by Bil Holter, SGT Report.com:
Forget about Greece, they didn’t matter Wednesday as the NYSE shut down for nearly four hours. Greece does matter and certainly will matter in the weeks to come. Before getting to yesterday’s very peculiar “glitch”, I do want to mention something quite humorous about Greece. Ambrose Evans-Pritchard wrote yesterday the referendum actually backfired! When Tsipras called for the referendum, he apparently expected a “yes” vote (and so did the banksters running the show!). The “plan” was after the yes vote, Tsipras would hang his head and agree to more austerity and thus kick the can one more time.
The “cradle of democracy” threw an absolute monkey wrench in these plans! How can Tsipras now do any deal with the Troika without being lynched in the public square? One can only hope the Greeks stand up for themselves and not allow anyone to sell them out. As I wrote Tuesday, I believe their best bet is to follow in an Icelandic model and default, start issuing the drachma at a fair exchange rate and exit the Eurozone. In this manner they start over and have some very interesting trade opportunities from their east. We will see what they choose and exactly how bad the fallout is shortly!
So what exactly happened yesterday with the New York Stock Exchange? It was certainly a peculiar day because “glitches” turned up everywhere! First it was United Airlines having to ground all of their flights, then both The Wall Street Journal and Zerohedge websites went down. I also heard of many New York subway cars being halted. Then of course the NYSE was halted for four hours. Was all of this “coincidence”? Or was it just “glitchy”? Let’s call this scenario number one of what I believe are three possibilities.
Then we have scenario number two, yesterday was the result of Eastern cyber attacks. The theory goes like this, China is angry because “we topped” and rolled their markets over in a crash like fashion. Maybe yesterday was a test to see what they could actually do? You may pooh pooh this if you will but it only took 15 minutes for the talking heads on CNBC to deny any scenario except the “glitch”. It wasn’t China, it wasn’t a hack, it was not terrorism we were carefully told. I personally have believed in the theory Mr. Putin would release some sort of “truth bomb” calling BS on various false flags, fraudulent dealings and the Western Ponzi scheme in general. I still believe this will come as the U.S. looks surely to square off with Russia/China/(even ROW) at some point in the not to distant future. I believe there is some merit to this scenario but let’s leave it at that for the moment and then revisit at the end.
Scenario number three seems to me to be the meatiest. I spoke to Jim Sinclair while the market was in closure to see what his take was. He immediately said to me; “it’s like if in a casino and everyone starts winning, mysteriously either the lights go out of someone pulls a fire alarm …no more gambling! I think the PPT knew they were going to be overwhelmed, if this were the case and I was the chairman of the NYSE, I would run upstairs and pull the plug out of the wall. …Problem solved …for now!”.
Let’s look at this a little closer. There are without any doubt “plunge protection teams” all over the world. In the U.S., it is by an executive order signed in 1988 by Ronald Reagan. The Bank of Japan has openly said they buy everything including equities. China, who has been having very serious (25%-42% drops in just 16 trading days) market problems. In fact, it could be said China has already crashed. They are making it illegal for institutions to sell, the PBOC has actively been in their markets and everything they have tried has not worked until today. Then we have Europe and Mr. “we’ll do anything necessary” Draghi. Strangely, even though he is a politician, this is something out of his mouth I believe.
That said, I have a question. Is it possible that we are seeing a global PPT failure? You see, the “fires” are no longer compartmentalized, they have jumped borders! It is this “crossing of borders” I believe which is causing problems. For example, if we look at currencies, what happens if both the ECB and the Fed are trying to support their own currencies, aren’t they actually trading against each other? Another thing to ponder is this, if one market closes (yesterday it was China), will this bring “trapped sellers” into the next market that opens and thus on the shoulders of their plunge protection team?
My personal take on these three differing scenarios is the truth lies as a combination of numbers two and three, I guess I’m just too cynical to fall for the “glitch excuse”. Whether you want to believe it or not, we (the U.S.) are at war with the East and desperately hanging on to the dollar remaining as king. This has been going on for years, only now it is becoming obvious. Would one country try to electronically harm another country financially? Is the Pope Catholic? I do believe there is something to yesterday being either a trial run or a test, maybe even a “shot across the bow”. I also believe the plug was pulled on purpose. Maybe it had to be or was forced, I do not know. I do believe we are watching as the various PPT’s fail to hold the lines. I’m pretty sure we will find the answers out and shortly. The real answers may not be pleasant!
Image: WikipediaHelp us spread the ANTIDOTE to corporate propaganda.
Please follow SGT Report on Twitter & help share the message.