As if on queue (hint,hint) Bart Chilton gave a very LONG speech today in which he called on Congress to take the banks out of commodities and suggested there would be more cases filed by the CFTC in September than has been filed in a long time!
“How about the re-al-i-ty of what you guys and others are trying to do? I’m talking about Average Joe end-users who are simply trying to hedge their legitimate business risks–whether it’s corn or beans; aluminum, silver or gold; nat gas or crude oil. The brutality of today’s reality is that these markets are so divorced from how they have operated historically–due in part to the Massive Passives and the cheetahs–it might seem like The Surreal Life. But, we aren’t being Punk’d. This is The Real World. That is, unless we do something.”
“The point of all this is that we are faced with a new reality ourselves–our financial world is a Shark Tank. There are more and more violations of the law occurring, and we aren’t equipped to deal. The bam-ba-lam bad norms in the financial sector seem to be commonplace.”
“The most disturbing part of this is that it is still nearly impossible to figure out exactly what banks own.”
“It’s time for an Intervention. Congress should not only do away with the statutory exemption that has been used by Goldman and Morgan, but also do away with the ability of the Fed to allow any commodity-related ownership by the banks whatsoever.”
“For those paying attention, there will likely be more cases filed by the CFTC in the next few weeks than we’ve seen in a long time. Stay tuned.”
EVERYTHING is coming together now and I’ve spelled it out clearly on my Road Signs:
THE END of the Banking Cabal is right around the Corner!
May the Road you choose be the Right Road…FINALLY!!