Federal Reserve Counterfeiting Approaches 100%

Sprott Money's picture

Jeff Nielson for Sprott Money



At the end of 2008, the U.S. Federal Reserve embarked upon a monetary policy so extreme and so reckless that it had to invent a (new) euphemism for what it was doing, since if it simply used the old euphemism, even the puppet-politicians of the U.S. government would have rebelled at this monetary insanity.


At that time, the Federal Reserve began “monetizing debt” (the old euphemism). What that economic jargon actually means is that the Fed (on behalf of the U.S. government) simply began conjuring its currency out of thin air – without any pretense of backing or value – as the only means of being able to continue to pay the interest on the exploding U.S. national debt. It was (is) the last refuge of a bankrupt government: the choice to hyperinflate its currency rather than officially declare bankruptcy.


Obviously neither the bankers nor the Corporate media were prepared to admit what they were really doing, so they invented a new euphemism for this old insanity: “quantitative easing”. But conjuring “money” out of thin air (by the $trillions) to pay the interest on U.S. debt was only the beginning. After that, the Fed “expanded” this monetary insanity – and began openly buying-up $trillions in U.S. Treasuries, as well as the “bad debt” (i.e. fraud) hidden on Wall Street balance sheets.


We were explicitly told by the bankers, media, and U.S. government that it was engaging in this “QE” to pump-up the U.S. Treasuries market (and thus manipulate interest rates lower), and to pump-up U.S. equities markets, to supposedly “stimulate the economy”. This was, of course, total nonsense.


Only the bankers still hold U.S. Treasuries, and only the wealthy still hold U.S. stocks (roughly 85% of all stock), and those two demographics were already wealthier than at any time in history before the beginning of “QE”. But while the supposed “stimulus” was never anything but a lie, the bubbles which were created by all this reckless money-printing are very, very real.


As a matter of basic arithmetic/economics, all bubbles implode/deflate without a steady stream of new money to keep the bubble inflated. Because (by definition) all bubbles represent unsustainable price levels, no bubble can ever be stable. It is with this context in mind that we can view this recent headline in the NY Times:




Quantitative Easing is Ending

It is a headline which no thinking adult could possibly take seriously. The Federal Reserve deliberately/explicitly/openly inflated the U.S. Treasuries bubble and the U.S. equities bubbles with its “quantitative easing”. The Federal Reserve claims to be withdrawing the fuel/support for those bubbles, and so those bubbles must implode.


Except the bubbles have not imploded.


This is not even theoretically possible, and so, ipso facto, “quantitative easing” continues – in some form. But the difference is that while the Federal Reserve is still conjuring new $trillions (to keep the bubbles pumped-up), it no longer admits to all this newly conjured funny-money. There is a very well-known legal/financial term for this practice: counterfeiting.


This isn’t speculation, since it is supported by more, obvious empirical evidence. In the spring of 2013, B.S. Bernanke first began talking about beginning to reduce his “QE”, and by the tiniest of amounts: a paltry/trivial $5 billion per month.


Even just talking about beginning to ease the newly conjured funny-money caused the interest rate on U.S. ten-year Treasuries to double over a six month period. Merely talking about “tapering” was costing the U.S. government $100’s of billions in additional interest payments (alone), further crippling this dying economy. And so in September of last year,  Bernanke got in front of the microphones to admit that the U.S. government could not even begin to “taper” the money-printing.


Yet today we are told that “quantitative easing is ending”, but the U.S. bond-bubble has not even wavered. What changed?


The second time that the Federal Reserve pretended to begin to “taper” its money-printing, the economic terrorists of Wall Street first attacked the economies of all the world’s other nations – by sabotaging their currencies. With all the economies of the Rest of the World economically crippled, and thus the U.S. economy appearing “healthy” in comparison, the bond-bubble didn’t waver the second time the Fed pretended to begin “tapering”.



Again, this isn’t “conspiracy theory”, it is conspiracy fact. As noted in a recent commentary, this endemic currency-rigging has finally come out of the shadows. After two years of (informally) “investigating” individual FX-traders employed by these Big Banks, we now see formal, criminal investigations of these Big Banks/bankers for serially rigging the world’s currency markets (and currencies).


First, some context. In the lawless United States, its criminal Big Banks are never criminally charged for the laws they break. When they openly/deliberately falsified tens of millions of U.S. mortgages, turning the entire U.S. land-title registry into a cesspool of fraud, no bank was charged.


When they scammed investors around the world for $trillions in countless, serial acts of open/sleazy  securities fraud, no bank was charged. When they are caught (on a daily, ongoing basis) laundering $trillions for known drug cartels, and known terrorist groups, no bank is ever charged.


However, the currency-rigging of these same, criminal Big Banks has been so blatant, so egregious, and so massive in scale that two of these Big Banks have now publically acknowledged that they are already under criminal investigation – JPMorgan and Citigroup. Meanwhile, the Corporate media has already warned us that “the Justice Department may seek guilty pleas from several firms” (i.e. tentacles of the One Bank).


The previous (unpunished) financial crimes of these Big Banks were already a hundred times larger than any financial crimes ever perpetrated in financial history, yet (by the actions of the U.S. government, and the words of the Corporate media) we see that their currency-rigging has been even worse. And all this was done so that merely talking about “tapering QE” would not burst the U.S. Treasuries bubble, all by itself.


When we scrape away all of the fraud, all of the crime, all of the lies, and (now) all the criminal investigations, we are left with a simple truth. As the Federal Reserve (publicly) takes its “quantitative easing” to zero, what it is actually doing is taking its counterfeiting of U.S. currency toward 100%.


There is no other, possible explanation for the fact that U.S. bond and equities bubbles have survived…for the moment. To prove this, we merely need to look at what the Corporate media claims to be an “explanation” for this economic impossibility – i.e. the best lie which they could fabricate.


…But quantitative easing is the gift that keeps on giving. Even after the purchases end, its effects will persist. How could that be? The Fed will still own all those bonds it bought, and according to the agency itself, it’s the level of holding that affects the bond market, not the rate of addition to those holdings.  [emphasis mine]


Very simply, the Liars claim that the U.S. Treasuries market is the first-and-only stable bubble in the history of human markets – a bubble which can (permanently) remain inflated without a steady stream of new capital injections. It is a lie just as preposterous as the preceding, impossible lie: that “QE is ending”.


Understand that if it were possible for bubbles to remain stable then we would have seen numerous, previous examples of other “stable bubbles”: markets with prices permanently floating high above sustainability (and sanity). It has never happened before in human history, because it cannot happen.


The Treasuries-bubble remains, with current “prices” for Treasuries much, much higher than any other time in U.S. history. It is not merely a “bond bubble”, it is the largest bond-bubble in the 228-year history of the United States. Thus we know that the Federal Reserve has replaced every dollar of (old) “QE” with new counterfeiting.


It’s not “conspiracy theory”. It’s simply more conspiracy-fact.



Jeff Nielson for Sprott Money

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Oscar Mayer's picture

Credit is not 'money', it is an assumption that 'money' will be paid.  And it can POOF! out of existence faster than it was created, leaving nothing behind but the debts accumulated in its creation.


It boggles my mind why so many 'smart' people continually fail to grasp that fundamental point.

SamAdams's picture

Numerically impossible to achieve 100%.  However, approaches is correct.  Debt money goes to infinity as inflation approaches 100%.

Note, the FED is not going to hyperinflate.  You will see a deflation before a hyperinflation.  The reason is the gov't will have its hand in every citizens pocket trying to pay back the fake interest on the fake debt owed to the triangle club.  That removes money from the system and causes deflation.  When the government fails, then hyperinflation begins.

Oscar Mayer's picture

The richest amongst us have exactly the same amount of 'money' in their bank accounts as the poorest amongst us have in theirs, $0.00.  They are not going to take from you, they've already taken, you're just too stupid to realize it.  More than likely, they never gave it to you in the first place, they just credited your account.

BouncyTheWonderbunni's picture

Late to the meeting.


Just stay drunk.

JailBanksters's picture

The only difference between in QE mode and before QE mode is really just the quantity of printing money out of thin air. So even if they stop QE, they are still going to print money out of thin air. That's how this stupid system works.

russwinter's picture

Busted, the Gold Attack is a Criminal Cabal Operation from Start to Finish:


sam site's picture

I'm glad you are using the word counterfeiting when describing the Fed's QE.  It's fraud and foreigners are rejecting the dollar because it defrauds all previous transactions involving dollars and Treasury Bonds as counterfeiting or QE degrades the value of existing assets held by foreigners.

The public seems to be oblivious to these emergency fraudulent and desperate measures by the Fed.  95% of the public thinks the Fed will continue maintaining the economy and the dollar and Teasury Bonds will stay top dog in the safe haven asset world.

Counterfeiting - that's what crooks do and it reveals the owners of the Fed are EU Organized Crime proven by the fact that nearly half of QE since 2008 went to insolvent EU banks as audits have shown.


Setarcos's picture

Accidental double post.

Setarcos's picture

One proviso ... 95% of the public don't think about such matters, or anything else much except for the weather, bread and circus.

Overdrawn's picture

The $9 Billion Witness: Meet JPMorgan Chase's Worst Nightmare

Fleischmann testified,  "You can't securitize these loans without special disclosure about what's wrong with them," Fleischmann told him, "and if you make that disclosure, no one will buy them."

It soon became clear that the SEC wasn't so much investigating Chase's behavior as just checking boxes

"It used to be if you wrote a memo, they had to stop, because now there's proof that they knew what they were doing," she says. "But when the Justice Department doesn't do anything, that stops being a deterrent.

Read more: http://www.rollingstone.com/politics/news/the-9-billion-witness-20141106#ixzz3IMEufVqF 
Follow us: @rollingstone on Twitter | RollingStone on Facebook

Downtoolong's picture

When the Fed and other central banks create and expand base money from nothing at 100+ times the rate of GDP growth and never plan to retire that base money, you don’t need to uncover some hidden conspiracy to prove it is counterfeiting. That is conspiracy by the banking cartel in action and the very essence of counterfeiting happening in broad daylight, right before your eyes.     

robnume's picture

KILL ALL THE BANKSTERS, INCLUDING THOSE IN MY OWN FAMILY! I WANT THE DEATH PENALTY FOR ALL OF THE FIDOUCHEBAGS! We the people can perform lottery drawings for head executioner and I say we take the French Revolution's weapon of choice; let's make the guillotine the USSA's NATIONAL RAZOR! C'mon kids, we've got work to do!

robnume's picture

KILL ALL THE BANKSTERS, INCLUDING THOSE IN MY OWN FAMILY! I WANT THE DEATH PENALTY FOR ALL OF THE FIDOUCHEBAGS! We the people can perform lottery drawings for head executioner and I say we take the French Revolution's weapon of choice; let's make the guillotine the USSA's NATIONAL RAZOR! C'mon kids, we've got work to do!

tony bonn's picture

it's very heart warming to see that some writers have the honesty to call the banksters and their puppet congressshits what they truly are - liars, criminals, and drug lords. unfortunately the writer did not go far enough because in the very center of their souls they are satan worshipping murderers, a redundancy if ever there were one.

the ziocon fraudsters' stench oozes out of the city of london, out of the bush crime syndicate's collective asshole, out of the out house of washington and nyc. the rothschild satanists are the druids of these depraved filth.

lunaticfringe's picture

Whenever I see the name "Sprott" on anything, I think of Eric's 2100 dollar gold call for Dec. 2014.

Like sands thru the hourglass...so goes the days of our lives. 

limacon's picture

It is all very simple .



Or even simpler 



Nothing is as it seems .

Cream masquarades as skimmed milk .

blindman's picture

the sovereignty of the people is continuously
chopped up and liquefied into chum by the political
class to be fed to the sharks of global demonology,
what they get out of it is financial sex toys to distract
themselves from eternal self loathing; that and
a nice bathroom and kitchen makeover.
the federal government now serves as an intermediary to
serve up the sovereignty of the people to nameless
and unaccountable international corporations. get it?
research tpp. ("trade agreement"). they are telling
you, right after the election results were in, it is war
and tpp to be shoved down your dead throat by the
"best and the brightest", your authorities who have made
a nice trillion dollar industry out of stealing your privacy,
your expertise and labor. not a bad days work, eh?
The Point - Are You Sleeping
CrossTalk: Stupid Wars
humor thors day.
Supreme Court of Comedy - featuring NJweedman
from Edward Forchion 4 years ago
but that lindseed, graham cracker, war nazi
claiming the vote on tuesday means more
americans want more war and he wants to give
it to em',(the voice of the people and the political
mandate bullshit) that is just the kind of stupidity
that has, and will continue, to make the republican/democratic
money, federal reserve
party the nest of the unspeakable and eternally
cursed; may they carry on to their well deserved
doom. a special place in hell awaits these type
of sleazy, blood money, bought politicians. (lemming stupid )

no more banksters's picture

US debt held by the Fed: Just another chart

... or maybe another way to understand whether a big financial crisis is about to explode


Kina's picture

I have a dream that I am able to magically catch grammar nazis on the net, torture them, and post it on youtube as a warning to all self-sucking grammar nazis who in life seem to miss the whole point of everything.


Don't fucking hijack importance posts with trivia. I suspect some would let their mothers die bleeding on the floor as they first correct somebody's grammar.

Bohm Squad's picture

I think you meant to say "important posts" in that sentence without a subject.

Rigger's picture

Proper grammar is important. You can change the entire meaning of your post with just a few mistakes.


Saying 'What does it matter?' to someone criticising poor grammar is like claiming there is no difference between catastrophe and catasstrophy; one is what we are headed towards, the other is a feline asshole nailed to the wall.

honestann's picture

Good article, except it misses an additional very important part of the story.  The federal reserve has NOT tapered QE... not at all, not in any way.

What the federal reserve has done is to reduce their visible QE while they increase their [nearly] invisible QE even faster.  Actually, ZH has had articles about some of the ways this has been implemented.  Recall stories about how Belgium all of a sudden was buying more US government debt than their GDP (or something like that, some enormous number).

Other similar factual acts for the same purpose have been recognized in alternate media like ZH.  The acts are factual (nobody denies that), the only thing the mainstream media ignores (or scoffs-at, or denies if pressed), is who is the source of these enormous actions, and what is their purpose.

The source is obvious... the federal reserve.  The purpose is obvious... to keep the bond and stock markets in the USSA from collapsing.

Had the author added these details to the article, he would have totally nailed it.

PS:  I assume everyone at ZH understands the following.  Since there is NO objective much less honest individual on the "factory floor" of the federal reserve (much less in the accounting office), there is no way anyone (except a few predators at the fed itself) whether new fiat dollars are being created without debt attached to manipulate these markets.  I also assume everyone knows that the only reason and only fig leaf that keeps large investors from cashing out and fleeing the US markets is... the fairy tale that every US dollar created must be paid back (meaning, every US dollar is debt).  But as the situation gets more desparate (which it is, big time), the predators-that-be at the federal reserve know they got a LOT more mileage out of printing and spending new dollars that do not have the "drag" of debt attached to them.  Of course, the only thing that has stopped hyperinflation from happening is... the drag of that debt attached to every dollar.  My point being, nobody outside the few elite at the federal reserve know when no-debt dollars started to be created, or how much, or how much more will be created how quickly in the coming months.  Which means... physical gold, silver, platinum and other real, physical goods in our own grubby paws looks like the best freaking deal in a long, long time... especially at current PM prices.

Jstanley011's picture

So the Fed is giving away dollars and receiving nothing in return? IOW for free? To whom? And how do I get on the list? Quick! Before the gold market catches on!...

honestann's picture

Not exactly.  When the federal reserve creates fiat dollars, they're supposed to have to pay them back.  That's the fig-leaf excuse that lets Greenspasm, Bernanke, Yellen and their ilk claim "we're not monitizing the debt".

So the usual steps are:

#1:  fed creates new fiat-dollars (debt to be "paid back").
#2:  fed lends these new fiat-dollars to the US government.
#3:  When US pays fed back, destroy those fiat-dollars.

The difference would be, they do not perform step #3.  The accounting trick required to do this can be done at step #1 or step #3.  Either they fail to write in the "debt" column that they have to destroy those fiat-dollars when the bonds expire... in which case created dollars without debt (which is supposed to never be done).  Or else they simply fail to destroy those fiat-dollars when the bonds expire and they receive their fiat-dollars back (plus interest), in which case the elites simply divide up the loot in the back room and make themselves trillions of dollars richer.

Since NOBODY outside the elites can tell which steps are actually executed, there is no way to know what's going on.

A full and very diligent audit of the federal reserve should be able to uncover this.  But it would have to be performed by someone who was utterly honest, very careful and diligent, and who made sure that every step that was claimed to have happened... actually in fact happened.  But... this kind of full, honest and complete audit of the fed will never happen.

7againstThebes's picture

I don’t think this is clear.  Here is how I understand money creation.

A PD (a primary dealer) has $1000.

(Money supply at this moment = $1000.)

The PD buys a t-bill from the Treasury Department for $1000. Now the PD has a t-bill and the Treasury has +$1000. 

(Money supply still = $1000.)

The PD contracts to sell its t-bill to the Fed for a $1000.

The Fed sends a check to the PD. The PD cashes the check and now has +$1000.  The check makes its way back to the Fed. The Fed does NOT debit itself.

(The Treasury Department still has its $1000. The PD now has $1000. Money supply = $2000.) 

Or, that is, one thousand new dollars are in circulation.

To say that a FRN is a liability of the Fed means what?  Nothing, as far as I can see.  Think about the problem this way. You take your thousand dollars to the Fed and demand that they make good on their liability.  Sure, they say.  They take your thousand dollars and hand you a t-bill, which you can't spend without converting back to dollars. Big deal.


honestann's picture

Sure, there are more dollars in existence until the debt is paid back.  That's true of the federal reserve, and that's true at every bank due to fractional reserve banking.

The only way they can CLAIM they're not creating money out of thin air is to claim "it doesn't count" because someday the debtor will pay back the loan and they'll destroy the repaid principle from existence.  That probably does [usually] happen with regular old banks and the "out of thin air" mortgages they create, but wise folks don't believe for one nanosecond that the federal reserve is thorough in their destruction of all "repaid" principle.

Of course, when it comes to federal government debts, pretty much ALL central governments today "pay back" their debts with funds they just borrowed from their central bank last Tuesday.  Which means, no debt is actually ever retired, except in a book-entry sense.

And this is why the stock market has gone through the roof while the economy sinks through the floor --- because rich folks have all this extra cash that exists between when the loan was granted and the loan is repaid.  So the ONLY way the federal reserve can keep the stock market from complete collapse is... to keep printing and loaning money as fast as previous loans to rich folks expire.  They literally cannot stop [for very long] without seeing the S&P head back towards that devilish 666 level again.

Reaper's picture

An honest audit by whom? Whom would we trust? Are accountants anymore honest than bankers? Most audits end up being opinions. A simpler method is a subpoena for records of all transactions over a one year period (i.e. all 1983) by a congressional committee and make it public on internet. That is what Paul might have done when he was in power in Congress. Who got what.

Accountants are just economists with more past detail, less predictions. Accountants know where their bread is buttered and always, except in extreme circumstances, want to be hired for next year's audit. Trust is for fools when with money.

honestann's picture

Yes, every last action should be made public.  You're right about that.  And that is infinitely better than an "official audit" by any lawyer or accountant on the planet.

However, I think the big problem would be detecting or figuring out what information and what actions have been omitted, hidden or erased.  How could you tell?  How could anyone tell?

So yeah, any pack of predators like the fictional "federal reserve" should not be allowed to exist or operate in the first place.

The best result from an "audit" (making every last agreement and action they've taken for 100 years public) would be to so scandalize people that they'd hang all those freaks from the nearest lamp-post... and then go after their owners (JPM, GoldmanShafts, and so forth).

Downtoolong's picture

The fallacy/Ponzi is that #3 can't follow #1 and #2 until #1 and #2 happen again, and even then the Fed won't do it.


honestann's picture

You got that right, batman.


Most people have no freaking idea how many trillion dollars the federal government borrow every year just to pay off expiring bonds/debts they acquired in the past.  When I heard this figure in ZH a few months ago, I could hardly believe it.

Otrader's picture

....when the bonds expire and they receive their fiat-dollars back (plus interest)...

So, the larger the deficit, the more 'interest' the fed would receive prior to destroying the fiat?  That is if they're actually destroying the fiat and not dividing it up among themselves in the back room as Honestann stated. I'm amazed at how long this has gone on and only 1 politician in recent years speaking out against it.  I also know that the interest earned is tax free for the Fed. 

honestann's picture

Of course, at the moment the federal reserve is still getting repayment plus interest on bonds purchased 30, 29, 28, 27, 26... (and on down) years ago, when interest rates were significant.

If this zero interest rate continues long enough, in another 24 years they'll be getting back only principle plus a few pennies interest.  Of course, the financial system won't last that long, so clearly hyperinflation is in the cards (where they pay back debt with nano-pennies on the dollar, then attempt to create a new fiat dollar).

The primary reason the interest rates on government debt stays near zero has nothing to do with the state of the economy.  NOTHING.  Interest rates are held low because higher interest rates would require the federal government pay almost all tax revenue to pay interest on the debt... and not far down the road, more than all tax revenue to pay interest on the debt.  That would send everyone running for the hills, which is why they can't EVER substantially raise interest rates on government debt.... until after the economic collapse.

tip e. canoe's picture

"swap" ya a nickel for a peso, milady?

we can always "swap" it back when needed.

after all, it's only digits on a screen...

Clockwork Orange's picture

This is the same crime syndicate kingpin, the Fed, we are talking about, no?

The same one that serves as 'regulator', requiring its owners/member banks to prove their balance sheets meet the snuff test at the end of every quarter, then lend them the money to buy the treasuries to falsify an impression of stability?  That one?

There has never been a bigger ponzi system run by a bigger group of collusionary criminals than this system.  Just make sure they don't get to leave the country when it blows.  And make sure they don't get to buy up all the assets on the cheap with their counterfeit and bullshit.




Otrader's picture

Similar to the oil oligarchs in Russia, after Putin took back the oil companies from them, they quickly flew on their private jets back to Tel Aviv.  Except one. 

Jstanley011's picture

Somehow or other I think I'm missing the gist of what you're trying to say. And sentences like this are not helping:

"As the Federal Reserve (publicly) takes its 'quantitative easing' to zero, what it is actually doing is taking its counterfeiting of U.S. currency toward 100%."

How, pray tell, can the Fed counterfeit when it owns the plates and the printing presses? They're called "Federal Reserve Notes," remember? That's like saying that a writer can plagiarize himself. It's impossible.

If you're claiming that the Fed, beyond holding interest rates down, has some means to pump the money supply other than QE, you need to describe how they're doing so, exactly. TIA.

zenon's picture

What he's saying is don't trust the official numbers one iota. - they're all cooked. Or do you believe for instance that Belgium bought 130 B in Treasuries?

Jstanley011's picture

Okay, so if the Fed is still buying what it was buying during QE, but through surrogates now like Belgium, then that would be a mechanism it could use to continue to pump in liquidity without admitting to doing so.

What's the mechanism? That is my question. Because you see, without a plausible mechanism and some evidence for it being in operation, then no matter how convinced we are of it, the truth of the premise that U.S. bonds are in a bubble has to be put on the table for consideration. That is, of course, only if logic remains any guide.

Personally BTW, I don't see how the bond market couldn't be in a bubble. But closing off the possibility of being wrong would be foolish.

StychoKiller's picture

By their expanding balance sheet(s) shall ye know them.

nevadan's picture

How about currency swaps as a mechanism.  Goveernment A swaps with Government B with the agreement that each buys the others debt with the swapped funds.  The Fed won't tell what exactly they are doing with swaps.  I wonder why.

Dre4dwolf's picture

Every article on Zerohedge and Drudge should call monetary policy counterfeiting, because thats exactly what it is.


I would love for people to interview bankers and economists and ask them how QE and Fractional Lending Differs from counterfeiting, and then sit there and watch them mumble to themselves when they cant think of an answer that sounds believable.

Otrader's picture

I always wondered why talk radio never exposes the banking oligarchs - Rush, Savage(weiner), O'reilly, Hannity, etc., then I came across the following one day:


These are the 6 media companies that exist today.  There used to be 88. These 6 all get their news from Reuters and the Associated Press. Reuters owns the AP and Rothschilds own Reuters.


Until, we begin getting the truth from 'honest and non-profit $$$' outlets, we will always be under the oligarchs control. 

kchrisc's picture

I could write many things, some long, some short, but one, and only one, phrase captures what should be done:

Guillotine the Fed!

An American, not US subject.

Drop out's picture

We should all have an implant with a unique identifier. The identifier should be linked to each person's ONE bank account. Whenever something is purchased or borrowed, the account will be added to or subtracted from based on the bank account value. The government will decide through executive actions, what the bank account values are and how and when different accounts react with each other. This way we can all feel safe and secure. No more value on gold or paper, just value on people. Just an idea, doesn't it sound pretty good? Nothing could possibly go wrong...

Otrader's picture

Isn't that 'identifier' your social security number?

Comte d'herblay's picture

And for the truth-challenged there's this:


The Department of Justice appears to have backed off prosecution of JPMorgan for massive fraud after choosing to take a huge cash settlement instead. Rolling Stone reports that a former JPMorgan Chase securities lawyer who knew the bank was bundling bad mortgages and selling them to investors helped the Securities and Exchange Committee and the U.S. Attorney’s Office for the Eastern District of California investigate the bank’s transgressions. That investigation ultimately led a scheduled press conference where Attorney General Eric Holder was supposed to announce a list of civil fraud charges against the bank—but the conference never happened and charges were never filed. Instead, Jamie Dimon reportedly called Associate Attorney General Tony West hours before the presser and asked to re-open negotiations to settle the case out of court

covert's picture

inflation will keep getting worse, GUARANTEED!


techstrategy's picture

The Fed's owners have done more damage to this country that any treasonous traitor or terrorist ever has or ever could.