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"Phase Shift" - JP Morgan Downgrades All Commodities To "Sell"

Tyler Durden's picture





 

If the ECB will not take the hint, JPM will bring the mountain to Mohammed. Or something. In a note just released by JPM's Colun Fenton, the firm has downgraded the entire commodity complex to "underweight" (yes, that includes gold). The reasoning? It is all the Supercommittee's fault. It also likely has nothing to do with the fact that JPM was selling commodities to clients all through this run up, and is now in finally buying, in anticipation of ECB printing and Fed's LSAP. Full report attached.

Summary:

  • The US Supercommittee’s failure changes risk outlook: the primary implication is damage to confidence in the US’ seriousness of purpose and the cost of that attitude. Markets must price risk of more credit rating cuts.
  • US public debt is $15Tn (100% of GDP) and growing: Since S&P cut the US sovereign credit rating four months ago, the US public debt has grown by $455Bn, an amount larger than Greece’s sovereign debt.
  • Industrial metals and softs are deteriorating rapidly: incremental damage in physical metal and crop prices has unfolded worldwide since
    Thursday, when it became clear the Supercommittee would likely fail.
  • Change in view: Policy failures in the US and Europe have darkened the 6M outlook, forcing us to downgrade commodities to underweight. We expect outright TR losses near-term and see greater value in bonds

Full report:

 

 


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Wed, 11/23/2011 - 09:33 | Link to Comment Global Hunter
Global Hunter's picture

Whipsaw bitchez

Wed, 11/23/2011 - 09:43 | Link to Comment knukles
knukles's picture

More nefarious that a whipsaw....
Call Armageddon, world comes to end, never again human (breeding like Viagra impaired rats and bunnies) consumption of raw materials.
Sell everything
Duck, panic.
Sell Everything....
Everything

(including silver... ah hem)

(Sos we can cover our shorts.  Which we don't have.  Really.  Honest.  Well, it'll be smaller after we cover some.)

And right before QEwhatever, too  :)
Golly.
Propitious timing, I must say.

Wed, 11/23/2011 - 09:45 | Link to Comment SWRichmond
SWRichmond's picture

Not to mention, this will demonstrate that there is no inflation....

Wed, 11/23/2011 - 10:14 | Link to Comment Pladizow
Wed, 11/23/2011 - 10:17 | Link to Comment CPL
CPL's picture

While oil chews the legs from underneath them as vapourizing assets.

Wed, 11/23/2011 - 09:50 | Link to Comment Turd Ferguson
Turd Ferguson's picture

Until today, didn't these assholes have a $2500 target for gold?

Wed, 11/23/2011 - 09:53 | Link to Comment Sean7k
Sean7k's picture

Since when did previous targets have anything to do with current recommendations? Have a great Thanksgivng Turd!

Wed, 11/23/2011 - 10:03 | Link to Comment HoofHearted
HoofHearted's picture

We recommend getting into bonds. Preferably the German type...like last night. Everyone loves bonds. Buy bonds. Be patriotic, no matter to which country you find allegiance. Do not seek out gold or silver. Pieces of paper are much better. Trust us. We are JP Morgan. Never mind what JP Morgan himself said about gold....

Wed, 11/23/2011 - 10:15 | Link to Comment SGS
SGS's picture

And their Silver reco?  Cant find it.  Is silver still a commodity? LOL Go Blythe GO!  Cunt.

Wed, 11/23/2011 - 09:54 | Link to Comment Quintus
Quintus's picture

Indeed, but that was when they wanted to lure in some new Spec longs to rape during the traditional Pre-OpEx smackdown.

Now, presumably, they want everyone to sell to them so they can cover some more shorts.

There should be some sort of a regulator or something that would oversee the market and stop this sort of thing.  Maybe one day, we'll get one.

Wed, 11/23/2011 - 09:55 | Link to Comment unky
unky's picture

Since about the time when Gold breached the $1900 level they raised their target to $2500. Of course at that time, they alreadly knew it would go down to $1600 again...

Wed, 11/23/2011 - 09:55 | Link to Comment knukles
knukles's picture

SW and Turd...
Right.
Cover for the Fed, no inflation.
And yep, they had a "big" target for all the commodities.

Desparation is the Morgan way.....

SuperCommittee may ass.  I mean, anybody with an ounce of sense knew full well that the Committe was not gonna come to any conclusions.  And was clearly telegraphed as such for weeks

Strawman Deluxe

Wed, 11/23/2011 - 10:01 | Link to Comment Sean7k
Sean7k's picture

This wouldn't have anything to do with the current OI in silver and gold for December, the huge transfers from customers to the JPM dealer accounts yesterday or even the huge 2.7 million ounce silver withdrawl from the comex? Nah, didn't think so...

Wed, 11/23/2011 - 10:47 | Link to Comment LongBalls
LongBalls's picture

Congratulations America. Well the smart ones anyway! Your starting to get it! Buy phyz. gold and silver at any price and aggressively on big dips! If your going to play a paper game then do it in oil. We are headed for the big one in the middle east. My guess is that the collapse will come as an excuse of the war and skyrocketing oil. We are now, at best, two months away.

Above all forget about this crap after today. Enjoy your families ZH brothers and sisters! After all, we pay attention to this crap because among many things, we love them.

Word.

Wed, 11/23/2011 - 14:16 | Link to Comment TheMerryPrankster
TheMerryPrankster's picture

But apparently JPMorgan likes the London Metals exchange

http://www.reuters.com/article/2011/11/23/us-mfglobal-lme-jpmorgan-idUST...

(Reuters) - J.P. Morgan (JPM.N) has agreed to buy all of defunct U.S. brokerage MF Global's (MFGLQ.PK) shareholding in the London Metal Exchange following a competitive bidding process, KPMG, the administrators for MF Global's UK unit, said on Wednesday.

"We received a great deal of interest in the LME shares and are pleased to be in the final stages of concluding a sale," Richard Heis, joint special administrator of MF Global UK, said.

He did not give a price for the sale. Sources told Reuters on Tuesday that J.P. Morgan would pay 25 million pounds ($39 million) for the 4.7 percent stake in the LME, implying a total value of around 530 million pounds.

J.P. Morgan already has a 6.2 percent stake in the exchange, the world's largest metals market.

Wed, 11/23/2011 - 09:33 | Link to Comment GeneMarchbanks
GeneMarchbanks's picture

'If the ECB will not take the hint, JPM will bring the mountain to Mohammed. Or something.'

So JPM won the coin toss with GS over who gets to issue the 'report' eh?

Wed, 11/23/2011 - 09:45 | Link to Comment Gief Gold Plox
Gief Gold Plox's picture

What I want to know is what kind of a coin was it? It wasn't Traditional by any chance?

Wed, 11/23/2011 - 09:48 | Link to Comment Rock the Casbah
Rock the Casbah's picture

It was a nickel!

Wed, 11/23/2011 - 10:04 | Link to Comment HoofHearted
HoofHearted's picture

Then those bastards stole it from Kyle Bass!!!

Wed, 11/23/2011 - 09:33 | Link to Comment Quintus
Quintus's picture

Does anyone have a number for JPM's commodity desk?  This report has made me want to sell all my gold and silver immediately.  Maybe they would do me a favour and take it off my hands - I hear they are really nice people.

Wed, 11/23/2011 - 09:37 | Link to Comment unky
unky's picture

0-800-BLYTHE

Wed, 11/23/2011 - 10:25 | Link to Comment fockewulf190
fockewulf190's picture

Toll free? JP Morgue doesn't do free.

Wed, 11/23/2011 - 10:10 | Link to Comment Ethics Gradient
Ethics Gradient's picture

+44 20 7777 4336

Let me know how you get on.

Wed, 11/23/2011 - 09:35 | Link to Comment midgetrannyporn
midgetrannyporn's picture

So kind of them to share.

Wed, 11/23/2011 - 09:43 | Link to Comment Quinvarius
Quinvarius's picture

JPM is in a panic over Sprott's $1.5 billion filing to buy silver.  They don't have it.  They are short.  So they are trying anything now.  Sprott can more than clean out all the registered silver at the COMEX.  But he will likely choke off supply to the COMEX and avoid being involved in a CME default/collapse.

Wed, 11/23/2011 - 10:09 | Link to Comment Carlyle Groupie
Carlyle Groupie's picture

He really should have tea with the Hunt Bros and discuss.

Wed, 11/23/2011 - 10:33 | Link to Comment Quintus
Quintus's picture

The hunt brothers got hung up by the short and curlies because they played in the paper metal sandpit where the cartel makes the rules to suit themselves.

Sprott buys physical metal, mostly from the producers.  The only way the cartel can hurt him is to jack up the price of silver to the stratosphere so he has to pay more for it.  

I don't think they'll be doing that in a hurry.

 

Wed, 11/23/2011 - 10:10 | Link to Comment fockewulf190
fockewulf190's picture

All they are going to accomplish is a fire sale for phyzz. Bring it...I've been saving my fiat for just this opportunity.

Wed, 11/23/2011 - 10:48 | Link to Comment Former Sheeple
Former Sheeple's picture

Q - They are massively short/Sprott 1.5 B presents a problem, so smash down seems likely. Anyone have thoughts about Friday (thin market, everyone gone, easy to manipulate - sheeple stampede to the exit on the price drop???)

Wed, 11/23/2011 - 10:50 | Link to Comment thunderchief
thunderchief's picture

December is a Delivery month for gold and silver at the comex. 

They will have to bribe a lot of folks not to roll their contracts over and settle for paper. 

Paper that may not even be in your trading account one morning.  Go ask Mr. Celente.

Wed, 11/23/2011 - 10:53 | Link to Comment Tramp Stamper
Tramp Stamper's picture

Sprott warehouse raid immenent

Wed, 11/23/2011 - 14:21 | Link to Comment TheMerryPrankster
TheMerryPrankster's picture

plant some kiddy porn and do it for the children, would our government really do something like that? Or would it be better to plant some drugs and just confisicate the whole operation in the name of the drug war.

Or plant some chemicals and call it a terrorist opeeration and waterboard Sprott?

The government has a truly impressive array of legal weapons to destroy its targets.

Wed, 11/23/2011 - 11:28 | Link to Comment LongBalls
LongBalls's picture

If Sprott does indeed follow through, the long awaited separation of the paper v's physical price will be in gear.

Wed, 11/23/2011 - 09:39 | Link to Comment the not so migh...
the not so mighty maximiza's picture

so buy?

Wed, 11/23/2011 - 09:45 | Link to Comment Chupacabra-322
Chupacabra-322's picture

Absolutely!!!  More Jedi mind tricks.  They advise report/advise one thing I completely do the opposite.

Wed, 11/23/2011 - 10:00 | Link to Comment hungarianboy
hungarianboy's picture

To me the chart looks bearish. Would you buy or rather wait till new trend develops???

Wed, 11/23/2011 - 10:06 | Link to Comment Muddy1
Muddy1's picture

absolutely, BTFD, hold the physical in your hand, 

look at the box below the second chart "Similar Articles You Might Enjoy", the first article is these same clowns at JPM predicting $2,500 gold

Wed, 11/23/2011 - 10:22 | Link to Comment Chupacabra-322
Chupacabra-322's picture

You remember Andrew MaGuire?  I do, oldie but a goodie.

Andrew McGuire, whistle-blower on market manipulation, injured in hit-and-run accident

Duckxtales
Gold is Money
Sat, 27 Mar 2010 19:04 CD

Interesting turn of events.... TPTB are not happy. Its either they silence him now, or else things would get out of hand if this hits the mainstream media. Just imagine him being interviewed on all the independent newspapers. the only way he can save his life now is go viral with his message with the help of the gold bugs.

Quote:
Le Metropole Members,

On March 25th at the CFTC Public Hearing on Precious Metals GATA made a dramatic revelation of a whistleblower source, Andrew Maguire, who has first hand evidence of gold and silver market manipulation by JPMorganChase and who has even tipped off the CFTC in advance of manipulative attacks on gold and silver. Just as in the Madoff case the regulator has done nothing to stop such manipulation.

On March 26th while out shopping with his wife, Mr. Maguire's car was hit by a car careening out of a side road. The driver of the vehicle then tried to escape. When a pedestrian eye-witness attempted to block the driver's escape he accelerated at him and would have hit him had the pedestrian not jumped out of the way. The car then hit two other cars in escaping. The driver was apprehended by the police after police helicopters were called in and following a high speed chase.

Andrew and his wife were hospitalized with minor injuries. They were discharged from hospital today and should make a full recovery.

Cheers
Adrian

http://www.sott.net/articles/show/205674-Andrew-McGuire-whistle-blower-on-market-manipulation-injured-in-hit-and-run-accident

Wed, 11/23/2011 - 09:41 | Link to Comment mayhem_korner
mayhem_korner's picture

 

 

Did they include the part about how they're 100 million oz. short silver?

Manufactured fire drill.

Wed, 11/23/2011 - 09:43 | Link to Comment Eally Ucked
Eally Ucked's picture

Bonds represent much better value! I'm buying a whole bunch of them, diversifying across Europe, Japan and US.

Wed, 11/23/2011 - 10:10 | Link to Comment Bold Eagle
Bold Eagle's picture

Exactly my thinking! Failure of the world politicans to fix the debt problems will do wonders for those bonds!

Wed, 11/23/2011 - 09:42 | Link to Comment Master_Blaster
Master_Blaster's picture

Maybe I'm not the brightest, didn't they just state the debt numbers and the growing debt numbers/risk and then recommend buying the debt?

Wed, 11/23/2011 - 11:16 | Link to Comment ffart
ffart's picture

Stop asking questions! FOUR LEGS GOOD TWO LEGS BAD.

Wed, 11/23/2011 - 09:45 | Link to Comment Sean7k
Sean7k's picture

Well, I see a load up the truck moment approaching.

Thanks, JPM. With friends like you, who needs equities? 

Oh yeah, you might want to include the shorting of bank stocks as well, since we know all that debt plays hell with your valuations. 

The big question is: can JPM continue to keep the price of silver equal to its' stock price? Time to throw down...

Wed, 11/23/2011 - 09:46 | Link to Comment eddiebe
eddiebe's picture

If nothing else this will be a bit of atest to see how stupid Joe and his advisors really are this time around.

Wed, 11/23/2011 - 09:56 | Link to Comment DormRoom
DormRoom's picture

2008 bitches.. correlation of 1 implies liquidity preference towards USD.  And let's not forget about a Chinese hard landing. Thus all commodity prices implode until more printing presses are ordered.  Margin calls yall. Good luck surviving the commodity complex deleverage-unwind.

Wed, 11/23/2011 - 10:10 | Link to Comment Carlyle Groupie
Carlyle Groupie's picture

+

Wed, 11/23/2011 - 10:18 | Link to Comment fuu
fuu's picture

Let's get physical, physical. I wanna get physical, let's get into physical.

Wed, 11/23/2011 - 09:46 | Link to Comment magpie
magpie's picture

Even with full scale deflation / European debtsplosions, with the capital flight out of China i don't see commodities falling too much.

Wed, 11/23/2011 - 09:56 | Link to Comment i-dog
i-dog's picture

Particularly now that Australia has just passed a "super tax" on mining profits through their lower house ... in addition to their recent "carbon tax" on primary and energy producers!

Tax, tax, tax! Spend, spend, spend! "The road to prudent economic management"!

Wed, 11/23/2011 - 09:49 | Link to Comment MFL8240
MFL8240's picture

Yes, sell your Gold so that Jimie Dimond can buy it cheaply.  Fuck you Dimon and fuck your courrpt cartel.  Banks all over the world are buying Gold and JP Morgan who is probably short Gold and Silver cxannot be believed about anything.

Wed, 11/23/2011 - 10:20 | Link to Comment fockewulf190
fockewulf190's picture

Probably short? Nah man, there is no doubt about it.

Wed, 11/23/2011 - 09:49 | Link to Comment firstdivision
firstdivision's picture

Wow!  There really is a concentrated effort by banks and rating agencies, to have CB's hit ctl+p and lower/keep rates at 0%.

Wed, 11/23/2011 - 09:50 | Link to Comment dehdhed
dehdhed's picture

?? they mention potato chips but not silver ??

Wed, 11/23/2011 - 09:58 | Link to Comment dehdhed
dehdhed's picture

maybe this presentation is like, 'we've painted the charts for y'all but since no one seems to be paying attention, let's us tell you what we had hoped you'd summize'

Wed, 11/23/2011 - 10:21 | Link to Comment GolfHatesMe
GolfHatesMe's picture

I think we now know what is stored in their silver vaults.  Tons and tons of Lay's.

Wed, 11/23/2011 - 09:51 | Link to Comment aleph0
aleph0's picture

 

 

 

DESPARATION = JP Morgan Downgrades All Commodities To "Sell"

BUY PAPER ?

LOL

BUY TREES !

 

 

Wed, 11/23/2011 - 09:53 | Link to Comment firstdivision
firstdivision's picture

You want trees?  As luck would have it, we have lots of trees for sale.

-Sino-Forest CEO

Wed, 11/23/2011 - 09:56 | Link to Comment flacon
flacon's picture

Here in Canada they are starting to use polymer instead of linen. Go LONG PLASTIC!

Wed, 11/23/2011 - 09:51 | Link to Comment Coldfire
Coldfire's picture

JPMoron.

Wed, 11/23/2011 - 09:52 | Link to Comment High Plains Drifter
High Plains Drifter's picture

interesting considering the jp morg bought out  mf global's shares in the london gold exchange......

Wed, 11/23/2011 - 09:52 | Link to Comment High Plains Drifter
High Plains Drifter's picture

interesting considering the jp morg bought out  mf global's shares in the london gold exchange......

Wed, 11/23/2011 - 12:46 | Link to Comment F.-I.W.
F.-I.W.'s picture

Exactly. They would become the largest shareholder, previously holding 6.2% in the LME, now purchasing MF's further 4.7% for a 10.9% stake...see: http://uk.reuters.com/article/2011/11/22/jpmorgan-lme-idUKL5E7MM3LD20111122

G-man Sux has a 9.5% stake (previuosly Lehmans')

One wonders why they shoud be buying into the LME if commodities are no longer a buy...    /s/

 

Wed, 11/23/2011 - 09:53 | Link to Comment vegas
vegas's picture

"Phase Shift" = Phase Shit

C'mon, haven't you ever of heard of the term coincidence? The fact we have been selling to you on the way up, and now you are going to sell on the way down at a lower price means nothing.

Well, except your account takes a hit. But look at the bright side; at least we are better than Stolper [maybe].

 

 

http://vegasxau.blogspot.com

Wed, 11/23/2011 - 09:53 | Link to Comment IAmNotMark
IAmNotMark's picture

I wonder who picked the picture of the ice water for the report?  Seems like a good choice.

Maybe they could have used something from Dante's Inferno instead.

Wed, 11/23/2011 - 09:58 | Link to Comment knukles
knukles's picture

I am soooo fucking partial to the 7th Circle with the flaming river of blood.
Exciting  :)

Wed, 11/23/2011 - 10:22 | Link to Comment fuu
fuu's picture

I'm going to stay in this bottle.

Wed, 11/23/2011 - 09:53 | Link to Comment MFL8240
MFL8240's picture

Didnt this group of gansters say Gold would be at $2000+ an ounce at the end of the year?  Of course they did, but they want to be holding it, not you.  

 

http://georgewashington2.blogspot.com/2011/08/1-year-gold-price-forecasts-jp-morgan.html

 

 

Here you go, read up on these fuckin gangsters.

Wed, 11/23/2011 - 09:53 | Link to Comment Platinum_Investor
Platinum_Investor's picture

They issued a HUGE buy on GOLD with target of $2250-2500 by year end a few months ago.

Gold has gone down the moment they issued this buy.

Now they are saying sell????  I'm guessing that is what ZH hints at and is the exact opposite of what they are doing.

 

Wed, 11/23/2011 - 09:54 | Link to Comment connda
connda's picture

BTFD!

Wed, 11/23/2011 - 10:00 | Link to Comment Dapper Dan
Dapper Dan's picture

So is this the end of the inflation/deflation debate?

Deflation it is, which reminds me, I have to change the air in my tires, I still have the summer air in them, need to put in the winter air.

Wed, 11/23/2011 - 10:03 | Link to Comment Quinvarius
Quinvarius's picture

They say buy bonds?  How does that even make any sense in a debt implosion?  They are betting everything on the idea that the Fed will continue to prop Treasuries.  That means they are betting everything on QE.

Wed, 11/23/2011 - 11:35 | Link to Comment Jim B
Jim B's picture

+1 and the upside for bonds from here is?

Wed, 11/23/2011 - 10:04 | Link to Comment Norsky
Norsky's picture

JPM probably wants to see a lot of selling in gold and silver as the number of contracts poised to stand for delivery is more than they can handle.

 

"Jamie, we need to unwind those shorts!" -Blythe

Wed, 11/23/2011 - 10:43 | Link to Comment oddjob
oddjob's picture

You gotta know ms. ironbox is gonna wear this in the end.

Wed, 11/23/2011 - 10:05 | Link to Comment dehdhed
dehdhed's picture

these weenies always make their move when liquidity is minimized ... happy thanksgiving

Wed, 11/23/2011 - 10:10 | Link to Comment monopoly
monopoly's picture

Sell my gold. I don't think so. Might be time to buy more.

Wed, 11/23/2011 - 12:47 | Link to Comment Marc45
Marc45's picture

The report actually said to continue holding gold in your portfolio.  Doesn't match the ZH article title.

Wed, 11/23/2011 - 17:56 | Link to Comment smiler03
smiler03's picture

I agree Marc but some obviously didn't read it very well. 

The report says "We continue to believe gold should be held in the portfolio ...."


Wed, 11/23/2011 - 10:10 | Link to Comment johnnymustardseed
johnnymustardseed's picture

Get shorts in place then downgrade. Fuck JPM! They are the problem

Wed, 11/23/2011 - 10:24 | Link to Comment DutchDude
DutchDude's picture

This made my day... really! I overslept, hit my pinky toe on the table, spilling coffee over my crisp shirt, traffic was a bitch, nagging collegae...but now this! I'm smiling from ear to ear!

Thnx JPM for the FD! :D

Wed, 11/23/2011 - 10:26 | Link to Comment rambler6421
rambler6421's picture

Blyte Masters Bitchez!

 

libertarian86.blogspot.com

Wed, 11/23/2011 - 10:35 | Link to Comment steve.stuart
steve.stuart's picture

no mention of silver

Wed, 11/23/2011 - 10:44 | Link to Comment walcott
walcott's picture

sell silver to cover their shorts. Right! Sell anything and buy silver!

Wed, 11/23/2011 - 10:50 | Link to Comment Silver Exterior
Silver Exterior's picture

 

Right….

 

The sale’s/propaganda arm of the debt system is selling paper again.

Wed, 11/23/2011 - 10:52 | Link to Comment Silver Exterior
Silver Exterior's picture

 

Stuck in the Middle with you...

http://youtu.be/OMAIsqvTh7g

Wed, 11/23/2011 - 11:00 | Link to Comment svc101
svc101's picture

Anyone with a direct line of sight to laser sight their trading floor for the drones?

Wed, 11/23/2011 - 11:06 | Link to Comment Precious
Precious's picture

What a laffable load of shit these JPM people are.  "Policy failures"?  You mean that DC is not in your fucking pocket anymore?  Isnt that what you mean JPM?  Since they are not being accountable to you, you have no fucking inside track on the speed of their fucking printing press and other phony stimulus.  That must really eat into JPM's fucking short term returns.  Why don't you fuckers at JPM and the rest get a real job.  Why don't you make a real company, that actually produces something.  Maybe then you will understand that your idea of "policy failures" has absolutely fucking nothing to do with the way the real world works.  Better yet, go to China.  They have some education camps that might help you fucking see straight.

 

 

Wed, 11/23/2011 - 11:10 | Link to Comment Use of Weapons
Use of Weapons's picture

Since no-one has done it yet, here's your obligatory triptych of snark, each one a well-worn path, given the plays being pulled out of the bag (nothing new under the sun):

http://www.youtube.com/watch?v=uNhBV2uGi4Y

http://www.youtube.com/watch?v=TSZKDkLgzhk&feature=related

http://www.youtube.com/watch?v=6butfe1f9Hg

 

Wed, 11/23/2011 - 11:18 | Link to Comment Bansters-in-my-...
Bansters-in-my- feces's picture

I'm pretty sure there has been a error in JPM's reports author name..

His correct name is Colon Feces.

Wed, 11/23/2011 - 11:51 | Link to Comment Eally Ucked
Eally Ucked's picture

You forgot about WAX MAN!

Wed, 11/23/2011 - 11:20 | Link to Comment Mr_Wonderful
Mr_Wonderful's picture

How do you download and save this report?

Wed, 11/23/2011 - 11:21 | Link to Comment indio007
indio007's picture

 Using potato chips as an inflation indicator?

Are you f*ckin kidding me?

Wed, 11/23/2011 - 11:36 | Link to Comment Archduke
Archduke's picture

it's a broken model.  you need the complete BigMac trio to get the whole picture...

Wed, 11/23/2011 - 13:37 | Link to Comment SAME AS IT EVER WAS
SAME AS IT EVER WAS's picture

The  price of a totinos's pizza  is the ultimate tell.

Wed, 11/23/2011 - 11:21 | Link to Comment Bansters-in-my-...
Bansters-in-my- feces's picture

If there was one Bank that I could choose to "disappear" it would be the JP Morgan Chase &Co.

Wed, 11/23/2011 - 11:37 | Link to Comment jjsilver
jjsilver's picture

All you have to remember, JPM is the Federal Reserve, trying  desperately to save the sinking ship(Fiat money).

Wed, 11/23/2011 - 11:40 | Link to Comment Mr_Wonderful
Mr_Wonderful's picture

I don´t know, this is a blow to Goldman´s warehousing business, right? Maybe the owners of the FED are fighting among themselves.

Wed, 11/23/2011 - 12:24 | Link to Comment Ted Baker
Ted Baker's picture

THE PEOPLE AT JP MORGAN ARE THE WORST PIGGGGGGGGGGGGGGSSSSSSSSSSSSSSSSSS YOU WILL EVER FIND IN WALL STREET. INVESTORS SHOULD TAKE THEIR MONEY OUT THE BANK AND FORCE A RUN IN THE BANK FOR GOOD

Wed, 11/23/2011 - 12:33 | Link to Comment Mr_Wonderful
Mr_Wonderful's picture

Downgrading outlandish prices of overabundant stuff seems like a great idea to me.

Wed, 11/23/2011 - 13:33 | Link to Comment SAME AS IT EVER WAS
SAME AS IT EVER WAS's picture

gs,jpm,clown man cramer over at the criminal street....... hang em high!

Wed, 11/23/2011 - 13:23 | Link to Comment terryfuckwit
terryfuckwit's picture

it's great craic watching the lying theiving bastards once on top of their game pitching and swaying in desperation as their edifice crumbles around them

Wed, 11/23/2011 - 14:00 | Link to Comment ActionFive
ActionFive's picture

US public debt is $15Tn (100% of GDP) and growing: Since S&P cut the US sovereign credit rating four months ago, the US public debt has grown by $455Bn, an amount larger than Greece’s sovereign debt

-------------------------------------------------------------

Didn't they have to let gold go parabolic before they organized the beat down over the first downgrade?

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