Why US Regulators Cannot Be Trusted

QUESTION: Mr. Armstrong, how do you explain away even the big corporations involved in manipulating markets like the Sumitomo copper manipulation that the company admitted an almost $2 billion loss claiming a rogue trader?
ANSWER: Let me make one point clear. WHATEVER you have read about manipulations is most likely totally wrong. I have NEVER seen that Sumitomo copper manipulation covered in the press by anyone with any knowledge whatsoever of the behind-the-scene-machinations. They all just take whatever they are told and print it from sources they may think are reliable but are plants to begin with. There are too few real investigative journalists these days.
I am not someone who makes up bullshit, nor do I speculate about things I have no idea about as 99% of the nonsense that floats around claiming manipulations. These people have NEVER been inside and are clueless about the real view behind the curtain. PhiBro’s brokers walked across the floor at the COMEX and showed Buffet’s silver orders to my brokers trying to get me to join them because they knew I did not trust the ‘club’. Safra’s bank directly solicited me to join them in Russia in Hermitage Capital. I have first hand knowledge not speculation.

This post was published at Armstrong Economics on September 23, 2014.