DON'T TRUST ANY BANK WITH YOUR LIFE SAVINGS...PERIOD

Scotiabank gives long abuse to cancer victim trying to reclaim her silver

Part 2...

If you want to know WHY Scotiabank abused that cancer-stricken silver depositor. ...

Russian drought sends wheat prices soaring. If you haven't already done so, stock up, immediately!


This is happening all over the world...and every State in America...
Here are a couple of short NBC videos that were sent to me by reader Doug Beiers shortly after midnight. They're posted on NBC25's website connectmidmichigan.com. It's wonderful to see stories like this pop up in America's heartland. There's hope for us yet! It's a 2-part special entitled "Competing Currencies". They are definitely worth watching... and the link to Part I is here... and Part II is here.

In The News Today

Posted: Jul 18 2010 By: Jim Sinclair Post Edited: July 18, 2010 at 7:56 pm

Filed under: In The News

Jim Sinclair’s Commentary

Now this is really bad news for the dollar.

Regulators list 40 North Carolina banks as ‘troubled’
The number of N.C. state-chartered banks in trouble increased 74 percent since October, as delinquent loans and declining real estate values took a toll.
By Stella M. Hopkins
Posted: Sunday, Jul. 18, 2010

Nearly half of North Carolina’s 86 state-chartered banks are on N.C. regulators’ list of troubled institutions, up 74 percent in less than a year and a grim record that underscores the strain of the multiyear downturn.

The tally of 40 troubled banks compares with 23 in October 2009. Typically, there are only two or three on the list.

Regulators are legally barred from disclosing individual bank names or ratings. Doing so could risk a "run" on deposits, which could prevent banks from working through problems.

However, banks where conditions have deteriorated significantly are made public. In North Carolina, there are seven of those, according to state and federal regulators’ records.

"We work hard every day to try to resolve those situations without failure," said N.C. banking commissioner Joseph Smith. "I can’t promise you they’re all going to work out."

More…

Jim Sinclair’s Commentary

Whether or not this is the right "why," it now broadcasts to the sheeple that the dollar will fall hard if I am correct that the recent recovery takes the form of a Ski Jump. I am and it will.

Fed’s volte face sends the dollar tumbling
Rarely before have a few coded words in the minutes of the US Federal Reserve caused such an upheaval in the global currency system, or such a sudden flight from the dollar.
By Ambrose Evans-Pritchard, International Business Editor
Published: 8:52PM BST 15 Jul 2010

The euro rocketed to a two-month high of $1.29 and sterling jumped two cents to almost $1.54 after the Fed confessed that the US economy may not recover for five or six years. Far from winding down emergency stimulus, the bank may need a fresh blast of bond purchases or quantitative easing.

Usually the dollar serves as a safe haven whenever the world takes fright, and there was plenty of sobering news from China and other quarters on Thursday. Not this time. The US itself has become the problem.

"The worm is turning," said David Bloom, currency chief at HSBC. "We’re in a world of rotating sovereign crises. The market seems to become obsessed with one idea at a time, then violently swings towards another. People thought the euro would break-up. Now we’re moving into a new phase because we’re hearing alarm bells of a US double dip."

Mr Bloom said a deep change is under way in investor psychology as funds and central banks respond to the blizzard of shocking US data and again focus on the fragility of an economy where public debt is surging towards 100pc of GDP, not helped by the malaise enveloping the Obama White House. "The Europeans have aired their dirty debt in public and taken some measures to address it, whilst the US has not," he said.

The Fed minutes warned of "significant downside risks" and a possible slide into deflation, an admission that zero interest rates, $1.75 trillion of QE, and a fiscal deficit above 10pc of GDP have so far failed to lift the economy out of a structural slump.

More…

The Flight of the Money - Where Has It Gone?
Obama's policies terrify business community; capital is leaving, cash is being hoarded.

By Dan Kennedy
Business & Media Institute
7/14/2010 2:02:24 PM

Two months ago, the “new” General Motors made possible by government bailouts, theft of shareholders’ equity for forced re-distribution to unions, and managerial change at government’s gunpoint, was held up as shining example of success – it was even repaying its debt to Uncle Sam early.

But the week of the Independence Day, GM announced its urgent need to borrow five billion dollars, to use in re-paying debt (ie. paying its VISA bill with a new MasterCard) and as cash reserves to counter anticipated slumping sales.

As Arte Johnson used to say on “Laugh-In:” v-e-r-y interesting.

If you go to a movie set, you will see perfect-looking streets, each building front rich in detail, looking as real as real can be. Yet its only façade. One thin piece of painted sheetrock propped up. Walk around behind it, there’s nothing there.

That’s GM. State pension funds in 30-plus states people are counting on, upside down in toto by trillions. Obama’s stimulus. There are signs stuck here or there with his logo on them, proclaiming the dirt mound or torn up street his “stimulus at work.” The sign-maker was stimulated. Who else? That’s this entire economy. A façade. Walk around behind it: there’s nothing there. No real job creation, no business investment, no real estate investment, nothing much happening but very un-hopeful hoarding. Where has all the money gone?

There is flight of capital. Companies like Ford and Microsoft moving hundreds of millions of dollars to investments overseas. Mega-investors like Buffett are breaking long-standing, self-imposed prohibition on investing in non-U.S. companies in foreign lands. Insurers and health care companies are quietly buying up land beyond our borders.

A major business story going unreported: the long, long list of iconic American brand companies closing countless stores, shops and restaurant locations here while expanding and opening outlets like mad in other countries. That means they are draining money out of local economies here and moving it over there. Starbucks. Wal-Mart. Etc. Can’t you hear this giant sucking sound?

There is capital on strike. An estimated $2-trillion of excess cash reserves in companies other than financial institutions – although they are hoarding rather than lending, too. And this is calculated from examining big, public companies. As somebody intimately in touch with thousands of small business owners, I can personally assure you, their reluctance to invest or spend is profound, and, in aggregate, they are likely keeping trillions more inactive.

A fast-growing majority of institutional and individual investors believe we are nowhere near bottom of anything; that following a 1929-like crash soon to come, much can be bought by those with ready cash, for pennies against dollars. Most won’t openly articulate this, but their actions speak. Further, many investors are so enraged and disgusted by what they see emanating from the White House, they have withdrawn to protest. Even to punish. Money has moved to mattresses en-masse, and there it threatens to sleep for some time to come. At least through 2012, but perhaps for a lost decade or more.

There is conversion of assets to cash for hoarding or export. Recently Disney announced an end to its self-imposed prohibition on residential real estate development on land immediately adjacent to its parks, there to build $2-million to $8-million vacation homes. Well, that’s positive, optimistic investment and job creation, isn’t it? Yes and no. Think about what it is actually about: converting an idle, non-cash asset potentially reserved for future park expansion (an optimistic idea) into hundreds of millions of dollars of immediate cash, with no plans for its active use or reinvestment within U.S. borders (a pessimistic, prepare for Depression idea).

On a much smaller scale, in the small business arena, I see the brakes slammed on, to opening of next stores, branch offices; to buying buildings or building them. And I see the sale of businesses or, in many cases, their liquidation and owners’ premature retirements, all in favor of cash in a drawer in case it’s needed.

A June issue of New Yorker Magazine carried no fewer than five full-page ads inviting companies to relocate to Canada, where a healthier business climate, more encouraging tax environment, and better managed economy awaits. Canada. A group of U.S. doctors I know just sold off their patents on several medical devices – shuttering a small company employing nearly 200 people – to extract the money, for investment in a hospital in India.

In the little community I live in, in Ohio, a small but very successful toy manufacturer (yes: manufacturer) here for decades abruptly closed up shop, orphaned its hundreds of employees, put its buildings on the market at fire-sale prices and transferred the manufacturing to China. Not out of economic desperation; the company is healthy and profitable. Its owners just do not want their wealth tied up in assets and overhead here anymore.

No president in U.S. history has ever created or contributed as much to a climate of fear, loathing and paralysis throughout the entire business community, from the smallest to the largest, in every industry and field, as Obama.

Causing this much of a freeze in spending, investment and job creation, this much hoarding, this great an exodus of money is a remarkable achievement. If you set out to destroy our entire economic engine on purpose, you’d be hard pressed to achieve more in as short a time, at as fast a pace.

Beginning in 2011, he has a dizzying array of redistribution and destruction of wealth tax schemes ready for unleashing, like crazed beasts through the Gates of Hell, to eat whatever enterprise remains.

The economy is starved for private sector money in motion. Deprived of lifeblood. Gasping for oxygen that isn’t there. If you but listen, you can hear the death rattle. Even the business and financial news media pretty much fails at stitching these things together, to reveal the full picture. The few highly credible experts who speak eloquently about it, like my friend, the economist Harry Dent Jr., are mysteriously shunned by the media. There seems more willingness to point to the façade than to walk people around to the vacant lot behind it, and edge of cliff it teeters on so precariously.

Dan Kennedy is a serial entrepreneur, adviser to business owners, sought-after speaker and author of 14 books. His latest, “Make ‘Em Laugh & Take Their Money: A Few Thoughts on Using Humor as a Speaker or Writer or Sales Professional for Purposes of Persuasion,” contains a selection of his BMI essays. More information about Dan can be found at www.NoBSBooks.com, and a free collection of his business resources including newsletters and webinars at www.DanKennedy.com.

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"Government is the great fiction, through which everybody endeavors to live at the expense of everybody else." - Frederic Bastiat