The Power Of JPMorganChase

Chris Powell, Secretary/Treasurer Gold Anti-Trust Action Committee Inc. (GATA), spoke on Nov. 7, 2009 at the International Precious Metals and Commodities Show that Gold suppression is public policy…. In the speech he quoted Jim Rickards, director of market intelligence for the Omnis consulting firm in McLean, Virginia.

Rickards remarked: “When you own gold you’re fighting every central bank in the world.”

That’s because gold is a currency that competes with government currencies and has a powerful influence on interest rates and the price of government bonds. And that’s why central banks long have tried to suppress the price of gold. Gold is the ticket out of the central banking system, the escape from coercive central bank and government power.

As an independent currency, a currency to which investors can resort when they are dissatisfied with government currencies, gold carries the enormous power to discipline governments, to call them to account for their inflation of the money supply and to warn the world against it. Because gold is the vehicle of escape from the central bank system, the manipulation of the gold market is the manipulation that makes possible all other market manipulation by government.

That interview took place on Friday, September 25, on the cable television network CNBC in the United States. The major news media are not allowed by management to interview GATA officials.

Gold suppression was acknowledged by Fed Chairman Greenspan in 1998, when he said, “Central banks stand ready to lease gold in increasing quantities should the price rise.” Chris Powell singles out JPMorganChase as as the Fed’s de-facto subsidiary in the scheme. It was JPMorganChase that got the sweetheart deal taking over Bear Stearns.

Maybe the Federal Reserve’s intervention to rescue Bear Stearns through the Fed’s de-facto subsidiary, JPMorganChase, will cause some devastating public inquiries by Congress and the news media. But what a hundred years ago in the United States was called the Money Power is so ascendant today that it sometimes even boasts of its privilege. What other agency of a democratic government could get away with the principle that was articulated on national television in the United States in 1994 by the vice chairman of the Federal Reserve, Alan Blinder? Blinder declared: “The last duty of a central banker is to tell the public the truth.”

So it is with great concern that I noticed that JPMorganChase has a prominent position in the bankruptcy of Citadel Broadcasting Corp., the nation’s third-largest radio broadcasting company.

David Pitt writes in a MYWAY article on the chapter 11 filing,

Under terms of its bankruptcy reorganization, the company said its $2.1 billion in secured credit will be converted to a new term loan of just $762.5 million. Those secured creditors, led by JPMorgan Chase Bank, will get a share of the new loan and control of 90 percent of the new common stock in the reorganized company.

JPMorgan Chase holds the two largest secured claims, including a $2.08 billion senior secured credit facility and $970 million that it is owed as part of an interest rate swap, bankruptcy documents show. JPMorgan Chase also has been part of lending groups that have gained control of troubled newspaper publishers Journal Register Co. and Freedom Communications following their Chapter 11 filings earlier this year. It is a major secured creditor in the bankruptcy reorganization of Los Angeles Times publisher Tribune Co. as well.

There are so many things wrong with allowing the Fed’s banker this much power. They not only control our money and its value, but have acquired the means to suppress the truth about their operation.

Chris Powell concludes in part,

Indeed, since central bank intervention in the currency, bond, equities, and commodity markets has exploded over the last year, we don’t really know what the market price of anything is anymore. Thus the gold price suppression story is a story about the valuation of all capital and labor in the world — and whether those values will be set openly in free markets, the democratic way, or secretly by governments, the totalitarian way.

It’s a story that needs to be broadcast from the highest mountains, but if “they” control the press who’s going to tell it?

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Mike Landfair

2 Responses to “The Power Of JPMorganChase”

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