Signs of Disintegration
By Greg Hunter’s USAWatchdog.com
“Disintegration.” That’s the word both billionaire George Soros and French President Nicolas Sarkozy have recently used to describe what’s going on with the European economic crisis. It is really a solvency crisis for the big banks there, and leaders are trying desperately to fix the problem. Last week, 26 European countries agreed to give up sovereignty and vote for new rules on tax and spending and tough sanctions to enforce them. One country, the United Kingdom, voted “no” in the form of a veto from Prime Minister David Cameron. Here’s how British newspaper The Sun reported the story, “The PM vetoed a new treaty and kept Britain out of a dodgy deal to save the euro. But his bulldog spirit left the nation facing an unknown future and risking an EU backlash. The PM defended his historic veto of an EU deal intended to save the euro — despite infuriating pro-Europeans.” (Click here for more from The Sun.) Cameron could not give up sovereignty over budgets in his country. I don’t blame him because, after all, the Brits still have the Pound Sterling and don’t need the Euro to conduct business.
Reuters’ take on the story was decidedly against the Mr. Cameron’s veto and said, “Napoleon dreamed of it, De Gaulle fought for it, but Nicolas Sarkozy may have achieved it — a Europe of Nations with France in the cockpit and Britain on the sidelines. The French president emerged as one of the big winners of a European Union summit on Friday which ended with up to 26 member states agreeing to move forward in economic integration around the euro zone, and Britain alone in staying out.” (Click here for more from Reuters.) But what did these 26 countries really gain? This is just a pact to cut everything in order to pay back the loans of reckless bankers. There is no guarantee any of this will work because of the enormous debt in the EU banks. The financial press will love this deal, but the people of these EU countries will not.
Britain’s decision to stay out of any monetary union is not a sign of harmony but another sign of “disintegration.” The 26 countries voted, not to liquidate debt, but to keep it afloat. In the process, they have agreed to add even more to the tab in the form of more bailouts. Where are the trillions of dollars or euros going to come from? I’d say the printing press, and according to legendary investor Jim Sinclair of JSMineset.com, money printing will continue to lift gold prices. In an interview last week, Sinclair said, “The only thing left is to create the liquidity to overcome it. And, with liquidity as your only tool, the risk is hyperinflation. The lack of understanding of what’s brought this about, the lack of understanding that there are no tools in the box that are going to fix it, the understanding that there’s no will to face it politically here or in Europe, it has to convince any thinking person that gold as an asset without any liability attached to it, really the money of the people, is in fact displacing paper, which has been the tool of confiscation of people’s hard work. Nothing has changed that. There isn’t anyone out there in government that understands that. There are no plans that I see anywhere that have the ability to combat that. The logical conclusion then is that the price of gold will reach much higher levels over time.” (Click here for the complete Sinclair interview.)
Another sign of “disintegration” is the MF Global bankruptcy and missing funds. Many have said the money was stolen, but, in fact, it is legally borrowed out of customer accounts to make trades. The term is called “re-hypothecation.” Renowned economist Martin Armstrong says it is not just MF Global, but many big banks and brokers do the same thing and have been doing so for decades. In a recent post, Armstrong said, “In this case former Goldman Sachs’ Jon Corzine is blowing up the World Financial System and former Goldman Sachs’ Gary Gensler, now currently head of the CFTC, pretends to recuse himself from an MF Global investigation, yet in a unanimous vote, “The U.S. futures regulator approved on Monday a rule that puts tighter limits on how brokerage firms can use customer funds, a measure that the now-bankrupt MF Global had encouraged the agency to delay.” So, the CFTC has thus condoned what Corzine did for he can now say see, it was NOT illegal to trade with other people’s money before! The entire world financial system is in dire need of reform before everything blows up. If you think the Fed or any central bank can prevent a bank run, good luck.” (Click here for the complete Armstrong post.)
Two different friends of mine called yesterday and told me, “I’m afraid.” I replied, “You should be.” Neither has ever done this before, and in my small world, that is just another sign of “disintegration.”
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About the Author
Greg Hunter
Greg is the producer and creator of USAWatchdog.com. The site’s slogan is “analyzing the news to give you a clear picture of what’s really going on.” The site will keep an eye on the government, your financial interests and cut through the media spin. USAWatchdog.com is neither Democrat nor Republican, Liberal or Conservative. Before creating and producing the site, Greg spent nearly 9 years as a network and investigative correspondent. He worked for ABC News and Good Morning America for nearly 6 years. Most recently, Greg worked for CNN for shows such as Paula Zahn Now, American Morning and various CNN business shows.
Hi Greg,
At Wells Fargo, which I have recently bailed out of, they would look at my large balance in my checking account and tell me I should shift most of it to a savings account. They said it was a security issue, but then said they would cover a fraud loss anyway. I think they were instructed to encourage us to move funds to savings so they, as I suspect, could loan it out and leverage my cash whereas they might not be able to use my checking account funds. Does that sound correct to you? I ask you, Greg, because I don’t trust them.
Brad27,
I would not trust anyone either. It is too crazy out there now. Who knows what desperate institutions will do?
Greg
Bank reserves are different for savings account. They are smaller. And the bank is Not required to give you the money in less than 90 days. You have more risk, they make more money. Thats a win-win for them.
Thanks, droid for shedding light on the banks’ stategies.
Greg:
Here is my analysis thus far. I do not believe we will start a war with Iran in the traditional sense. They will start one with us. The government will prop the economy up until that point but then allow it to go once the conflict ensues. This will create plausible denial and allow enough debt to accumulate to have IOU’s for the important assets, like other countries. Oil will move overnight into the $230+ range once the Strait is shut down. Europe will go first; then the US will follow two to four weeks after. The paper markets will be gone. Cash will be so devalued that it might as well be gone.
We will almost certainly hyper-inflate our currency, although this will not immediately cause a US default. That will come up to twelve to twenty-four months later. I believe the time frame for the first public shots to be fired is somewhere between March and October, although an antagonistic B-2 run may have already or will be used. Until then, strategic build-up, asset placement, and saber rattling will continue. Just keep in mind that no sitting US president has ever lost an election in a time of major war.
There may be a nuclear exchange with this one; to what degree, I do not believe anyone knows for certain. It difficult, at best, to predict how so many major nations together will react in conjunction with each other. Regardless of what is said in public, I do know that it is highly possible, if not probable, that we will end up in an exchange with Russia. The information has been there for almost a decade. Until that time, the markets will just continue to zigzag back and forth. Every time the drug begins to wear off, the government will hit the markets again with a jolt in order to limp it through the home stretch.
This is my opinion and an overall view of how I see it. I can say, with a fair level of confidence, that this will most likely take place within the year. Five years ago this analysis, to the average person, would have been considered crazy and unlikely; sometimes mental states are just a matter of dates. I expressed the view point of Iran firing the first shot to someone close to me. Their response was, “Good. I hope we annihilate them after that.” They then later asked why we would start a war that way. I asked, “What was your first guttural response?” It was, “Good. I hope we annihilate them after that.” I said, “See how that works?” That is about as far, mentally, as most will carry it. Everyone in the beltway looks like a hero. At least, if I were on top and needed to CMA, that’s how I would play it. The underlying problem is that as a nation we do not ask enough “why” questions. There are many contingencies, but that would take a book to cover. I hope this does not unfold, but I believe we are past the hope part. What we are about to experience is change.
As a side note, the door-to-door questioning of food supplies in TN is recon.
Brad,
Good stuff man. Thank you for the well thought out analysis.
Greg
Greg,
you sure know “Good Stuff”
when you read OR write it.
To Brad’s analysis I can only add
. . . from the past . . .
“Remember Lexington & Concord”
“Remember Fort Sumpter”
“Remember the Maine”
“Remember the Lusitania”
“Remember Pearl Harbor”
“Remember Tonkin Gulf”
“Remember Kuwait City”
“Remember 9-11”
. . . from the future . . .
“Remember Hormuz Strait”
“Forget Washington, D.C.”
This MF Global deal was the last straw for me. I finally took pretty much every dollar in savings out of my banks. No FDIC for me. I’m using Get Out Limit Destruction- G.O.L.D. My sister is a big regional bank VP. She thinks I’m nuts, just repeating the “all is well” mantra.
Of course she said that about her bank’s dividend in 2008 just before I sold and they cut it 80%.
I took cash. Do you know how difficult it is now to buy gold in any quantities for cash? Nearly impossible.
Thank you Hoppe and Josef for the comments.
Greg
if there ever was a time to “make some good friends”, (with people who actually DO something and not lazy corrupt peeps) now would be the time to do so. that’s all from me. after seeing off in the distance , this coming for a LONG time, I a, numb that it HAS finally arrived. good luck every one. and BTW, any unemployed bankers, investment specialists you may run into, simply CHOP off their God damned heads. and be done with it.
Hi Greg,
After learning about MFG’s tactics last week, I looked into the agreement I have with ScotTrade on my cash / margin account. I discovered a clause in that agreement that allows them to re-hypothecate funds from my account. I will be calling them shortly.
Perhaps you can offer other readers encouragement to call their own trading brokers and find out for themselves whether their assets are subject to loss in an MFG like event.
Thanks again for paying attention, and sharing what you’ve learned.
Bryan
You just did Bryan.
Greg
How will all of this effect gold prices. I took the advice about buying gold and, while I haven’t lost as much money in gold as I have in the stock market, gold has still dropped in price. Also, how does all of this effect the US dollar? Can you direct me to easy to understand explanations of how all of this will impact gold?
By the way, thanks for all you do to increase understanding of an increasingly complex world!
Deana
Gold is a core asset and the price will fluctuate dramatically in both directions. Count on it. Overall the price will be much higher given the currency creation in the world today and in the future.
Greg
Greg, Armstrong also wrote another piece called ‘The Coming of The Police State’ refering to the bill passed in the senate S.1867. It contains some very scary stuff we all need to know about.
Jim Sinclair wrote a long time ago he was very important to become your own Central Bank, Greg, time is running out & today if you can, I would buy as much physical Gold as you can & take delieverly of it & keep it to yourself. No need to let any one one know but only a person you have complete trust in. Get out of debt & make sure you have stocked up on all the things to live on for at least 3 to 6 months. Many are on the physical Silver band wagon & will swear on it as the best hard asset that will produce the best return on your dollars, but it still is the most manipulated of all PM’s, well if you are not one of the rich but right now have the means to buy 25 to 30K in physical gold I feel gold held close to your chest may be the best to preserve your wealth in the short term, if you already have 200 oz’s silver stashed away out of any third parties reach you may add or trade gold for silver later. Seek out advise of an CPA/broker whom you have complete trust in & know all of his past of he/she has worked for or has had ties to! The name broker means just that, you could end up broke while the brokers will only look out for themselves, my sisters learned the hard way when I begged them back in 2007 to switch to physical PM’s but their brokers talked them out of it & they lost 3/4 of their savings & has now rebuilt it by following Sinclairs advise!
This will be a day where any decisions you make about protecting your self with insurance should be high on the do list. Gold down $50 oz is a gift, don’t miss out if you can muster up the funds, just how many more days like today is a quess I can’t answer. Best of luck to all, we all need any help we can find, thanks Greg for the great work!
M Smith,
Thank you for the comment and information for the readers here!
Greg
I see gold’s down about $50 an ounce this morning. If you’ve been sitting on the sidelines waiting for a chance to get some precious metal exposure into your portfolio at a bargain price, now may be your last good chance.
Armstrong’s article was a bit too dense for me. I suppose if I read more than once, I might understand it, but could you summarize what he is trying to say, please?
NM,
You money is not safe and it the system in not majorly reformed the whole system will collapse. Peace.
Greg
I know most American just feel every thing will be alright.To me they have there head in the sand.We need to wake up and stand up.
Right-on Butch!
Greg
Sarkozy in the cockpit ? Har, de-har-har-har ! ( and -har! ) All he and Merkel accomplished was getting to be co-Captains on the Ti-Euro-tanic.
ManAboutDallas,
Spot on Man!!!
Greg
If you are not afraid, you haven’t been paying attention.
“a Europe of Nations with France in the cockpit and Britain on the sidelines.”
If France is in the cockpit it’s only because they are serving petit fours to the Germans flying the plane.
Cameron did the right thing for the wrong reason (saving the City”
Bill,
Yes, “the right thing for the wrong reason,” but he will be rewarded in the future because of his VETO.
Greg
Hi Greg, The EU and America need to take a lesson from Iceland. In 2010 Iceland held a referendum and the people voted not to bailout any banks or other private enterprises. Now their economy is growing at 3%, so it proves bailouts are not necessary. The free market is based on companies going bankrupt, not continually bailing out corruption and fraud. Granted, Iceland is a small country, but it seems all governments have only one solution and that is to continually bailout the rich, so they can get richer at any cost. It is a socialist solution for the free market rich.
America was founded on slavery because it could not compete in the free market and now it is the same. The only difference is the taxpayers are the slaves now.
Bruce,
Go Iceland!!! Debt should be liquidated. By the way, do you notice how little reporting has been done on the Iceland story?
Greg
Greg,
Go Iceland indeed!! Check this article of the latest news of criminal charges being issued for the perpetrators in this fraud.
http://www.breitbart.com/article.php?id=cng.4090f16a5abf84c5a5adff0665cbc792.3a1
Philip,
Thank you man.
Greg
Hi Y’All, Seems like everyone’s forgetting Argentina’s default. They slapped all of the big banker’s faces and filed bankruptcy…seems like they’re in pretty good shape now and healing up in the good old capitalistic way. Ho, Ho, Ho.
2Peter3:10 But the day of the Lord will come as a thief in the night; in the which the heavens shall pass away with a great noise, and the elements shall melt with fervent heat,the earth also and the works that are therein shall be burned up.
11 Seeing then that all these things shall be dissolved [disintigrated],what manner of persons ought ye to be in all holy conversation and godliness,
12 Looking for and hasting unto the coming of the day of God,wherein the heavens being on fire shall be dissolved, and the elements shall melt with fervent heat?
13 Nevertheless we, according to the promise,look for a new heavens and a new earth, wherein dwelleth righteousness.
Greg,
I am from europe nut not at all a fan of united europe as central planning never achieved real good results. Now regarding Mr Cameron
we can see clearly as well how he is as well in the pockets of the Banks in the city. Clearly they don,t want anybody watch in their english kitchen as the fraud and tricks that is how city made its money
last decade or longer. As well before we get exited about how good the Uk does compare to rest of europe, in fact the Uk is worse as Greece with debth approaching 500% gdp. Om fact uk, EU SSR and the U SSR are
all doomed with their mountains of debth which still is growing.
regards,
Pieter
Thank you Pieter European perspective! Love it.
Greg
Hi Greg,
I think one of the biggest problems facing our country is the misinformation the main stream media (MSM) puts out. An example of this is the very discussion about how bad things really are. Most people will not believe anything is true, possible, or happening until they read it, or see it on TV, by the MSM.
All the economic news is down played so it does not appear to be a non-correctable problem. When in reality the disaster has already started. The greatest economic depression the world has ever seen is unfolding right now and the majority of the people haven’t seen it on TV, so it can’t be happening.
Shortly fiat money will be worth nothing! Goods and service will not be available, at any price. The EU will collapse followed by the USA. Jobs will be lost by the millions. Bankers will foreclose on the world. But no one will know until they see it on TV!
What much of the word needs to come to grips with, and mostly Americans especially,…. was that 9/11 was an inside job, ( YES, a complete Conspiracy ) perpetrated by the Banksters of the world that now brings us to bill S.1867.
Gee, what a coincidence!! Duuu, Amerika, land of the free isn’t it?? Must be the terrorists ”hoed” that happen??
This is, was, a plan going back hundreds of years,…. YES it was, is, will always be a complete CONSPIRACY from the conception of humanity till today as is the intentional poisoning of our food, water, and air by those who know exactly what they are doing and always did.
When i accepted this horrible truth i began to do research in the early 2000s when gold was 360 and oz and silver was 5 and oz. I sold my house and got into metal then and since cashed out of the system and left the US all together for fear of what is unfolding in front of my eyes today.
Everyone then told me i was nuts ( a conspiracy freak ) with the acception of a few brave soles who were willing to look at the reality of whats really going on around them. The sad part is that the vast majority of Americans today are still in denial about what the truth really is and specifically what awaits them in the dark days ahead.
BAD Karma has no mercy on cognitive dissidence!!! WAKE UP America, world,….its all a conspiracy and always has been!!
Prepare for Armageddon and not just financially because its coming to the good old US of A, the new Nazi Germany of the 21st century, created intentionally and brought to you by non other then the N.W.O. as has been planned a long time ago while we ate Apple pie, drove Chevy’s, and watched football.
Look for China to rule the new prison planet with its perfectly conditioned, robotic like human beings, and there new 50 million man army of merciless human beings created specifically for the purpose of policing the new prison planet for the ultimate control of humanity (whats left of it) and your mind.
If you haven’t noticed, China has had the favored nation status for some time as their economy continues chugging along, while the rest of the world disintegrates! It was the western banking system and their so called Democracies that just so happen to allow China to become the power house it is today.
You know, the bad guys, communists, the ones that don’t respect human rights??? Its not about money and they are not that stupid, wake up!! There are no accidents and there never was!! We will be the Banksters slaves very soon and there is nothing we can do about that, there are just to many clue less humans on this planet!!
WAKE UP WORLD!!
Peace and Compassion
Tghe last time France thought they were riding high, they ended up playing cabin boy to the Nazis. I doubt if this time will be different… in fact, it is rumored that Sarkozy tried to surrender to Finland in the men’s loo…
Greg, you quoted Sinclair, I am assuming you listen to his King World News interview? If you did, it was powerful, he does not mice with words. If you listen to KWN, then you also listened to Felix Zulauf, if you did, his take on this, since no one has been here and in this position before, no one knows how to fix it. And this guy has been around a lot to know what he is talking about. Disintegration … you bet it’s coming and all the King’s men did not know how to put Humpty Dumpty back together again.
This is scary stuff, and to think the majority of people in my neighbor don’t even have a clue what’s coming. And if I where to try to tell them, they wouldn’t listen … the MSM has their Happy Faces on.
Steve,
Sinclair was one of the first to warn of the enormous dangers of OTC derivatives and many other dangers. He is the man!!
Greg
Gosh, I sure was wrong when I thought the Euro would start its crash by mid November of this year. Either the magician manipulators, including Geithner, have kicked the can using explosive-toed boots. The results will still be the same, but some time after our 2012 election day. I guess I’d better use my micro-fiber cloth and polish my crystal ball. It’s covered with a lot of media and federal B.S.
Sorry everybody……..Oldguy
Another great piece! Thanks, Greg. Clearly The West’s Welfare States are in a collective death spiral and it goes beyond the merely political. Not an institution in the West, from the family to the Church, can truly be said to be alive and vibrant. National governments rest on foundations of collapsing Ponzi schemes, from Social Security to Medicare (or their analogs) to the linked fiat currencies.
Hey Greg
I see a lot of new people offering comments and am very happy for the input. You have been ringing the gong, offering warning for quite some time and we all appreciate it very much. I would hope with more people becoming aware of how today’s current events unfold and affect their lives that we would see more reporting from the MSM. I know that is a pipe dream but it will be hard to hide the truth when it is staring from a closed bank door or falling from the sky. There has been speculation of how it will start being offered on your blog and I would like to offer mine.
On 9/11 we all witnessed something that up until then was unheard of. Every aircraft was taken out of the sky in a knee jerk reaction by our government to the downing of 4 aircraft by terrorist on that fate-full day. My thoughts and fears for the future is if a terror cell sets off dirty bombs or full scale (though smaller) nuclear bombs in about 3 US Ports. Our governments first response is to shut down every port in the continent thus bringing society to a standstill with in 3 days. You will have instant chaos in the streets which will bring a police state response and once started the dominoes will continue to fall. It wouldn’t take a great investment on the terrorist part to set this in motion and it would fulfill all of our deepest fears. We would be terribly hit financially, militarily, and in it’s citizenry as never before because it would affect our nation from one end to the other as well as importing countries. This is why I prepare with food, fire-arms and funds in the form of cash, silver and gold. I hope nothing happens but if it does I have no hope in my government to come to my rescue. Only a fool would.
Getting ready in North Carolina.
The Role of Cash Settlement in Market Manipulation and in the Panic of 1987
We have been alarmed by the recent behavior of our financial markets. Our concern is not so much with market volatility but rather with market combustibility. It is not random wildness that troubles us but the markets susceptibility to specific stimuli which are controlling the short and intermediate pricing of equities, futures and options.
We are concerned that the regulators have allowed the development of a market mechanism that they neither understand nor can control. More, we contend that the US equity markets are now sullied by an extensive on-going manipulation of unprecedented proportion…
http://chasvoice.blogspot.com/2011/12/role-of-cash-settlement-in-market.html
I cashed out both my brokerage accounts today, which is saying something because I’ve been invested in gold and mining stocks since 2003, and have started banking through my local credit union. The trigger for me was the MFGlobal event – that convinced me the game has really changed and is moving into dangerous territory. It showed me that the Regulators are not on the side of the small investor. What’s the point of making money in the markets if it’s all at risk of being taken by the brokerage firm or the banks? I’m hearing (and reading) from a small handful of others that they’re either thinking or doing the same. I know we are just the fringe but with so much leverage in the markets this kind of action could begin a tsunami of selling. I’m moving cash to a more conservative regulatory environment. Return of capital is more important to me than return on capital.
Brenton
Thank you for sharing your strategy!
Greg
USA Watchdog readers are probably already aware of this, but for those who are not, Israeli media has confirmed yesterdays initial news reports by Sibel Edmonds that US Special Forces have been deployed to the Syrian border in northern Jordan in airlifts and convoys from Iraq.
From Debka:
http://www.debka.com/article/21564/
“They have been deployed in position to ward off a possible Syrian invasion in the light of President Bashar Assad’s warning that he would set the entire Middle East on fire if the pressure on his regime to step down persisted.”
“Iraqi sources report that the American units came from the big Iraqi Ain al-Assad air base in the western province of Al Anbar opposite the Jordanian border. This base is in the process of evacuation as the US military drawdown in Iraq approaches completion.”
Keep in mind that Iran has a mutual defense treaty with Syria. If US forces against Damascus, the US is engaging in a defacto war against Iran. And don’t count out Russia. This news was reported yesterday:
http://www.dp-news.com/en/detail.aspx?articleid=105855
“DAMASCUS- Minister of Defense General Dawood Rajiha on Sunday met with Russia’s Ambassador to Syria Azamat Kulmukhametov.
The meeting tackled the developments in the region and the cooperation relations between the two friendly countries.
General Rajiha hailed Russia’s stance concerning the events in Syria, stressing that Syria will remain strong by its people, leader, army and the support of the friendly countries, particularly Russia. ”
Things are moving very quickly. Hopefully this redeployment of US forces from Iraq to Jordan is a warning shot and not a prelude to an attack.
In addition, US Defense Secretary Leon Panetta is currently in Kabul, Pakistan has announced that they will shoot down any US drones in their airspace, and the US is now witholding the next $700 Million aid payment to Pakistan.
Expect things to escalate very rapidly if direct conflict between US or NATO forces and Syria unfolds. My hope and prayer is that this is all sabre rattling, however, many of us are learning that peace is not the goal of the private globalist banks who run our governments. This is their opportumnity for economic dominance in the Middle East and if they can generate the support of the people, they will attack.
Hi Greg,
As to your cartoon …. the Hindenburg disaster took place on Thursday, May 6, 1937, in Lakehurst, NJ. Nobody saw that coming. We have had nothing but warnings about the state of the world economy for years, to no avail. Will we never wake up?
Benjamin Fulford tells a good story. If true could be why gold will drop in price.
I was watching this video on youtube callled, “The Light Bulb Conspiracy” about how products are designed for a limited life. I had to laugh because it seems that this is the attiude of the banksters today…
http://www.youtube.com/watch?v=Y1xt4nEvipg
“Consumerism = 1. Advertisement – 2. Planned Obsolescence – 3. Credit :
These 3 stages of modern business are worth noting regarding the promulgation of today’s world wide consumer system which is presently stripping the natural wealth of the planet for all inhabitants, including man.
Stage 1 (Advertisement), and 3 (Credit) are well known and often discussed in the mainstream arena.
Stage 2 of the consumer process is much less talked about.
Stage 2 – Planned Obsolescence..
Obsolescence is the state of being which an object, service or practice is no longer wanted, even though it may still be in good working order.. (bar say one ‘irreparable’ defect.. in this case of the planned variety.
(Plus, often compulsory for those entering into an established market.. i.e. permitted to remain in the fold.)”
Greg,
Why is it gold is not going up at almost all news like this? It seems even when the good news face is put on this issue it is really just more bad new for the euro and us dollar.
Doug,
One big fear is that the Euro could crash and everybody is poised to run into the U.S. Dollar. This is part of the volatility in both directions I have been talking about. Hang on you your physical assets.
Greg