Jim Willie: Derivatives Casino Is Wobbling Tower
Economy | Information | History | Online | Facts | World | Global | Money
Jason Burack of Wall St for Main St had on as a first time guest investor, PhD statistician, former corporate executive and editor of the Hat Trick newsletter for the last 10 years at Golden Jackass http://www.goldenjackass.com/main5.html, Jim Willie. Jim has had a very long list of accurate predictions come true in the long term in financial markets since he started writing his newsletters including correctly predicting bank failures, zero interest rate policy (ZIRP), and many more. His accurate predictions list is on his website here: http://www.goldenjackass.com/forecast.html During this hour+ in depth interview, Jim Willie talks about the origins of many over the counter (OTC) derivatives and how these OTC derivatives are used as a phony foundation (bad collateral) for banks to invest/speculate/loan with the rest of their businesses. Jim traces many of these large, opaque zero sum game derivatives casino type bets/games back to the early 1990s. Jim talks about a lot of the fraud at many large banks in the US and in Europe. Next, Jim explains the main types of OTC derivatives, credit default swaps and interest rate swaps. Jim thinks based on his research and Rob Kirby's research that the US can never fully leave ZIRP without everything collapsing again worse than 2008. Jim talks about the problems with bank balance sheets, frauds at banks, recent murders of middle managers at banks and the Exchange Stabilization Fund. Jim thinks all of these events are connected. Jason and Jim discuss inflation, Keynesian Economics, why so many longtime Wall St and financial professionals have no clue about what's really going on and whether the next monetary/financial system will be centered around the Special Drawing Right (SDR) of the IMF or whether China, Russia, BRICs and other G20 countries in the developing world will will out and institute a gold backed trade system. Many important and exciting financial and macroeconomic topics are discussed in this interview and this brief summary is only a small taste of what you will get if you listen to the entire interview! Please visit the Wall St for Main St website here: http://www.wallstformainst.com/ Follow Jason Burack on Twitter @JasonEBurack Follow Mo Dawoud on Twitter @m0dawoud Follow John Manfreda on Twitter @JohnManfreda Follow Wall St for Main St on Twitter @WallStforMainSt Also, please take 5 minutes to leave us a good iTunes review here! https://itunes.apple.com/us/podcast/wall-street-for-main-street/id506204437 If you feel like donating fiat, Bitcoin, gold or silver, Wall St for Main St accepts donations on our main website. Wall St for Main St is also available for personalized investor education and consulting! Please email us to learn more about it!
Comments
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When "legal tender" was hogshead of tobacco, the currency was worth something. Now the entire economic system is based on smoke and mirrors.
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At about 40 min, he was about to confess that he sold drugs 40 years ago and got off on a tangent. Is he going to confess or what?
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Awesome interview Jason, Jim Willie is one wise dude. :)
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Third time I listen to this interview. I respect Jim Willie, and I propagate his views in a brazilian blog used mainly by brazilian jornalists.. Couple of weeks ago one of the Brasil most important newspaper, published a front page article quoting him saying Germany is about to join the Russia/China axis. My problem is the source for what he says about China lending Mao Tse Dung gold to USA. Is he talking about the dragon's family gold?.
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I love you Jimmy, how do we stop the banks gambling casino derivative system, they are killing the world.
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He is correct. Bond bubble replaced by tech/stock bubble replaced by real estate bubble. The Fed is printing like mad, went from near zero to almost 5 large on their balance sheet, and now we have a stock bubble and real estate re-bubble in some areas. Insane.
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The question I'd really like answered is this: how does the Fed keep interest rates low if it does not buy bonds outright?
I understand derivatives are involved but how? What are the products and is it cheaper for the Fed than QE and buying bonds themselves?
The Fed must prevent this new money from causing hyperinflation. The less it costs them to keep the economy alive the better for inflation concerns. -
The 'money' argument is mostly semantics.
Money has 3 functions, Unit of Account, Medium of Exchange, Store of Value. If we insist whatever we call money have all 3 functions then money will be tightly defined.
On the other hand the world is moving to a system in which fiat currency will not be considered a store of value. Is currency then not 'money'? Is gold 'money/ if it is not used as a medium of exchange? The jousting over definitions is meaningless if you do not understand what is being done.
Key example is the Euro. The Euro has gold on it's balance as a store of value. The currency will not be pushed as a store of value, it will only be a medium of exchange.
Other currencies will have to be changed to survive. -
Good podcast Jason!
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good interviewer, he guides but doesn't hinder.
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The Golden Dumbass has been hilariously wrong with his forecasts pertaining to US deficits and interest rates for years, and whenever his idiocy is exposed, he comes up with bogus, unsubstantiated conspiracy theories to explain why his track record totally sucks.
It's funny how he claims the comex price of gold doesn't matter, given that he cited it in his hack newsletter for YEARS, and only ignored it once gold firmly entered its bear market a couple years back.
What a deceitful conman. Good luck paying the subscription for that rag newsletter, as one sure as hell will not make money on an even remotely consistent basis from the "analysis." -
Excellent show!
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Terry Kinder, "Grow stuff, Mine stuff or make stuff." Good way to put it, the roots of a real sound economy and not the fairytale we're livin' in. Germany joining the BRICS makes a lot of sense when you look at the whole picture. It's one of the only lifeboats leaving the Titanic.
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Good discussion - thanks for posting. I wonder how long before gold will have it's day?
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Wall Street and the banks are a casino on an iceberg drifting south
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This is the 48345734 times Jim predicts an "imminent" derivatives meltdown in the last 6 years and nothing !!
He should stop talking about it for while .
Just BS, move on !! -
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I have never heard Jim Willie say anything I can use in these trying times. He just rants.
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The commercial and government systems are one symbiotic entity that need each other to exist. Apples are free.
The land was divided up before we were born.
False religion is about to be destroyed by God. He will use the UN to do this, then the UN will be destroyed.
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