Well I guess I touched a nerve with Bart. I really didn't think he'd get upset about the lining of the pockets thing but hey, some people are sensitive to the things that cause them the most guilt. It must be like eating the Bread of Shame.
What I thought would upset him was the eunuch in a brothel statement. But the CFTC has been ball(less) for so long this didn't seem to bother him. Maybe he didn't even get that far.......
Anyway here's his response:
"I was reading your email and
thinking about my thoughtful response until I got to the lining my pocket bs. I
could be making a hell of a lot more money working in the private sector,
but I have declined to do so. I’ve spent my career in public
service doing the best I can. I accept it isn’t good enough for some, but I
certainly don’t have to respond to those people. Please don’t email
I say whatever, Bart. Most people don't take gov jobs for the salary. They take it for the benefits and the benefits are many. His medical benefits will be worth more than most people make in a year. When they do a short stint in the gov they the move on to some bank or investment firm and make 6 to 7 figures utilizing the insider knowledge and contacts they made previously for their and their firm's benefit.
Seriously, how can Bart fault me here? People are frustrated and the yawning gap between reality and surreality widens as we witness fraud after fraud after fraud. Crony capitalism is bordering on fascism and the CFTC seems to be just an observer.
Here's something Bart will have to live with: someday many of the frauds that are carrying on today will be exposed. As Warren Buffet says (and I largely think Warren is a tool), "when the tide goes out, you see who's been swimming naked." When those frauds are exposed we will see just how ineffective the regulatory bodies are in this country and it will SHOCK most people. And then Bart's illustrious public career will be tainted with incompetency and could be said to have been a complete waste of time other than the gain he made personally.
Truly though I wasn't trying to offend Bart. I think for the most part he's sincere and when I told him he should resign I meant it. Someone who works hard and cares deserves respect and dignity. Bart is receiving neither respect nor dignity doing what he is doing. Perhaps it will be revealed one day that the CFTC is the glue holding the futures markets together but I doubt it. Since 1974 they have brought the most trivial of charges against firms and individuals with no resultant convictions.
So having been blackballed from Bart's email list after the first time I emailed him I say good luck, Bart. You're going to need it.
This is a letter that I want to make public record and which I also sent to Bart Chilton:
Dear Mr. Chilton,
I’ve never written to you before because I’ve likened the
effectiveness of the attempt to yelling into a tornado and being heard but I
cannot resist forwarding to you the brief snippet below from the latest Dennis
"Concerning gold, let’s note firstly something sent to us by our old
friend John Brimelow, who had a most interesting piece in his commentary this
morning regarding the violence of the recent price changes. He noted a piece
written by Russell Rhoads, CFA of the CBOE Option Institute, who wrote the
following: "’Friday was a 4.88 standard deviation move in the price of gold.
For simplicity’s sake let’s call it a five standard deviation move. Statistically we get a five
standard deviation move approximately once every 4,776 years. So we
should not expect another move like this out of the price of gold until May 17,
6789. … Currently the two-day price change in GLD is 16.65, which can be
converted to just over eight standard deviations. I wanted to share what this
comes to, but the table I use only goes up to seven standard deviations. Let’s
just say the sun is
expected to burn out first.’" * remember May 17, 6789, write it down for future generations, eh? a criminal act, indeed
Mr. Chilton, we have now entered statistical la la land. I’m not expecting
anything to happen out of this but I have to vent my frustrations. And why
should I expect anything different when Eric Holder himself states that the
banks are too big to prosecute…..!!!? REALLY?
So here we have yourself, the AG and all the other regulators drawing a
salary from the public coffers (MY TIME, MY MONEY!!) and you all are lining
your pockets while protecting the “Too Big To Fails” because if they fail the
whole world comes tumbling down but the stock market is rallying so we have
nothing to fear! This will all blow over right?
Do you people think we are little children? Do you think we believe this
trite? I think you would be shocked if you knew the actual number of Americans
who are aware of these shenanigans. You should be bright red with embarrassment
Lately I’ve been reading much about the money printing extravaganza that
lead up to the dire events of the French Revolution in the early 1790’s and
what happened to the country and particularly the men that went along with such
schemes. You may want to familiarize yourself with that history. These things
don’t end well but perhaps you think a group of baboons can monkey hammer on a
keyboard all day trying to create their version of reality and REALLY think
they are making it so.
When you drop the price of silver and gold like they did this is the reality
Buying Frenzy Continues: China, Japan, And Australia Scramble For Physical
You’ll recognize that’s from Zerohedge…
Mr. Chilton, I would liken the performance of the regulators and law enforcement
in this country to that of a eunuch in a brothel. You’re there, but not
performing. Wouldn’t you rather be involved with an organization that can
effect change in this world? Consider resigning and joining the private sector.
When you’re paying your bills and dining out at nice restaurants think of me.
Consider how much myself and my friends and family and countrymen are paying
YOUR BILL while you turn your backs on us. For shame, for shame. Good
luck to us all,
"The law has been perverted, and the powers of the state have become
perverted along with it. The law has not only been turned from its
proper function, but made to follow an entirely contrary purpose. The
law has become a tool for every kind of greed. Instead of preventing
crime, the law itself is guilty of the abuses it is supposed to punish.
If this is true, it is a serious matter, and moral duty requires me to
call the attention of my fellow-citizens to it."
Well here we've come to it. Bitcoin's bubbled like a girl's butt after her first semester of college drinking.
Well according to the anatomy of a bubble, we drop further. Right???
That's my call and I'm sticking to it.
I'm a buyer anywhere between $30 and $50. But that's just an edumacated guess. Who knows what this should be. Any pioneer in ANY thing suffered many risks and maladies. Why should this be different in this new, digital, age?
Two headlines today that exemplify what it is about the media that will drive you bat shit:
Fed member hints at summer slowing of QE3Link Now remember, we're on QE4 and everyone knows it. This is a semantics game and statements like this are made for no other reason than to temper market expectations. MOPE as Jim Sinclair calls it (management of perspective economics). The second headline:
Here's the first paragraph by Ambrose Evans-Pritchard:
"Columbia Professor Michael Woodford, the world's most closely followed
monetary theorist, says it is time to come clean and state openly that bond
purchases are forever, and the sooner people understand this the better."
Well there you have it. QE's over but it's not so you should sell your silver and gold and buy stocks and bonds (which you should never do at the same time).
My background post BS was recruiting engineers for the automotive industry and then I moved on to finance. I had started investing for the first time during the .com boom and did quite well in very short order, thank you. And just as fast got burned. Being in finance I HAD to learn the markets in order to communicate with my high profile clients. Way leads to way and losses outweighing gains led me to understand how rigged the markets are. That's what led me to silver. That's now my goal, to teach others what I have learned.
All information provided on this blog are the personal opinion of the author. I am not a financial advisor nor do I promote the use of them save a very select few. All individuals are responsible for thier own decisions and I encourage all individuals to make decisions based on their own due diligence pertinent to their needs and comfort level. Knowledge just may be your salvation.