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This is not a recommendation to buy silver; This is a recommendation to kill JPMorgan Chase

Max Keiser - Crash JPMorgan.


Today from Felix Salmon:

The NYT loves Jamie Dimon...



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Reader Comments (19)

When JPM gets its naked silver shorts run over, silver will explode like nothing you've ever seen before. Don't take my word fo it, use your brain and run the numbers for yourself.
Dec 8, 2010 at 12:33 AM | Unregistered Commentermark mchugh
so mark..you own all metal, right...no paper silver...
Dec 8, 2010 at 12:46 AM | Registered CommenterDailyBail
Dimon laments that people — he means the Congress — don’t really understand the credit-card business. Last year, Congress enacted a law that restricted pricing flexibility — for instance, banks must give a 45-day notice before raising their rates, even when a borrower misses a payment. The legislation was meant to prevent sudden interest-rate increases that had caught cardholders unawares.

Dimon argues that all businesses charge for some things and not for others. For instance, restaurants give you the tablecloth and the silverware free and “mark up” the food. (Dimon loves to illustrate banking verities with examples from more familiar, and less threatening, industries.) Credit-card companies provide a service — convenience — “free,” but the business entails significant risks. In a typical month, Chase lends $140 billion to people, with no form of security. The bank earns interest on those loans, of course, but it has to pay expenses and eat the bills of cardholders who fail to pay them back. Before the bust, unpaid bills totaled roughly $6 billion; in 2009, when unemployment rose to double digits, credit-card losses soared to $18 billion, and the business plunged into the red. How to set rates that keep such a business both profitable and an attractive proposition for customers is what bankers do — or at least, what they try to do.

To compensate for its inability to quickly raise rates, Chase has decided to lessen its exposure by no longer offering cards to a portion of its customers that it deems the riskiest. This isn’t necessarily bad; if the mortgage mess taught us anything, it is that banks should exercise discipline.

Dec 8, 2010 at 12:49 AM | Registered CommenterDailyBail

Samuel Koch Injured: Stunt Goes Horribly Wrong On Live German TV (VIDEO)

Dec 8, 2010 at 1:22 AM | Registered CommenterDailyBail
Yale's Levin Might Call For Second Stimulus As Top Economic Adviser


keynesian alert...
Dec 8, 2010 at 1:26 AM | Registered CommenterDailyBail
Paper silver is stupid, it can, and probably will disapear into thin air if things go belly up.
Dec 8, 2010 at 2:17 AM | Unregistered CommenterS. Gompers
JP Morgan would probably start a rumor that other banks are about to fail in order to start a run and take over like he did in 1907, thereby saving themselves with other peoples money to prevent the above from happening.

Not like it has not happened before.

Dec 8, 2010 at 2:33 AM | Unregistered CommenterS. Gompers
JP Morgan revealed as mystery trader that bought £1bn-worth of copper on LME

The American investment bank JP Morgan is the mystery trader that grabbed more than half the copper on the London Metal Exchange, The Daily Telegraph has learned.

Dec 8, 2010 at 2:38 AM | Registered CommenterDailyBail
Chinese govt advise gold buying - why? What is their plan?

Dec 8, 2010 at 2:43 AM | Registered CommenterDailyBail
@ DB. There are stories about people stealing copper from subatations and powerlines. Most powerlines are aluminum and what looks like copper is worthless "copperweld" and that also includes the down grounds on utility poles and transmission towers.


While some copper is still used, its importance has diminished significantly for the electric utilities. Persons who think they can make a quick buck stealing this copper is in for a very "shocking" disappointment.
Dec 8, 2010 at 7:56 AM | Unregistered Commenterjohn
Ever see a silver certificate? Can you still get silver for it?

Did you know that big banks like JPM issues silver certificates to clients? And did you know that JPM also provided much of the silver to the SLV? Maybe they've got a lot of silver, but consider this:

World silver production divided by world population (6.8 billion) = per capita silver production is less than the silver content of 2 pre-1965 dimes. There is 190 gallons of oil produced for every world citizen. 190 gallons of oil is gonna cost $407, 2 dimes of silver is about 4 bucks. Considering that silver is the best electrical conductor and we're pretty fond of this electricity stuff, you'd think it would be much more expensive, wouldn't you? Why isn't it?

Let me run a simple scenario by you. You need a claim to physical silver to trade on the COMEX right? Know how you can get that? Buy out of the money call options on the SLV. Right now, you can buy $38 options for 2 cents an ounce (that's right), go to the Comex and get treated like you have silver. So you sell sell sell until the price drops, then buy it back cheap.

But say you blow yourself up and have to deliver silver. Well if you're a big broker like JPM you cash in your SLV options first for shares, then for physical silver (only big brokers can cash out SLV shares for silver), make delivery and move on....

Now the SLV, which is supposed to be backed by physical silver, suddenly isn't, and worse yet, either they CAN''T replace the metal 'cause it isn't on the market, or they WON'T replace the metal cause its too expensive. So the ETF either continues as a fraud, or it collapses, thereby stiffing its investors. We may have already entered the fraud stage and DB, knowing what you know, would our government a) expose the fraud and arrest those responsible or b)Assist in concealing the fraud for as long as possible?

And what about those JPM silver certificates???

It's not a question of IF this will train wreck, it's only a question of WHEN. And history has been quite cruel to those who accept paper promises for precious metals. Is anything different now?

So to answer your question with a question: How fucking dumb do you think I am?
Dec 8, 2010 at 10:05 AM | Unregistered Commentermark mchugh
jesus mark..i was attempting to start a conversation...i was not advocating silver certificates...it was a means of bringing up the topic for others who might own the etf or other vehicles...give me a bit more credit...
Dec 8, 2010 at 10:22 AM | Registered CommenterDailyBail
And just to drive the point home.....

One ounce of silver represents 8 years of World silver production divided by present World population.

Anybody out there know of a better deal for 30 bucks?
Dec 8, 2010 at 10:25 AM | Unregistered Commentermark mchugh

I know. I was having a little fun.

That said, I am getting frustrated by all the people who don't understand the fundamentals behind silver and silver demand, and that buying silver at these ridiculously low prices is the common man's best chance to get the justice that continues to allude us.
Dec 8, 2010 at 10:33 AM | Unregistered Commentermark mchugh
These banksters we both despise have nothing but boxes full of IOUs. They don't feed us, they don't make anything useful. They need us for survival, not the other way around. Anyone trading the SLV, or futures and options is still playing their game, and they're gonna get screwed.

Taking their real wealth away is the smartest thing we can do. People really have ended up having to burn paper money for heat.
Dec 8, 2010 at 10:54 AM | Unregistered Commentermark mchugh
Oh, and I mean "ELUDE" not "ALLUDE" 2 comments back
Dec 8, 2010 at 10:56 AM | Unregistered Commentermark mchugh
I choose B Mark, and historical trends back this up, LOL. Excellent synopsis.
Dec 8, 2010 at 11:54 AM | Unregistered CommenterS. Gompers
Besides buying physical silver, here's another thing we could do: Take all your credit cards, max (ha!) them out, and buy guns, bullets and more silver, more gold, and food for storage.

That'll send another message, won't it? Oh, and make sure you default on those 'unsecured debts'.
Dec 11, 2010 at 3:06 PM | Unregistered Commentersignalfire
@signal fire...devious plot...sounds good to me...;-)
Dec 13, 2010 at 4:56 AM | Registered CommenterDailyBail

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