Interesting story. We all know that the Federal Reserve and Central Banks manipulate currencies and commodities.
A few years ago I was trading commodities. The guys in my group were smart and they figured out that JP Morgan who issues the Silver ETF SLV had issued something to the tune of 50 times more silver than is actually on earth. As the rumor spread and silver rose with the declining dollar people began to smell a short squeeze. Silver went Ape Shit. With each passing day JPM shit their pants a little more and faced MASSIVE losses if they had to cover their position. If they did cover silver would likely have gone to $300 per ounce in my estimation. They were just days away from complete disaster.
SO rather than let the free markets reign and let the smart investors collect their fortunes over JPM's mistake the exchange raised margin requirements on silver THREE days in a row. This forces people to sell some of their holdings in turn holding down the price. Then on Sunday night when nobody but a few clerks are around watching the screens someone came in and crushed Silver prices from around $50 to around $28. It happened in a few sweeps of the screen. This was basically a fed bailout of JPM. The silver run was over, investors lost tens of millions and JPM lived to scam another day.
In my 15 years as a professional trader I learned that the entire system is rigged and manipulated to benefit the few. They say if you're sitting at the poker table and don't know who the fish is then you are the fish.
What does this have to do with bitcoin? Well we saw what happened to Sadam and Ghadaffi when they suggested trading Oil for gold rather than dollars. As soon as the powers that be feel threatened they make up some story about you and take you out. Yes, they'll let bitcoin hang out as long as it doesn't become too powerful. They'll likely use it as a case study in preparation for issuing their own digital currency.
As for silver, it will go where the bankers want it to go. They have full spectrum dominance over every market since the last crash. The key is to know where they want it to go then bet with them.
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which is why i'll never play the market again..other than a 401k in order to gain company match..<shrug> meh, why leave money on the table?
i will put it in bonds so it's virtually guaranteed* to be there when i retire.
the rest? i will throw it in my safe because it will earn more..at least i know it will be there when i get back.
thank you for your part in the sham the nearly took down a global economy!
![Flip The Bird :finger: :finger:](/styles/smilies/finger.gif)
signed the girl who stood in her companies lobby consoling the 401k rep on September 15, 2008, morning when i should have been at presidents in atlantis that year..but couldn't..the phones stopped ringing the quarter before..something surely had gone down..down the drain..
30% of my business and 15% of my 401k.
xxoo
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