Author: Jeff Taylor
It is now reaching the general consciousness that it is those with the money that control our destinies. Where once many believed that our betters who order our lives reside in Westminster, the realisation that those with the power are more likely to inhabit the City’s Gherkin building is dawning on us.
Some of those people are now heading the largest and arguably most successful institutions in the world, the banks. Everyone now wants to get in on the action of money shuffling. And as they do the more of a monster it becomes until every move some of them make shakes the markets. And then the temptation to use that might turns into corporate policy.On the 27th October two traders, Brian Beatty and Peter Laskaris, filed lawsuits against both JP Morgan and HSBC accusing them of manipulating the price of silver by “amassing enormous short positions”. The lawsuits being brought at the US district Court, Southern District of New York, which are also seeking to gain a class action status, allege that “… between in or about March 2008 and continuing through the present, Defendants have combined, conspired and agreed to restrain trade in, fix, and manipulate prices of silver futures and options contracts traded in this District on the COMEX division of the NYMEX. Defendants thereby have violated Section 1 of the Sherman Act, 15 U.S.C ¶1. Also during the Class Period, individual Defendants have intentionally acted to manipulate prices of COMEX silver futures and options contracts. Such conduct violates Section 9(a) of the Commodity Exchange Act, 7 U.S.C. ¶13b.”
The following day the National Inflation Association (NIA) assessed that JP Morgan are so short on silver and that the silver market is so tight that “…. silver prices could literally rise to $50 per ounce overnight. NIA estimates that $50 per ounce silver would mean approximately $4 billion in losses to JP Morgan” (…. more).
Max Keiser, (TV presenter, radio host, entrepreneur, broadcaster and journalist) who dubs JP Morgan as “the biggest financial terrorist on Wall St” and wants to give it a bloody nose, is calling on people to crash JP Morgan by buying silver so making its price go up leaving JP Morgan with a huge short position to cover. As far as he is concerned we will end up with $500 silver.
Also stepping up to the mark (or maybe penalty spot) for a bit of bank bashing is the footballer Eric Cantona. He points out that it is a waste of time to wave placards, if you want to bash the banks just have a co-ordinated withdrawal of depositors money (well the first 5% that the bank actually has anyway). Then ” … they will listen to us in a different way” as the run forces them to the wall. There is a push in France to do just this on the 7th December (see video below).
Now, how about the double whammy? Take money out of the bank and buy silver! But just remember if you do, to buy physical silver and take delivery. The bits of paper that say you own silver are just that, bits of paper.
If you’ve got no money to withdraw and no money to buy silver then lend your support to Douglas Carswell MP who is campaigning to straighten the UK banking system out. At least then you can ensure that the money in the bank belongs to you and not the bank and that you can therefore dictate how they use it. Or maybe claim a free ounce of silver from BullionVault.
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