blog.milesfranklin.com / by Andrew Hoffman / March 31st, 2015
As history’s largest, most destructive credit, construction, and asset bubble inflates to unprecedented levels, the disconnect between asset valuations and time-honored, irrefutable economic laws has widened beyond any semblance of sanity. Joseph Goebbels infamously stated that “if you tell a lie big enough and keep repeating it, people will eventually come to believe it”; and nowhere is this more obvious than (PPT-supported) “market responses” to Central banker comments. Or heck, even rumors of such comments, irrespective of how unfathomably wrong Central bankers have been in essentially all they’ve predicted.
To wit, this (Monday) morning’s “top story” from MSM lackey Yahoo! Finance trumpeted “world stocks gain after Yellen signals gradual rise in rates” – referring, of course, to her “conveniently” timed speech Friday afternoon, just 15 minutes before the NYSE close, in which she said…wait for it…absolutely nothingincremental. Let alone, the secondary byline that “Chinese stocks soared on hopes for more economic stimulus measures.” Not to mention, according to Zero Hedge, a false PBOC rate cut rumor – which, as usual, didn’t reverse the markets’ gains when it was proved so.
To the contrary, care of the most manipulated markets in history, gold and silver investors have been subjected to “rumor-based” waterfall declines hundreds of times over the past decade; which not only didn’t pan out (such as the countless “bid Laden captured” and “IMF to sell its gold” rumors in 2003-09), but wouldn’t have been “bad news” anyway – as frankly, “gold bearish” news is simply not possible in the terminal stage of a fiat Ponzi scheme. Highlighting the point, when bin Laden was actually captured in May 2011 – assuming the official story is true – “dollar-priced gold” was $1,500/oz, en route to an all-time high of $1,920/oz just four months later. Not to mention, when the IMF finally sold its (likely double-counted, perhaps non-existent) 200 tonnes of gold to India in November 2009 for $1,040/oz, not only did the gold price not budge downwards, but a year later it breached $1,400/oz. In other words, the game of manipulating the prices of “favored” assets higher with “positive” rumors – and “un-favored” assets downward with “negative” rumors – has been going on for more than a decade.
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