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Strategies & Market Trends : The coming US dollar crisis -- Ignore unavailable to you. Want to Upgrade?

To: westpacific who wrote (42584)	10/11/2011 3:54:44 AM
From: pogohere	2 Recommendations Respond to of 71423

With gold and silver continuing to consolidate, today King World News has released the eagerly anticipated audio interview KWN Resident Expert Jim Rickards, Senior Managing Director at Tangent Capital Markets. Jim Rickards was not only talking gold, he also discussed the KWN interview with giant killer Harry Markopolos, where Markopolos accused Bank of New York Mellon and State Street of stealing $6 to $10 billion from the pension funds of tens of millions of Americans. Rickards stated, “This is not some technical dispute about pricing, this was the crime of the century. I mean what these banks did to their foreign exchange customers, the pensions, their endowments, their other institutional investors, their insurance companies, these are basically the savings and investments of all of the people of the Unites States of America.” Jim Rickards continues: “This was billions of dollars, it was just theft. They might as well have held a gun to the heads of these teachers and firemen and police officers and other workers and picked their pockets. So I would like to see some of these bank CEO’s on chain gangs. Unfortunately that’s not going to happen because the US has made a policy decision not to prosecute these banks, even though these are criminal acts because the system is too fragile. So they are being let off the hook. One thing Markopolos forgot to mention was that they (Bank of New York Mellon) are the largest clearing venue for the government securities market. It’s all done buy the Fed and Pimco, etc. and the lions share of those transactions clear and settle through the Bank of New York. So if you take down the Bank of New York you are going to take down the government securities market and therefore it won’t happen. So this will be finessed, but it should not be finessed. People should be in handcuffs as far as I’m concerned.” kingworldnews.com