You are here

Pam and Russ Martens: Dimon's remarks on Discount Window add to market panic

Section: Daily Dispatches

By Pam and Russ Martens
Wall Street on Parade
Thursday, February 27, 2020

During the financial panic of 1907, John Pierpont Morgan corralled the money men of New York together and convinced them to join him in bailing out teetering financial institutions in order to calm the panic in the markets. His plan worked.

Flash forward to today. Jamie Dimon is chairman and CEO of the bank that bears John Pierpont Morgan's name: JPMorgan Chase. The bank is the largest federally-insured bank in the United States with $1.6 trillion in deposits. It has more than 5,000 bank branches across America accepting the life savings of moms and pops.

... Dispatch continues below ...



ADVERTISEMENT

Storage and Withdrawal of Gold with Bullion Star in Singapore

Bullion Star is a Singapore-registered company with a one-stop bullion shop, showroom, and vault at 45 New Bridge Road in Singapore.

Bullion Star's solution for storing bullion in Singapore is called My Vault Storage. With My Vault Storage you can store bullion in Bullion Star's bullion vault, which is integrated with Bullion Star's shop and showroom, making it a convenient one-stop shop for precious metals in Singapore.

Customers can buy, store, sell, or request physical withdrawal of their bullion through My Vault Storage® online around the clock. Storage rates are competitive.

For more information, please visit Bullion Star here:

https://www.bullionstar.com/



But JPMorgan Chase is also the largest trading and derivatives house on Wall Street -- a dangerous, combustible mix as it proved so well in 2012 when it lost $6.2 billion of depositors' money making wild gambles in derivatives in London.

On Tuesday his week, instead of offering words to calm markets in the midst of a panic over the global spread of the coronavirus, Dimon revealed to reporters that his bank planned to start tapping the Federal Reserve's Discount Window for loans -- an unthinkable strategy for a bank endlessly promoted by Dimon as having "a fortress balance sheet." Adding to market concerns, Dimon told Reuters' reporters that his bank would be borrowing from the Discount Window "against a range of securities and loans" as collateral. ...

... For the remainder of the report:

https://wallstreetonparade.com/2020/02/jamie-dimons-remarks-on-discount-...

* * *

Toast to a free gold market
with great GATA-label wine

Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA's recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express.

Here's what the bottles look like:

http://www.gata.org/files/GATA-4-wine-bottles.jpg

Buyers can compose their case by choosing as many as four varietals from the list here:

http://www.gata.org/files/FayJWineryVarietals.jpg

GATA will receive a commission on each case of GATA-label wine sold. So if you like wine and buy it anyway, why not buy it in a way that supports our work to achieve free and transparent markets in the monetary metals?

To order a case of GATA-label wine, please e-mail Fay J Winery at bagman1236@aol.com.

* * *

Support GATA by purchasing
Stuart Englert's "Rigged"

"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --

https://www.amazon.com/Rigged-Exposing-Largest-Financial-History/dp/1651...

-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at srenglert@comcast.net.

* * *

Join GATA here:

Mining Investment Asia
InterContinental Hotel, Singapore
Tuesday-Thursday, March 17-19, 2020
https://www.mininginvestmentasia.com/

* * *

Help keep GATA going:

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16