NightBlogger

Steve Watson
Infowars.net
Commodities experts are in agreement that the price of gold and silver is being manipulated by bankers and government officials in order to halt a mass abandonment of paper currencies and the debt based economy. The New York Post today carries a column by John Crudele declaring that there is a global run on gold coins and that demand is not being met by government mints. “The price that the government charges coin dealers has recently been increased by as much as 10 percent for a 10-ounce coin.” Crudele comments, also pointing out that gold purchases that were easily filled immediately six months ago are now subject to two week waiting periods.

“There’s another more puzzling aspect to the recent gold rush.” Crudele writes, referring to the fact that the market price of gold is declining, despite the increase in demand. Crudele quotes Bill Murphy, chairman of the Gold Anti-Trust Action Committee who states: “Gold should be moving up… How could there be such a dichotomy between the historic high premium for coins all over the world and the low Comex price?” Figures released by the Labor Department today show that prices of gold and silver tumbled in October by the most on record, with the gold price heading for its first annual decline in eight years. Gold futures for December delivery declined $7.20, or 1 percent, to $734.80 an ounce at 9:33 a.m. on the Comex division of the New York Mercantile Exchange. Silver futures for December delivery dropped 4.5 cents, or 0.5 percent, to $9.285 an ounce.

Reports are attributing this to a dampening of inflation concerns, however Bill Murphy maintains that “the US government and the banks that hold bullion are intentionally keeping the price down.” Murphy and the GATA has been attempting to expose the blatant manipulation for a number of years now. “The gold market is managed by certain central banks and their agents, the bullion banks” he wrote in 2005. “It is a price-fixing case involving some very powerful people and institutions … in fact it is a Gold Cartel.”

Murphy and others have revealed how the IMF and the central banks have sought to suppress the gold price over the last 10 years in order to maintain their monopoly over an economy based on debt and fiat paper currencies. We have previously reported on how the official COMEX gold future numbers are completely divorced from reality and banker manipulation is rife. Recently, influential private investment advisor Martin Hennecke echoed these sentiments declaring that the anomalous price trends were partly a result of temporary deleveraging as well as, “manipulation as the central bankers and the politicians don’t want you to panic out of their debt and go into gold.”

Hennecke and other investors such as Jim Rogers have predicted that gold prices will explode towards $2,000 an ounce with future hyperinflation resulting from the global central banks’ insistence on printing their way out of economic turmoil. Last week more evidence of the manipulation of precious metals emerged with Silver market analyst Ted Butler obtaining a letter from the U.S. Commodity Futures Trading Commission to U.S. Rep. Gary G. Miller, Republican of California. The letter virtually confirmed Butler’s speculation in September that the smashing of the silver price this year involved JPMorganChase’s takeover of Bear Stearns in March.

Butler writes:

“Bear Stearns held the largest concentrated short position in COMEX silver (and gold) futures at the time of its forced merger with JP Morgan in March. That position was not discovered until the publishing of the August Bank Participation Report followed by the October 8 letter from the CFTC to Congressman Miller. Furthermore, Bear Stearns had no legitimate backing to the short silver position, either in actual metal or cash. Otherwise it could have been delivered against or bought back, just as would have happened were it a long position.

“The price of silver at the time of Bear Stearns implosion was $20 to $21 an ounce. A free-market covering of a concentrated short position of this size would have driven silver prices to the $50 or $100 level and would have exposed the long-term manipulation. Rather than let the free market deal with the required short covering of such an uneconomic and unbacked short position, government authorities arranged to have the short position transferred to JP Morgan. This was undertaken by the U.S. Treasury Department, along with taxpayer guarantees against loss to Morgan worth billions of dollars. This was done, no doubt, to save the financial system from imploding. This was also patently illegal, as it aided and abetted the silver manipulation.”

Bush and Paulson don’t care about America’s cities, only Wall Street Banks, meanwhile China spends billions on rebuilding her infrastructure.

Bloomberg – Philadelphia, Atlanta and Phoenix are asking the U.S. Treasury Department for part of the $700 billion financial rescue package to help them finance construction projects and pay bills. They seek $50 billion on behalf of cities nationally to spend on infrastructure and loans lasting for as long as a year to aid cash flow. A copy of the letter was supplied by a spokeswoman for Atlanta Mayor Shirley Franklin. “The federal government is providing support for the financial industry,” said Luke Butler, a spokesman for Philadelphia Mayor Michael Nutter, who organized the effort. “Cities could use some support, too.” In Washington, Treasury Secretary Henry Paulson said on Nov. 12 such requests are beyond the scope of the bailout. More

Theodore Butler
The Real Story
There is compelling new proof of a silver (and gold) price manipulation. The evidence connects the investment bank JP Morgan Chase, the dominant force in world commodity trading, the U.S. Commodity Futures Trading Commission (CFTC), the primary commodity regulator, and the U.S. Treasury Department, the arranger of every conceivable bailout.

This week, I received a copy of a letter, dated October 8, sent from the CFTC to a California Congressman, Gary G. Miller. It discussed allegations of a silver market manipulation because of the data in the monthly Bank Participation Report. The data in that report for August showed that one or two U.S. banks held a massive short position in COMEX silver futures of 33,805 contracts, or more than 169 million ounces. This is equal to 25% of annual world mine production, and was up more than five-fold from the prior month’s report. After this position was established, silver prices fell more than 50%, in spite of a widespread shortage in retail forms of investment silver. Never before had there been a such a large concentrated position in any market, including every manipulation case in the CFTC’s history. Concentration and manipulation go hand in hand. You can’t have one without the other.

The letter was sent to me by a reader who had the foresight to write to his Congressman. Of course, the CFTC denied that a silver manipulation existed, as they always have. This proves that the Commission responds much quicker to a member of Congress than it does to hundreds of ordinary citizens and investors. In the future, should you decide to write to the CFTC, be sure to do so through your elected representatives.

What was remarkable (and disturbing) about the letter was that it strongly confirms an analysis I presented in an article dated September 2, titled, “Fact Versus Speculation”. In that article, I speculated that the shocking increase in the silver short position by one or two U.S. banks was related to the takeover of Bear Stearns by JP Morgan in March. More

Naomi Klein
The new president’s only hope of resisting this campaign being waged by the elites is if the remarkable grassroots movement that carried him to victory can somehow stay energized, networked, mobilized - and most of all, critical. Now that the election has been won, this movement’s new mission should be clear: loudly holding Obama to his campaign promises, and letting the Democrats know that there will be consequences for betrayal.

The first order of business - and one that cannot wait until inauguration - must be halting the robbery-in-progress known as the “economic bailout.” I have spent the past month examining the loopholes and conflicts of interest embedded in the U.S. Treasury Department’s plans. The results of that research can be found in a just published feature article in Rolling Stone, The Bailout Profiteers as well as my most recent Nation column, Bush’s Final Pillage.

Both these pieces argue that the $700-billion “rescue plan” should be regarded as the Bush Administration’s final heist. Not only does it transfer billions of dollars of public wealth into the hands of politically connected corporations (a Bush specialty), but it passes on such an enormous debt burden to the next administration that it will make real investments in green infrastructure and universal health care close to impossible. If this final looting is not stopped (and yes, there is still time), we can forget about Obama making good on the more progressive aspects of his campaign platform, let alone the hope that he will offer the country some kind of grand Green New Deal. More

CNN — A merger between U.S. automakers General Motors Corp. and Chrysler is likely on hold until after next week’s presidential election, as the U.S. Treasury Department said it will not provide the automakers with aid, the Detroit Free Press reported Friday. GM had asked the Bush administration and Congress for a loan of about $10 billion to help keep the struggling company operational. It said that it could possibly use the aid to fund a merger between it and Chrysler, which is owned by Cerberus Capital Management. Many experts have said both companies would need to merge to stop their recent bleeding. GM (GM, Fortune 500) has only about $21 billion in cash and Chrysler has $11 billion, although most of that was borrowed. GM said Wednesday that overall sales were down 11.4% worldwide in the third quarter compared to the same period a year earlier. With auto sales plummeting globally, analysts say the merger would save the companies billions of dollars in redundant expenses. More

Joan Veon
NewsWithViews.com
We live in a globalized world—a world without barriers or borders, which means every aspect of our economic structure has to change. A private corporation, we call the Federal Reserve, controls the majority of our monetary system. To understand the new set of powers being advanced by the U.S. Treasury Department to the Federal Reserve, we first must recognize that the Federal Reserve Act passed in 1913 never gave them (the Feds) total power over our economy.

To appreciate the importance of what is currently taking place, we must first realize that as a private corporation, the Federal Reserve is not required to make public who sits on their board of Directors nor who or what banks and corporations hold stock in their private company. Additionally, they are not required to publish an annual report, and I am told, they pay no taxes. So why is it that the American people cannot forgive themselves the interest on their debt? It is because it is owed to a private corporation!

The entire financial and business cycle of market highs and lows is controlled by how much money the Feds pump into or glean from the banking system. When they add money to the system, interest rates fall and the market rises and when they take money out of the system, interest rates rise and the stock market falls or corrects. In doing so, this private corporate structure allows for an elite group of people to literally buy low and sell high, thus transferring the wealth into their pockets while those who continue to hold take the “hit.” More