Gold price suppression caught red-handed

12:44a ET Thursday, March 29, 2012

Dear Friend of GATA and Gold:

Financial writer Paul Mylchreest’s latest Thunder Road Report, titled “Caught Red-Handed,” documents the last seven months of the gold price suppression scheme as a function of computer trading algorithms operating worldwide but most heavily in the London and New York markets. Mylchreest writes: “The gold price on Reuters/Bloomberg screens is not really the gold price since the ‘gold market’ is not a market for physical gold per se. Instead, the price on your screen is a hybrid price of some physical gold that is heavily diluted in the price-discovery process (deliberately) by a far larger amount of ‘paper’ gold in several forms, notably unallocated LBMA accounts, Comex futures and options, many exchange-traded funds (I would exclude Sprott and the Central Fund of Canada, both of which trade at premiums to net asset value), and billions of dollars of OTC gold derivatives.”

Mylchreest’s report draws heavily on and credits GATA’s work and is posted in PDF format at our Internet site here:

http://www.gata.org/files/ThunderRoadReport-03-28-2012.pdf

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

California Slammed With Fukushima Radiation

Fukushima Radiation Plume Hit Southern and Central California

from Washington’s Blog http://www.washingtonsblog.com/2012/03/california-slammed-with-fukushima-radiation.html  March 30, 2012

The Journal Environmental Science and Technology reports in a new study that the Fukushima radiation plume contacted North America at California “with greatest exposure in central and southern California”, and that Southern California’s seaweed tested over 500% higher for radioactive  iodine-131 than anywhere else in the U.S. and Canada:

Projected paths of the radioactive atmospheric plume emanating from the Fukushima reactors, best described as airborne particles or aerosols for 131I, 137Cs, and 35S, and subsequent atmospheric monitoring showed it coming in contact with the North American continent at California, with greatest exposure in central and southern California. Government monitoring sites in Anaheim (southern California) recorded peak airborne concentrations of 131I at 1.9 pCi m−3

Anaheim is where Disneyland is located.

EneNews summarizes the data:

Corona Del Mar (Highest in Southern California)

  • 2.5 Bq/gdwt (gram dry weight)= 2,500 Bq/kg of dry seaweed

Santa Cruz (Highest in Central California)

  • 2.0 Bq/gdwt = 2,000 Bq/kg of dry seaweed

Simon Fraser University in Canada also tested North American seaweed after Fukushima:

  • “In samples of dehydrated seaweed taken on March 15 near the North Vancouver SeaBus terminal, the count was zero; on March 22 it was 310 Bq per kilogram; and by March 28 it was 380 Bq/kg.” –Vancouver Sun
  • Seaweed in Seattle also tested positive for iodine-131; levels were not reported –KIRO
  • No results after March 28 were reported

In addition, radioactive debris is starting to wash up on the Pacific Coast. And because the Japanese are burning radioactive materials instead of disposing of them, .

Of course, the government is doing everything it can to help citizens cover up what’s occurring. We pointed out in January:

Instead of doing much to try to protect their citizens from Fukushima, Japan, the U.S. and the EU all just raised the radiation levels they deem “safe”.

Nuclear expert Arnie Gundersen says that high-level friends in the State Department told him that Hillary Clinton signed a pact with her counterpart in Japan agreeing that the U.S. will continue buying seafood from Japan, despite that food not being tested for radioactive materials [see this].

And the Department of Energy is trying to replace the scientifically accepted model of the dangers of low dose radiation based on voodoo science. Specifically, DOE’s Lawrence Berkeley Labs used a mutant line of human cells in a petri dish which was able to repair damage from low doses of radiation, and extrapolated to the unsupported conclusion that everyone is immune to low doses of radiation….

Indeed:

American and Canadian authorities have virtually stopped monitoring airborne radiation, and are not testing fish for radiation. (Indeed, the EPA reacted to Fukushima by raising “acceptable” radiation levels.)

So – as in Japan – radiation is usually discovered by citizens and the handful of research scientists with funding to check, and not the government. See this, this, this, this, this and this.

The Japanese government’s entire strategy from day one has been to cover up the severity of the Fukushima accident. This has likely led to unnecessary, additional deaths.

Indeed, the core problem is that all of the world’s nuclear agencies are wholly captured by the nuclear industry … as are virtually all of the supposedly independent health agencies.

So the failure of the American, Canadian and other governments to test for and share results is making it difficult to hold an open scientific debate about what is happening.

And it’s not just radiation from Japan.  An effort by the Southern California Edison power company to secretly ramp up production to avoid public disclosure may have led to a leak at the San Onofre nuclear power plant.

And see these articles on California radiation exposure courtesy of EneNews:

Gold Bar Discovered Filled with Tungsten

By Robert Wenzel, March 24, 2012

Australian bullion dealer ABC Bullion is reporting that one of its suppliers has provided them photographic evidence of a tungsten filled 1 kilo gold bar,. The bar passed a hand-held xrf scan which showed 99.98% pure AU. The tungsten was only discovered when the bar was physically cut in half.

After numerous reports of 400oz tungsten filled bars being discovered in Hong Kong, this is the first documented and verified report with photographic evidence that has been made public, states Silver Doctors. ABC Bullion is a major player in the gold bar business and thus this report should be taken seriously.

Rest of the article with photos and discussion of previous “salted tungsten” gold bar fraud. Is Fort Knox full of these?

P.S. Please see reply for a different take on the topic

http://www.economicpolicyjournal.com/

Robert Bales – Lone Nut or Scapegoat?

by , March 23, 2012

The murder of 17 Afghan civilians – most of them children – by staff sergeant Robert Bales may be far worse than we think at present. The semi-official story, as related by our compliant news media, is that a formerly model soldier went bananas under the pressure of war-related injuries, financial problems at home, and the all-purpose PTSD explanation for military misbehavior, whereupon he decided – at 3 am in the morning, after drinking with his army buddies – to walk the couple of miles to an Afghan village, shoot 16 people sleeping in their beds, pile the bodies atop a funeral pyre and set the whole thing alight.

How did he get out of the base at 3 am unchallenged and without anyone’s knowledge? How did he manage to do so much damage alone? These questions automatically register in the minimally critical mind – unless, of course, you’re an American reporter, who is quite used to accepting what our government tells us without question. On the other hand, without clear evidence of another – darker – scenario, all one can do is engage in problematic speculation. That problem has been solved, however, because evidence of an alternative explanation is now coming to light which throws the whole “lone nut” theory into question.

A few days before Bales went postal, there was a bomb attack on a US convoy in which a friend of Bales’s lost a leg: Bales’s lawyer has been detailing his client’s anger at this incident, implying it precipitated the murder spree. There are indications, however, that this is not the whole story. One local resident relates how the Americans paid a visit to the village where the killings took place and threatened residents with retaliation:

“Ghulam Rasool, a tribal elder from Panjwai district, gave an account of the bombing at a March 16 meeting in Kabul with Mr Karzai in the wake of the shootings. ‘After the incident, they took the wreckage of their destroyed tank and their wounded people from the area,” Mr Rasool said. ‘After that, they came back to the village nearby the explosion site. The soldiers called all the people to come out of their houses and from the mosque,’ he said. ‘The Americans told the villagers ‘A bomb exploded on our vehicle. … We will get revenge for this incident by killing at least 20 of your people,’ Mr Rasool said.”

The Afghan parliament is investigating, and they aren’t buying the Americans’ story of a “lone nut.”

The infamous “night raids” carried out by US troops have been a source of contention between Karzai and the Americans. As one commentator described them:

“The method employed is simple: Identify those who provide financial support or protection to the militants. And those who even have sympathies with them. Constitute teams which would go to the houses so identified, knock at the door and as soon as the wanted man appears, shoot him dead. At times a substitute is killed who may be a guest in the house but was unlucky to greet the intruders at the door. On an average about 50 night raids take place daily. And every night about 25 people are killed in cold blood in different parts of the country.”

The latest massacre has put the administration in a precarious position, not only with our Afghan allies but also with the American public. Story after story of nasty atrocities isn’t helping the battle for hearts and minds on the home front: polls show most Americans want out sooner rather than later. A deluge of sympathetic stories about the accused killer isn’t going to change this. What remains to be seen, however, is how this crime is going to be investigated – or not investigated – by the US military. If the testimony of the villagers contradicting the “lone nut” theory continues to be ignored by the Americans, we’ll know a cover up is in progress.

Full story at http://original.antiwar.com/justin/2012/03/22/robert-bales-lone-nut-or-scapegoat/

Intel shows Iran nuclear threat not imminent

(Reuters) – The United States, European allies and even Israel generally agree on three things about Iran‘s nuclear program: Tehran does not have a bomb, has not decided to build one, and is probably years away from having a deliverable nuclear warhead.

Those conclusions, drawn from extensive interviews with current and former U.S. and European officials with access to intelligence on Iran, contrast starkly with the heated debate surrounding a possible Israeli strike on Tehran’s nuclear facilities.

Current and former U.S. officials say they are confident that Iran has no secret uranium-enrichment site outside the purview of U.N. nuclear inspections.

They also have confidence that any Iranian move toward building a functional nuclear weapon would be detected long before a bomb was made.

U.S. officials assert that intelligence reporting on Iran’s nuclear program is better than it was on Iraq’s weapons of mass destruction, which proved to be non-existent but which President George W. Bush and his aides used to make the case for the 2003 invasion.

That case and others, such as the U.S. failure to predict India’s 1998 underground nuclear test, illustrate the perils of divining secrets about others’ weapons programs.

“The quality of intelligence varies from case to case,” a U.S. administration official said. Intelligence on North Korea and Iraq was more limited, but there was “extraordinarily good intelligence” on Iran, the official said.

“I think they are years away from having a nuclear weapon,” a U.S. administration official said.

Three main pieces are needed for a nuclear arsenal: highly enriched uranium to fuel a bomb, a nuclear warhead to detonate it, and a missile or other platform to deliver it. For Iran’s program, the West has the most information about the first.

Iran has a declared nuclear program for medical research and producing energy, is a member of the nuclear Non-Proliferation Treaty and allows U.N. nuclear inspectors into its facilities.

The inspections are conducted by the International Atomic Energy Agency, and its reports provide some of the best snapshots of where Iran’s program stands.

Iran conducts uranium enrichment at the Natanz plant in central Iran and at a site at Fordow buried deep in a mountainous region near the holy city of Qom. Both sites were built secretly and made public by others.

“The nuclear threat is growing. They are getting relatively close to the place where they can make the decision to assemble all three parts of their program — enrichment, missile, weaponization,” House Intelligence Committee Chairman Mike Rogers said in an interview. Khamenei “hasn’t said ‘put it together’ yet,” said Rogers, a Republican. “Have they decided to sprint to making the device that blows up? Probably not. But are they walking to a device that blows up? Yes.”

The debate over air strikes, supercharged by Israel’s anxiety and U.S. election-year politics, has raised the spectre of the Iraq war. The White House justified that conflict on the grounds of weapons of mass destruction, as well as significant ties between Iraq and al Qaeda. Both proved to be mirages.

Read full article at http://uk.reuters.com/article/2012/03/23/uk-iran-usa-nuclear-idUKBRE82M0GI20120323

Bank Fraud Deconstructed

Guns and Butter, hosted by Bonnie Faulkner

Audio interview with William Black, at Rimini, Italy conference

“The Greatest Bank Robbery Ever” with William K. Black. Banks, intensifying financial crises; money manager capitalism; sovereign currency; crony capitalism; theoclassical economists; control fraud, Commodities Future Modernization Act of 2000; S&L Liars’ Loan Crisis of 1990-91; Reinventing Government Movement; deregulation, desupervision and defacto decriminalization; fraud incentives; looting; subprime; Enron; Parmalat; BofA; Citigroup; Ameriquest; Washington Mutual; systemically dangerous institutions; Financial Accounting Standards Board (FASB); faux stress tests; European austerity crisis; Mario Draghi, President of the ECB.

http://www.kpfa.org/archive/id/78274

Interest Rate Swaps Bankrupting Local Governments

by Ellen Brown

“The “toxic culture of greed” on Wall Street was highlighted again last week, when Greg Smith went public with his resignation from Goldman Sachs in a scathing oped published in the New York Times.  In other recent eyebrow-raisers, LIBOR rates—the benchmark interest rates involved in interest rate swaps—were shown to be manipulated by the banks that would have to pay up; and the objectivity of the ISDA (International Swaps and Derivatives Association) was called into question, when a 50% haircut for creditors was not declared a “default” requiring counterparties to pay on credit default swaps on Greek sovereign debt. 

“Interest rate swaps are less often in the news than credit default swaps, but they are far more important in terms of revenue, composing fully 82% of the derivatives trade.  In February, JP Morgan Chase revealed that it had cleared $1.4 billion in revenue on trading interest rate swaps in 2011, making them one of the bank’s biggest sources of profit.  According to the Bank for International Settlements:

[I]nterest rate swaps are the largest component of the global OTC derivative market.  The notional amount outstanding as of June 2009 in OTC interest rate swaps was $342 trillion, up from $310 trillion in Dec 2007.  The gross market value was $13.9 trillion in June 2009, up from $6.2 trillion in Dec 2007.

“Why are these swaps so popular, if they can be such a bad deal for borrowers?  Bond-Graham maintains that capitalism as it functions today is completely dependent upon derivatives.  We live in a global sea of variable interest rates, exchange rates, and default rates.  There is no stable ground on which to anchor the economic ship, so financial products for “hedging against risk” have been sold to governments and corporations as essentials of business and trade.  But this “financial engineering” is sold, not by disinterested third parties, but by the very sharks who stand to profit from their counterparties’ loss.  Fairness is thrown out in favor of gaming the system.  Deals tend to be rigged and contracts to be misleading. 

“The creation of credit has too long been delegated to a cadre of private middlemen who have flagrantly abused the privilege.  We can avoid the derivatives trap by cutting out the middlemen and creating our own credit, following the precedent of the Bank of North Dakota and many other public banks abroad.”  

  http://globalresearch.ca/index.php?context=va&aid=29907