks. Their other source of narco funds money laundering. Doing so would put the carry trade engines into reverse, forcing an unwanted Bond Convexity episode of leveraged selling of USTreasury Bonds by the same large corrupted banks which are so clearly involved in the derivatives game. In no way can the USFed hike rates, since their own outsized bond portfolio would register huge losses, only to gain ugly publicity. They after all bought the top in bonds, and continue to buy the top in bonds every month that QE continues. They are the fools buying the asset bubble at the top. See a parallel in Japan…


Dollar’s longest rally since 1973 could pop the stock market bubble / 21 September 2014

US multinationals are an enormous force in global commerce and when they send profits home they have to be changed into US dollars. Ergo a strong US dollar is toxic for profits and lower profits are bad for stock prices.

With the US dollar now in its longest rally since records began in 1973 there is every reason to worry about the currency’s recent surge in value. Commodity producers from the Gulf of Arabia to iron ore exporters in Perth are also feeling its impact as a strong dollar lowers commodity prices from oil to iron and copper.

Rally too long?

The only relief in sight might be the length of the rally itself. At 10-weeks this is over long and due for a correction. Currency markets seldom go up in a straight line for anything like this length of time.


Have Our Troops Been Attacked by ISIS In Kuwait? / by  / September 20, 2014

Today, I have received two emails from a family member and a friend of the family of soldiers who have been stationed in Kuwait. Both emails indicate that our troops have been the victim of a terrorist attack and some are dying/or have died. The only concrete information is that their water supply may have been poisoned.

My initial reaction is that there is something to these reports. However, the media is not reporting anything like this at the [present .  I am hopeful that by publishing these two emails, that others, with information about this event, will come forward with relevant details.

Please take Notice,

On Friday Sept 19, 2014, early afternoon, my sister spoke with a woman she knows personally who is the mother of a Marine that has been stationed in Kuwait. The mother was very frantic and getting ready to fly to Cal. From Colo. She had been notified yesterday morning by the military that her son would be returning to camp Pendleton from Kuwait along with 3200 marines …following is the message my sister posted on face book.

I just heard from a lady that lives here in Palisade, that her son and a company of 3,200 Marines are being flown back to Camp Pendleton Calif. from Kuwait because evidently ISIS has poisoned their water supply, and our boys are either sick or perhaps dying or have died. The doctors so far do not know what kind of poison was used. The mother is flying out to Calif. 

End of message


The Big Picture For Gold And Silver / by Tyler Durden on 09/20/2014 22:32

With precious metals back at 4-year lows against a backdrop of gold migration from west to east, paper vs physical divergences, ‘disappearing’ Comex positions, dark pools in London, collateral grabs, and massive monetary policy extremist actions; we thought the following two presentations worth considering. Tocqueville’s John Hathaway delves into the darker corners of today’s gold markets while Mike Maloney reminds us of the big picture behind gold and silver as wealth insurance. The failure of a monetary system is never a smooth road – it is rocky and undulating, with twists and turns that don’t appear on any map. But the destination is always without question, despite suppression efforts: Gold will inevitably respond to an expanding fiat currency supply. That simple.

Tocqueville’s John Hathaway asks (and answers) “Do You Know Where YOUR Gold Is” as he explains how counterparty and systemic risk will converge and the various dark and murky corners of the precious metals markets in which manipulation grows unchecked…

John Hathaway Tocqueville Keynote


Obama Is Defeated in Ukraine. Status-Quo Truce-Lines Agreed. / by Eric Zuesse / 

Russia’s Leader Putin Rejects Ukrainian Separatists’ Aim to Become Part of Russia.

But Separatists Will Almost Certainly Receive Reconstruction Aid from Russia.

Eric Zuesse

The great German newspaper German Economic News, headlined on Saturday, September 20th, “Welcome Russia at the G20 summit: End of Isolation” (German original:  “Ende der Isolation: Russland bei G20-Gipfel willkommen”), and reported that, “Because the USA needs Russia in its fight against terror-IS, the G20 speculation to isolate Russia in the world community has been shelved. The conflict in the Eastern Ukraine is therefore classified as [being only] regionally [important].” Moreover, “Americans and Russians agreed behind the scenes on a division of the Ukraine. … The Ukrainian government and the rebels in the east have agreed on the establishment of a buffer zone in the east of the country. … The resulting 30 km wide buffer zone along the [battle] front will be monitored by observers from the Organization for Security and Cooperation in Europe (OSCE).”

This is, essentially, the announcement introducing truce-lines, such as were established at the end of the Korean War and many others.

However, the foreign-affairs leader of the Ukrainian separatists says that their efforts to get Russia’s President Vladimir Putin to accept their territory as being a part of Russia have been firmly rejected by Putin’s Government; and, so, “We will build our own country.”

This important statement from the foreign-affairs leader Andrei Purgin on Wednesday, September 17th, was not headlined nor even the topic of any U.S. news report; it was instead inconspicuously buried halfway through an AP news story that focused on “East Ukraine Casualties.” It’s common for propagandistic news reports, such as characterize the U.S. media, to bury what’s important in the news story, and not even to headline that crucial information, when that information violates the regime’s propaganda that they’ve been trumpeting. So: this information was buried, and was not headlined. The American media had portrayed Putin as the aggressor behind Ukraine’s war, and had hidden that Obama was actually the aggressor. The extremely violent February 22nd overthrow of Ukraine’s President Viktor Yanukovych was, as this proves, a fascist coup by the U.S. And as the transcript of the phone conversation between two EU officials shown here documents, they recognized on February 25th that it had been precisely that. Furthermore, President Obama’s agent, Victoria Nuland, on February 4th, had already selected Arseniy Yatsenyuk, whom she affectionately referred to there as “Yats,” to run the country. And her U.S.-engineered coup in Ukraine didn’t occur until February 22nd, and it then installed “Yats” to run the country.


Perth Mint Silver and Gold Prices so Good, They’re INSANEEEEEEE

silverfish VTPublished on Sep 20, 2014

Russia FinMin Calls For Shift Away From US Treasurys Into BRIC Bonds, Settlement In Non-Dollar Currencies / by Tyler Durden on 09/20/2014 21:43

It is no secret that Russia has had enough of the Petrodollar, and in light of ongoing western sanctions – which many view not so much as a reaction to events in Ukraine bur merely as an attempt to halt the Russian revolution against the Petrodollar status quo, crushing its economy before the momentum grows and more countries join Moscow – is constantly thinking of ways it can ditch the dollar as a medium of exchange as fast as possible. The problem is that when it comes to retaliating against the West, Russia – short of declaring an embargo on USD payments for its commodities – has little control over what currency its western trading partners will pay in. So instead it is focusing on its net exporting peers, aka the BRICS, with whom as previously reported, Russia had launched a “bank” alternative to the IMF when it comes to backstop and bailout funding, one that avoids reliance on the SDR, the USD, and on Western empathy.

It is the same BRICs that, Russia’s Prime Minister Dmitry Medvedev, told Rossiya TV in an interview earlier today, should conduct transactions in national currencies, bypassing cross-rates with the US Dollar, adding that “we can easily make mutual settlements directly,” and the mechanism should be beneficial to both sides of transactions.

And if it wasn’t clear by now, Russia pivot away from the west and toward China is pretty much complete.Medvedev also said that “our collaboration with China is of strategic importance. We have great, brilliant political contacts, we have excellent economic relations. [China] is our strategic partner, and we are interested in expanding the volume of cooperation. We are not afraid of collaborating because we are confident that this is equal, friendly and mutually beneficial collaboration in all areas.”


Economies in Ebola-affected countries are stalling

countries / by: J. D. Heyes / Saturday, September 20, 2014

In what may be an ominous warning for taxpayers in the U.S. and around the world, officials with the International Monetary Fund (IMF) have said that, as the economies of more Ebola-affected countries continue to sputter, they could require hundreds of billions of dollars in financial aid that will only worsen debt in those nations.

As reported by The Wall Street Journal (WSJ), the IMF, in recent days, has issued a warning to the developed world that the current Ebola epidemic in West Africa — the worst outbreak of the disease in history — will require “large scale” global economic intervention in order to shore up economies that are being ravaged as they deal with the widening crisis.

WSJ continued:

The IMF, the world’s emergency lender, said it is in talks to boost bailouts for Sierra Leone, Guinea and Liberia as the disaster slams economic output and overwhelms government financing. Each of the three countries faces a financing gap of between $100 million and $130 million due to the havoc hitting agriculture, trade and other commerce, the fund said.


Stupid Senate: Lawmakers put $10 million bounty on head of ISIS YouTube actor / SEPTEMBER 20, 2014 

21st Century Wire says…

This is getting silly now…

For US lawmakers, summer holiday is never enough. Before disappearing for an extended seven-week vacation, the US Senate unanimously passed some manly ‘WANTED’ legislation, which earmarks $10 million for, “any information leading to the capture of individuals involved in the online ‘beheadings’ of American James Foley and Israeli-American Steven Sotloff.

The obvious logic of this one must have escaped the brain trust in Washington. The only people actually able to supply such information are the ones who are involved in the ISIS(L) operation. A $10 million deposit into the ISIS general fund?

Maybe it’s a way of funneling $10 million to someone inside ISIS, presumably because they need, or are owed that cash, but to try and sell it to the American people as a bounty is a child-like proposition. One thing is certain: you will never hear about whether that reward is ever collected or not – that payment will be ‘classified’, but you can be sure it ended up in an important pocket.


Take Abdel Bary aka ‘Jihadi John’ (photo, above), for example. He starred in at least two ISIS propaganda videos released on YouTube featuring alleged ‘beheadings’. Is Washington going after the voice of Jihadi John, or the image in the video, because as we’ve pointed out already on 21WIRE, they are not necessarily the same thing. It might also be painful to point out here that none of the so-called ‘beheading’ videos actually show anyone getting beheaded. So then, you cannot rightly call them ‘beheadings’, unless you are fudging it. Is that too complicated for the Senate ‘intelligence’ committee?



A new video shows alleged Islamic State of Iraq and Syria terrorists using public transportation in Istanbul, Turkey, without fear of local authorities, emphasizing the support ISIS enjoys in the NATO country.

Filmed in an Istanbul subway, the video shows the two men wearing ISIS gear while commuting through the Turkish city of over 14 million people.

The men appear calm and relaxed in public, which would be expected given that not only are stores within the NATO country selling ISIS merchandise, but the Turkish government has also trained ISIS militants to fight in Syria.

“At least one clothing shop was found in Bagcilar, a working class district near the outskirts of Istanbul, selling T-shirts, hats, cargo pants and bandanas with Islamic State imagery,” Fox News reported.

Turkey is one of the largest sources of foreign fighters for ISIS and many of these militants received training and equipment from the Turkish government near the Incirlik Air Base in Turkey, where American personnel and equipment are located.


Keiser Report: Fear mongering from Scottish ‘No’ voters (E656)

RTPublished on Sep 20, 2014

In this episode of the Keiser Report, Max Keiser and Stacy Herbert discuss the United Kingdom waking up to a new motto: “IT’S NOT WORTH THE RISK,” following the outcome of the Scottish independence referendum. They look at the breakdown on who voted for independence (the under 54’s) and who didn’t back independence (the over 55’s) so as the taxpayer owned Royal Bank of Scotland said of the result, “It’s business as usual.” In the second half, Max interviews an investor, who unlike 55% of the population of Scotland, truly has no fear about taking risks, Brock Pierce. Max and Brock discuss bitcoin as the internet 2.0 and what the future holds for the technology.

The Decline Of America’s Economic Model In 1 Simple Chart / by Tyler Durden on 09/20/2014 20:17

“You can’t eat GDP, and you can’t live in a rising stock market” is the striking phrase from NY Times’ Neil Irwin as he offers the most damning chart of the decline of America’s Economic Model (and dream). As we have explained vociferously, the most important thing to understand about today’s economy is: Around 1999, growth in the United States economy stopped translating to growth in middle-class incomes.


Current Economic Collapse News Brief – Episode 472

X22ReportPublished on Sep 20, 2014

Obama says Ebola a threat to national security, but still won’t secure the U.S. southern border

Obama / by: J. D. Heyes / Friday, September 19, 2014

The worsening Ebola outbreak in West Africa has become so much of a U.S. national security issue that President Obama has ordered as many as 3,000 U.S. troops and personnel there to help deal with the crisis. But for some reason, the president doesn’t seem concerned enough about the spread of a virus with a 70-90 percent fatality rate to better secure the porous U.S.-Mexico border, through which hundreds of thousands of immigrants — many of them children — have streamed across for over a year.

Obama’s actions come on the heels of an American doctor who contracted, but survived, the disease. The physician, Dr. Kent Brantly, told senators this week that there was no time to waste in combating the epidemic.

“We can’t afford to wait months, or even weeks, to take action, to put people on the ground,” Brantly said, according to The Associated Press (AP).

In announcing his recent actions, Obama pronounced the Ebola outbreak a crisis as well as a threat to global (and U.S. national) security. His plan to send U.S. military personnel to West Africa includes “an aggressive effort” to train healthcare personnel and erect field hospitals, AP reported. In all, the effort could wind up costing U.S. taxpayers in excess of $1 billion — but not one dime of that would shore up security along the U.S.-Mexico border.

Troops for Ebola, no troops for the U.S. border

“If the outbreak is not stopped now, we could be looking at hundreds of thousands of people affected, with profound economic, political and security implications for all of us,” Obama told reporters following briefings in Atlanta with doctors from the Centers for Disease Control and Prevention (CDC), as well as physicians from Emory University, where Brantly and a pair of other American aid workers who contracted Ebola were treated.


Greenspan’s “Irrational Exuberance” Warning In Context / by Tyler Durden on 09/20/2014 18:33

As the marginal investing bot continues to invest his marginal leveraged dollar-on-the-sideline on an equity market that, as Janet Yellen has explained to the poor, will create a “wealth effect” to sustain everyone through rainy days and retirement, we thought some context worthwhile. On December 5th 1996, Alan Greenspan – upon the recognition that equity market capitalization has bubbled to over 100% of nominal GDP – opined that investors had succumbed to “irrational exuberance.” Since then, that ‘exuberance’ has become increasingly rational as the Fed pulls all its monetary-base expanding, deficit-funding, asset-purchases to keep the American Dream alive for a select (and shrinking) few

Irational-er and Irrational-er…


Precious Metals Continue Showing Major Weakness With Capitulation Near / Warren Bevan / September 20, 2014

A solid week for markets which just don’t want to rest, but it was interesting to me just how many stocks seemed to chop around and make no real progress and their charts are in no man’s land as well, without proper bases.

However, there are some stocks which are doing well and their charts are strong. Those stocks are called leading stocks since they are leading, and showing strength.

I’m into some of these leading stocks and they continue to perform and act well after breaking out from proper bases, so far.

As for the metals, they just continued lower as their charts and I have suggested.

We are fast approaching gold lows near $1,180 where we will see some consolidation but I still do think we have a long ways to go on the downside.

I did notice early this week one of the larger powerhouses in the newsletter industry published results of a survey amongst their members. It was something like only 5% have given up on gold so far.  And while they tout the incredible intellect (or stupidity/ignorance) of their subscribers and whatnot, they’ve been riding this wave lower for a long, long time now and have done nothing but lose money, instead of identifying the time to get out and then looking elsewhere, to where the money is going.

Follow the money.

Aside from them being wrong and taking countless subscribers blindly with them, the survey exemplifies my thoughts that we really need to see the blood in the streets moment.  I’d need to see at least a 50% figure on people giving up on gold to even consider us having a major low in place.

I am still not interested in gold, but we do have to see how it behaves at $1,180, which is not far off.


At Least Scottish Have the Balls to Face Up to the Future / Andrew McKillop / SEPTEMBER 20, 2014

Pandora’s Box was not entirely closed and will stay half-open.

The future can be a scary thing. Ditto with change, just ask The Royal Family. Despite the excitement and the bells of freedom ringing loud, in the end, Scottish voters opted for, “No: it’s not worth the risk.”

Had it been a ‘YES’ vote, these columns would be filled with stacks of other writings, but it happened to be a ‘NO’ vote which brings us to a different conversation. The independence and autonomy movement is a global wave and it’s gaining size and speed. The Scottish vote was a demonstration to London, and to the rest of the world. Watch out, as there will be more such referendums sprouting up in Europe and further afield.

A Close Run Thing

Glasgow, by far Scotland’s biggest city, voted ‘Yes’ to independence by a large majority, including 71% of under-20′s who voted Yes.

For UK premier David Cameron and especially for English Labour Party politicians who depend on their “Scottish safe seats” to maintain the party’s physical shape – it was a close run thing.

Talk about “political road maps” which do not exist for Scotland but supposedly exist for solving puzzles like the Israel-Palestine conflict. Their are hidden roles in these road maps, which in Scotland’s case includes “more devolution” is their proven ability to do nothing, waste time, and delay the future – but they can never avoid it.


What Is the VIX Fear Index Telling Us Now? / CHRIS CIOVACCO / 09/19/2014

Supply and Demand

When you get down to brass tacks, asset prices are governed by supply and demand. In the markets, the conviction of buyers relative to the conviction of sellers also plays a major role. Therefore, “I am confident” vs. “I am nervous” ratios can help us monitor and manage investment risk. What is the market telling us now?

Confident vs. Nervous

One confident vs. nervous ratio, the S&P 500 relative to the VIX, is shown below. When the ratio was pushed back at resistance (see point A), weakness in stocks followed (bottom of chart). Conversely, when the ratio cleared resistance (point B), good things happened in the stock market. Last Friday (before the FED), the ratio was revisiting the horizontal blue line, meaning it was at a possible inflection point (see point C).


Meanwhile, Here’s What The “Super-Rich” Are Rushing To Buy / by Tyler Durden on 09/20/2014 17:44

If you said shares of BABA, you’d be wrong. According to the Telegraph, the exodus out of paper wealth and into hard assets is reaching a fever pitch as the “super-rich are looking to protect their wealth through buying record numbers of “Italian job” style gold bars, according to bullion experts.”

The numbers cited by the paper are impressive: the number of 12.5kg gold bars being bought by wealthy customers has increased 243% so far this year, when compared to the same period last year, said Rob Halliday-Stein founder of BullionByPost. “These gold bars are usually stored in the vaults of central banks and are the same ones you see in the film ‘The Italian Job’,” added David Cousins, bullion executive from London based ATS Bullion.

The sales of 1kg gold bars, worth about £25,000 each, have doubled during the three months ended August, when compared to the same period last year, Telegraph reports according to ATS Bullion sales figures.

As a reminder, these are not some dinky, 1 oz coins that are being bought hand over fist: the bars which are made from pure gold and are worth more than £300,000 each at today’s prices of $1,223 (£760) an ounce.


Scientific Evidence Proves Ebola Is Airborne and Our Liberian Bound Troops Are Walking Into a Death Trap

ebola / by  / September 20, 2014

On the surface, the Presidential order to send 3,000 military personnel to Ebola-ridden is nothing but sheer lunacy. This 3 day old order have left people scratching their heads  and wondering if Obama has lost his mind.

This article will shed light on the fact that Obama is acting with depraved indifference and the evidence is clear, Ebola is much more contagious than the government is telling the people and the available science speaks clearly to this fact.

Doctors Are Condemning the Sending of US Troops to Liberia

Dr. Lee Hieb, former president of the Association of American Physicians and Surgeons has stated that “You can see that these doctors, who are highly trained people, got themselves infected… So sending troops into an area, if they’re dealing one-on-one with a patient, they’re not going to be able to protect themselves very well. It’s not easy to [prevent transmission], because you get tired and you get careless and you make some simple mistakes. All it takes is one virus particle.”

Elaine Donelly, president of the Center for Military Readiness, has stated that,  “I’m just appalled. Judging from this, the United States seems to have a very confused vision of what ‘national security’ means.” Donelly went on to state that Obama is putting both our troops and their families at risk.


Scotland Votes Breakdown on Age

Scottish-flag / by  /  

In terms of age, the 16-35 year-olds were divided, yet there was a pro union majority for the over 65 group counting on pensions.

  • 16 and 17-year-olds voting 71% yes.
  • 18-24-year-olds voted 52 to 48 against independence.
  • 25-34-year-olds voted for Independence.
  • 65s+ voted 73% to 27% to stay in the Union.