Rigged: Exposing the Largest Financial Fraud in History by Stuart Englert

Rigged: Exposing the Largest Financial Fraud in History Reviews

• 
  Timothy Phillips

  I first heard of Stuart Englert from an interview with him on Palisade Radio a couple of days ago. I suppose, like many, I see a lot of political uncertainty, highly dysfunctional leadership in several of the world’s leading economies, a them-or-us, dog-eat dog mentality, poor prognosis for the environment, skyrocketing national debt in many countries and wonder what the future has in store for us all. Covid 19 and our seeming inability to keep this at bay is but the latest curveball. Something has to give and it can no longer be business as usual.
  
  Are we in for a period of hyperinflation and possibly depression? What about the future of the American dollar as a reserve currency and its diminished status as a global asset?
  
  I’m not wealthy, approaching retirement but wonder where to position my assets to weather the approaching storm. Are precious metals the answer? Are there any lessons to be learnt from history? It’s not a good idea to completely ignore history and then suffer the consequences. It’s time to be proactive.
  
  Englert has done his legwork: the history of the relationship between precious metals (money) and “fiat currency” (bank notes) is important to understand. Currency worldwide is a dwindling asset. The author explains it well.
  
  Gone are the days where a currency is backed by gold and silver so it might make sense to collect something with intrinsic value. However, if precious metals go up in value, then this compromises the American dollar’s role as the international reserve currency. Yet, the American government do not want to lose control so they manipulate and suppress the gold and silver market with “sales, swaps and leases along with financial derivatives.” It’s ostensibly flooding the market with gold and silver but it’s often a paper transaction only.
  
  “Some market participants have wondered aloud how 10 billion ounces of gold could trade via the major markets each year, compared to 120 million ounces of total supply and demand. Roughly 100 billion ounces of silver change hands, compared to around 628 million ounces of new supply….” Interesting.
  
  In short, it’s a manipulation of the precious metals market - a suppression of the true value of gold and silver. Manipulation, if done with the consent of government, seems to be legally “acceptable.”
  
  Today, the Federal Reserve, the Bank for International Settlement (BIS), the International Monetary Fund (IMF) and bullion banks serve as agents of the U.S. government. However, “their methods and mechanisms remain largely shielded from public view and scrutiny.” That also helps conceal government skulduggery.
  
  Since 2014, more than a dozen precious metal traders have been charged with fraud and conspiracy. Most worked for some of the world’s top investment banks including Bear Stearns, Deutsche Bank, JPMorgan, Merill Lynch and Scotia Capital. Then there is “spoofing” which involves placing buy or sell orders with intent to cancel them before completing the transaction. The goal is to manipulate prices and profit from the bogus trade. These are illegal activities with penalties for the broker ( higher echelon management have to date not been charged) In any case, this all seems to be done with the collusion of the broker’s company, and billion dollar fines are seemly not a deterrent but merely a cost of doing business for some of the world’s biggest banks.
  
  Although business leaders and conservative politicians extol free market capitalism, Englert warns that financial markets are far from free; that rigged precious metal prices are only part of the fraud. Banks and financial service companies also have been fined billions of dollars for rigging bond prices, interest rates and foreign exchange markets.
  
  “The entire financial system is fraught with flaws and fraud. It's built on an unlimited supply of increasingly worthless currency; infinite credit and bad investments; unregulated derivatives; massive deficits and debt; and routine market interventions.
  
  If Wall Street banks gets into financial trouble from reckless lending or risky investing, the Federal Reserve and U.S. government bail them out rather than shutting them down, perpetuating irresponsible behaviour among those that manipulate markets.”
  
  I was recently in correspondence with the author and asked if the markets are rigged, should one stay away from precious metals? His reply was that precious metal ownership has numerous attributes, including financial portfolio diversification and serving as insurance against currency devaluation, stock market meltdowns and economic collapse. Despite market rigging, precious metals preserve wealth because gold and silver prices never fall to zero like some other financial assets. Ownership of physical metal also undermines the fraudulent, imaginary paper scheme.
  
  Stuart Englart’s book is a short read but has been very helpful in my understanding of financial markets and I would recommend this as essential reading for bringing us all up to speed.
• 
  Warren Mcpherson

  This book summarizes a case of gold market manipulation. It was highly recommended by gold bugs. The issue is important but I felt the book fell a little flat. It didn't introduce much material that I found particularly novel. It did summarize how and why the gold market is manipulated. But it didn't really explain the significance of each section and I suspect many people would feel the hyperbole like "largest financial fraud in history" might be a touch dramatic.
• 
  Stephen W Bond

  Rigged - Quick, Easy, Beneficial
  
  This book clarified several issues I had regarding how and why gold and silver are manipulated. Highly recommend this book.