Though CME Group Guarantees, There Are No Guarantees
by Gerald Celente
by Gerald Celente: Labor
Day Market Bloodbath: Gold Tops $1,900
Journal has uncovered critical information that in light
of the MF Global bankruptcy casts doubt on the fitness of
CME Group to serve as a trustworthy derivatives and commodities
exchange, and on the credibility of its Executive Chairman, Terence
here for "smoking gun" video)
Not only has
the scandalous MF Global bankruptcy (the eighth-largest in US history)
wreaked financial havoc on thousands of individuals, it has single-handedly
destroyed faith in the commodity markets. CME's reputation as the
financial Rock of Gibraltar, upon which the commodity markets are
anchored, has now been undermined. By its recent actions, CME's
claim of being committed to guaranteeing the transactions undertaken
by its members has been called into question.
as 2010, Terrence Duffy boasted, "No customer has ever lost
a penny as a result of a clearing member default." Moreover,
in the same press conference, Duffy stated unequivocally, "Since
we are the guarantor of every transaction that happens in our markets,
we have to guarantee the performance of each and every one of these
To do this, we hold more than $100 billion of collateral
to support the transactions that are being done on our markets."
- Mr. Duffy
affirms that the CME Group is "guarantor."
- CME has
a $100 billion reserve to make good any possible default by a
The MF Global
meltdown, big as it is, is not "just another" major bankruptcy
another Lehman Brothers. It provides irrefutable proof of
the tactics employed by top financial players in a prelude to the
unraveling of the world's financial system.
Journal has come up with a key, perhaps THE key. It is up to
the Fourth Estate to publicize and expose CME Group, Terence Duffy,
and MF's former CEO, John Corzine, for what they are: not so much
canaries, but the vultures in the mineshaft.
is founder and director of The Trends Research Institute, author
2000 and Trend
Tracking (Warner Books), and publisher of The Trends
Journal. He has been forecasting trends since 1980, and recently
called The Collapse of ’09.
2011 Gerald Celente
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