-- Posted Wednesday, 18 April 2012 | | Disqus
The following are some snippets from the most recent issue of the International Forecaster. For the full 26 page issue, please see subscription information below.
US MARKETS
Deception continues, as we are told unemployment (U-3) is 8.3%; without a mention that (U-6) is 14.9%. That means if you eliminate the birth/death ratio you come up with an overall unemployment number of 22.4%.
As we mentioned earlier we expect the administration to try to attempt to push U-3 down to 7.5% before the election. Whether they will be successful in that endeavor remains to be seen. In reality almost 1/5th of working Americans are either unemployed or underemployed.
In a recent issue we included a link of an interview with the head of commodities for JPM, Blythe Masters. What she had to say concerning the silver market was very interesting. At least over the past five years even speaking about manipulation on CNBC has been forbidden. This latest encounter was staged in order for Morgan to officially cover its tracks in what the CFTC has allowed to become a rigged, manipulated market. JPM for the first time in Ms. Masters, answer has admitting silver manipulation.
The interview, a puff piece, was programmed ahead of time and was supposed to be an explanation of what JPM was up too, because more and more professionals were questioning the firm in what they were up too. Then again the CFTC may be finally being forced to do something in regard to Morgan’s market manipulation. This move by the CFTC could be prompted by the lack of silver inventory ready for delivery. The Masters appearance may be to stress legal normalcy when they are forced to reply to CFTC allegations. Best of all Morgan may be forced to cover.
This Blythe Masters incident had led to all types of speculation and it should, as it is a major issue. Her responses to the CNBC interview were full of misstatements. Now you can in part understand what JPM has at stake. In the eventuality that the JPM may incur massive losses in its speculative adventures. JPM moved its best assets into CIO, due to the Volker rule that protects the assets via the FDIC.
Masters said that JPM stores silver on their “clients behalf and the clients hedge the investment via JPM. This is tantamount to hedging your own client’s position. The hedge by JPM is a JPM action to play the other side of the trade.
You have to love this one by Masters. “Our commodities business is not about betting on commodity prices, it is about assisting clients in executing and managing their risk.” If you believe that you will believe just about anything. A parallel position is why do they need offsetting positions? If that is the case are we all to believe that of JPM’s $76 trillion in derivatives is client driven as well? Then the question arises is their largest client the US government? Does the CFTC allow Morgan’s 3 other major banks to hold such positions, because they really belong to the government? Or will the CFTC perhaps finally define swaps, which in retrospect is fraudulent fraud, but no action will be taken.
The statements of Ms. Masters without prior attempt to answer manipulation charges tells us something is on the way. Could it be pressure has been brought to bear regarding part of Morgan’s positions that were lent to three other big silver shorts to make it look like they were going to buy and assume their positions? That constitutes parking, which is against the rules. All four would be guilty of aiding and abetting and fraudulent conveyance. This situation is a dark and dirty as it gets.
We hope the episode ends up in fines and jail time but that probably is too much to ask for. What has been done to all markets since 1988 has been despicable, especially the gold and silver markets. It all has been a criminal enterprise. You will be hearing the word concentration over and over again, if our guess is correct and that is what this is all about.
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THE INTERNATIONAL FORECASTER
WEDNESDAY, APRIL 18, 2012
04/18/12 (5) IF
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