The one and only Max Keiser declared war on banks through his worldwide campaign “CRASH JP MORGAN, BUY SILVER!” Calling banks ‘financial terrorists’ Keiser urged all freedom-loving people to start buying silver in whatever amount and get physical possession of it. That would drive silver price up and bankrupt JP Morgan which has concentrated huge short silver positions, unprecedented even in the capitalist history of commodity markets.
What infuriated the popular broadcaster and filmmaker particularly about JP Morgan is its covert intervention in the market price mechanism of silver. On the 27th October two traders filed lawsuits at the US district court against both JP Morgan and HSBC accusing them of manipulating the price of silver by “amassing enormous short positions”. It was due to this kind JP Morgan’s scam in COMEX that the price of silver fell in half between March and September 2008 while gold dropped by a quarter; the financial terrorists hoped that they would send the two most hated metals (by banks) into a prolonged bear market as they did throughout 80-s and 90-s. But this time they couldn’t pull off the old trick, despite the sharp price decline smart people continued to recycle central banks’ toilet paper. Prices quickly recovered by mid 2010 and on 9th November set the new heights when gold hit all time record at $1,424 an ounce and silver price soared to its 30-year high at $29.36.
JP Morgan and HSBC’s investment banks are likely the two main forces that suppress the price of the two metals through massive short selling of gold&silver futures and options. But then it is a risky game because if the two precious metals increase in price JP Morgan will scramble to cover their short positions. According to National Inflation Association (NIA) silver price could rise to $50 an ounce literally overnight. NIA estimates that $50 an ounce silver would mean approximately $4 billion in losses for JP Morgan. But Keiser predicts silver to jump to $500 an ounce (RM400 per dirham) and gold to $10,000 (RM4,500 per dinar) any time soon as more folks around the world begin to measure wealth not in terms of toilet paper or digital numbers but in gold and silver sitting in their pockets. $500 silver and $10,000 gold will explode the entire derivative market and the stock exchange will collapse faster than World Trade Center on 9/11.
Legendary French football player Eric Cantona also decided to bash the Banksters by supporting campaign “Kill the Banks”. “King Eric” - as his fans used to call him during his remarkable career in sport - called upon all French to withdraw in concerted manner all their deposits from banks on the 7th December 2010. Of course only first 5% of people will get their paper money back and the rest will have to wait until the European Central Bank will bail out French banks by printing new EURO notes. Certainly this action is better than doing nothing but if Cantona’s strategy to be combined with Keiser’s one then the effect will be much more profound. Can freedom-loving people of Malaysia show solidarity with freedom-loving French? Can we gather a little bit of dignity: go to the ATM on the 7th December withdraw whatever amount is comfortable and buy at least one coin, dinar or dirham? And if you do so, please drop us a word in our email ( This e-mail address is being protected from spambots. You need JavaScript enabled to view it ).
Watch Erik’s interview which is a hit now on YouTube.