Jim: Joining me from Trends Research is Gerald Celente. And Gerald we have been covering a few stories of the implications of MF Global, of course the story about how Ann Barnhardt closing down her account because the system doesn’t work. You had an experience that was not very pleasant. And you found out that even though you didn’t have an account with MF Global in reality you did. Why don’t you share that with our listeners?
Gerald: Yes. About two weeks ago on Monday and I have been trading gold now since 1978 was my first buy. And what I do I have a very simple strategy. It is just kind of like going to a store and buying something on layaway and that is the way I buy gold. I buy gold in very different ways; I buy coins, I buy bouillon and one of the ways I do it is I buy it through the commodities futures exchange. And what I do is I build up my account until l am ready to take delivery, just like a layaway. And all of a sudden you go to pick up whatever you bought at the store and the store is no longer there. And basically that is what has happened to me. So I got a call two weeks ago on a Monday and I got it from my broker and he wanted a margin call. I said what are you out of your mind a margin call!?! I said I have plenty of money in my account. I am taking delivery at the end of the month. What margin call? And then he told me I had an account MF Global, I thought I had it with Lind-Waldock. And I hadn’t paid attention they had been bought out because every time they would answer the phone it was Lind-Waldock and it just kind of registers in your mind like that. Then I found out they took all of my money—all of my money—out of my account and put it in the hands of a trustee. I said who decided this? He said the CME group and other parties. I said you mean Meyer Lansky and Al Capone decided to take my money, they are making up these rules and giving it to a trustee? I mean who is their trustee? What member of the crime family has my money.
Now, Mr. Celente don’t get excited. I said what are you kidding me? That was my life savings. So now you don’t hear anything for two weeks except they close out my accounts. They have closed out a number of my accounts because I refuse to send more money seeing I have all this money in there. So now, I’m hunting around seeing what is going on over here and there is a $700 million shortfall or thereabouts. You keep hearing it on the change day to day. And I go to do some research and I say wait a minute this MF Global is run by the wonderful John Corzine, oh you remember him—the former governor of New Jersey and then Senator until he ran that into the ground. He was a top cat with Goldman Sachs. Goldman Sachs, boy the Rothschilds would be jealous if they could see what the Goldman Sachs gang has taken over. Anyway, let’s not forget Henry Paulson under Bush was a Goldman Sachs guy, Robert Ruben under Clinton, the treasury secretary, was a Goldman Sachs guy that deregulated the industry, killed the Glass-Steagall act and made it legal for these guys to become open criminals. They call taking it down the firewall between commercial banking and investment banking.
It means that they’re casinos that gamble. And that is what Corzine was doing. It’s like you, Jim, going to Las Vegas, sitting down and putting a dollar on the table and making a $40 bet and the dealer would say hey, what are you out of your mind, buddy? You only got a dollar there. Hey don’t you know who I am? I am John Corzine and my buddies over there at the Federal Reserve and at the commodities future trading association, they say it is okay. I can bet 40 to 1. You just do this and do as you told. Because you know who my buddy is over there at the commodities future trading association? Well his name is Gary Gensla. Oh yea, so big deal. What do you mean big deal. I knew Gary when I was over at Goldman Sachs. He was one of the boys. He said I could do this. So this is what he is doing. What he did was he took the money out of my account. He stole the money out of my account and others and what he did was, brilliant John Corzine, bet on European bonds. Oh you know those wonderful Italian, Greek, Portuguese, Spanish and Irish bonds…going down the toilet. So that is what he did. He took funds that are segregated and got them to fill his money junky habit of 40 to 1. So then I’m doing more research and I come up with this guy the head of the CME Group, you know the CME Group. They are the stock exchange for commodities and derivatives out of Chicago. Terry Duffy. Yes. Terry Duffy, the executive chairman. And I’m googling around and I find a speech of his with his good buddy Mayor Daley next to him. This was about a year ago. And here is what Terry says at this press conference.
This all ties together—he was trying to get tax breaks for the CME Group because of all the jobs that they create and how they deserve these breaks as the rest of us just have to live by the rules. And he goes on to say “no customer has ever lost a penny as a result of a clearing member default of the CME Group”. Oh yea, Terry, guess what? I lost more than a penny. A lot more than a penny. And here is the smoking gun. This is the smoking gun that should bring down the entire criminal operation. If you or I did this, Jim, we would be behind bars. But just like Corzine walks free, he is a member of the White Shoe Boys Club—there is no hard time for them. “Since we are the guarantor of every transaction that happens” says Mr. Duffy, “in our markets we have to guarantee the performance of each and every one of these contracts”. Then he goes on to say that they have secured these contracts. To do this we hold more than $100 billion of collateral to support the transactions. That are being done on our markets. Where is the money, $100 billion? And they are talking about a $700 million shortfall and they can’t come up with it. This is either a fraud or a con or a lie. What is this?
Jim: Gerald, what about the fact that if you had cash in your account which is collateral what about the comingling of accounts. It sounds like what they did is what Corzine was doing was rating these cash and accounts. Customers thought they had margin there that was segregated. It doesn’t sound like it because it looks like $800 million is missing. How did that go?
Gerald: Exactly. And nobody is calling this guy out. You remember Jim, that guy Dominique Strauss-Kahn, the IMF guy that was allegedly caught forcing sex on a maid at a hotel? And remember the perp walk he did and they sent him to Riker’s Island. This guy Corzine screws tens of thousands of people and what does he do? He gets to throw $35,000 a plate fundraising dinners for Obama. Where’s his perp walk? How comes he’s not locked up? How come they don’t have him in jail until they find this money? I tell you why, because of the word justice. Everybody has it spelled wrong it’s J-U-S-T—U-S. Just us. Just like that woman in Arizona who they took a husband and her threw her to jail for not paying for a $5 chicken sandwich and put their kid in foster home. Just like the people who sell raw milk and the Garden Gestapo come in and break them and take everything that they have. Just like these little kids that get busted, you read about it all the time for lemonade stands. Just like I heard Mayor Bloomberg cleaning up Zuccotti Park because it was unsanitary and throwing out these peaceful protestors. Hey billionaire Bloomberg, how about cleaning up the crap a couple of blocks down the street over there called Wall Street? How about cleaning that up?
Jim: There is another book out called “Throw the Bums Out”. I don’t know if you have heard of it but it is amazing the innerconnectedness of the very people you are talking about including the people like Warren Buffet who has gotten bailed out. They bail out the big bankers, Corzine throws a dinner party for a fundraiser and in the meantime $800 million are missing. I run a broker/dealer and if I did anything like that I would be doing this interview in prison.
Gerald: That’s right and you know what else, they would be busting into your house ripping you apart throwing your wife down to the ground and handcuffing your kids. That’s what you would get! How come nobody is at Corzine’s Fifth Avenue penthouses? How come? And I am going to tell you Jim, I am so sick of hearing how, “Oh, this Obama is a socialist. He’s a Marxist.” No he is not. The merger of state and corporate powers is called fascism. Let’s stop calling these people bankers. Let’s call them by their proper names, loan sharks. The loan sharks have taken over this nation. They have just taken over there in Italy. They put this guy Mario Monti—they call him Super Mario. How about three card Monti? How about this guy—look at him, look at the connections! I’m not making this up. Monti. The new Draghi head of the ECB. Papademos over there in Greece, three bankers just took over the deal. Where did what’s his name, Draghi come from? Oh he was head of the Goldman Sachs group there in Europe wasn’t he? Member of the Trilateral Commission and a senior member of the Bilderberg. I’m not making this up it is right here in Wikipedia. And how about that guy Papademos over there? Oh yeah, another trilateral member and also a roommate…a roommate of Draghi during college years. That’s pretty tight isn’t it? Yeah, but you know there is also three card Monti over there in Italy. No he’s not another member of the Trilateral commission is he? Oh no…it just happens to be like that!
Jim: I want to move onto another topic that you covered in your trends journal and you had this exhibit—because I covered this on the show this week. You took the US government budget and it was $3.8 trillion—they got $2.2 trillion—the new debt is $1.7 trillion and the amount that they are cutting, the actual cut from the budget from the charade this summer, was like $38.5 billion. What a joke.
Gerald: Yeah, what a joke. The whole thing is a joke. And the joke is on us.
Jim: I just wonder how long whether it is Occupy Wall Street or The Tea Party, but do you see the American public is finally waking up and saying wait a minute. This things with Corzine and MF Global, he is giving fundraisers for Obama, meanwhile $800 million is missing. Your money is missing. They closed out your account, where are the indictments? From 2008 I interviewed Bill Black who was a prosecutor during the S&L crisis and he was saying that there were over 2000 white collar executives that did jail time. From 2008 there has been zero, zero prosecutions.
Gerald: I know. As I’m saying the whole system is corrupt from top to bottom. All you have to do is look at the facts. I just got a ticket. I didn’t obey a stop sign and I have been driving for almost 50 years with no violations. So I get written up for $160. $160 for not obeying the stop sign. And this kid, 22 year old perfect little Nazi, I said to him, can I talk off the record here a little bit after I get this ticket. I said this is a lot of bologna. You are breaking people like me for this. I’m fortunate I can afford this. There was a time in my life when I couldn’t. How about all of these people where that kind of money means putting food on the table? And that is all this country has become. And the police should be ashamed of themselves some of these police. The violence that they are using to break up peaceful protestors. They got enough body armor to walk through the battle of the bulge unscathed and look what they do they protect Wall Street. They protect Wall Street. They become nothing more than enforcers for the criminal financial crime bosses and their enablers, the politicians. Look at the scandal that just came out—that continues to come in and out of the news again and again— about the insider trading that goes on throughout congress.
But hey Jim, it’s not against the law—they made it legal. This is how they use the law. It came down from Christ. The 10 Commandments, the 11th and 12th and 13th and 150th were all made by God for congress. I mean you got a bunch of flunkies making this stuff up to protect themselves. And this is really important mentioning Christ. The only time Christ lost his temper and became violent was to take the whip against the money changers in the temple. Isn’t that something? The Prince of Peace loses it because of the greedy money junkies. And now they have taken over the country and they are going to take us all to war. What you are seeing going on—Occupy Wall Street—“they are nothing but a bunch of hippies that don’t want to work.” You know what this is, Jim, it’s class warfare and it’s as old as history and you can play back the clock. We are seeing it over and over again. Far too few have much too much and way too many have much too little. The gap between the rich and the poor in the United States is the widest of any of the industrialized countries. You picked it out. Have you seen any heads roll? Not one. Not one from the Wall Street gang. Oh they got Madoff over there. Madoff screwed with the wrong people. He hit the rich. He didn’t hit the people that lost their pensions and savings and retirements.
Jim: You know you see this, this book “Throw The Bums Out”, these people that are on congressional committees that make 111 trades on healthcare stocks, get earmarks that enhance their property or get 15 to 20% of the TARP funds to bail out banks you have invested in, Gerald the whole thing is –
Gerald: The whole thing is sick and until we restore morality nothing will change. Values change. Morals don’t. This all comes back to reality. As I said, people that call this socialism—the merger of state and corporate powers is by definition fascism and in every way you look at it fascism has come to America.
Jim: As we close, if our listeners would like to follow your work and as you point out a lot of these trends that are hitting how do they do so, please?
Gerald: Trendsjournal.com and again we know that people are having a difficult time and the trends journal is there to help you prepare for the future. And you know what we do and how we do it. There’s a discount request page. We want everybody to be prepared. And enough people that know what they are doing, enough people that want the truth then we can have a brighter future something each and every one of us. This is a time for all good men to come to the aid of their country.
Jim: Alright, we have been speaking with Gerald Celente from Trends Research Journal and Gerald thanks for coming on and I wish you all the best with your situation you had with Lynn-Waldock. It is very unfortunate that $800 million can go missing and what they do is they ask you for more margin and there is no indictments in any of this. It is just another example of how the system is broken down.
Gerald: Yes, it is. Thank you so much, Jim.