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10 Fold Increase in Cryptocurrencies by Year-End | BrotherJohnF

An Open Letter To The Fed’s William Dudley / by Tyler Durden / Jun 24, 2017 6:40 PM

Authored by MN Gordon via,

Dear Mr. Dudley,

Your recent remarks in the wake of last week’s FOMC statement were notably unhelpful.

In particular, your excuses for further rate hikes to prevent crashing unemployment and rising inflation stunk of rotten eggs.

Crashing Unemployment

Quite frankly, crashing unemployment is a construct that’s new to popular economic discourse, and a suspect one at that.

Years ago, prior to the nirvana of globalization, the potential for wage inflation stemming from full employment was the going concern.  Now that the official unemployment rate’s just 4.3 percent, and wages are still down in the dumps, it appears the Fed has fabricated a new bugaboo to rally around.  What to make of it?

For starters, the Fed’s unconventional monetary policy has successfully pushed the financial order completely out of the economy’s orbit.  The once impossible is now commonplace.


Locked and Loaded / Jim Quinn / 

 Recently, we shed light on the number of children in the U.S. that accidentally killed themselves or another child in the last three years. As reported by USA Today, in most cases the initial cause is the presence of a loaded, unsecured gun in the home. In this infographic, data from Pew Research Center reveals that as much as 38 percent of gun owners in the States have a loaded, easily accessible gun in the home at all times.

An additional 17 percent said this is the case most of the time, while a minority 33 percent said that this never happens. The Pew poll also showed that for 67 percent of owners, a major reason for having a gun is for protection. While this desire is completely understandable, with an average of one child under the age of twelve dying due to an accidental firearms accident every week, the inherent risks for a family may outweigh the gains unless the weapon is securely stored.


Dollar Upticks Fragile Without Interest Rate Support / by  / June 24, 2017

The US dollar edged higher against most of the major currencies over the past week. However, the fundamental backing is still not solid, and it makes as wary of these upticks, even though we think a bottom is being carved. Specifically, the US interest rates still not finding much traction, and President Trump’s legislative agenda still is encountering significant resistance within the Republican Party.

Since the end of April, the Dollar Index has alternated between advancing and declining weeks.  We suspect the pattern will continue next week.  After this week’s upticks, it means a setback.  Over most of this period the Dollar Index has been confined to a roughly 96.50-98.00 range.  The Dollar Index peaked in front of near 97.90 on June 20.  It can drift toward the lower end of the range, which we expect to hold.

The euro was confined to narrow trading ranges last week and finished little changed against the dollar.  Since the middle of May, the euro has traded in an $1.11-$1.13 trading range.  After starting the week in Asia above $1.12, it was confined to the lower half of the range in the past several sessions.  The sideways trading has alleviated the extended technical condition we have been monitoring.  In our macro view, we are concerned that a great deal of good eurozone news has been discounted, and that the economic momentum slows and price pressures ease.  The softening seen in the flash PMI is consistent with this.  Next week, the preliminary estimate for June CPI will be reported. The signal may be obscured by a decline in the headline and a small gain in the core.


CIA Director Mike Pompeo: Trump’s “An Avid Consumer” Of Intel, Will “Punish Leakers” / by Tyler Durden / Jun 24, 2017 6:05 PM

In his first interview since becoming the head of the CIA, Mike Pompeo pushed back against accusations that President Donald Trump doesn’t read his daily intelligence briefings, claiming that the president is “very interested” in what’s happening at the intelligence communities and that his daily in-person briefings with the president typically run longer than their allotted time.

Pompeo tells MSNBC that Trump is a demanding boss who asks “great questions” and is trying to enable the CIA to take a more active “operational” role in countering threats posed by the US’s enemies.


How College Can Ruin Your Life / By E.B. Tucker / June 24, 2017

Jackie Krowen made a big mistake.

It only took a couple clicks of the mouse…but she’ll be paying for it for the rest of her life.

She racked up more than $150,000 in student loan debt to become a nurse. The average nurse in the U.S. earns $5,660 per month. After taxes and living expenses, Jackie barely scrapes by.

Jackie is the security for her loan. She can’t get rid of it. She can’t hide from it. She also can’t ever pay it off.

She says it ruined her life.

Doug Casey: This subject—why going to college is somewhere between foolish and idiotic for the average person—is worthy of a book. I’ve been saying this for many years, starting with my appearance on the Phil Donahue Show in November 1980, the day before the presidential elections. The audience booed me for that, as well as telling them why they should abstain from voting the next day.


The New Cold War: A Chilling Prospect for the World / JUNE 24, 2017

21st Century Wire says…

“There is one curious thing…the Presidents of your country [US] change…but the policy…doesnt change, on matters of principle.” ~ President Putin

NATO’s justification lies in its ability to find or create an enemy, Putin told legendary film maker, Oliver Stone. No other “enemy” has served NATO and the military industrial complex as well as Russia and the “Cold War”. The re-emergence of the cold war construct has reached almost unprecedented levels with western media & governments bearing down on historic prejudices with renewed vigour. The new “cold war” is a chilling prospect for the world if it is allowed to mushroom into something more deadly.


Angry Dems Turn On Obama, Pelosi, Schumer: “Talk Less About Russia” / by Tyler Durden / Jun 24, 2017 4:30 PM

It’s been a rough week for the legacy of the Obama administration. Yesterday, the Senate Judiciary Committee launched a Democrat-endorsed probe into former Attorney General Loretta Lynch’s conduct during the campaign – when it’s widely believed she colluded with the Clinton’s to “soften” the FBI’s probe into Hillary’s mishandling of classified information. Earlier, sure-thing Democratic neophyte Jon Ossoff lost a special election in Georgia that he was supposedly guaranteed to win, leading America’s least—preferred party of overly brazen corporatists to an embarrassing 5-0 defeat, and stoking calls for Nancy Pelosi – the Dem’s longtime leader in Congress – to step aside.

And as if all that wasn’t enough, revelations that Russian hackers targeted voting systems in 21 states – and the Obama administration did nothing about it – have inspired the president’s fellow Democrats to turn on their once-revered leader.


Surge in Positioning amid Currency Contract Roll / by  / June 25, 2017

The expiration of the June contracts and the roll into September positions appears to have boosted activity in the currency futures, and may obscure the signaling effect.  Of the 16 gross positions we track, speculators add to exposure in all but four positions.  There speculators covered gross short Swiss franc, Canadian, Australian, and New Zealand dollar positions.

There were several significant position adjustments, which we define as a gross position change of 10k or more contracts.  Speculators boosted the gross short euro position by 37.2k contracts (to 122.4k).  This accounted for the vast majority of the sharp drop in the net long position from 79k contracts to 44.9k.   Gross longs grew by a mere 3k contracts to 167.2k.

Speculators sold 49k Mexican peso contracts to bring the gross short position to 76.7k contracts.  The gross longs added a 2.2k contracts (to 125.7k).  As a result, the net long position was halved to 49k contracts from 95.8k.


A Bloody Collapse / by Karl Denninger / 2017-06-24 11:32

There’s a relatively-common view among certain people, exposed in public by a person who recently registered on my system, claimed to be a retired MD, and promptly got banned.

He was commenting on my 100 Million Dead article — where I laid out the utter impossibility of what the so-called “health system” has been doing on a fiscal basis for the last 30+ years, and what it proposes to continue to do backed by the people in Congress and the President — screw Americans to the wall with an ever-increasing piece of the total economic picture.

Why did he get banned?  It started here:

I’m a retired MD and can tell you the current system is a criminal enterprise.

In other words he admits that the current system is a criminal enterprise to which he was a part.

It gets better (as if self-stating that his own profession is a criminal enterprise isn’t enough), and that got him banned:

Tickerguy your timeline on the meltdown is not clear. Why not health care become 30-40% of the economy. We have squandered money on a far worse “noble lie”ie The Cold War.


Bernie Sanders & Wife Under FBI Investigation For Bank Fraud / by Tyler Durden / Jun 24, 2017 11:48 AM

Vermont Senator Bernie Sanders and his wife Jane have lawyer’d up amid an FBI investigation into a loan obtained to expand Burlington College while she was its president.

As we noted just over a year ago, Burlington College, a small Vermont private school once led by the wife of Democratic presidential candidate Bernie Sanders, said Monday it will close later this month, citing “the crushing weight” of debt incurred during the presidency of Jane Sanders who was in charge of the college until 2011.


You Won’t Like How Congress Wants to Crack Down on “Money Laundering” and “ISIS” / Daisy Luther / June 24, 2017

Survival Saturday is a round-up of the week’s news and resources for folks who are interested in being prepared.

This Week in the News

This week on Survival Saturday, we’ll talk about the new bill to fight ISIS by forcing us to tell the bank where we keep our money, cop “warrior” training, and people being replaced by digital kiosks.

Congress cracks down on “money laundering” and “ISIS” with a bill to make you file forms about where you keep your money.

It’s all for our own good, of course.

A bill introduced in Congress on May 25th would make it illegal to keep your money outside of the bank unless you file paperwork explaining where you’re keeping it.

This includes cash, Bitcoin or other cryptocurrencies, prepaid mobile phones, retail gift vouchers, or even electronic coupons.

Always remember that registration is the first step toward confiscation. This is true whether it’s guns or whether it’s money.


REALIST NEWS – Who got in on tenX (PAY Token cryptocurrency)? You may become rich

jsnip4Published on Jun 24, 2017

CNN Deletes ‘Fake News’ Story About Russian Investment Ties To Trump / by Tyler Durden / Jun 24, 2017 9:20 AM

Thursday afternoon, CNN posted a story, by none other than Pulitzer-Prize-winning reporter Thomas Frank, claiming that “Congress was investigating a Russian investment fund with ties to Trump officials.”

The story was perfect fodder for ‘The Left’ as it provided yet more ‘confirmation’ that sources ‘confirmed’ Trump and his team were up to something nefarious with The Russians…

Highlights included…

 Congress is investigating a little-known Russian investment fund…

 The fund CEO met in January with a member of the Trump transition team…

 “If you’re going to get your nose under the tent, that’s a good place to start,” said Ludema, a Georgetown University economics professor. “I’m sure their objective is to get rid of all the sanctions against the financial institutions. But RDIF is one [sanctioned organizations] where a number of prominent U.S. investors have been involved.”

 A fund spokeswoman says there was no discussion about lifting sanctions…

Scaramucci’s comments alarmed Democratic Senators Elizabeth Warren of Massachusetts and Ben Cardin of Maryland, who asked Mnuchin investigate whether Scaramucci sought to “facilitate prohibited transactions” or promised to waive or lift sanctions against Russia.


Doug Noland: Washington Finance and Bubble Illusion / by  • 

This is a syndicated repost courtesy of Credit Bubble Bulletin . To view original, click here. Reposted with permission.

June 18 – Financial Times (Mohamed El-Erian): “In hiking rates and, more notably, reaffirming its forward policy guidance and setting out plans for the phased contraction of its balance sheet, the Federal Reserve signalled last week that it has become less data dependent and more emboldened to normalise monetary policy. Yet, judging from asset prices, markets are failing to internalise sufficiently the shift in the policy regime. Should this discrepancy prevail in the months to come, the Fed could well be forced into the type of policy tightening process that could prove quite unpleasant for markets.”

I’m not yet ready to move beyond the recent focus on global monetary policy. Belatedly, the Fed has become “more emboldened to normalise monetary policy.” Global policymakers may finally be turning more emboldened, though taking their precious time has nurtured alarming market complacency.

Over a period of years, securities markets became progressively more emboldened to the view that higher asset prices were the top priority of global central banks. For years I’ve argued that this is one policy slippery slope. For good reason, markets do not these days take seriously the threat of a tightening of financial conditions. The Fed and fellow central banks will surely seek to avoid what at this point would be a painful development for the global securities markets. When faced with a well-established Bubble, the notion of a painless tightening of financial conditions is a myth.


Ep. 261: Senate Plan Makes ObamaCare Worse

Peter SchiffPublished on Jun 24, 2017

Goldman Finds Most Modern Recessions Were Caused By The Fed / by Tyler Durden / Jun 24, 2017 8:46 AM

One week ago, Deutsche Bank issued a loud warning that as a result of the aging of the current economic expansion, now the third longest in history at 32 quarters, if with the lowest average growth rate of just 2%…


GRENFELL TOWER: Boris Johnson Gives Millions to Fake White Helmets in Syria, Makes Savage Cuts to London Fire Service / JUNE 24, 2017

Vanessa Beeley says…

An appalling crime was committed by a member of the UK, US, EU and Gulf state multi-million-funded White Helmets on the 21st June 2017, one week after the Grenfell Tower tragedy shocked London to the core. The White Helmet operative in question was filmed climbing over the dismembered corpses of murdered Syrian Arab Army soldiers while the severed head of one of the soldiers was held aloft as a gruesome trophy by the extremist fighters responsible for their deaths. 

The White Helmet operative has been “sacked” according to the statement released by the organisation. He has been “sacked” for breaching the White Helmet “code of ethics”. So these days, participating in the murder of prisoners of war, the mutilation of their bodies and the dumping of those bodies into a waste tip is a “sackable offence”? Dont we all feel so reassured that terrorist acts that violate every, single Geneva convention on the treatment of POWs and constitue supreme crimes against humanity, are a “sackable” offence. Dont we all feel relieved that this White Helmet’s wrist has been slapped and his T Shirt taken away from him? If we have a single human bone in our body, no we dont!


The Economy Is Suffocating, There Is A Major Adjustment Period Coming: Wolf Richter

X22Report SpotlightPublished on Jun 24, 2017

More derivatives planned to entice gold investors in India / By Ram Sahgal, The Times of India, Mumbai / Friday, June 23, 2017…

Traders of equity options will soon get a new product to punt or hedge on — options on gold futures. MCX, the country’s largest commodity derivatives exchange, could introduce the options by August, two persons familiar with the development said. One of them said the chief draw for equity option players would be the cheaper cost to trade.


REALIST NEWS – Unfunded Liabilities Have Turned Illinois Into Banana Republic On Brink Of Bankruptcy

jsnip4, Published on Jun 24, 2017

I Crushed the S&P For the 7th Week in a Row and My Thoughts on the Market / Dr. Fly / Jun 23, 2017

My new quantitative strategy is quite relaxing. It makes me money week in and week out, and I barely need to lift a finger. I just sold out of last week’s portfolio, which demonstrably crushed the indices and reallocated into a new set of stocks — all of the degenerate small cap varietal.

There wasn’t an emotional move or a gut feeling, but based on statistics. Over the past week, stocks with market caps under $1b beat all other market cap groupings. As a point in fact, most stocks traded down — with the exception of very small cap. That’s odd.


They Can And Should Do More” Australian State Slams Banks With $280 Million Tax / by Tyler Durden / Jun 23, 2017 9:50 PM

Australian bankers are furious after the country’s smallest state levied a “surprise” tax on the country’s five biggest banks that could siphon off $280 million in profits during its first four years on the books, according to Reuters.  The tax was imposed by South Australia, which is struggling with the country’s highest unemployment rate and thanks the banks should be doing more to pitch in.


Macron, Brexit Talks and Gold / ARKADIUSZ SIEROŃ / JUNE 23, 2017

On Sunday, Macron won the majority in the French parliamentary election, while Brexit negotiations started on Monday. What do these events mean for the gold market?

After the first round, we noted that Macron’s party was projected to win a landslide victory. Indeed, the new president won a commanding majority in the parliamentary election, crushing the opposition. Although the results were not as high as anticipated one week ago, La République en Marche won 350 of the 577 seats in the National Assembly, which means that Macron has all the powers. Republicans kept 137 of the previously held 225 seats, while Socialists who had the majority in the previous election got only 45 seats. The National Front won even fewer seats – only 9, despite the fact that Le Pen advanced to the second round of the presidential election just one month ago.

Macron’s triumph implies that he secured a powerful mandate to push through his pro-business agenda. As a reminder, his plan includes tax cuts and the deregulation of the labor market. These changes could strengthen the country and the whole Eurozone. Given the importance of France’s economy in the common currency area, Macron’s pro-growth reform could turn on the second engine of the Eurozone’s GDP (now it relies mainly on Germany), which should support the euro. The appreciation of the euro should be positive for gold, which is often positively correlated with the EUR/USD exchange rate, but some safe-haven bids for the yellow metal would be lost (although the major risks for the Eurozone concentrate in Italy right now).


REALIST NEWS – McDonalds Is Replacing 2,500 Human Cashiers With Digital Kiosks: Here Is Its Math

jsnip4, Published on Jun 24, 2017

The World Is Going Down With Trump / Paul Craig Roberts / June 23, 2017 

This is your site. Support it.

On June 21 the editorial board of the Washington Post, long a propaganda instrument believed to be in cahoots with the CIA and the deep state, called for more sanctions and more pressure on Russia.

One second’s thought is sufficient to realize how bad this advice is. The orchestrated demonization of Russia and its president began in the late summer of 2013 when the British Parliament and Russian diplomacy blocked the neoconned Obama regime’s planned invasion of Syria. An example had to be made of Russia before other countries began standing up to Washington. While the Russians were focused on the Sochi Olympic Games, Washington staged a coup in Ukraine, replacing the elected democratic government with a gang of Banderite neo-nazi thugs whose forebears fought for Hitler in World War II. Washington claimed it had brought democracy to Ukraine by putting neo-nazi thugs in control of the government.

Washington’s thugs immediately began violent attacks on the Russian population in Ukraine. Soviet war memorials were destroyed. The Russian language was declared banned from official use. Instantly, separatist movements began in the Russian parts of Ukraine that had been administratively attached to Ukraine by Soviet leaders. Crimea, a Russian province since the 1700s, voted overwhelmingly to seperate from Ukraine and requested to be reunited with Russia. The same occurred in the Luhansk and Donetsk regions.