Dear CIGAs,
Today legendary trader and investor Jim Sinclair told King World News the “credit event” in Greece totals much more than the $3.5 billion which is being reported by the mainstream media. Sinclair also said if the CDS’s are in fact made to pay, this could require the rescuing of eight international banks, through Fed swaps that could total in the trillions of dollars. Here is what Sinclair had to say about what is happening : “The release made by the International Swaps & Derivatives Association (ISDA), for the average Mensa member or genius, is totally incomprehensible. The press is using the word default, but the ISDA is using the word ‘auction.’ Clearly, the amount of CDS’s outstanding is infinitely more than the $3.5 billion that is being quoted.”
Jim Sinclair continues:
“The BIS confirms, in the area of CDS’s the total outstanding is approximately $37 trillion. So I believe the reports being given about this just being a small and modest market event is false. As a market observer and having more than 50 years in the business, the real number is at least 50% or more of the existing $37 trillion that is related to Greece.
The $3.5 billion figure being quoted in the press could easily be the reporting to the US Comptroller of the Currency. For example, a foreign, non-consolidated subsidiary of a US bank, operating out of London, reports the size and kind of the over the counter derivatives to the BIS, not the Comptroller of the US…..
Click here to read the rest of the interview on KingWorldNews.com
from Bigdad06:
The Constitution has been suspended, what will you do? This economic war boils down to the Bankers vs. the People. Which side you are on is determined by what currency you hold.
The Constitution has been suspended, what will you do? This economic war boils down to the Bankers vs. the People. Which side you are on is determined by what currency you hold.
Bank Of America Throws Up All Over Friday's Jobs Number
There was a time when Bank of America's archoptimist David Bianco would take any economic data point, no matter how fecal mattery, and convert it into 24-carat gold. Then, in late 2011 Bianco was fired because the bank realized that its only chance to persevere was if the Fed proceeded with another round of QE, and as such economic reporting would have to lose its upward bias and be reporting in its natural ugly habitat. And while many other banks have in recent days become content with every other central bank in the world easing but not the Fed in an election year due to the risks of record gas prices, BAC's push for QE has not abated and in fact has gotten louder and louder. So exposes us to some oddities. Such as the firm's 29 year old senior eceonomist Michelle Meyer literally demolishing any myth that yesterday's job number was "good." Needless to say, this will not come as a surprise to Zero Hedge readers. Nor to TrimTabs, whose opinion on the BLS BS we have attached as exhibit B as to the sheer economic data propaganda happening in an election year. Yet it is quite shocking that such former stalwarts of the bullish doctrine are now finally exposing the truth for what it is. Presenting Bank of America as we have never seen it before - throwing up all over the Bureau of Labor Statistics.
While on the subject of throwing up...
Pink slime
noreply@blogger.com (Patrice Lewis) at Rural Revolution - 1 hour ago
Ewwww yuck. I hadn't caught this news article about the "pink slime" added
to ground beef as a cheap filler, but this turned my stomach. A reader had
referenced it on my post about Where's the Beef, but I hadn't caught the
source. So I say again, ewwww yuck!
And it makes me wonder... why is this necessary? Is it *solely* to save a
buck?
Trader Dan on King World News Weekly Metals Wrap
Trader Dan at Trader Dan's Market Views - 1 hour ago
Please click on the following link to listen in to my regular weekly radio
interview with Eric King on the KWN Weekly Metals Wrap.
*http://tinyurl.com/84fdpwh*
Greek credit default swaps triggered/Gold and silver reverse after jobs release/USA trade deficit increases.
Harvey Organ at Harvey Organ's - The Daily Gold and Silver Report - 2 hours ago
Good morning Ladies and Gentlemen:
Before commencing, I would like to introduce to you our newest morgue member who succumbed last
night:
New City Bank of Chicago Illinois.
Gold closed up $12.80 to $1710.90 whereas silver rose by 45 cents to 34.18.
Early this morning we were greeted with news of a "successful" PSI of 85.5% of the Greek law bonds.
However only 69% of the British law bonds
Learning To Live With Volatility
Admin at Marc Faber Blog - 3 hours ago
If you can't live with volatility, stay in bed. - *in Reuters*
*Marc Faber is an international investor known for his uncanny predictions
of the stock market and futures markets around the world.*
If Gold Goes Below 1600, I Will Buy More
Admin at Jim Rogers Blog - 3 hours ago
I’m certainly watching, if it goes below 1,600 USD/ounce I’m sure I’ll buy
more. If it goes to 1,200 dollars/ounce I hope I’m smart enough to buy a
lot more. Gold has been up 11 years in a row now, which is extremely
unusual for any asset. So it would not surprise me if gold doesn’t ...
continue to have a nice correction in 2012. If it does, if it does, I hope
I’m smart enough to buy a lot more. - *in Business Insider*
Related, SPDR Gold ETF (GLD)
*Jim Rogers is an author, financial commentator and successful
international investor. He has been frequently featured in Time, The New
... more »
Click Here to Listen to the Interview
by Dr. Paul Craig Roberts, PaulCraigRoberts.org:
Today (March 9, 2012) the Bureau of Labor Statistics (BLS) announced that 227,000 new nonfarm payroll jobs were created by the economy during February. Is the government’s claim true?
No. Statistician John Williams (shadowstats.com) reports that 44,000 of these jobs or 19% consist of an add-on factor derived from the BLS’s estimate that 44,000 more unreported jobs from new business start-ups were created than were lost by unreported business failures. The BLS’s estimate comes from the bureau’s “birth-death model,” which works better during normal times, but delivers erroneous results during troubled times such as the economy has been experiencing during the past four years.
Taking out the 44,000 added-on jobs reduces the February jobs number to 183,000, but does not provide a full correction. In an economy as troubled as the US economy is, most likely the deaths exceeded the births, but we don’t know what the number is. Was it 20,000? 50,000? What number do we deduct from the 183,000? We simply do not know.
Williams reports that seasonal adjustment factors do not work properly during troubled economic times and add their own overstatement to the jobs figure. If anyone could estimate the overestimate of new jobs that results from malfunctioning seasonal adjustments, it is John Williams, but he doesn’t provide an estimate.
Read More @ PaulCraigRoberts.org
Today (March 9, 2012) the Bureau of Labor Statistics (BLS) announced that 227,000 new nonfarm payroll jobs were created by the economy during February. Is the government’s claim true?
No. Statistician John Williams (shadowstats.com) reports that 44,000 of these jobs or 19% consist of an add-on factor derived from the BLS’s estimate that 44,000 more unreported jobs from new business start-ups were created than were lost by unreported business failures. The BLS’s estimate comes from the bureau’s “birth-death model,” which works better during normal times, but delivers erroneous results during troubled times such as the economy has been experiencing during the past four years.
Taking out the 44,000 added-on jobs reduces the February jobs number to 183,000, but does not provide a full correction. In an economy as troubled as the US economy is, most likely the deaths exceeded the births, but we don’t know what the number is. Was it 20,000? 50,000? What number do we deduct from the 183,000? We simply do not know.
Williams reports that seasonal adjustment factors do not work properly during troubled economic times and add their own overstatement to the jobs figure. If anyone could estimate the overestimate of new jobs that results from malfunctioning seasonal adjustments, it is John Williams, but he doesn’t provide an estimate.
Read More @ PaulCraigRoberts.org
by Bob Chapman, GlobalResearch.ca:
The
government is preparing to package and sell foreclosed homes. We do not
know what discount to the current market there will be but you can
guess it will be 20% or more. This event will cause home prices to trend
lower dependent on whether the houses are put up for sale or rented.
These homes will only be available to big buyers such as hedge funds and
others with enormous amounts of capital. It is expected that the homes
will be sold in lots of 5,000 to 10,000 and the minimum bid would be $1
billion. This is corporatist fascists busy at work. You could call it
the largest transfer of wealth from the private to the public sector in
history. Fannie Mae and Freddie Mac could be sellers of 250,000 or more
homes with more in the wings, perhaps another 250,000. Can you image
what further damage that would do to home prices? In the auction process
the big winners will be the big NYC money center legacy banks, hedge
funds and other mega investors. Others playing a big part will be
management and marketing contractors that presently manage government
properties. The owners and officers of these firms are former
high-ranking government officials. The goal is to rent these residences,
creating cash flow and then roll the bundles into REITS, real estate
investment trusts. At that juncture the public can then participate as
investors.
Read More @ GlobalResearch.ca
The
government is preparing to package and sell foreclosed homes. We do not
know what discount to the current market there will be but you can
guess it will be 20% or more. This event will cause home prices to trend
lower dependent on whether the houses are put up for sale or rented.
These homes will only be available to big buyers such as hedge funds and
others with enormous amounts of capital. It is expected that the homes
will be sold in lots of 5,000 to 10,000 and the minimum bid would be $1
billion. This is corporatist fascists busy at work. You could call it
the largest transfer of wealth from the private to the public sector in
history. Fannie Mae and Freddie Mac could be sellers of 250,000 or more
homes with more in the wings, perhaps another 250,000. Can you image
what further damage that would do to home prices? In the auction process
the big winners will be the big NYC money center legacy banks, hedge
funds and other mega investors. Others playing a big part will be
management and marketing contractors that presently manage government
properties. The owners and officers of these firms are former
high-ranking government officials. The goal is to rent these residences,
creating cash flow and then roll the bundles into REITS, real estate
investment trusts. At that juncture the public can then participate as
investors.Read More @ GlobalResearch.ca
Ron Paul: Stop the Bailouts, Let the Market Set Interest Rates
HOUSTON — As we expected, traders classed by the Commodity Futures Trading Commission (CFTC) as “commercial” in the combined commitments of traders report for COMEX gold futures (the legacy COT report), covered or offset a very large amount of their net short positioning according to data supplied by the CFTC. The COT report was released today (Friday) at 15:30 ET for large trader positioning as of the close on Tuesday, March 6.
According to the CFTC COMEX commercial traders reduced their combined collective net short positioning (LCNS) for gold futures by 45,143 contracts or 18.4% to show 200,208 contracts net short. Gold declined $109.85 or 6.2% for the Tuesday to Tuesday period.
Read More @ GotGoldReport.com
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