Did you ever wonder why no bankers ever go to jail? Eric Holder and President Obama pushed through legislation that saw to it that it would not happen.
Ever Wonder Why No Bankers Go To Jail?
“The sovereign in the U.S. is supposed to be ‘We The People’- first three words in The Constitution. It’s not ‘We The People.’ The sovereign power of the U.S. is a criminal global banking cartel. Period. Full stop.”
“Criminal immunity is tantamount to Sovereignty. Any entity that has criminal immunity has Sovereign power. For example, you don’t need the Constitution to coin money and regulate the value thereof. You can simply counterfeit money and rig markets. And in fact, rigging markets is what they did.”
“Collateral Consequences.” It was a term introduced to the Executive branch of Government, which includes the Justice Department by Eric Holder during the Clinton Administration. This paved the way for Justice Department prosecutors to let bankers off the hook for obvious criminal behavior.
In a 1999 memo entitled “Bringing Criminal Charges Against Corporations” (section IX on page 9) written when Holder was deputy U.S. attorney general, Eric Holder argued that government officials could take into account “collateral consequences” when prosecuting corporate crimes. By this he meant prosecutors should take into account the effect prosecuting a corporation or corporate individual will have on “innocent third parties.” That principle right there gave the keys to the kingdom to the banks. It also explains why the SEC is so reluctant to prosecute Elon Musk.
This “consider collateral consequences to innocent 3rd parties” is what led to the bailout of the banks in 2008 and the absence of any criminal prosecutions against bank executives despite the overwhelming evidence of culpability. Oh by the way, Eric Holder just happened to be appointed Attorney General in 2009 by Obama to make sure that Section IX of Holder’s 1999 memo held up during the period of time when the banks and their CEO’s should have been held accountable and sent to jail.
Peter Shiff says once the dollar bubble is pricked, the record debt will bring everything tumbling down. We are in total agreement with him on this. QE will return. This is just the calm before the storm.
I think the world is going back to gold. . . . $5,000, $10,000 (per ounce) who knows how high it’s going to go. There is no real ceiling on the price of gold because there is no floor to the value of the dollar and other fiat currency. . . . Gold is going to skyrocket.”
Shiff says that silver will outperform gold. The last time silver took off, it went from $4 to $50. It will do better this time around.
Greg Hunter USA Watchdog
Money manager Peter Schiff says even though there is “record debt everywhere,” the Fed thinks the economy is fine. Schiff explains, “The actual amount of money the government is borrowing is much larger than what they pretend they are borrowing with the official budget. I think the national debt was up around $1.5 trillion in 2018. . . . It’s probably going to be even greater in 2019. . . . We have the biggest annual trade deficit ever in 2018. We’re going to beat that record in 2019. So, we have the twin deficits going off the charts. None of that worries (Fed Head Jay) Powell. We have record corporate debt, record individual debt, record student debt, auto debt, credit card debt and none of that concerns Powell. We have record debt for state governments and municipalities. We have underfunded pensions in both the public and private sector. We also have interest rates rising. They have risen quite a bit from a few years ago, and all of that is an added cost on an over-leveraged economy. The reason the Fed did this about face, the reason they are now ‘patient’ and the reason they stopped raising interest rates . . . is all about the United States. . . . It’s all about the enormous debt we have. The Fed inflated a bubble where you had all this debt. It’s impossible to normalize interest rates in this scenario. So, they came up with an excuse to stop, but what the markets still don’t realize is it is not enough. The Fed is ultimately going to go back to 0%. The Fed is not going to shrink its balance sheet. They are going to blow it up bigger than it was before they started to shrink it. There is no way to stop the recession and no way to stop the bear market. They are going to have to go back to the QE, but I don’t think the Fed is going to succeed in blowing a bigger bubble.”
Schiff goes on to say, “I think when they start to try to reflate the assets in stocks, real estate and in bonds, they are just going to prick the dollar bubble, and that’s when we have a real crisis. . . . The dollar is going to collapse, and America’s days of living beyond its means is going to come to an end.”
On gold, Schiff says, “I think this is the calm before the storm. People don’t really perceive it. Maybe it’s like the Wile E. Coyote who has just run off a cliff, and he just hasn’t looked down yet. He doesn’t realize where he’s standing. . . . Gold shorts are going to lose an incredible amount of money. That’s probably one of the most foolish things you can do.
There are a lot of great things out there to short. Gold is the last thing you should be shorting. For central banks, gold is the safest reserve asset. It’s the only asset that is not somebody else’s liability. . . . I think the world is going back to gold. . . . $5,000, $10,000 (per ounce) who knows how high it’s going to go. There is no real ceiling on the price of gold because there is no floor to the value of the dollar and other fiat currency. . . . Gold is going to skyrocket.”
And silver? Schiff says, “Look at last time. Silver went up to $50 per ounce from $3 to $4 an ounce in 2000-2001. Gold went to $1,900 per ounce, but silver went to $50 per ounce. It was a much bigger percentage gain. . . . If I am right about gold going to $5,000 to $10,000 (per ounce), I am sure the percentage gain in silver will be even bigger.”
Watch the yield on the 10-Year Treasury. It is the most important bond in the financial system. Lately it’s broken a multi-decade downtrend to the upside.
When bond yields rise, bond prices fall.
When bond prices fall, debt deflation hits the financial system.
When debt deflation hits the financial system, the financial system BLOWS UP.
THIS is why the Fed is in a panic. It’s why the Fed has stopped hiking rates. And it’s why the Fed is desperate to launch even MORE extreme monetary policy as soon as possible.
David Brady says a return to QE is inevitable. I absolutely agree with his assessment. The big banks know it and they are waging a last big assault on gold to squeeze as much money out of it as possible before the big move up. He says, “This could be the last buy-the-dip opportunity we get, courtesy of the Bullion Banks.”
Bullion Banks Appear Ready to Slam Gold Imminently
The big picture remains the same: When the Fed reverts to QE and the dollar tanks, Gold and everything else will soar. I believe a return to QE is inevitable at this point.
If the stock market dump in the 4th quarter has taught us anything, it is that the markets cannot survive without ever-increasing stimulus, just like any Ponzi scheme. Meanwhile, U.S. deficits and debt continue to soar, with unfunded liabilities about to hit en masse next year. At the same time, economic activity and tax receipts are falling. This means more and more treasury bonds are being issued when the Fed is still reducing its balance sheet and foreign buyers have gone on strike. There is only so much the domestic market can soak up before becoming saturated, forcing yields to rise and debt interest costs to explode. The Fed will be forced to revert to QE to prop up stocks and bonds (keep yields down), and will sacrifice the dollar in the process.