• Banken stallen iets minder bij ECB; spanning leenmarkt blijft (RTL-Z)
  • Amper voordelen van euro-obligaties voor sterke landen (FD)
  • Metaalsector gaat gebukt onder exploderende pensioenpremie (FD)
  • Fikse premiestijging dreigt bij fonds PME (RTL-Z)
  • Edith Schippers, minister 'ijsbeer', 'neuroot', 'niet lief', 'technocraat' 'ka' (Welingelichte Kringen)
  • We gaan kapot (IEX)


  • Erg fascinerend.. Faster-than-light neutrino result queried (BBC)
  • House Won't Sell? No Problem, Simply Raise the Price by 78%; It's Different in Bizarro World (Mike Shedlock)
  • Kissinger’s Favorite Communist Paves Way for Monti (Bloomberg)
  • BLooMFuKiSTaN…LaND oF THe SPRaYeD (William Banzai7; Zero Hedge)
  • Aanrader!! Money Chart (xdcd.com)
  • Jefferies: lies, damned lies and the anonymous hedge fund who tells them (FT Alphaville)
  • Hungary Seeks Aid From EU, IMF (Wall Street Joual)
  • ECONOMIST: Beanke Is Going To End Up Bailing Out All Of Europe (Business Insider)
  • France’s AAA Status in Tatters as Yields Surge (Bloomberg)
  • Goldman CEO, CFO may face Gupta insider testimony (Reuters)
  • Self-serving myths of Europe’s neo-Calvinists (Ambrose Evans-Pritchard; Telegraph)
  • Germany's Finances Not as Sound as Believed (Spiegel)
  • Johnson: Deutsche Bank Could Transfer Contagion (Bloomberg)
  • China vice premier sees chronic global recession (Reuters)
  • Big Banks Flee Reverse Mortgages, Leaving Industry Void (American Banker)
  • MF Global shortfall doubles to $1.2bn (Financial Times)

Ten aanzien van MF Global. Wij kwamen de volgende passage tegen in een lang en uitgebreid artikel van Jim Willie, uitgever van de Hat Trick Letter. Vanwege de impact die MF Global mogelijkerwijs heeft op de goud- en zilvermarkt zijn we zo vrij geweest deze lange quote integraal te geven. Het artikel gaat op nog veel meer ontwikkelingen in en in zijn geheel een must read:

  • Whirlwind Debt Crisis Ensures Gold $2000 Assured (Market Oracle)

De uitgebreide quote met betrekking tot MF Global en de betrokkenheid van JP Morgan (nadruk van ons):


Coverage to the MF Global fraud, theft, and violation of the financial markets is full of intrigue and bold strokes. A sacred pledge has been broken against segregated accounts and their partitioned sanctity. Witness the second stage of the grand American fraud exposure. The first stage was the subprime mortgage fraud, with Lehman Brothers kill, JPMorgan assert grab and reload, followed by the TARP Fund dispersal, and the mortgage contract forgeries. The MF Global theft exposes the lack of integrity in the financial futures markets, and one step closer for the death of JPMorgan, which is plugging holes rather than permitting a COMEX default. Over a thousand gold contracts will not be delivered, a breach. Over ten thousand silver contracts will not be delivered, a breach. The final stage could feature a bank holiday and background heist of personal accounts. Some thought such forecasted waings to be wild and reckless, but look at the pilfered futures cash accounts. Precedent has been set, waing given. Nothing is safe in the American system. Veteran traders should have known better, like Gerald Celente, whose accounts are locked up, cash and all. What a travesty and blight on the US system! Time is slim to remove money from the US system, whose banner is fraud.

MF Global is a more visible and flagrant breach and desecration than the Madoff Fund fraud and theft. The total missing Madoff funds was reported to be $50 billion, when the actual total was closer to $150 billion. The MF Global missing funds are reported to be $650 million, when in reality the total is closer to $2 to $3 billion. MF Global has located $658.8 million in customer funds in a custodial account at JPMorgan Chase, which contained a total of $2.2 billion as of October 31st, including both the MFG money and customer funds, pure commingling of funds. This is a smoking gun certain to go unpunished. My belief is that JPMorgan stole the easily accessible funds placed too close to the action. Harbor doubts that CEO John Corzine will be indicted or serve prison time. The FBI is on the case. Their investigation will most likely be as effective as with Madoff, and recall they protected Goldman Sachs three years ago when a Russian man snatched the Unix software used by GSax for insider trading. It viewed incoming orders on the NYSE microseconds before the orders were executed. The FBI arrested the man, the illegal trading trail went cold, and the venerable firm continued doing God's work. In my view, the MF Global case will render irreparable harm to the US financial system on the commodity side. Countless professional traders and their firms recognize the threat to segregated accounts and their sanctity. Trust is gone, and so is their money. No new money will enter those tables.

Safeguards did not merely fail, they were abused once more in a long list of fraud events. The Commodity Futures Trading Commission has failed on the job for the public, while doing an excellent job for the syndicate in power led by JPM and GSax. The next sham charade will be the big US banks serving on the creditor committees to oversee dispersal of funds that they were not able to steal already. JPMorgan is the agent for a $1.2 billion syndicated line of credit to MFG. It was named to the committee despite also having a $300 million secured loan against the MFG brokerage unit, a position pitted against other unsecured creditors in an obvious conflict of interest. JPMorgan slapped a lien on MF Global assets in an audacious maneuver. A formal dance is in progress, where the public is amateur. Lack of cooperation has been given by MF Global so far. Witness a possible hidden derivatives meltdown, as the European implosion has a conduit to the United States. With inter-bank lending so scarce, many Wall Street banks extended heavy loans to the distressed European banks in the last couple months. The story is not told that way, only as a large financial firm failure run by an ex-Senator and ex-Goveor, a fallen pillar in the financial crisis. What has happened could be a critical step toward the ruin of the COMEX itself, and its transition into a Cash & Carry operation for precious metals. The reins holding back Gold are slowly vanishing or being discarded.

Omdat elke referentie ontbreekt is een zekere mate van terughoudendheid op zijn plaats. We houden dit scherp in de peiling en kijken ook uit naar meer berichtgeving omtrent de ontwikkelingen rondom MF Global en de afwikkeling van haar faillissement. Dit ziet er “nasty” uit voor de betrokken partijen, en de ervaring leert dat zodra de naam van JP Morgan voorbij komt en het betrekking heeft op termijnmarkten, onder andere voor goud en zilver, dat de berichten scherp in de gaten gehouden moeten worden. Gisteren kwam in één van de links die betrokkenheid al voorbij, en liet advocaat James Koutoulas namens 7.000 klanten al één en ander los over de ontwikkelingen. Op het moment van schrijven, een laatste link via Jesse van Café Américain (die hier bovenop zit) naar een 8-pagina tellende samenvatting van Janet Tavakoli. Een update ten aanzien van MF Global volgt..


Tot slot. Oud-hoofdcommissaris van de politie van Philadelphia is naar New York gekomen om te protesteren en geeft zijn wijze raad..

Zie ook: “Former Police Captain Ray Lewis Fed ‘Up’ With Chris Hayes” (Video)