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  Webpublisher: James Buckley |
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Ever Wondered how Bankers Earn Billions?Submitted by Tyler Durden on 03/25/2010 Whistleblower Exposes HSBC's and JP Morgan's Silver Manipulation Scheme. HSBC orders hit on renegade trader-- Earlier today the CFTC [Commodity Futures Trading Commission] held a sham hearing in which, among other things, the organization discussed position limits in PM [Precious Metal] speculation, because, you know, it's the mom and pop speculators that destroy the precious metal market (not JP Morgan or the New York Fed mind you). The hearing could not have come at a more opportune time. GATA [Gold Anti-Trust Action Committee] has just broken a major story, in which a London metals trader-slash-whistleblower exposes HSBC's and JP Morgan's silver price suppression/manipulation scheme. At this point none of this should be at all shocking, and the only thing that matters is when CFTC's ex-Goldmanite Gary Gensler will be fired for allowing hundreds of billions of dollars to be sucked out of the PM market on behalf of such major market manipulating entities as JP Morgan and the New York Federal Reserve, for whom it transacts. Don't worry - the answer to that rhetorical question is never, as it is the administration's goal to make all the millionaires among the bulge bracket firms billionaires, via legalized theft from honest investors. Furthermore, if indeed the CFTC is complicit in these manipulative events, as GATA suggest, we hope our objective mainstream media readers enjoin GATA in seeking justice for this criminal breach of proper regulatory enforcement. From GATA: Additional Statement by Bill Murphy, Chairman On March 23, 2010, GATA Director Adrian Douglas was contacted by a whistleblower by the name of Andrew Maguire. Maguire is a metals trader in London. He has been told first-hand by traders working for JPMorganChase that JPMorganChase manipulates the precious metals markets, and they have bragged to how they make money doing so. In November 2009 Maguire contacted the CFTC enforcement division to report this criminal activity. He described in detail the way JPMorgan Chase signals to the market its intention to take down the precious metals. Traders recognize these signals and make money shorting the metals alongside JPM. Maguire explained how there are routine market manipulations at the time of option expiry, non-farm payroll data releases, and COMEX contract rollover, as well as ad-hoc events. On February 3 Maguire gave two days' warning by e-mail to Eliud Ramirez, a senior investigator for the CFTC's Enforcement Division, that the precious metals would be attacked upon the release of the non-farm payroll data on February 5. On February 5, as market events played out exactly as predicted, further e-mails were sent to Ramirez while the manipulation was in progress. It would not be possible to predict such a market move unless the market was manipulated. In an e-mail on February 5 Maguire wrote: "It is common knowledge here in London among the metals traders that it is JPM's intent to flush out and cover as many shorts as possible prior to any discussion in March about position limits. I feel sorry for all those not in this loop. A serious amount of money was made and lost today and in my opinion as a result of the CFTC's allowing by your own definition an illegal concentrated and manipulative position to continue." Expiry of the COMEX [Commodity excgange] April call options is tomorrow, March 26. There was large open interest in strikes from $1,100 to $1,150 in gold. As always happens month after month, HSBC and JPM sell short in large quantities to overwhelm all bids and make unsuspecting option holders lose their money. As predicted by GATA, the manipulation started on March 19, when gold was trading at $1,126. Last night it traded at $1,085. This is how much the gold cartel fears the CFTC's enforcement division. They thumb their noses at you because in more than a decade of complaints and 18 months of a silver market manipulation investigation nothing has been done to stop them. And this is why JPM's cocky and arrogant traders in London are able to brag that they manipulate the market. This is an outrage and we are making available to the press the e-mails from Maguire wherein he warns of a manipulative event. Additionally Maguire informed us that he has tape recordings of his telephone communications with the CFTC, which we are taking the appropriate legal steps to acquire. * * * From: Andrew Maguire Dear Mr. Ramirez: I thought you might be interested in looking into the silver trading today. It was a good example of how a single seller, when they hold such a concentrated position in the very small silver market, can instigate a selloff at will. These events trade to a regular pattern and we see orchestrated selling occur 100% of the time at options expiry, contract rollover, non-farm payrolls (no matter if the news is bullish or bearish), and in a lesser way at the daily silver fix. I have attached a small presentation to illustrate some of these events. I have included gold, as the same traders to a lesser extent hold a controlling position there too. Please ignore the last few slides as they were part of a training session I was holding for new traders. I brought to your attention during our meeting how we traders look for the signals they (JPMorgan) send just prior to a big move. I saw the first signals early in Asia in thin volume. As traders we profited from this information but that is not the point as I do not like to operate in a rigged market and what is in reality a crime in progress. As an example, if you look at the trades just before the pit open today you will see around 1,500 contracts sell all at once where the bids were tiny by comparison in the fives and tens. This has the immediate effect of gaining $2,500 per contract on the short positions against the long holders, who lost that in moments and likely were stopped out. Perhaps look for yourselves into who was behind the trades at that time and note that within that 10-minute period 2,800 contracts hit all the bids to overcome them. This is hardly how a normal trader gets the best price when selling a commodity. Note silver instigated a rapid move lower in both precious metals. This kind of trading can occur only when a market is being controlled by a single trading entity. I have a lot of captured data illustrating just about every price takedown since JPMorgan took over the Bear Stearns short silver position. I am sure you are in a better position to look into the exact details. It is my wish just to bring more information to your attention to assist you in putting a stop to this criminal activity. Kind regards, * * * From: Ramirez, Eliud [CFTC] Mr. Maguire, Thank you for this communication, and for taking the time to furnish the slides. * * * From: Andrew Maguire Dear Mr. Ramirez, Thanks for your response. Thought it may be helpful to your investigation if I gave you the heads up for a manipulative event signaled for Friday, 5th Feb. The non-farm payrolls number will be announced at 8.30 ET. There will be one of two scenarios occurring, and both will result in silver (and gold) being taken down with a wave of short selling designed to take out obvious support levels and trip stops below. While I will no doubt be able to profit from this upcoming trade, it is an example of just how easy it is to manipulate a market if a concentrated position is allowed by a very small group of traders. I sent you a slide of a couple of past examples of just how this will play out. Scenario 1. The news is bad (employment is worse). This will have a bullish effect on gold and silver as the U.S. dollar weakens and the precious metals draw bids, spiking them higher. This will be sold into within a very short time (1-5 mins) with thousands of new short contracts being added, overcoming any new bids and spiking the precious metals down hard, targeting key technical support levels. Scenario 2. The news is good (employment is better than expected). This will result in a massive short position being instigated almost immediately with no move up. This will not initially be liquidation of long positions but will result in stops being triggered, again targeting key support levels. Both scenarios will spell an attempt by the two main short holders to illegally drive the market down and reap very large profits. Locals such as myself will be invited on board, which will further add downward pressure. The question I would expect you might ask is: Who is behind the sudden selling and is it the entity/entities holding a concentrated position? How is it possible for me to know what will occur days before it will happen? Only if a market is manipulated could this possibly occur. I would ask you watch the market depth live as this event occurs and tag who instigates the move. This would surly help you to pose questions to the parties involved. This kind of not-for-profit selling will end badly and risks the integrity of the COMEX and OTC markets. I am aware that physical buyers in large size are awaiting this event to scoop up as much discounted gold and silver as possible. These are sophisticated entities, mainly foreign, who know how to play the short sellers and turn this paper gold into real delivered physical. Given that the OTC market (where a lot of the selling occurs) runs on a fractional reserve basis and is not backed up by 1-1 physical gold, this leveraged short selling, where ownership of each ounce of gold has multi claims, poses a very large risk. I leave this with you, but if you need anything from me that might help you in your investigation I would be pleased to help. Kind regards, Did HSBC AND JP MORGAN order hit on Whistleblower with billions at stake anything is possible? From: Le Metropole Members, On March 25th at the CFTC Public Hearing on Precious Metals GATA made a dramatic revelation of a whistleblower source, Andrew Maguire, who has first hand evidence of gold and silver market manipulation by JPMorganChase and who has even tipped off the CFTC in advance of manipulative attacks on gold and silver. Just as in the Madoff case the regulator has done nothing to stop such manipulation. On March 26th while out shopping with his wife, Mr. Maguire's car was hit by a car careening out of a side road. The driver of the vehicle then tried to escape. When a pedestrian eye-witness attempted to block the driver's escape he accelerated at him and would have hit him had the pedestrian not jumped out of the way. The car then hit two other cars in escaping. The driver was apprehended by the police after police helicopters were called in and following a high speed chase. Andrew and his wife were hospitalized with minor injuries.
They were discharged from hospital today and should make
a full recovery. Midas note: You have to be kidding me ... Another Coincidence! http://www.lemetropolecafe.com/entrance.cfm
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Rescued from Racism by the Love of GK [Chesterton]
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Joseph Pearce: "In England we’ve replaced all traditions of virtue and beauty with this sado-masochistic cynicism"  [understated as ever Joe!] |
At 20 the National Front's youth leader was sent to jail. Today Joseph Pearce is a leading [Modernist] Catholic writer...
Joseph Pearce is a happy man. He is one of the leading Catholic biographers in the English-speaking world, and his studies of Tolkien, Solzhenitsyn, C S Lewis, Oscar Wilde and Shakespeare, among others, have gained him an enviable reputation as a writer who knows his subjects inside out and understands their religious dimensions like few other writers.
Today this burly but rather boyish-looking Englishman is the image of the contented middle-aged Catholic family man, living with his wife and two young children in sunny South Carolina eight months of the year and spending the rest in even sunnier Florida, where he lectures at the Catholic Ava Maria University.
It is hard to square this man with the figure familiar to anti-racist campaigners of the Seventies and Eighties: the pugnacious and frightening leader of the Young National Front, pictured at extreme Right-wing rallies alongside the likes of his friend, Nick Griffin. That Pearce ran a racist magazine called Bulldog, a cross between the Beano and Der Stürmer, which spewed out hatred of Asians and blacks and encouraged readers to denounce Left-wing teachers. That Pearce ended up in jail.
But while most of his former comrades are still extremists, either active, retired or dead, Pearce has turned his back on racial hatred and, much to the bemusement or disgust of old allies, embraced Catholicism. For this grace he gives eternal thanks to G K Chesterton.
Born in 1961, Pearce grew up in Dagenham, a working-class suburb of east London that boasted the worst educational standards in England. He was an angry young man, as young men are prone to be. But while most teenagers angered by gross inequality turn to Leftist politics of various shades of red, a minority, like Pearce, go the other way.
"I was angry because I had this idea that the British Empire was something good that had been systematically destroyed," he recalls, although now he has no time for any imperialism.
He was also angry, as many were at the time, about Commonwealth immigrants arriving in tightly knit working-class neighbourhoods, and so migrated to the one group that opposed it. Formed in 1967 by A K Chesterton, GK's alcoholic cousin (whose views GK condemned and mocked), the National Front (NF)_was originally dominated by old Empire Loyalists of a broadly racist inclination, but as its support surged the NF was taken over by the neo-Nazi followers of John Tyndall (who later formed the British National Party).
Pearce joined the NF at 15, lying about his age and giving up education to devote himself full-time to be a "racial revolutionary", a decision he later described as a Faustian pact with the Devil [dude!!!], although at the time he was an agnostic. This was in the long, hot summer of 1976 and the party was approaching the peak of its popularity, attracting 120,000 votes at the GLC elections the following year. With extreme politics came violence, and increasingly so, as both the NF and its enemies (the future Socialist Workers Party) used physical force to intimidate and hurt opponents. He has the scars to prove it.
"I was a radical," he says, "and at the age of the 15 I was in favour of it, not the violence per se, but in needing to have a physical presence."
The street fighting between Left and Right culminated in the Battle of Lewisham in August 1977, after which the "middle-aged, middle-class war veterans were replaced by skinheads and football hooligans, young bald men making Nazi salutes", he recalls.
That year Pearce became leader of the youth wing, as well as founding Bulldog. Two years later he became editor of the more grown-up, but equally virulent, political magazine Nationalism Today, and, at 18, became the youngest member of the party's national committee.
The NF also flirted with Loyalism, and at 17 Pearce flew to Derry to organise an NF march, which degenerated into sectarian rioting on a scale a London street fighter could not imagine. He developed contacts with the Ulster Defence Association and also joined the Orange Order.
His anti-Catholicism, he says, was ingrained. Pearce's father, a carpenter from the East End, was "very anti-Irish and anti-Catholic", and had, as his son recalls, the Whig history mindset which associated Catholicism with the Spanish Armada and the Gunpowder plot. "My father passed on that English cultural heritage."
But while Pearce's star was still rising, the party was becoming increasingly Monty Pythonesque, fractured by splits too numerous to list, but which eventually resulted in two National Fronts, exerting most of their energies fighting each other. Margaret Thatcher killed off the party with anti-immigration rhetoric that brought back the NF's waverers and left only a core, lunatic fringe.
Pearce was among them, and in 1982 he was sentenced to six months in Chelmsford young offenders' institute for soliciting material "likely to incite racial hatred". The authorities, fearful that Pearce's presence would stir up tension in a jail evenly split between white and black, put him in solitary. This decision changed his life.
"There are two types of conversion - the quick conversion of St Paul at Damascus, and the slow melting of Augustine, where the conversion is like an intellectual process and a healing. In my case it was the latter and took place over the entire Eighties.
"At that time I would have happily gone to my death, I was such a fanatic, and I considered myself a political prisoner. But it gave me time to write and read."
In solitary he read Cardinal Newman's Apologia Pro Vita Sua and Ronald Knox's A Spiritual Aeneid, but most of all it was G K Chesterton who brought him into the light, as he recalls, turning him away from what GK called "the solemn fools of Teutonism".
Although Chesterton was a great critic of fascism and Nazism, and hated racism, his Catholic social ideas of distributism, which argues for the maximum spread of property between people, appeals to reformed fascists. His philosophy, with its focus on community and obligation, and its appeal to honour and faith, attracts many people unsettled by what they see as a vacuous, immoral and unjust world.
Pearce rejoined an increasingly irrelevant NF upon release and a second, longer prison term would follow in 1985. But he was already on the road. "When I went to prison for the second time I was asked during the process what my religion was. I wasn't expecting it and I had to give an answer so I just said Catholic. And that was my first affirmation of Catholicism.
Although technically I wouldn't join the Church until 1989, I had read Belloc, Newman and C S Lewis, I had reached the stage of being a Catholic by conviction but I was still confused because I was full of this political nastiness. There was a battle in me." [money won then it seems]
In prison he began to pray, say the rosary, and go to Mass. This time he would not go back.
His first biography, Wisdom and Innocence: A Life of G K Chesterton, was published in 1996, and other subjects include C S Lewis, Solzhenitsyn, the underrated interwar poet Roy Campbell, and Oscar Wilde. Many of his books concern Catholic literary converts, while his biography of Shakespeare, which argues for the Bard's Catholicism, inspired a television series on EWTN. Since 2001 Pearce has also been writer in residence and professor of literature at Ave Maria University in Naples, Florida, and began lecturing on September 11 that year (a strange day to start).
"Before going I had an anti-American thing which was endemic to Europeans. Lots of the problems of western secularism I put down to Hollywood and MTV, but there are two faces - you go inside America and you realise family life is much stronger here, marriage is much stronger, traditional morality is much stronger."
He rarely visits England any more, and although he misses the aspects people always do - having a beer with friends, watching the football - much about home disturbs him.
"The last time I was in England was for my mother's funeral, and I was at the wake in a local pub in Dagenham. I was wearing a crucifix lapel badge. One person saw it and took out a pentangle as if to ward off my crucifix with his pentangle. He said he had three books by his bed - one was the Bible, one was a Buddhist tome, and one was Mein Kampf. This could be a satire by Evelyn Waugh.
"Another came up and got very aggressive, almost foaming at the mouth and saying the Catholic Church is nothing but a conspiracy, the Church and the Illuminati are the same thing. I happen to know for a fact this person has never read a book in his life, this was purely the result of conversations in pubs with people who have half-digested The Da Vinci Code or watched similar rubbish on TV."
Such cultural malaise, the shedding of an entire culture, is further developed in Europe, he says, after a century of centralised control.
"I'm hopeful, because hope is a virtue and despair is a sin, but in England we've replaced all traditions of virtue and beauty with this sado-masochistic cynicism. William Shakespeare, Beowulf, Chaucer, they've thrown everything out. It is despair. Scratch beneath the surface of atheism, and you have despair.
"Over here there is diversity in the best sense of the word. Multiculturalists talk about diversity but they actually force a secularist fundamentalist monoculture." In Pearce's old home the vacuum has been filled by his old friend Nick Griffin, whose British National Party, a joke only a decade ago, are now the official opposition on the council. Although he hates the racism, Pearce understands the appeal.
"As so far as it [the BNP] is racist, I unequivocally distance myself from it. As far as it is opposing this multicultural monoculture and the centralising power of the European Union - if none of the major parties address these issues, why are we surprised that a party that does address them is getting support?"
The depths of multiculturalism's failure was illustrated during another visit. As a child he had one close Asian friend before he got involved in politics, "the first to show me pornography", but spent years without knowing any black or Asian people.
"Many years later, after my conversion, I was in Mile End tube station, on my way to see my parents. These two Asian chaps came up to me and said: "Are you Joe Pearce?" And I thought: "Hang on now. I'm going to be attacked." I said yes, rather cagily. He said: "You don't remember me, do you?" Then he gave me his name.
"He knew nothing about my conversion, and said to me: "We've got a lot in common. You hate the Jews and Israel. So do we!" This young man had gone from being a westernised son of a Pakistani immigrant to a radicalised Islamist. That serves to me to illustrate the dangerous turn of events in England."
He remains optimistic, however. "Generations can do an awful lot of damage in passing, but here the new generation are more solid, orthodox, willing to speak out outrageously against decisions. The logic of heterodoxy is ultimately apostasy. The theological liberals cease to be Catholic, anyone they touch ceases to be Catholic, and certainly their children don't grow up to be Catholic. It's what the Holy Father has said: the Catholic Church in the 21st century will be smaller but truer." There is also one last heart-warming aspect to his story, about his father.
"Weirdly, though, he became a Catholic in the mid-1990s when he was in his 60s, and spent the last 10 years of his life as a Catholic. I love my father dearly. He was a great intellect and I certainly wouldn't want to imply he did it just because I did.
"A lot of my anti-Catholicism was inherited from him, but like me he saw the error of his ways and converted. It was a supreme irony that he had the last rites from an Irish Catholic priest - that was a wonderful end." The Quest for Shakespeare is available from Ignatius Press, priced £14.50
Source Article February 5th, 2010:- http://www.catholicherald.co.uk/features/f0000524.shtml
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Arjuna speaking to Krishna:-40. The destruction of a family destroys its rituals of righteousness, and when the righteous rituals are no more, unrighteousness overcomes the whole family. Bhaghavad Gita 1:40 through 1:44
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