The Core

http://english.economicpolicyjournal.com/2012/03/mf-global-roundup-louis-freeh-feeling.html

Basically, the link I have posted shows one part of how corruption permeates the US financial system.

If you have not heard of MF Global - it was a brokerage house that went under, that comingled customer funds with their own funds, about 1.6 billion dollars in customer funds initially missing. No indictments. Press releases to the effect the money "vaporized."  (untrue, the money went somewhere, probably most of it went to JP Morgan on margin calls).

At this time - approximately 72 cents on the dollar of average customer payouts, according to the trustee.

Many of these customers were farmers that hedged their production. Some were traders, some did business with other brokerages that cleared their trades thru MF Global. Gerald Celente lost a sizeable position where he was going to take delivery on gold futures.

Jon Corzine - well connected former Governor of NJ. No charges brought. He says he "didn't know about daily activities" yet he traded one of the largest accounts for MF Global actively, and it was his trades that took the company down. So, for stealing 1.6 billion of the customers money - they want permission from the court to pay bonuses!

Video by William K. Black is well worth watching - he knows what is going on.

A lot of people know and make public the laws that have been broken, credentialed people such as William K Black, Janet Tavokoli, RC Whalen - a list of people have made public criticisms that the mainstream media will not follow up on, and that no prosecutor will act on. Instead, they expect to be  given bonuses. And why not, the banks had to be bailed out, and they then gave bonuses!

Sadly, I now believe that the US is basically an oligarchy. Please, no Democrat or Republican slanted comments on this - they both - with a few notable exceptions - line up with the oligarchs. We have got to drop the "two party" slant to our thinking and realize that it is not Republicans or Democrats running the country - it's the oligarchs.

If you are unaware of the MF Global situation , please do a search and some reading. If you do that, you may open your eyes as to what the US has become.

There's an old saying. There never is just one cockroach.

Got money in the markets? So did the customers of MF Global..

could we be seeing the beginning of the end of the Comex Silver/Gold paper market?

Could be, but probably still a way off.

There's an interesting video of Kyle Bass where he talks about face to face discussions with Comex warehouse facilities about, what if you don't have enough metal on hand for people to take delivery? their response was "price resolves everything" so Bass said "as a fiduciary there is no question but for me to take physical delivery ( at the time of purchase and avoid warehouse receipts as proof of his position) - He was acting on behalf of a major university in Texas.

Fwiw, as a believer in PM for decades - I rarely see posts or comments about the fact that years back on the London Metal Exchange, they actually ran out of Nickel, and were unable to meet calls for delivery. They essentially gathered all the numbers, told people what percentage of their position they would get, what the price would be - take it or leave it. It is reasonable to assume that there is equivalent Language in the fine print for everyone dealing with Comex.

As a practical matter, I think Bernanke and crew, and all of their bankster buddies will go to great lengths to keep Comex the place to be for gold and silver. They will have input as to margin that must be posted, position limits, etc., and be able to do all they can to keep gold/silver down

Thanks for the welcome

Sadly, I do not share your hopefulness.

Our country and our financial system and country are being run by the Robber Barons of today.

You would be right to be hopeful if our country was run under the rule of law and with integrity. Unfortunately, that is not the case.

It has now come out that Corzine directly ordered the transfer of funds to JPM

http://www.bloomberg.com/news/2012-03-24/mf-global-s-corzine-ordered-funds-moved-to-jp-morgan-memo-says.html

from the link

“Ms. O’Brien wrote in an e-mail that the transfer was ‘Per JC’s [Jon Corzine’s] direct instructions’

Barry Zubrow, JPMorgan’s chief risk officer, called Corzine to seek assurances that the funds belonged to MF Global and not customers. JPMorgan drafted a letter to be signed by O’Brien to ensure that MF Global was complying with rules requiring customers’ collateral to be segregated. The letter was not returned to JPMorgan, the memo said.

This not only indicates that Corzine should be indicted, but that JP Morgan was aware that the money was most likely from segregated funs and as such should be returned to the account holders (clawed back due to it’s being illegally transferred)

The reason I began this thread with the post about MF Global, is because It clearly shows that the Robber Barons are above the law, and the oligarchs are running the country.

If you see indictments and convictions in the MF Global matter, and money clawed back from JP Morgan,  and returned to account holders I will then agree that there is reason for hope.

Instead, the trustee is being asked that bonuses to be paid to MF Global muckety mucks.

Sadly, I now believe that the US is basically an oligarchy.

I think having George W Bush as "President" was a pretty big clue.

the Mainstream Media doesn't give it justice - Russia Times does a super job.

Janet Tavikoli has a superb grasp and states the truth eloquently here

Financial Oligarchy and the New Robber Barons w/Derivatives Guru Janet Tavakoli

http://www.youtube.com/watch?v=wTWKT3pZgT8&feature=player_embedded#!