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First Wellington, Now Janus

 

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Goodnight Sweet Prince

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Jim Sinclair’s Commentary
The ability of banks to determine the value of an item without any reference to what that item could be sold for is simply wrong.
Fight Over Fair Value in Global Finance Making Volcker Rue FASB Dissonance By Yalman Onaran – Nov 21, 2010 7:00 PM ET
A dispute between U.S. and international accounting groups about how to value financial instruments is threatening to derail efforts to converge global standards, affecting how trillions of dollars of assets are marked on bank balance sheets.
The debate pits the U.S. Financial Accounting Standards Board, which wants to expand the use of fair-value accounting to all financial assets, including loans and deposits, against the London-based International Accounting Standards Board, which opposes such a wide usage. The outcome also will determine how much capital banks have to hold to meet new rules.
FASB’s proposal, announced in May, could cause 26 of the largest U.S. banks to write down the value of about $4 trillion of loans on their books by as much as $138 billion, estimated Jason Goldberg, an analyst at Barclays Plc. Lenders, regulators and some investors have taken IASB’s side, leaving the U.S. standard-setter isolated in its battle.
“Treatment of financial instruments has been the sticking point, and there’s a lot of political pressure on all sides on that,” said Paul A. Volcker, a former chairman of the Federal Reserve who first introduced the idea of accounting convergence as head of the group that oversees IASB. “When you have global corporations operating around the world, and analysts looking at them from around the world, you want one accounting standard.”
More…

Show Me The Money

Posted: Nov 23 2010     By: Jim Sinclair      Post Edited: November 23, 2010 at 2:25 pm
Filed under: Martin Armstrong

My Dear Friends,
If you wish to eliminate the noise that we have been going through in the Irish euro manipulation, I suggest you print out Armstrong’s October 15th article titled "Show me the Money."
His discussion of each important currency is done with a long term chart and technical discussion. Take each currency and staple the two pages together.
Each week review the currencies in terms of the technical discussions and implications.
Regards,
Jim

Click image to open the article in PDF format