| There are none so blind as those who will not see! By Adrian Douglas |
par g.sandro Dim 28 Sep 2008 - 2:57
There are none so blind as those who will not see!
By Adrian Douglas
Comme toujours avec Adrian, le Franc parler et la lucidité caractérisent cet édito...Ce n'est pas par hasard qu'il est l'un de nos analystes préférés (Marie et moi, qui le respectons beaucoup, nous ruons sur ces articles tant ils sont percutants et éclairants)
; en plus, il écrit bien et cette dernière contribution en date ne faillit pas à la règle.
il y démonte Dennis Gartman (qui s'évertue à dénigrer nos thèses qu'il qualifie de "conspirationnistes" alors même qu'il couvre les Caballasseries les plus grossières)
A. Douglas interpelle et démontre, par ces questions qui dérangent que passé un certain stade de gravité et d'évidences, nier le problème, ça porte un nom... complicité...! et on ne ressort pas indemne de sa lecture...enjoy...ça tape !
source GATA: http://www.lemetropolecafe.com
I was astonished by the pompous attitude of Dennis Gartman as reported in the Friday Midas as follows
Interestingly, the FT reported yesterday that the US Mint has again suspended sales of one of its popular coins: the one ounce "Buffalo" gold coin. The Mint said Wednesday that due to unprecedented demand for the coin, it has had to suspend further sales until such time as it can replenish its inventories. This happened a short while ago to its "Eagle" gold coins, which the likes of GATA and the other "Conspiratorialists" pointed to as a sign that there was some vast conspiracy afoot regarding gold that was now being exposed. We take the Mint at its word, however; demand for its gold coins has indeed been historically high and it has almost certainly missed the market in this regard. "Buffaloes" and "Eagles" will be available to investors again in the future as the Mint gears up to meet demand. The Mint is like any other retail operation; it makes forecasts of demand for its product; it buys raw materials as necessary to meet those forecasts, and it hopes its forecasts are accurate. If demand is higher than expected, short term shortages result, and if demand is weaker, inventories rise. Let us not read more into this than that. To do so is to waste one's time that can be put to far better use elsewhere. Thus, we may be bullish of gold, but we are not bullish because the "Buffalo" is "dead:"
ENDDoes he not realize what happened in September 2008? There was a tectonic event that happened that has changed the landscape forever. The Administration admitted that the "financial system" is insolvent! Paulson is not requesting 700B$ for a specific company that is in trouble. It is to aid financial institutions in the system in general! This is a world first. Never has so much money been requested to bail out institutions that have not been identified. Through fractional reserve banking 700B$ can be turned into $7 trillion with 10% reserve requirements. We have learned this week that the FED discount window has been lending at 188B$ per day on average in the last few days!
We have seen spectacular corporate collapses…Bear Stearns, Fannie Mae & Freddie Mac, Lehman Brothers, AIG, Washington Mutual etc. Hasn’t anyone noticed anything strange? In economic recessions it is the small companies that fail first. This is why the large companies have been around for so long. This is why mergers are sought because it gives financial strength and stability. So how could the biggest fail first?
If we take Dennis Gartman’s approach we would say that the reason is "sub-prime mortgages"…and "Let us not read more into this than that"!!! When is it going to be clear to the likes of the willingly obtuse Dennis Gartman and the public that the sub-prime mortgage problem does NOT bring down the biggest financial market and economy in the world? That is simply preposterous. It is ridiculous. Subprime mortgage defaults are at most only 5% of the US economy. What financial system or economy can not take a 5% hit? It is people like Dennis Gartman who have taken everything at face value who are responsible for the financial "meltdown" we are facing. No one asked any questions. No one asked why 3 US bank were growing derivatives on their books in excess of 100+ Trillion dollars when it was openly reported by the OCC every quarter. No one asked why gold derivatives were growing to be many times bigger than the gold market itself, even though it was openly reported by the BIS each quarter. No one asked how the total derivatives market could grow to be 20 times bigger than the total liquidated asset value of the entire planet! No one asked how short sales in companies stock could exceed the total number of shares outstanding. No one asked how day after day counter-intuitive moves happened in the market. No one asked how the US dollar could gain in purchasing power while the most promiscuous period of currency issuance of modern times went in to overdrive, and how the "strong dollar policy" was implemented. No one asked why the Federal Reserve stopped reporting M3 because it was apparently too expensive to collect the data! No one wonders why COMEX gold and silver futures have declined in price while the physical metal supplies have all but dried up in the retail market!
Nobody that is except the thinking people in GATA and a few other astute observers.
Even the SEC today has admitted they failed in their oversight function (as if it were not obvious!!)http://www.nytimes.com/2008/09/27/business/27sec.html?emHow has all the regulation failed? If we don’t read anything more into it than what we are told as Dennis would suggest we could just be content that regulators are all over-paid incompetent idiots. Yeah, right! When things fail on such a massive scale there has to be fraud and complicity on the part of people in authority. Dennis you will just have to "grow up" and come into the real world where corruption and "conspiracies" are rife and pandemic. All these failures did not come about because of one lone nut "rogue trader", Lee Harvey Bear Lehman! More than one person acted in concert with others to make this happen. And Dennis, that is the definition of a conspiracy. So Dennis get out of your Nursery and stop sucking your thumb and realize the world is full of evil and greedy people and if people like you are always willing to look the other way and "not read anything more in to" their behavior than face value then we get to the edge of the Abyss.
You have said that the Brain Trust of GATA would be more usefully employed looking for a cure for cancer. I beg to differ, we have been engaged in the most important work to mankind…trying to stop the total destruction of the Global Financial system, but people like you remain clueless and just turn up the volume of your radio.
This week the President, the Chairman of the FED, The Treasury Secretary, the Chairman of the Senate Banking Committee and a few others all told the public that the American Financial System was days away from collapse. These are not people who are recognized as "conspiracy nuts". This is the government speaking! They are saying the same thing that GATA has been saying for 10 years! The Administration has told so many lies maybe people don’t believe them, but the body language of these people tells me that we had better believe them. This is our Soviet moment. This is the system on the brink of failure. Gold has always served as the warning indicator of financial calamities. We have been told that the engine room is on fire yet the Gold Fire Alarm is reading a chilly 32 Deg. A hurricane of CAT 6 (yes one category over the maximum!) has hit Wall St and the gold weather detector tells us it is warm and sunny! An earthquake of 10.0 on the Richter scale has hit the financial system and large companies are being shaken and are collapsing. Yet the gold seismic activity detector tells us that all is quiet in the ground below us! Dennis how is this possible? How can the futures price of gold and silver not be reacting to these CONFIRMED Armageddon scenarios, while nearly all retail physical metal has been bought up and none is available in quantity? How can this be? Would it be worth just reading a "little bit more into this"? If you do then there is only one logical conclusion.
Silver is king, Go Gold !
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