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Rigged: Exposing the Largest Financial Fraud in History
The largest financial fraud in history wasn’t Enron’s colossal accounting crimes, Bernie Madoff’s record-setting Ponzi scheme or the Libor scandal, in which some of the world’s biggest banks conspired to profit by manipulating interest rates. No, the largest financial fraud in history is one most Americans know little to nothing about. It isn’t mentioned by politicians, reported on the nightly news or discussed by coworkers during lunch break. The biggest fraud in history is a financial scheme perpetrated by the U.S. government and its banking accomplices. Over the last century, they’ve used coercion, deception and market manipulation to convince Americans the U.S. dollar is as good as gold and silver. The truth is, it’s not.
93 pages, Kindle Edition
Published January 14, 2020
36 people are currently reading
28 people want to read
About the author
Stuart Englert
7 booksStuart Englert is a veteran newspaper reporter, magazine editor and writer. He graduated from Indiana University's School of Journalism in 1984 and worked on publications in Indiana, Idaho and Tennessee before authoring his first book in 2015. Englert has published nine books, including six of his own titles: "Rigged: Exposing the Largest Financial Fraud in History," the “Paradox” novel trilogy, “Sold Out—How an American Magazine Lost Its Soul,” and “Sweat & Sawdust: The Life and Legacy of Victor J. Hedinger.”
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Displaying 1 - 9 of 9 reviews
October 19, 2020
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.
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.
April 25, 2020
If you are a beginner and have no exposure to financial markets and how the system works, Englert has done a masterful job prepping the you with the information he discusses. He succeeds in not using a lot of complicated jargon that keeps most people in the dark when they watch a program on markets. If you’re more experienced like myself, there is STILL critical information in this book to upgrade your knowledge and provide greater clarity on a relatively hush hush topic. I have 22 years in finance and started my career on Wall Street. I did NOT know some of the information he disclosed. Let’s grab a copy share it with our friends and family to get everyone caught up to speed. The state of our country depends on informed citizens.
September 18, 2020
I loved this book because it filled in many knowledge gaps for me. I have done extensive study in the last five years on economics, monetary policy, and monetary history but never got the specific examples and citations Stuart Englert provides in this book. Thank you, this was so helpful!
This is a great primer for anyone looking to supplement their understanding of monetary policy in the United States. Especially as it pertains to how gold and silver prices are manipulated to protect the dollar.
This is a great primer for anyone looking to supplement their understanding of monetary policy in the United States. Especially as it pertains to how gold and silver prices are manipulated to protect the dollar.
April 13, 2021
Gold is like your House or Land
Good book looking at the possibility of gold and silver fixing. All of what he says is quite possible but most financial advisors do recommend gold (despite what he states) stating that 5 to 10% of your holdings should be in gold and silver. But the author leaves out the influence of bitcoin on gold which is considerable. Until bitcoin crashes it is the real threat to the dollar, not gold and any one government cannot have much of an effect on bitcoin until they start restricting it's wild west usage with laws. Gold holdings should be thought of as a very long term holding at this point, only to be touched as a last resort or to buy land.
Good book looking at the possibility of gold and silver fixing. All of what he says is quite possible but most financial advisors do recommend gold (despite what he states) stating that 5 to 10% of your holdings should be in gold and silver. But the author leaves out the influence of bitcoin on gold which is considerable. Until bitcoin crashes it is the real threat to the dollar, not gold and any one government cannot have much of an effect on bitcoin until they start restricting it's wild west usage with laws. Gold holdings should be thought of as a very long term holding at this point, only to be touched as a last resort or to buy land.
February 25, 2020
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.
October 20, 2020
Very promising content but unfortunately it reads more like a short essay (which it is really.)
At around 65 pages it comes up short. More explanation could have been given on certain areas like swaps and leases.
Overall a very interesting topic of discussion but slightly lacking in depth. It's a shame as I'd like to give it a higher score.
At around 65 pages it comes up short. More explanation could have been given on certain areas like swaps and leases.
Overall a very interesting topic of discussion but slightly lacking in depth. It's a shame as I'd like to give it a higher score.
March 20, 2020
The author took a very complex subject and concisely boiled it down into a comprehensible book. "Rigged" is a quick and informative read.
April 24, 2020
Short but sweet
A good primer on the price manipulation of precious metals. The Federal Reserve is the central bank of the synagogue of Satan, as far as I'm concerned.
A good primer on the price manipulation of precious metals. The Federal Reserve is the central bank of the synagogue of Satan, as far as I'm concerned.
October 29, 2021
Rigged - Quick, Easy, Beneficial
This book clarified several issues I had regarding how and why gold and silver are manipulated. Highly recommend this book.
This book clarified several issues I had regarding how and why gold and silver are manipulated. Highly recommend this book.
Displaying 1 - 9 of 9 reviews