Paper Gold Blows Up? Again, Quoting Chris Hedges

from wepollock

How to Think Chris Hedges – I review some important words from Chris Hedges regarding some recent themes of this channel.. I go on to illustrate how Paper Gold has once again blown up.. This likely means PFGPM accounts are not protected by the part 190 Rules which govern the distribution of specifically identifiable property. Only accounts at Peregrine Financial Group, Inc.–the CFTC and NFA registered entity–would be afforded segregation protections. It is unclear at this time of PFGPM is bankrupt, but its customers are afraid that they are be part of a larger, more complex Ponzi-scheme.

Those whom with we spoke, who chose not to be named, were worried that if PFGBest was willing to defraud the regulated side of the business, they may have little compunction about defrauding customers of an unregualted entity. Some customers complained of PFGPM being slow to produce statements, especially when bullion was deposited at third party vaults. No one at PFGPM is accused of any wrongdoing.

Yet, there are some irregularities on the firm’s web sites which raise questions. Customers of PFGPM are instructed to wire funds to open an account to a JPMorgan account in the name of Peregrine Financial Group, Inc Precious Metals. However, the “Precious Metals Account Agreement” customers must sign in opening an account names the controlling entity as “PFG Precious Metals, Inc”. Nowhere in that agreement is the word “Peregrine” even mentioned.

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Posted on Jul 9, 2012

AP/Michael Probst
By Chris Hedges

Cultures that endure carve out a protected space for those who question and challenge national myths. Artists, writers, poets, activists, journalists, philosophers, dancers, musicians, actors, directors and renegades must be tolerated if a culture is to be pulled back from disaster. Members of this intellectual and artistic class, who are usually not welcome in the stultifying halls of academia where mediocrity is triumphant, serve as prophets. They are dismissed, or labeled by the power elites as subversive, because they do not embrace collective self-worship. They force us to confront unexamined assumptions, ones that, if not challenged, lead to destruction. They expose the ruling elites as hollow and corrupt. They articulate the senselessness of a system built on the ideology of endless growth, ceaseless exploitation and constant expansion. They warn us about the poison of careerism and the futility of the search for happiness in the accumulation of wealth. They make us face ourselves, from the bitter reality of slavery and Jim Crow to the genocidal slaughter of Native Americans to the repression of working-class movements to the atrocities carried out in imperial wars to the assault on the ecosystem. They make us unsure of our virtue. They challenge the easy clichés we use to describe the nation—the land of the free, the greatest country on earth, the beacon of liberty—to expose our darkness, crimes and ignorance. They offer the possibility of a life of meaning and the capacity for transformation.

And here is the dilemma we face as a civilization. We march collectively toward self-annihilation. Corporate capitalism, if left unchecked, will kill us. Yet we refuse, because we cannot think and no longer listen to those who do think, to see what is about to happen to us. We have created entertaining mechanisms to obscure and silence the harsh truths, from climate change to the collapse of globalization to our enslavement to corporate power, that will mean our self-destruction. If we can do nothing else we must, even as individuals, nurture the private dialogue and the solitude that make thought possible. It is better to be an outcast, a stranger in one’s own country, than an outcast from one’s self. It is better to see what is about to befall us and to resist than to retreat into the fantasies embraced by a nation of the blind.

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