Extremist? Moi?

Meanwhile, as Nato busily arms Al Qaeda in Syria, the FBI are on the trail of the 'real' extremists - people who 'think' (sic) that the USA went bankrupt when it went off the Gold Standard.

Well, that statement is pretty much apodictically true. The USA had debts equal to a set amount of gold. Under Nixon, it repudiated the link between the dollar and gold, because it could no longer continue the charade that it could cover its debts in gold. If you can't pay your debts, you are bankrupt. QED.

Anyway, here's Max talking about that and other matters, such as MF Global and the curious case of the 'vaporized' billions.

Gerald Celente: "How I got F'd by MF Global"

"In case anyone doesn't know what MF Global stands for, the first word is mother"

Gerald Celente on the Lew Rockwell Show breaks down the out-of-control, off-the-charts criminality now reigning in the US and world financial industry.

Gerald Celente is founder and director of The Trends Research Institute, author of Trends 2000 and Trend Tracking, and publisher of The Trends Journal.

P.S. As mentioned by Celente, if you want a taste of just how criminal the oligarchy is, read Zero Hedge on Hank Paulson tipping off his pals on Fanny and Freddy:

"Today, BusinessWeek's Michael Serrill and Jonathan Neumann have released a blockbuster report based on a FOIA response by the Treasury, which proves that in America rules are only for little people, that this country has been a banana republic for years, that Animal Farm was spot on, and gives excruciating detail of how Hank Paulson tipped off a select group of Goldman diaspora hedge fund managers about the eventual failure of Fannie and Freddie 7 weeks ahead of this information becoming public knowledge. "

The key fact is; we know they're criminal, and they know we know and they don't care, because they own the government and they've spent the last decade constructing a tyrannical police state for the moment when the penny finally drops.

"Language Arbitrage"?

From Economic Policy Journal:

Guess who got screwed in the 50% haircut?

Those who bought CDS insurance against such a haircut.

The bankster controlled International Swaps and Derivatives Association has ruled that the Greek 50% haircut was "voluntarily" accepted by bondholders so they are entitled to exactly ZERO based on their insurance against such a default.

Of course, this will have nothing to do with banksters not getting paid, if its required. Janet Tavakoli explains that the same thing occurred in 2001 when Argentina defaulted, CDS insurance holders in that default also ended up with zero, when JP Morgan refused to pay off.

But, when JP Morgan was on the other side of the transaction and bought CDS protection against a South Korean Bank, they changed the language of the standard contract so that they would get paid--and did so when the bank went down.

Tavakoli says its called "language arbitrage" by the banksters in the know. The standard contract is written in such a way that most won't get paid off. The top banksters know how the contract will be interpreted if a default occurs and tweak the contract so that they will remain protected. Cute.

Tavakoli's full take is here (Pdf).