Showing posts with label Secrecy. Show all posts
Showing posts with label Secrecy. Show all posts

23 March 2022

Stocks and Precious Metals Charts - Wax On, Wax Off - Wash and Rinse Cycle Continues

 

"Control frauds in the financial markets are by their very nature conspiratorial in that they involve the suborning of regulators, ratings agencies, exchanges, the media, and legislators to ignore and facilitate misrepresentation that enable white collar crime.  They are difficult to prosecute because by their nature they involve twisting the legal into the extra-legal on a broad basis to achieve a particular financial effect, while limiting many specific aspects to the letter of the law, or at least the gray areas. 

 By and large they operate in the shadows, hiding behind secrecy and a general mindset towards short term greed and lapses in ethics.  Investigations following the Crash of 1929 and the S&L crisis demonstrated that the existence of such pervasive lapses in stewardship do exist. 

Light is a good disinfectant.  Fraud cannot bear exposure.  While some confidentiality must be maintained in trading, obsessive secrecy regarding significantly large positions and collateral matters is often an indication that something is not right, that it is hidden from the market participants view for a particular reason that is deleterious to market pricing and efficiency."

Jesse, 27 April 2010 


"There is not a crime, there is not a dodge, there is not a trick, there is not a swindle, there is not a vice, that does not live by secrecy." 

Joseph Pulitzer

 

"All frauds, like the wall daubed with untempered mortar, with which men think to buttress up an edifice, always tend to the decay of what they are devised to support."

Richard Whately 

 

"Secrecy is completely inadequate for democracy, but totally appropriate for tyranny." 

Malcolm Fraser

 

Stocks slumped today.

The precious metals rallied.

The Dollar moved up a bit.

VIX had a little bounce.

Wax on, wax off.  

Bonuses on Wall Street this year are up on average by 27%. 

In general, the oligarchy is increasingly audacious.

They have exerted their will and influence over corrupt enablers and the easily distracted very well.

Have a pleasant evening.

 

 

26 June 2013

Secrecy


We may wish to recall these words at this time.




24 June 2013

The Wall


"The best weapon of a dictatorship is secrecy, but the best weapon of a democracy should be the weapon of openness."

Niels Bohr


"Every thing secret degenerates, even the administration of justice; nothing is safe that does not show how it can bear discussion and publicity."

John Dalberg Lord Acton




23 June 2013

Glenn Greenwald Interviewed by David Gregory on 'Meet the Press' This Morning


Not the finest moment for the national mainstream media.

Please know that Glenn Greenwald is a regular writer for The Guardian newspaper, and has been reporting on certain policy issues for years. 

I found it repulsive that David Gregory could question Greenwald's right to the title of 'journalist,' preferring to label him a 'polemicist.' Is that because Greenwald was never a stand-in for Don Imus' morning talk show like David Gregory had been?

Where are the journalism schools in this time of official assault on their profession?

Gregory resorts to the bullyboy 'questioning' style in which statements and assumptions are first put forward as if they are true, to provoke a reaction of the person being questioned.  It is often saved for those whom the network views as undesirable, and in a weaker power position.

Television national broadcast media often resembles entertainment and infomercials moreso than straight journalism.    And it is little wonder why so many are turning to alternative sources for real news.
“The further a society drifts from the truth, the more it will hate those that speak it.”

George Orwell
This is like some bad version of The Hunger Games.





Here is a link to the complete show.

Obama's War On Whistleblowers - McClatchy



12 June 2013

The Ongoing Debate Between Power and Conscience, Secrecy and Its Abuses


"At its very inception this movement depended on the deception and betrayal of one's fellow man; even at that time it was inwardly corrupt and could support itself only by constant lies. After all, Hitler states in an early edition of 'his' book:  'It is unbelievable, to what extent one must betray a people in order to rule it.'

If at the start this cancerous growth in the nation was not particularly noticeable, it was only because there were still enough forces at work that operated for the good, so that it was kept under control.

As it grew larger, however, and finally in an ultimate spurt of growth attained ruling power, the tumor broke open, as it were, and infected the whole body.

The greater part of its former opponents went into hiding. The German intellectuals fled to their cellars, there, like plants struggling in the dark, away from light and sun, to gradually choke to death."

The White Rose
Second Leaflet
Munich, 1942


"We can never forget that everything Hitler did in Germany was 'legal,' and everything the Hungarian freedom fighters did in Hungary [in 1956] was 'illegal.'

Martin Luther King


"All frauds, like the wall daubed with untempered mortar, with which men think to buttress up an edifice, always tend to the decay of what they are devised to support."

Richard Whately

I do not claim to have any particular authority in this difficult area of policy and ethics, except to note that we learn from history that this is a debate that must happen, always. Power that becomes too concentrated, that is accustomed to operating in secret, is deadly to a free society.

Individual judgment can be a dangerous thing. The great variety of people can rationalize almost any action in their private mind, whether it be a principled stand for justice, or a destructive and unjust act of violence.

As always, there is danger in the extremes.

We have seen, over and over as groups or self-defining classes of people come to power, that they can tend to rationalize actions that in retrospect were clearly not in the public interest, but largely in their own, from making their tasks more effective to lining their pockets with funds and abusing power.

Transparency, debate, and freedom of speech are the necessary safeguards that our Constitution has ensured.  This has been one of the greatest and most effective innovations in political theory.

One of my greatest ongoing concerns is the secrecy and incestuous dealing between the government and the financial sector, bonded by enormous amounts of money and mutual power. I am convinced that this corruption is impairing the real economy for the indulgence of a privileged few, who have set themselves above the people, and above the law.

So I present this debate to provoke some additional thought on the subject.

One thing I will say is that the vilification of the messenger, in this case Snowden, by the mainstream media in the States has been disappointing, and at times, almost surreal.

But why does that surprise us?  We have seen the same thing occurring in numerous whistle blower cases, including the slurs and marginalization against those who have stood up to expose corruption and fraud in the markets, even by otherwise intelligent and well-meaning people.   That is a culture of conformity, the status quo, and the enabling of a power that will, in the end, serve only itself.

I promised you that this would be a time of 'revelations.'  And that process is not done, but continues.  My greatest concern is that given enough time and official messaging that people will come to accept almost anything, and come to thrive on the spectacles of misery.  That is the Hunger Games.




08 July 2010

BIS and the Gold Swaps: Curiouser and Curiouser


Here is an update on the BIS Gold swap story from The Wall Street Journal via GATA's Chris Powell.

Gold swap mystery deepens as BIS gets correction from Wall Street Journal
Submitted by cpowell on 07:41PM ET Wednesday, July 7, 2010.
Section: Daily Dispatches

10:47p ET Wednesday, July 7, 2010

Dear Friend of GATA and Gold:

The Wall Street Journal this evening updated and corrected its report about the gold swaps undertaken by the Bank for International Settlements, disclosing an e-mailed statement from the BIS stating that the swaps were with commercial banks, not central banks as the newspaper first reported.

The updated story suggests that some puzzlement continues about the swaps:

"The enormous amount of gold involved, nearly tripling what the BIS itself owns, left many market participants wondering about the nature of the deals. The BIS declined to identify the commercial banks involved. ... It isn't clear what prompted the banks to borrow from the BIS instead of their central banks."

Further, without citing authority the paper says "the gold hasn't entered the open market," but "if the banks that loaned the gold are for some reason unable to make good on the loan, the BIS could opt to sell the gold in order to get its money back, which could amount to flooding the market with an unexpected boost to the global supply."

But gold being money that for years has been appreciating against nearly all currencies, as noted for you a few minutes ago here --

http://www.gata.org/node/8798

-- why would any institution want to sell gold "to get its money back?" -- unless, of course, "flooding the market" and suppressing the gold price wasn't the real objective?

Another unanswered question is where the European commercial banks got all that gold, "349 metric tons ... nearly tripling what the BIS itself owns." The European commercial banks aren't known for holding that much metal on their own account. (If you rent a safe-deposit box at a European commercial bank, you might want to check its contents in the morning.)

While the story has changed in an important way, the first principle of journalism hasn't, and journalists here haven't yet demanded information from the primary sources, the BIS and the commercial banks themselves. Nor has there been any change in the conclusion that must be drawn from the story so far. That is, the secrecy and the involvement of the BIS, an admitted gold market rigger, impugn the transaction as part of another gold market rigging scheme.

26 January 2009

A Fresh Breeze of Reform Blows Through Foggy Bottom


"The very word 'secrecy' is repugnant in a free and open society; and we are as a people inherently and historically opposed to secret societies, to secret oaths, and to secret proceedings... A nation that is afraid to let its people judge the truth and falsehood in an open market is a nation that is afraid of its people."
John F. Kennedy

This is a change for the better, a step in the right direction.

"The way to make government responsible is to hold it accountable. And the way
to make government accountable is to make it transparent so that the American
people can know exactly what decisions are being made, how they're being made,
and whether their interests are being well served.

The directives I am
giving my administration today on how to interpret the Freedom of Information
Act will do just that. For a long time now, there's been too much secrecy in
this city. The old rules said that if there was a defensible argument for not
disclosing something to the American people then, it should not be disclosed.

That era is now over. Starting today, every agency and department should
know that this administration stands on the side not of those who seek to
withhold information but those who seek to make it known."

President
Barack H. Obama

12 November 2008

Congressman Asks Fed to Stop Ignoring Requests for Transparency


Bloomberg
Boehner Demands Fed Identify Recipients of Loans

By Laura Litvan

Nov. 12 - House Republican leader John Boehner called for the Federal Reserve to disclose the recipients of almost $2 trillion of emergency loans from American taxpayers and the troubled assets the central bank is accepting as collateral.

Boehner, in a prepared statement, also asked the Federal Reserve to comply with a Freedom of Information Act request seeking details about the loans.

The Fed ``should comply with this Freedom of Information Act request, and in the interest of full and fair disclosure, they must begin providing lawmakers and taxpayers all information about how they are using federal tax dollars,'' Boehner said.

Fed Chairman Ben S. Bernanke and Treasury Secretary Henry Paulson said in September they would comply with congressional demands for transparency in a $700 billion bailout of the banking system. Two months later, as the Fed lends far more than that in separate rescue programs that didn't require approval by Congress, there is little disclosure about how the programs are being implemented.

Bloomberg News requested details of the Fed lending under the U.S. Freedom of Information Act and filed a federal lawsuit Nov. 7 seeking to force disclosure.

A spokesman for the Federal Reserve didn't immediately respond to requests for comment.

`Oversight, Transparency'

Boehner said he is increasingly concerned that the government's actions to add stability to financial markets is moving into areas that were not the stated intention when Congress approved $700 billion for a Treasury-administered program to bail out the financial sector that is being weighed down by the housing crisis.

``During the bipartisan negotiations between Congress and the administration, members of both parties made clear that Congress must have meaningful oversight over the use of taxpayer dollars,'' Boehner said. ``Transparency is even more important now, given that the program appears to have been implemented in some ways that were given little to no discussion as Congress was being urged to pass the rescue plan.''

Senator John Cornyn of Texas, a member of the Republican leadership, said the lack of disclosure ``should trouble taxpayers and policymakers alike.''

``There cannot be accountability in government and in our financial institutions without transparency,'' he said. ``Many of the financial problems we are facing today are the direct result of too much secrecy and too little accountability.''

Representative Scott Garrett, a New Jersey Republican who serves on both the Financial Services and Banking committees, said ``it's impossible to get to the bottom of where we are because we don't have transparency.''