I don't expect to see JP Morgan, arrogant to a fault and to the end, go down in flames. They will try to drag this on for years. BUT, this bombshell global exposure is another dagger in their heart....and their hitherto denied illegal acts of stealing all they can from the public...will now have much more meaning in a very negative way. Serious people have been pointing the finger at JP for years now. This is a breakthrough...With the mainstream media and the CFTC on the case...plus a growing horde of others pawing the ground in line. They can deny and lie all they want but the damage is done. The GATA folks, after 11 years of courageous, dogged pursuit of the truth are no longer the tin foil hats. There is blood in the water and a growing demand for justice that this latest insult has emboldened. This is but the thin edge of the wedge that publicly announces to the American people and the world that "they are mad as hell and they are not going to take it any more". It is a battle cry that will soon be heard across the land as emboldened citizens demand to take back their Government and their country as the masses shout for action against injustice.

This all comes at a very difficult time for the US Administration just before an election. This bank is tied at the hip to the US Gov. and has been deeply intertwined with the Administration of all US Goverments for years. For Obama, it is ill fortune indeed that yet another very serious red flag is waving re this bank and it's litany of illegal business activities. Look for the Republicans to take over both houses next week and for the Dems to stick it to those who voted them out. All bets are off now.

How many conspiring rats will now be doing some deep naval gazing about distancing themselves from JP? I submit ...many. The fabric of the cartel is now beginning to unravel as other names, such as the Goldmans Sachs of the world with their $130 billon bonuses, start to feel the heat as well.

Anyway, this is a major blow to one of the ringleaders of the gold and silver fraud that has existed ever since the Robert Rubin days when it was decided to prostitute gold for a phony strong dollar policy. Of course, one could really say it all started in 1913 When the US Fed. was created in a clandestine meeting in the dark of night when Congress was off guard, and took over printing money for the US at Jekyll Island. That was the day that gold was doomed as a backing for the US dollar.

Things are going to get very interesting now. How much spin energy is there left in the ongoing management of perception economics (MOPE) that Jim Sinclair has been correct on for years? It will be most interesting to see how the game will be played re the next QE day next Wednesday. The whole dam world is abuzz about it. Will they break hard, gradually or soft?

Gold and silver bugs ... the worm has turned.