From Steve Quayle:

May 15, 2012

Steve,

The warning shots have begun. I will tell you that this week has been heavy in the financial world, as I predicted that it would be from my last update till the winter. The reverberations of the JP Morgan $2 Billion dollar derivative trade loss is playing out and the fissures have finally began to manifest on the foundations of the world market. What you will see in the next few weeks is continued talks and hearings about financial regulations and other such stall tactics. This is all a cover and a ruse. The $2 billion dollar loss is just a smoke screen to further hide the truth of the $2 billion loss from MF Global. Which I will tell you from my sources Jamie Dimon and JP Morgan Chase were the sole beneficiaries of that "Loss" . In truth JP Morgan has taken delivery and full liquidation of MF Global assets, thus the $2 billion derivative loss is no big deal for the following reasons:

1- Americans and most MSM talking heads do not understand derivatives, thus it is easy to throw out cliches, axioms and jargon with cries for more regulations. Thus Dimon and his cronies at JPM know that they will skate free from all litigation. After all he was once again voted in as CEO by the JPM board. Why? Because he covered the loss of JPM trades with MF Global's "missing" $2 billion. JPM knew about the derivative loss for months.

2- The $2billion loss will cause the needed outcry from America's Banker (Dimon) to call for more power that will favor the Too Big To Fails (TBTF) Banks. This will allow them to further prop up the crumbling economy just long enough that it will allow them to further liquidate and conglomerate Americas wealth into fewer and fewer hands. All this before the coming Euro collapse which will occur this winter. This $2billion JPM trade loss is the perfect catalyst needed by the MSM to keep the ruse and distraction going.

Greece has gone past the point of no return and RBS, UBS, Satander and SG are all implementing the final contingency plans for a Euro withdrawal and Drachma resurgence. This will occur very quickly creating hyper velocity and massive Euro bond dumps the likes of which we have never seen. The actions of Greece will inspire Austerity strapped Italy, Spain and Portugal to do the same. France will tailspin as the French have the greatest exposure to this coming crisis than any other nation in the Eurozone. Look for Francios Hollande to move for a Euro exit as well due to overwhelming pressure from his far left socialist party. Hollande has to comply, if he does not it would be political suicide.

Same goes for Germany, Merkel's party lost BIG in Germany's largest state North Rhine Westphalia (NRW), which way NRW goes, so goes the rest of Germany. Anti Euro sentiment is strong and it can not be stopped no matter what the bankers are doing.

The Euro is on it's last legs I do not see this currency continuing past 2013. There will be a quick dash to the dollar as a security blanket but that too will fail once the American derivative exposure can no longer be hidden. The final straw that will bring down this house of cards will be the $200-$300 Trillion of American derivative exposure. The derivative bubble will pop. What Dimon and JPM has signaled to the world elites and bankers in code is simply this...."It's time to get out of dodge."

Best Regards,

V.