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Jim Cook

 

RUNAWAY SOCIAL SYMPATHY

Every once in a while I switch the TV channel from Fox to CNBC to see what the liberals are saying.  After listening awhile I get a deep sense of hopelessness and foreboding for our country.  The most important thing for the left is giving money to people.  They are happy to see the growth of food stamps, disability payments, housing subsidies, free healthcare and all the other welfare benefits.  They utterly fail to see the damage it is doing to the recipients.  Whole cities that once flourished have deteriorated into rotting eyesores populated with shambling hulks of chemically dependent drones.  These people are no longer employable.  They have become incompetent and helpless and the liberals can’t see that it’s their doing.

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Ted Butler Commentary
May 10, 2017
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A SECRET AND ILLEGAL AGREEMENT

The main purpose of the Commodity Futures Trading Commission (CFTC) in Washington, D.C. is to prevent market manipulation and ensure market integrity. This mission was assigned by Congress and commodity law. While not large by government standards, the CFTC is allocated a budget of more than $250 million annually and employs around 700 to fulfill its mission against manipulation and fraud in the commodity markets.   The agency actively solicits tips from the public in its quest to uncover wrongdoing and has instituted a whistleblower program designed to reward those who step forward to report crimes. One might think with resources like that, market manipulation wouldn’t stand a chance. Think again.

The record indicates that the CFTC has become unwilling to discuss any allegations of a COMEX silver manipulation, even though the allegations are based upon Commission data. Talk about upside down. The agency needs to explain why its own guidelines on concentration are ignored on the short side of COMEX silver futures. How is it legitimate for large speculative traders to be setting the price while silver producers, consumers and investors play little, if any role in the price discovery process? How is it legal for the largest short seller, JPMorgan, to also be the largest physical stopper or buyer at the same time it’s holding down the price? How can that be legal? Explain how JPMorgan never taking a loss on a newly added short COMEX silver position for nine years doesn’t raise agency suspicions?

There has to be a good reason why the CFTC won’t openly address the overwhelming evidence of a COMEX silver manipulation. Why do JPMorgan and the CME Group never answer accusations of wrongdoing that constitute slander and libel if untrue? Something has to be holding the CFTC back from addressing what needs to be explained. I rely, almost exclusively, on the agency’s own data to make the case and it ends up with the agency arguing against its own data.

Nine years ago in March of 2008, JPMorgan took over Bear Sterns. This was at the start of the financial crisis when the U.S. Treasury and the Federal Reserve requested JPMorgan’s assistance in rescuing Bear Stearns.  You can be sure that JPMorgan would in return, arrange as many protections for JPM as possible.  No one knows what private guarantees were granted to JPMorgan that has left it immune from punishment for its clearly illegal activities in silver over the past nine years. There’s no other way to explain how JPMorgan continue to manipulate and fraudulently abuse the silver market for its own gain. Apparently, JPMorgan was given a free “get out of jail” card for any future violations of commodity law. But after nine years of JPMorgan dominating the silver market in every possible way we must ask if JPM’s immunity from having to behave legally in silver was granted in perpetuity?

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