Bart Spills the Beans

Sooner or later it had to happen. I mean, you can’t keep a lie going forever [unless of course you’re talking about the “grassy knoll”].

In a stunning admission that the CFTC is nothing more than a repository for resumes on your way to a better, more corrupt profitable high paying government job, Commissioner Bart Simpson Chilton admitted in a speech on December 8, 2010 that the CFTC “had proof” that one trader held more than 40% of the open interest in the silver futures market.

Really Bart?

And pray tell readers, who do you suppose that might be? I’m sure JP Morgan is putting no pressure on the toothless, ineffective and corrupt CFTC to suspend or delay position limits, or other regulatory measures that might actually prevent markets from being manipulated. Why, this is Amerika.

Except for being the first time it actually did anything, can you think of any reason why the CFTC would drag its collective feet? Hey, if it was you or me that held 40% of the entire short position in a market, do you think for one minute they wouldn’t be crawling up our ass demanding to know what we were doing and why, and then forcing us to liquidate? All in the name of “fairness” don’t you know.

Well, imagine for a hypothetical minute what would happen if JPM had to exit all those shorts. Silver exactly where in price 2 minutes after this is announced?

So, you can imagine the financial ass-whipping that would ensue. We can’t have this in “free markets”. “How do you expect us to make money and spend part of it on government corruption if you don’t allow us to manipulate a market?”

Back in the fall of 2008, I was told that if I voted for McCain, fat-cat “Wall Street types” would ruin the markets by stampeding the “little guy” into oblivion and ruining it for everybody. Hey, they were right!

-vegas