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Would You Rather Have Your Deposits Confiscated, Or Used By JPMorgan's Prop Trading Desk To Buy Stocks?
At this point a question is in order: while in Cyprus, and soon probably elsewhere, the government will openly confiscate deposits to fund insolvent banking systems, in the US excess deposits are used by the prop desks of banks like JPMorgan to inflate risk assets, corner a bond market (IG9), and to generally create a wealth effect... for the 1%.
Recall this chart from JPM's CIO June 13, 2012 financial results appendix, which explains precisely who funded JPM's rogue London trader, made so infamous this past Friday which now seems like an eternity ago:
The answer? You, dear US depositor.
So answer this - would you rather have your savings confiscated... or used by JPMorgan to gun the farce formerly known as the market to ever higher, previously unseen highs, and serve as collateral to fund short positions in a variety of commodity classes?
And, following that, who is truly the biggest loser here?
(for more, read "The "Big Three" Banks Are Gambling With $860 Billion In Deposits")
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aaaaaaand it's gone.
That's what happens when you don't have a plan C.
Know The Law, bitchezzz!!!
That's applicable under normal circumstances only. When fruad becomes the status quo, posession is 100% of the law.
Wrong HH.
10/10ths is more like it these days.
I vote for neither option.
When you come to a fork in the road, take it.
Ramp o' Rama, Markets going green by days end
ha, try by 10:30... this miserable excuse for a human being has permanently destroyed the concept of price discovery
Price discovery? I thought the fed outlawed such outlandish ideas! Watching this joke of a market makes me glad I am neither long nor short... damn, just realized I'm in cash, stupid currency debasement.
www.tickertapeguide.com
"Would You Rather Have Your Deposits Confiscated?"
let's just call it "tithing"
<== Hang the confiscators & the prop traders
<== Hang the prop traders & the confiscators
Yeah, being long USD, kinda risky.
The London Market has to close first before Kevin henry starts his magic. he can't ramp until volume is lower.
The pie chart should also be melting like an S. Dali clock...
Cheap Bastard, seeing that you are math-challenged (100% = 10/10), perhaps "Poor Bastard" seems more fitting.
"I want the Truth!"
"You can't handle the Truth", you sissy down-arrowers.
After all Cheap Bastard was the one who took a swing at somebody else and showed his ignorance. I simply exposed, and ribbed him for it. This it Fight Club. Grow the fuck up, damn Socialists!
WOW! The markets shrug off Cyprus!!!!
the 1 cent DOW 36,000 book is becoming a reality...
WHY would anyone keep their money in a bank that didn't pay ANY interest...that's the real question
For those of us who don't want to live 'off the grid' completely, there's still a middle road possible. To each his own, but my sense of 'balance' is to use the free checking account (free if you have a payroll deposit) and leave $1-2k in Savings. The rest is in cash in a safe. Some at home, some at a trust company's safety deposit box. Ditto for PM.
I thoroughly subscribe to that law. So much so that I just got back from withdrawing all but $30 from my bank account and buying some gold, silver, ammo, and food with it. I don't need to leave any money in there since all my bills are local and paid in person with cash anyway. I hope the US gubmint enjoys that whole $3 when they decide to confiscate 10% of all US depositor funds. They can even have my blessing with the $3, while I'm sitting on stuff they can't confiscate until they finally come out in the open, by which point it will be very difficult to confiscate. Get it out now, folks. Be the first in line. Be Icelandic.
The market will ramp higher today on some headline. Gold will come down to where it was before the news of Cypress. Nothing to see here, move along everyone. Forget the thought of the government just confiscating your savings, it will never happen under the peace loving Obama regime. Dow 36,000 here we come!
Yep, but a "positive" headline is not even needed.
Days like this are nothing but coordinated bear slaughtering exercises.
If you don't want to be long this market, that is a defensible position.
But for the love of God, everyone should know by now that you cannot try to short this market, unless you have inside info, and even then only for about the first 5 minutes of trading.
God help anyone who wants the truth to be reflected in this market sooner rather than later. You're tilting at windmills.
Who Osama? :)
It is all a joke. I'm doing an EMBA, I started it to see if I could get an understanding different from what I have today (ZH) of what they are doing and why they are doing it. Sadly, my worries are only getting worse. Whenever I asked detailed questions the professors get nervous, change the subject or cut me short. They don't even try to defend what is going on, they want to just give us their material. Sadly for them I have earned the respect of my classmates and they are all starting to challenge them.
For instance, given the balance sheet you show above, if only 10 % of the loans/investments go bad, they go bankrupt. They basically have NO equity to speak of for the size of their balance sheet. The whole thing is ridiculous and a Ponze scheme. Some of the professors don't even fight it, they ourightly agree. The whole world is bankrupt and things are only getting worse NOT better.
Until next time,
Engineer
Because their salaries is based on perpetuating the fraud Spine001
respect either way
+1
All this noise and all we get is 70 point drop in the DOW. Big Fuckin deal now BTFD.
From now on, drops in the Dow are "transient"; they do not fit with the meme and thus are not to be tolerated.
It only took 20 mintues to 'fix' the market. All is well again. Green by the close. Move on.
Forget about the DOW drop, that is being manipulated with our own money, the key is what is behind that level. And it is beign sustained by NON_EXISTANT electronic money and our own money sitting idle in the banks. Look again at the balance sheet of JPM, they are leveraging their equity 12 times (remember EU banks tend to be leveraged 70 times :):)), meaning that they are betting with our money, not theirs, so who cares how much the dow is really worth. This will keep on going until it doesn't and you and me will be the last ones to know when they will stop the music.
The only real information there is that they are betting 58.2% of their money in speculation and only what is left on the real economy, how is that for a bubble?
Either live with your ear glued to the underground blogs and SELL as soon as you think the music is about to stop or stay OUT like most of the retail is doing. Let them fight till death.
Until next time,
Engineer
In 2005, with the help of NASA satellite imagery, it was estimated that there were approximately 400 billion, 246 million trees on the earth. That would be approximately 61 trees per person.
How do I lay claim on my 61?
I want 'em.
I just like being raped. I'm not real picky about the position.
It's not so much the position, as it is about the LUBE used.
i.e. none here!
Always thought Dimon was a dry guy.
Any kind of lube will do
Maybe from another part of you.
Lube from the north.
Lube from the south.
Get a little slobber
From the side of your mouth. - FZ
TMI, TMI!
Too Much Info.
I'm long Astroglide.
pods
The gold and silver miners know how you feel...without lube.
How long before Ben Bernanke writes a check on your ^H^H^H^H my account to cover the Cypriot haircut?
I mean, given a choice between getting robbed for domestic purposes and being robbed for overseas purposes, I ask, why must I choose?
"Death! By Boogah-Boogah!"
"JP Morgan made the Whale bet with their OWN money"
- Maria Bartiromo, CNBC anchor, Public Relations Liason for JP Morgan
Whats yours is theirs
Definitively used by JPM
The Fed. Our "bad bank" after all. And the $2Trillion created via banks parking deposits there for money rather than lending want to amp it up via prop trading. Farcical charades everywhere.
I make all my deposits with a shovel now.
You nonconformist, you. Most Hedgers make their deposits over the side of a boat.
actually, i think JPM has done us all a great service in using our cash to suppress gold and silver, and keep the peasantry believing.......
long enough for anyone who is watching to invest in PMs at absolutely breathtaking prices.
I am glad they have kept price suppressed. It has allowed me to greatly increase my stacks at a lower cost.
They have to keep it suppressed.....even a commoner knows when Silver+Gold go up = social unrest.
They must keep it suppressed at all costs, or JPM will go down in flames when their machinations with paper silver come to light and they can't make good with physical silver.
That's no choice. I want my money back.
True Story:
CNBC Fuck-Wit To Lloyd Blankfein: So Lloyd, apart from stealing your clients' money and butchering Muppets, what else do you do in your free time?
Lloyd: Well, David, I sometimes put a tissue on my penis and pretend its a ghost.
http://wallstreetfool.com/
Need to get him to play Ghostbusters and zap it with an exposed lamp cord.
Time to cross the streams.
And if you hold unallocated precious metals in the LBMA and LPPM system (where 95% of trades are for unallocated metals) your 'investment' i.e the cash paid for the metal, is the property of the bullion bank and is also used to inflate other risk assets.
"Would You Rather Have Your Deposits Confiscated, Or Used By JPMorgan's Prop Trading Desk To Buy Stocks?"
Which choice will allow me the longest illusion that my money is 'safe'?
Stop feeding the beast then....stop trading, sell all stocks, withdraw all support, stop dealing with these banks, cut up your credit cards etc
Too many of you understand the problem but are addicted to the game you curse
the algos and the federal reserve are always there...
Why would I cut my cards when they pay me back 1-5% for every dollar spent and the retailers do not offer me a cash discount? Now, when I purchase guns online, the price shown is a "cash discount"... which is strictly obeyed. Some gas stations are doing this also... and obviously cash is king for personal services.
I would have presumed retailers would have gone to a cash discount system given margin compression, but then again, strategy is antiquated.
Didja learn nothing from Cyprus, man? You have to keep money in the bank to pay the credit card bill, and you could end up losing that money to government confiscation. Fuck saving 1-5% now, get tangible goods today and save 200-1000% later. They can't confiscate what they can't find. Buy with cash and buy locally.
You've stated nothing other than a spectacular case for going on a spending spree with a credit card... why would I limit myself solely to cash?
"Would You Rather Have Your Deposits Confiscated, Or Used By JPMorgan's Prop Trading Desk To Buy Stocks?"
I choose to shoot the bull and eat some steaks.
Fuck those horns.
PLAN C :
Drive DOW to 1mm,
S&P to 150m with free money.
Impose finacial tax of 30% for a gain of a couple quadrillion, pay down soverign debt then issue new currency.
After much thought and hand-wringing, I'm pulling my funds from the bank and forgoing the massive .25% interest rate along with giving back the Chinese toaster.
Are you crazee?!?! Don't be a fool! Put the toaster on eBay.
Ehhh, already looked. The place is awash with Chinese toasters.
And yes, I am crazee ... applying for disability tomorrow to join the rest of the freeloaders. BWAAHAHAHHA
He will probably fetch more for the toaster than interest he would have recieved from his deposit.
Save the toaster!!
We will turn it into an electric chair.
I would rather have Jamie Dimon in prison.
I would rather see Jamie Dimon go to prison, where some of the more heinous and infected inmates can have him.
Me too, but only if he's sharing a communal cell with Corzine the Vaporizer, Timmy the Tax Cheat, The Bernank, and fifteen of the meanest, biggest bucks in the joint.
In the end, any wealth that isn't destroyed will be confiscated.
So a corralito is now the first resort response to a financial crisis.
Who says Argentina never invented anything?
My grandmother was in Argentina in the 1970s when hyperinflation first hit. She had all her savings in stamps in the a National Savings booklet that they used at the time. I remember telling her to spend her money to stop saving, but she was a hard working daughter of Spanish inmigrants who had been imprinted with the importance of saving for the future. She wanted to buy a car but was afraid, I remember clearly telling her that she'll buy a bycicle if she didn't buy it now. Sadly, she didn't and after a year all her savings didn't even buy a bycicle. She learned the hard way, from that day on, she never ever trusted the system, she always saved in what locals in Argentina have used as a substitute for Gold, US dollars. Fast forwarding to 2013 in Argentina, the government here wants to monetize, but they are facing the inheritance of the learned lessons by my grandmother since 1970. Nobody saves in pesos, they know they are not worth toilet paper, they only use them and avoid keeping them like the plague. They don't yet save in PM, they are not liquid enough here, they save in dollars still. But by just using the dollar to stop the government from printing they are forcing their hand. The legal dollar is worth 5 pesos and the illegal one (YES they MADE it ILLIGAL to buy it) is worth more than 8 pesos.
Read about Argentina and you will have the future of the USA...
Until next time,
Engineer
Don't forget the fountain pen!
State-Capitalism baby!
JPMugger Disclaimer....Depositing includes possible loss of your investment principle!!!
.....if we decide we need to take it.
How to explain the bank holiday and coming currency devaluation in the USSA.:
"Officials are billing the Cypriot hit on savers as a “fiscal measure” rather than a bail-in, haircut or loss inflicted on depositors in order to wriggle around the EU(FDIC) deposit guarantee law."
Like one guy said: Don't give them any more ideas!
At least the Cypriat government takes the money in plain sight (although on a weekend when people can not make a withdrawal). JPM sneaks away your money like a jackal in the night.
I don't think the Ruskie oligarchs will be amused by the EU/IMF robbing 10+% of their laundered money in Cypriot banks and will retaliate in the gold markets.
So, I picked answer "C" and converted some more FeRNs into another 2,000+ ounces of silver, held off shore outside the (central) banking system.
And don't forget the russians willingness to turn off the nat gas during the middle of a cold winter. Do you think there is any to this announcement at the end of the winter?
I have been holding my safety cash in some of the large banks based on the theory that holding safe cash didn't hurt too much and I didn't think the banks were going under any time soon as long as ben was the controls. However, now that inflation in all of the items that are important to me seem to be increasing and this test run being conducted by the eurocrats is the signal to put my cash somewhere else. I don't think giving more money to my broker to buy stocks is the solution even though the central bankers are pushing the sheeple that way.
Trick question..Results are same..
Banks still win, peons get urinated and defecated upon
I'll give them 20 more minutes before they turn stocks green. Nothing to see here, move along.
Silver For The People
The Bitcoin Channel
Hurray, retail is finally coming into the stock market.
They maybe kicking and screaming, but they're getting in whether they want to or not.
Wow! Run on banks! Spike in interest rates! Euro Union in doubt! Homebuilder confidence slides!!! No problem! Markets are almost green!!! And it only took a half hour to reverse a 100 point decline at the open!!! Seriously, what a fixed piece of shit the stockmarket is!
How much did the cartel have to sell at 10am, on negative housing data, to keep the price of gold below $1,610/oz??
"would you rather have your savings confiscated.."
How silly. Shirley you remember the $880 Billion bailout? The Unregulated backroom gambling casino bailout? Bailout the financial crooks then blame it on the poor people would wanted to buy a house bailout? At least Cyprus was honest about a confiscation. We still have fuctards walking around claiming to know a better way of destroying our future.
"These aren't the confiscations you're looking for". "Buy Gold and make me rich"
JPmorgan can fuck right off in my opinion, less than a 10% loss and they is kaput, gone, done for.
Anyone now who has any significant funds stored in this shit-hole deserves the loss.
If the shenanigans over in Cyprus isnt enough to convince folk to remove funds from wrecked and wrecking failures like the morgue, nothing will.
Come on boys, lets kick off a bank run.
REMOVE YOUR MONEY. Fuck the morgue. And all who sail on her.
Anyone with savings in JPM or any other TBTF is a moron and deserves the ass-shalacking they get -- lubed, spit, or dry.
If people are actually still this stupid and have learned no lesson at all, then I say let them wake one morning with 50%+ losses and I won't feel the least bit sorry for them at all!
Wouldn't it be better to reinstate Glass-Stegal?
You can't fix a government intervention problem with more intervention
Not 100% certain what will trigger the vomiting. Narrowed it down: The afternoon ramp to a +3 sp close, or CNBS Twitter sentiment-indicator updates...
"whatever we can do to monetize evey damn human movement or thought. Think dammit. Think!"
"uhh, sir, what about bowel movements, we could collect people's feces and analyze it, and wrap it into a complex derivative tracking structure and sell it back to the sheep muppets?
"Yes! Jamie! Get on that!"
"On it!"
-leaked cnbs jp correspondence
Bet it is interesting in terms of the "pressure" being exerted by Russian oligarchs on the Cyprian government and legislators right now. If they vote to take depositors money away, two things will happen, there will be some bloodshed and there will be immediate capital flight of a good chunk of the remaining 90% which will cause bank runs and bank holidays until the whole thing goes down. What will be most interesting is the effect in the coming months on Greek, Spanish and Italian banks. People in those countries have a window of opportunity to ease their fears.
Those of you with Unsafety Deposit Boxes, you're next.
My Depression Era Aunts had the correct idea, a cigar box in the upstairs closet and a closed mouth.
Banks putting your money to work in a variety of different ways does not constitute some kind of 1%-er conspiracy. The problem is not what the bank does with your money, it's that they get bailed out with fake Bernanke dollars when they buy fuck-stupid assets like Fannie Mae REMICs, eat the good parts, then shit the remains back onto your income statement.
Wouldn't it be better to reinstate Glass-Stegal?
Government bailing out bad behavior is exactly what keeps both chugging along
BloombergTV hosts are lighting up Dick Bove right now on the JP Morgan and the london whale. (segment started 15 minutes ago)
Dick keeps saying "they made investors money" and "they fired the bad actors, its a win win regarding london whale"
The hosts are doing a good job, but the real evil in the libor situation is how it destroys democracy. Some little podunk town lets a bond issue to get down payment for a 2.0% loan to put in a school or upgrade sanitaion infra. The bond issue passes, then the LIBOR rate gets fiddled by douchebags for fun,profit and stockholders. Then the munipality has to have another bond referendum or flat out lie to the voters. This is how you inject corruption in all levels of a civilization.
Everything after the suppression of the Glass–Steagall Act is criminal.
http://www.taylormarsh.com/blog/2013/03/john-staubers-stab-at-progressiv...
We can do this quick (Cyprus), or we can do this slow (ZIRP). Either way, you're not gonna like it.