Ripped From The Headlines, August 24, 2023
JPMorgan Leaders Sentenced To Prison, Saudi Arabia & 6 Others Join BRICS, The Global Banking Crisis Explained - Read, Share, & Subscribe - SherlocExposes.com
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“The former head of JPMorgan Chase & Co.’s precious-metals desk and his top trader were sentenced to prison for spoofing, fraud, and attempted market manipulation.
Michael Nowak, who ran gold and silver trading at the bank, and trader Gregg Smith were sentenced Tuesday in Chicago by US District Judge Edmond Chang. Nowak received a term of one year and one day while Smith was given two years, the stiffest sentence yet in a recent government crackdown on questionable trading practices.
Both men were convicted at a trial last year. Smith, 59, was described as ‘the most prolific spoofer that the government has prosecuted to date’ while Nowak, 49, has been called ‘the boss’ behind the scheme.
In imposing sentence, the judge said Smith and Nowak clearly knew what they were doing was wrong.
‘This is a serious offense that you committed, ’Chang said to Nowak. ‘What happened here was the equivalent of putting out lies — and many lies — into the market. Market integrity is a crucial component to the financial markets. These lies moved the market. It’s not like they had zero impact.”
The JPMorgan case is part of a crackdown by federal prosecutors on illegal spoofing, where traders place bogus orders to move prices up or down and then quickly cancel them before they can be executed. Smith and Nowak used the technique to manipulate gold and silver prices from 2008 to 2016.
THINGS TO PONDER:
Just a reminder: JPMorgan is the government’s bank of choice to “do things” when they need them done…
And that means they get wonderful treatment…
Including being paid billions by the government to buy the parts of First Republic Bank that JPMorgan wanted.
All of those perks… and two of their top people are going to prison for market manipulation.
No big deal right?
Apparently not, given that it looks like these two gents were given 1 year, one-day, and two-year sentences…
That should serve to show others that “the government doesn’t play around”
<INSERT MASSIVE SARCASM HERE>
Folks, they keep playing you…
How long will you keep falling for the banana in the tailpipe?
Know Your Foe.
Saudi Arabia and Iran are among six countries invited to join BRICS as new members next year, South African President Cyril Ramaphosa has announced on the final day of a summit of the group that considers itself a counterweight to Western powers.
The group encompassing five major emerging economies – China, Brazil, South Africa, Russia and India – which makes decisions by consensus, agreed on ‘the guiding principles, standards, criteria and procedures of the BRICS expansion process,’ during the three-day annual summit held in Johannesburg this week, Ramaphosa said on Thursday.
Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates have been invited to join as full members from January 1 next year.
‘This membership expansion is historic,’ said Chinese President Xi Jinping.
‘The expansion is also a new starting point for BRICS cooperation. It will bring new vigor to the BRICS cooperation mechanism and further strengthen the force for world peace and development.’
Ethiopian Prime Minister Abiy Ahmed hailed what he called “a great moment” for his country.
‘Ethiopia stands ready to cooperate with all for an inclusive and prosperous global order,’ Abiy said on Twitter.
‘We look forward to developing this cooperation to create new developmental and economic opportunities and elevate our relationship to the aspired level,’ Prince Faisal bin Farhan, Saudi Arabia’s foreign minister said at the summit on Thursday.
THINGS TO PONDER:
The “global order” is changing…
And that ain’t good for the US dollar…
Regular readers of Ripped From The Headlines are familiar with the stories about BRICS, and the addition of Saudi Arabia to the group spells the beginning of the end of the dominance of the US Dollar, as its value was tied strongly to the world buying oil only in US Dollars…
Which led to this:
According to Brazil’s president, the BRICS economic alliance is officially set to abandon the US dollar for trade settlements. Moreover, the development aligns with recent de-dollarization efforts embraced by the bloc. As they continue to promote the use of local currencies internationally.
Brazil’s President, Luiz Inacio Lula Da Silva, confirmed the development at this week’s BRICS Summit. Additionally, the bloc announced its agreement to expand. Changing the geopolitical landscape, the alliance is set to welcome six additional countries by 2024.
While we did not see a gold-backed digital currency from this meeting of BRICS, given the new additions to the group, we can’t imagine that an announcement about the currency isn’t far off.
This is a really good time to check with your wealth/financial advisor about what all of this will mean for not only your wealth but your standard of living.
Brace For Impact.
Click Here to read the full article.
“Globally, further falls in consumer price inflation are now unlikely and there are yet further interest rate increases to come. Bond yields are already on the rise, and a new phase of a banking crisis will be triggered.
This article looks at the factors that have come together to drive interest rates higher, destabilizing the entire global banking system. The contraction of bank credit is in its early stages, and that alone will push up interest costs for borrowers. We have an old-fashioned credit crunch on our hands.
A new bout of price inflation, which more accurately is an acceleration of falling purchasing power for currencies, also leads to higher interest rates. Savage bear markets in financial and property values are bound to ensue, driving foreign investors to repatriate their funds.
This will unwind much of the $32 trillion of foreign investment in the fiat dollar which has accumulated in the last fifty-two years. And BRICS’s deliberations for replacing the dollar as a trade settlement medium could not come at a worse time.
Gradually, the alarm bells over credit are beginning to ring. Monetarist and Austrian School economists are hammering the point home about broad money, which almost everywhere is contracting. It is overwhelmingly comprised of deposits at the commercial banks. And this week, even China’s command economy has had credit problems exposed, with another large property developer, Country Garden Holdings missing bond payments.
A global cyclical downturn in bank credit is long overdue, and that is what we currently face. Empirical evidence of previous cycles, particularly 1929—1932, is that fear can spread though the banking cohort like wildfire as interbank credit lines are cut, loans are called in, and collateral liquidated.
The question arising today is whether the current credit cycle downturn is more acute than any of those faced by our fiat currency world since the 1970s, or whether timely expansions of central bank liabilities can come to the rescue again.
The problem with using monetary policy to avert a financial crisis is that there is bound to come a time when it fails, particularly when it is driven by bureaucrats whose starting point is an assumption that banks are adequately capitalized for an economic downturn.
THINGS TO PONDER:
YOU MUST READ THE FULL ARTICLE. YOUR FUTURE DEPENDS ON IT. CLICK HERE to read it.
Also of note, banks… ranked by the amount of derivatives they have:
That’s A LOT of risky business…
Know Your Foe.
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What does this mean?
Things aren’t going to end well if you don’t take action.
But, here’s what’s different this time… multiple people are saying that exact same thing from a number of different angles, and in different places.
One of the things we often say is to watch what successful people do, & do what they do, AND then watch what unsuccessful people do, and don’t do what they do…
Most of them are already out of the line of fire for social unrest or economic collapse…
How do you think they see things ending up?
Why should I care?
When was the last time you checked on your “go-to’s”:
*Your go-to investment?
*Your go-to safety net?
*Your go-to emergency plan?
If it’s been a while, here’s some bad news: They probably might not work anymore.
That means you’re behind in planning for rough times.
You should care.
What should I do?
Take a moment… right now if you can… to take inventory of what you’re seeing in this newsletter each day.
Have you ever seen a time quite like this?
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If you’re not paying attention and trapped in the hustle and bustle of a busy world (with a ton of useless stuff, by the way), this stuff will come up on you like a thief in the night.
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