Jim Willie: Bankrupt Western Banks, Alternative SWIFT System & The Ongoing Gold War!

• This is an interesting interview by Turd Ferguson (www.tfmetalsreport.com) of Jim Willie (www.goldenjackass.com). Topics:
  –
  – JP Morgan, Jaime Dimon is lying, their loss is not US$2B but closer to US$18B.
  – Deutsch Bank is insolvent and may not survive.
  – Major western banks suffering insolvency and now illiquidity!
  – JP Morgan is the operating arm for the US FedRes.
  – The FedRes tried to prevent a collapsing situation.
  – 82% of the derivatives book of JP Morgan is tied up in interest rates derivatives! US$800T derivatives book??.
  – The interest rate swaps (derivatives) have been used heavily to keep interest rates down. JP Morgan suffering huge loss due to this.
  – The US is stuck at ZIRP ‘forever’ until debt default.
  – The liquidity problem of European banks is because the LTRO didn’t work.
  – The big Europeans banks are facing giant margin calls from various instruments: bonds, currencies … exposure.
  – They are selling gold to meet these margin calls. And the East (ie. Asia, China) is taking advantage to buy up their physical gold.
  – The East is taking on the bullion cartel to drain all their physical gold and keeping the price of gold low.
  – What we are seeing is a ‘death process of JP Morgan’!
  – The falling gold price is accelerated drainage of physical gold of the gold cartel to the East.
  – It will lead to the end of the manipulation by the gold cartel and will result in rocketing gold price.
  – All the French banks are in trouble.
  – An alternative to the SWIFT is being built by Eastern nations. A gold backed system? An alternative trade settlement mechanism not using the USD. Eastern group includes: Japan, Korea, India, Iran, China … Russia.
  – The US cannot get out of the ZIRP.
  – Russia has 10-30X more gold than they report.
  – A new Euro minus the PIIGS, minus southern Europe?
  – A gold backed new Euro-Mark?
  – Gold backed Russian ruble, Chinese Yuan, Middle East Dinar, Euro-Mark ?
  – The United States will become a 3rd world nation when the dollar collapse.
  – Hyperinflation in United States after dollar collapse.
  – Preparations are being made to an alternative to SWIFT, non USD international trade settlement. Barter system coming too.
  – The Arab and OPEC nations to abandon petrodollar. They are waiting for the west to collapse. Russia and China to provide the military protection for ME oil powers?
  – The new financial and monetary system will not be USD centric.
  – Warren Buffet is a liar about gold.
  – ETF GLD is getting drained of physical gold in ‘hyper-drive’!
  – and many other issues…

end