This is rich.

JPMorgan and Goldman Sachs have sold trillions of dollars in Credit Default Swap insurance against the sovereign debt of the major- and now failing- European nation and banks.  They can't pay it.  There isn't enough money in the world to pay it – and they know that.  So it is now clear that they sold the insurance in order to take in billions of dollars but have never had the slightest intention of paying out a red cent.

Every investor who bought a CDS from ANYONE is not only going to lose their initial investment, but the CDS insurance isn't going to pay.  Funny, eh?  It is to me.  I think it's hilarious.  If you have money anywhere except in your hand, it's gone.  Hide and watch.  It's gone.

Been buying silver and gold as a hedge?  Good!  Hang on to it a little while longer.  It's gone, too.  Gerry Celente just found out yesterday that he isn't quite as smart as he thought.  He THINKS he still has a hoard of money, but he has nothing.  Goodbye, Gerry.  

 —

90% of success is showing up.  Getting the math right is the other 50%.

-T
Aut viam inveniam aut  faciamaut viam inveniam aut faciam.
-Hannibal