Let me start off by saying that JP Morgan is probably one of the most hated institutions by the freedom movement because of their cozy relationship with the Federal Reserve and our government. This kind of soft fascism, or crony capitalism, has allowed JP Morgan to be the recipient of many favors from Washington such as with bailouts, easy money from the Fed, and special regulations to drive out their competitors. It’s had their fingers in our nation’s business for more than 100 years, causing much mischief and economic calamity. In fact, Mr. JP Morgan was one of several financial leaders who influenced Woodrow Wilson and Congress to adopt a charter for our national’s third central bank, the Federal Reserve, in 1913. Ever since then his company has been one of the main shareholders of the Fed, thus reaping obscene profits (it turns out that it pays really well to print out money and loan it to the government with interest). This definitely marked a turning point in our nation’s history, and started a long road that will eventually lead our national to financial ruin due to monetary debasement.
But some people who are against JP Morgan have devised an ingenious campaign to bankrupt the megalithic bank. It turns out that JP Morgan has been responsible for manipulating silver prices by selling tons of silver contracts for silver they don’t own in order to artificially drive down the price of silver. These “naked silver shorts” account for billions of dollars on their balance sheet and some say it’s equivalent to counterfeiting (selling something you don’t actually own). However, with the help of GATA (the Wikileaks of the precious metals market) who helped expose this silver market manipulation, many of these silver shorts from JP Morgan were exposed. Thus, sometime last year a viral internet campaign began to encourage as many people as possible to buy silver. It claims that if at least every person in the US buys a 1 oz silver coin, this would force JP Morgan to have to cover their contracts by buying silver on the open market, pushing up the price of silver and utterly bankrupting the bank. Here’s a short video about it from Max Keiser, one of the leaders of the campaign.