My visit with Santa
Submitted by silver66 on April 12, 2013 - 3:57pm.
Here are some of my thoughts and observations on my visit with Santa yesterday. There is much to convey and it won't be done all today. I have left office early and am at home watching the masters in HD and then off to rink. This is my favourite tournament of the year (go Boom Boom).
This is what I think I heard and my take on meeting. Does not mean that it is what happened!
The room started to fill up around 12:45 for the 2 o'clock start. A couple of observations, the crowd was older, very white, which surprised me in Toronto and although you can never judge a book by its cover, looked affluent.
Jim came in about quarter to 2 and went up to podium and started to speak, 35 minutes later he stopped and took questions. I left at 6 and he was still going strong.
Jim indicated his goal was to help protect our wealth and to give us options.
1st Theme
Cyprus is the templateGET OUT of System.
It was a mistake; IMF jumped the gun, hence why Legarde's apartment was raided and thourghly searched by police next day on 20-year-old charges. A message was sent.
North Europe looks down nose at South Europe and has contempt for Russians. Russian mob is lower than low in their eyes.
Jim said make a list of Cyprus banks and follow obits for next year. Russians never forget and hold grudges for generations.
Canada, USA and B of E have all written bail in into law. It is there for a reason.
He wants everyone to get off the balance sheet of the banks. Brokerage accounts are held in street name and if bank goes down then your account is now open for theft as you are an unsecured creditor to bank. See MF Globe and Peregrine as proof.
Many questions from older attendees seemed to me to have cognitive dissonance. They logically understood what Jim was saying Bail-in but emotionally could not bring themselves to grasp that it could happen in Canada.
See ZH article
http://www.zerohedge.com/news/2013-04-11/carmen-reinhart-no-doubt-our-pensions-are-screwed
Derivatives sold from 1991 to 2007 are the problem and all money has gone to deal with those problems. Bernanke is not stupid and did right thing in 2008.
Obscene wealth was made by people in bailout, millionaires became billionaires. Bail out was to protect profits of derivatives that were winners by powerful interests.
2nd Theme
New currency system 2020.
Basket of currencies with a necklace of gold around its neck. Said this on three different occasions. I am going to follow up with him on this. He referenced Freegold and how they are the closest to the idea but not quite there.
A lady asked several questions and her last was point blank. "How do you know 2020 is the date?"
Jim's answer I think blew everyone away.
He said I am of the Goldman lineage. I ran in the circles of the people that own the world and still converse with them and this is what they told me. They own Washington (sidebar, Grand Caymen has not been attacked for its banking laws , cause that's where Washington hides its money).
Watch countries that currently do not MTM their gold reserves. Currently it is about 50/50 worldwide who do and do not MTM.
When the countries that don't start to and you get to 80% with them then that is signal that new currency will be brought in.
He does not think Yuan will be gold backed.
He said several times Silver will do just fine, he looks at world thru gold coloured glasses.
Gold will preserve purchasing power and silver too , maybe some more torque to silver than gold.
Not sure if this is coherent to any of you but makes sense to me.
Remember this is one man's views on world.
Silver66
), it's shit for the family. Maybe we need to get back to the old days when dad hardly saw the kids because he was away working?? They do it in other countries.
