With the US dollar slowly collapsing under the continuous Quantitative Easing (QE) scheme, gold and silver prices being manipulated and fixed by the Worlds biggest banks while they hoard the metals for their own gain, we are heading for a perfect financial storm. America will soon have no choice but to default which will have global financial consequences. To lessen the massive impact on what is about to happened, we need to create and support our local industries. The only way to do that is to buy Australian product whenever we can. It may in most cases cost more than the imported equivalent however we will generate jobs which is not something our government is doing successfully. Local manufacture strengthens the economy which is what needs to happen during global crisis. It is not my intention to predict doom and gloom however the choice is ours. If we ignore supporting our local industry, we will go down like a ton of bricks. When you purchase anything at all, look for the first three digits from 930 to 939 on the product bar code and you will be giving your children a better future. Come on Aussies…get your act together and show the rest of the World we are not a bunch of losers.
My name is Stan. I am a retired Sergeant of Police in Victoria for 14 years. I was also a police prosecutor at times, so I know what I am talking about. I spent half my life in Magistrates Court during my time in the Force. I was only ever a very fair copper, and I am proud of my time in the job, looking after the interests of Victorians, often to the detriment of my family and my health.
I never booked any driver for a trifling offence “ever”. People committing trifling offences commonly used to get a warning and a licence / vehicle check. It had to be serious before I booked anyone.
I am so annoyed at what is happening these days, in what I call “Indiscriminate revenue gathering” It is absolutely disgusting. The government and the Police Force need to hang their heads in shame. If you did a survey of current serving members of the police forces in this country, you would be hard pushed to find many who disagree with me.
I know how the legal system works, and I know how to beat the system. This is how to do it, and if about 10% of all drivers booked follow my specific instructions, then the entire system will crash and become unworkable to the extent, that the government will have no choice but to stop issuing fines for every type of traffic offence. The whole lot of them. Seriously.
I do not feel guilty about coming out with this information, as I think it’s about time someone stood up for hard working, civil minded, law abiding taxpayers in this country, who are being screwed.
This is very simple and very basic. The idea is to clog up the system in the traffic camera office and the courts by drivers exercising their rights to remain innocent until proven guilty.
SIMPLE BASIC LEGAL STEPS TO FOLLOW…………….
1. Do not accept the alleged offence. There are numerous valid reasons to dispute every single alleged offence. Often the charges are incorrect or the evidence is illegally or incorrectly gathered.
2. Challenge it, tell them that you are going to defend the matter. Make them earn their miserable $150 or $200 or whatever. They have to prepare evidence and witnesses. Just the wages for the camera operator or the Policeman on the day of the court, will be more than the actual fine. You are also taking a camera operator or a member of the Police Force off the street for the day. But it won’t get to that point…..read on….
3. If a court date is ever set, and it does not suit you, do not accept it, ask for a delay to a time and place that suits you.
4. When they re set the date, delay it as often as possible. keep pleading not guilty all through the process. You have every right to be sick, or go for an adjournment if the day does not suit for any legitimate reason. For example you may have pressing family or work commitments which prevent you from attending a particular court on a particular day.
5. If it ever actually gets to court, (which is unlikely if everyone does this) and if you are unwell that day, ring the court in the morning and tell them that you cannot make it as you are sick. The camera operator, and a police prosecutor will already be at court, and will be greatly inconvenienced, by having to come back another day. The whole time this is going on, the amount of paperwork involved at the traffic camera office is huge. Several staff are involved, and it rapidly becomes very costly, probably running into thousands. …..with me so far…..keep reading…….
6. The court system is then placed under such a massive load by people who wanted “their day in court” that it simply will not be able to cope unless they open up about another 50 magistrates courts, and this is obviously going to cost the government a lot more than any revenue raised. If all the above fails, which is highly unlikely….and you actually go to court and get convicted……you have a right of appeal. Make sure you appeal the conviction. You don’t need to be a rocket scientist to see what happens. They are not going to spend millions chasing hundreds.
7 Tell everyone you know to challenge their alleged offences, and the entire system will crash within a few weeks.
8. Please pass this on. AND ALWAYS REMEMBER THAT YOU ARE INNOCENT UNTIL PROVEN GUILTY AND THAT THERE IS A VERY HIGH PROBABILITY THAT THE EVIDENCE USED AGAINST YOU IS WRONG. YOU HAVE EVERY RIGHT TO CHALLENGE ANY ALLEGED OFFENCE. THIS IS WHY COURTS EXIST….SO USE THEM……A LOT.
The London gold fix, the benchmark used by miners, jewelers and central banks to value the metal, may have been manipulated for a decade by the banks setting it, researchers say.
Unusual trading patterns around 3 pm in London, when the so-called afternoon fix is set on a private conference call between five of the biggest gold dealers, are a sign of collusive behaviour and should be investigated, New York University’s Stern School of Business Professor Rosa Abrantes-Metz and Albert Metz, a managing director at Moody’s Investors Service, wrote in a draft research paper.
“The structure of the benchmark is certainly conducive to collusion and manipulation, and the empirical data are consistent with price artificiality,” they say in the report, which hasn’t yet been submitted for publication. “It is likely that co-operation between participants may be occurring.”
The paper is the first to raise the possibility that the five banks overseeing the century-old rate – Barclays, Deutsche Bank, Bank of Nova Scotia, HSBC and Societe – may have been actively working together to manipulate the benchmark. It also adds to pressure on the firms to overhaul the way the rate is calculated. Authorities around the world, already investigating the manipulation of benchmarks from interest rates to foreign exchange, are examining the $US20 trillion gold market for signs of wrongdoing.
The paper “is not a Moody’s research report,” Michael Adler, a spokesman for the firm, said in an e-mail. “The co-author of the paper was writing independent of his position at Moody’s and was representing his own research findings and viewpoint.”
Officials at London Gold Market Fixing Ltd., the company owned by the banks that administer the rate, referred requests for comment to Societe Generale, which holds the rotating chairmanship of the group.
Officials at Barclays, Deutsche Bank, HSBC and Societe Generale declined to comment on the report and the future of the benchmark.
Joe Konecny, a spokesman for Bank of Nova Scotia, didn’t respond to requests for comment.
Abrantes-Metz advises the European Union and the International Organisation of Securities Commissions on financial benchmarks. Her 2008 paper “Libor Manipulation?” helped uncover the rigging of the London interbank offered rate, which has led financial firms including Barclays and UBS to be fined about $US6 billion in total.
She is a paid expert witness to lawyers, providing economic analysis for litigation. Metz heads credit policy research at ratings company Moody’s.
The rate-setting ritual dates back to 1919. Dealers in the early years met in a wood-panelled room in Rothschild’s office in the City of London and raised little Union Jacks to indicate interest.
Now the fix is calculated twice a day on telephone conferences at 10:30 am and 3pm London time. The calls usually last 10 minutes, though they can run more than an hour.
Firms declare how many bars of gold they want to buy or sell at the current spot price, based on orders from clients and themselves. The price is increased or reduced until the buy and sell amounts are within 50 bars, or about 620kg, of each other, at which point the fix is set.
Traders relay shifts in supply and demand to clients during the call and take fresh orders to buy or sell as the price changes, according to the website of London Gold Market Fixing, where the results are published. At 3 pm yesterday, the price was $US1,332.25 an ounce. The process is unregulated and the five banks can trade gold and its derivatives throughout the call.
Bloomberg reported in November concerns among traders and economists that the fixing banks and their clients had an unfair advantage because information gleaned from the calls provided an insight into the future direction of prices and banks can bet on spot and derivatives markets during the call.
Abrantes-Metz and Metz screened intraday trading in the spot gold market from 2001 to 2013 for sudden, unexplained moves that may indicate illegal behaviour. From 2004, they observed frequent spikes in spot gold prices during the afternoon call. The moves weren’t replicated during the morning call and hadn’t happened before 2004, they found.
Large price moves during the afternoon call were also overwhelmingly in the same direction: down. On days when the authors identified large price moves during the fix, they were downwards at least two-thirds of the time in six different years between 2004 and 2013. In 2010, large moves during the fix were negative 92 percent of the time, the authors found.
There’s no obvious explanation as to why the patterns began in 2004, why they were more prevalent in the afternoon fixing, and why price moves tended to be downwards, Abrantes-Metz said in a telephone interview this week.
“This is a first attempt to uncover potentially manipulative behaviour and the results are concerning,” she said. “It’s down to regulators to establish why there are such striking patterns but banks have the means, motive and opportunity to manipulate the fixing. The results are consistent with the possibility of collusion.”
Report: “The Sydney Morning Herald Business Day” 03 March 2014.