How Counterparty Risk Extends to All Asset Classes in End Times, Including “Money” Itself

This excellent breakdown written exclusively for King World News elaborates very clearly on the mechanics of the bankster plan to impoverish and en-serf all of humanity during the end times through their global fractional reserve monetary systems.  Using Cyprus as a template for the systematic planned collapse of the western financial world, Robert Fitzwilson is able to extrapolate what will be done in a rapid fashion to other countries under the guidance of the darkest earth minions of The Powers That be. By concentrating the power to issue currency in the hands of a microscopic few, the NWO & Powers That Be have effectively cornered all conscious & unconscious participants in the insidious monetary system to be fleeced for everything they own in this planetary Schumpeter’s gale, which will lead to a reset of the monetary system and eventual evolution to  a completely new economy that does not require money as we have known it.  As this site has maintained since its inception, the only way to combat this dark plan in the interim is to become your own central bank by converting debt-based fiat “money” to reality based currency in the form of precious metals, unalienable property or means of production.  The surest way to escape this evil plan is to evolve beyond the necessity of a monetary unit and fully realize your power as a sovereign creator who can manifest value through inspiration and creativity.

Source: King World News

Today 40-year veteran, Robert Fitzwilson, wrote the following piece exclusively for King World News.  Fitzwilson, who is founder of The Portola Group, warned investors that the Cyprus theft has now changed everything.  He also focused on what investors around the world can do to protect themselves.

Below is Fitzwilson’s exclusive piece for KWN:

“A phrase which many of us are familiar with and often use is “Taking Money Off Of The Table”.  It is first and foremost a gambling reference, but it is generally used to describe a reduction of risk.  People have viewed “going to cash” or pulling out of the investment markets as a way to not be “invested” in order to achieve a reduction in volatility and market-related risk. 

Continue Reading @ King World News…

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United States files mortgage fraud suit against Wells Fargo

Source: Bloomberg

All’s well that ends Wells

Wells Fargo & Co. (WFC) was sued by the U.S. government over claims the bank committed fraud by making reckless mortgage loans, according to a complaint filed in Manhattan federal court.

The U.S. government sued Wells Fargo & Co. alleging fraud over reckless mortgage loans.

The government seeks damages and civil penalties under the False Claims Act and the Financial Institutions Reform, Recovery and Enforcement Act of 1989 for alleged misconduct spanning more than a decade related to the San Francisco-based bank’s participation in a Federal Housing Administration program, U.S. Attorney Preet Bharara in Manhattan said in a statement.

“As the complaint alleges, yet another major bank has engaged in a longstanding and reckless trifecta of deficient training, deficient underwriting and deficient disclosure, all while relying on the convenient backstop of government insurance,” Bharara said in the statement.

The FHA has paid hundreds of millions of dollars in insurance claims on thousands of mortgages that defaulted in connection with the FHA’s Direct Endorsement Lender Program as a result of false certifications by Wells Fargo, according to the complaint.

Wells Fargo denies the allegations and “believes it acted in good faith and in compliance” with FHA and Department of Housing and Urban Development rules, the company said in a statement.

‘Responsible Lender’

“Many of the issues in the lawsuit had been previously addressed with HUD,” the company said in the statement. “Wells Fargo is the leading FHA lender and has acted as a prudent and responsible lender with FHA delinquency rates that have been as low as half the industry average. The bank will present facts to vigorously defend itself against this action. Wells Fargo is proud of its long involvement in the FHA program, which has helped so many people obtain affordable mortgages and become homeowners.”

The company said the probe that led to the lawsuit was previously disclosed in a quarterly filing to the Securities and Exchange Commission.

Wells Fargo, the largest U.S. bank by market value, fell 1.6 percent to $35.22 at 3:51 p.m. in New York trading. It fell as much as 1.8 percent after the lawsuit was announced.

The case is U.S. v. Wells Fargo Bank N.A., 12-cv-7527, U.S. District Court, Southern District of New York (Manhattan).

To contact the reporters on this story: Chris Dolmetsch in New York at cdolmetsch@bloomberg.net; Dakin Campbell in San Francisco at dcampbell27@bloomberg.net

To contact the editors responsible for this story: Michael Hytha at mhytha@bloomberg.net; David Scheer at dscheer@bloomberg.net

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With Gold & Silver, Why Does the General Population Consistently Get the “Buy Low, Sell High” Mantra Backwards?

Source: ZeroHedge

To successfully keep your head above water during this economic crisis, it is not an option, but a necessity to convert your fiat digital currency into something tangible and real like physical gold and physical silver. To be successful in this game, one must understand the paradigm in which these two precious metals operate. The reasons why interest is so incredibly low in buying gold and silver among the general masses when they are screaming bargains, and why the general populace’s interest in PMs only perk up after prices have moved much higher, or worse yet, never at all, is a testament to the disinformation campaign waged by the bankers against the people. Many among the general populace still fail to understand that when banksters create fraudulent futures markets backed by a woefully small percent of physical metals to control paper prices of gold and silver, the dynamics of this fake market vastly differ from the dynamics of the tangible real physical gold and silver market. Furthermore, and more importantly, the general masses fail to realize that the negative perception of gold and silver prices the banksters create through their false paper markets will ultimately fail when confronted by the reality of tighter and tighter physical supplies of gold and silver. People often make critical mistakes when buying gold and silver because they do not take the time to learn the bankster-manipulated paradigm in which both of these PM operate. Thus they enter the game blindly, merely following the advice of talking head puppets on television, engaging in the absolute worst form of decision-making possible.

 

The general populace misinterprets volatile short-term corrections as confirmation that banker trolls calling for a gold and silver bubble popping were correct, even though long-term charts below demonstrate no evidence of a bubble. Gold and silver bubbles will form in the future due to the deliberate Central Banker campaign to destroy fiat currency valuations, but we are not remotely close to either a bubble in gold or silver yet. However, a complete collapse of the Euro, the USD, or some currently bankrupt international bank that is fudging its balance sheet, could definitely condense the timeframe to a gold and silver bubble. Today, banksters continue to steer their misinformed clients away from gold and silver and into stock markets even though stock markets have woefully underperformed gold and silver for the past 12 years. Furthermore, most gold and silver bugs that truly understand bankster manipulation games have been analyzing gold/silver behavior for nearly a decade or longer. Thus, though the media has a proclivity to paint gold and silver bugs as the perpetual cheerleaders that one so easily finds at commercial investment firms in the form of financial “advisers”, this simply is inaccurate.
Continue Reading @ ZeroHedge…

Italian Police Raid Barclays Over Rate Fixing

Source: Sky News

Italian police have taken documents from a Barclays office in Milan as part of a probe into possible Euribor rate manipulation, according to Reuters.

It said the raid occurred as regulators investigated fixing fears of the eurozone equivalent of the scandal-hit, London-based Libor inter-bank lending rate.

The search was ordered by prosecutors in the southern city of Trani, who have opened a criminal probe into the possible manipulation of the Euribor rate.

The move comes after complaints were filed by two consumer groups, Adusbef and Federconsumatori.

Two judicial sources also confirmed the raid occurred last week, according to Reuters.

Documents, computer material and emails were seized, the consumer groups said in a joint statement.

They said the Milan raid occurred “with the aim of looking for evidence that Barclays also manipulated Euribor, as it did with Libor, with a negative impact on mortgage rates paid by Italians”.

Barclays was forced to pay a total of £290m in fines to UK and US regulators after it admitted fixing its Libor rate for commercial advantage.

The scandal forced the resignation of chairman Marcus Agius, chief executive Bob Diamond and chief operating officer Jerry del Missier.

All three men were later quizzed by MPs on the Treasury Select Committee.

The Libor scandal has sent shock waves through global banking, and embroiled both US Treasury Secretary Timothy Geithner and Bank of England governor Sir Mervyn King in the controversy.