Josh Sigurdson talks with author and economic analyst John Sneisen about the recently exposed rigging of silver markets by JP Morgan despite years of the bank adamantly denying their guilt.
Even back in 2010 a whistle blower came out against JP Morgan accusing them of rigging silver markets.
In 2016 the silver rigging lawsuit against JP Morgan was dismissed but brought back to court in February 2017. Well now we have more evidence than ever!
36 year old John Edmonds has pleaded guilty to one count of commodities fraud, price manipulation and spoofing. He faces potentially 30 years in jail.
Edmonds has been working at JP Morgan for 13 years and claims senior traders at the bank taught him how to rig the markets for his own benefit. JP Morgan declines to comment, but there's no doubt that this happens around every corner at these banks.
First of all, keeping gold and silver markets down benefits the banks as people flood away from the banks. Second, it's a desperation move to ensure further wealth insurance at these banks as they reach bankruptcy and see red in their share value year to date.
Their cash to deposit ratios are absolutely astonishing. Often, the ratio sits around 1%.
More evidence of why people should stay away from banks and protect their own purchasing power against these entities which are dependent on the dependence of the populace, forcing them into debt servitude.
- Source, WAM
