800 million net loss in that investment division.
Still poised to make 17 billion in 2012.
Story will be forgotten over the weekend.
Europe is burning (fiscally).
American banks (JPM) are stuffed full of gangrenous rot (European debt, obnoxiously leveraged garbage...).
MF Global = just the tip of the iceberg. And it's a very, very large iceberg. This story may be shunned/forgotten by all the "muppets"...but the end result will not be (the muppets will see their "wealth"..."vaporized"). MFG had it's margins called by JPM because JPM is dying at the hands of it's own puss filled corpse.
2012 is not the end of the world. It's the end of an age. As new paradigms emerge, the old must first die. The current paradigm is dead and on it's last legs. How will it play out? I'm not sure. It could lead to full scale world war, it could lead to global hyperinflation, it could lead to a mostly painless debt jubilee.
It's like watching all of the stars line up, slowly, one by one.
2012 is going to be epic, in so many ways. I just hope it isn't epic in the total meltdown variety. Who knows.
That is all.
There is the key word, how much is JPM hiding in their doctored books? How much has the FED already taken off their balance and transferred to its own? How many other banks and firms have losses on the same trades? How fast is Bernanke running the press to cover all these losses?JPMorgan Chase acknowledges $2B trading loss
They can only kick the can and paper over the losses for so long, and each time they do it becomes harder an harder the next time around.
The time for currency destruction level printing is fast approaching.
Bloomberg News reported in April that a single JPMorgan trader in London, known in the bond market as "the London whale," was making such large trades that he was moving prices in the $10 trillion market.
Yeah, JPM never manipulates markets. /Tin foil hat pmbugs
I compiled a "brief" history of events since October 2008 that are defining the global currency war and the role that gold is playing:
Tin Foil Hats, Economic Reality and the Total Perspective Vortex
Also, have you contacted your Congressional Rep and asked them co-sponsor Ron Paul's HR 1098: Free Competition in Currencies Act?