The Bernank's Speech Released, Prepared Remarks Uneventful, Looking Forward To Q&A

Many are eagerly awaiting Bernanke's opening speech at the 2012 Financial Markets Conference "The Devil’s in the Details" which just like last year had nothing in the prepared remarks about the market, or about current labor or inflation conditions. Instead, Bernanke speaks about (what we deem far more important) Shadow Banking, repos, money markets, and other things which the market does not care about at all. And since he will not address monetary policy at all in the prepared remarks, the only hope is if a random question at the Q&A will provoke him to tell the world if the NEW QE is coming. We are not holding our breath.

 

Confiscation of Gold and Silver Coins Will Not Happen

April 9, 2012, at 8:17 pm
by Greg Hunter 

By Greg Hunter’s USAWatchdog.com

Dear CIGAs,
People ask me on a consistent basis if I think the government will confiscate their gold and silver coins if times get rough.  I feel there is little chance of this happening, and here’s why.  Gold and silver coins are predominantly held by the wealthy (especially gold).  The wealthy are not going to allow the government they support with campaign money to take their gold.  It is just not going to happen.  Think about it, poor and moderate income people (and that is at least half the population) do not have a significant holding of gold or silver.  Most of the rest of the population have the bulk of their wealth tied up in 401-K’s or IRA’s.  This may come as a surprise, but most rich people do not have 401-K’s or IRA’s.  They have stocks and bonds, but the rich also have the money and smarts to diversify their portfolios.
In my years as a correspondent at ABC and CNN, I used to check in with a coin and bullion dealer in New York City to see what was going on at the street level.  He turned into a friend of mine and a great source.  He was a real expert and had been in the rare coin and bullion business since the 1970’s.  Around 2007, wealthy people and hedge fund folks started buying physical gold and silver.  (Gold was in the $600-$800 range.)  He told me he would sell Gold Eagles in $100,000 orders to individuals on a routine basis.  He also told me he had “connected” clients who had never bought physical gold and silver before and were buying it for the first time in their lives.  In 2008, he told me he started seeing big orders for silver coins.  For example, one order was for forty, 500 ounce boxes of Silver Eagles.  (It was shipped abroad.)  If things get tight, the government is not going to demand their bullion coins back from rich campaign donors.
Another reason I think the government is not going to confiscate gold and silver coins is state governments are legalizing their use as money.  South Carolina is the latest state to approve legislation (after Utah), and at least 12 other states are proposing the same thing. (Click here for more on this story.)  There is also a federal legislation in Congress to allow gold and silver to be used as money. (Click her for more on the story.)  The trend is moving towards gold and silver coming back into the monetary system, not outlawing it.  Now, if you asked me if the government would nationalize gold or silver mines in the continental U.S. or Alaska, I say that is a possibility.  I also think the U.S. government could confiscate foreign gold holdings on deposit at the New York Federal Reserve bank, which are roughly 6,000 tons.  This is the low hanging fruit.   So, I think confiscation of gold and silver coins are unlikely.
More…

*Turmoil in Spain/ the Scam of the Irish 4 billion note to AngloIrish/Gold and silver rebound/Huge rise in support for Italy by the ECB/M1 contracting throughout the PIIGS/

Harvey Organ at Harvey Organ's - The Daily Gold and Silver Report - 7 hours ago

Good evening Ladies and Gentlemen: The price of gold rose today to finish at $1642.50 for a gain of $14.40,  Silver fell by 21 cents to $31.90 as this metal was the object of interest to our bankers.  Today, news of Italy being again supported by the ECB as this central bank has accumulated 270 billion euros worth of bonds from this nation.  Spain, has yet to report.  Last month the ECB has

Two Kinds of Black Swans

The black swan is probably the most widely misunderstood philosophical term of this century. I tend to find it being thrown around to refer to anything surprising and negative. But that’s not how Taleb defined it. Taleb defined it very simply as any high impact surprise event. Of course, the definition of surprise is relative to the observer. To the lunatics at the NYT who push bilge about continuing American primacy, a meteoric decline in America’s standing (probably emerging from some of the fragilities I have identified in the global economic fabric) would be a black swan. It would also be a black swan to the sorry swathes of individuals who believe what they hear in the mainstream media, and from the lips of politicians (both Romney and Obama have recently paid lip service to the idea that America is far from decline). Such an event would not really be a black swan to me; I believe America and her allies will at best be a solid second in the global pecking order — behind the ASEAN group — by 2025, simply because ASEAN make a giant swathe of what we consume (and not vice verse), and producers have a historical tendency to assert authority over consumers. But black swans are not just events. They can also be non-events. To Harold Camping and his messianic followers who confidently predicted the apocalypse on the 21st of May 2011 (and every other true-believing false prophet) the non-event was a black swan. Surprising (to them at least) and high impact, because it surely changed the entire trajectory of their lives. (Camping still lives on Earth, rather than in Heaven as he supposedly expected). To true-believing environmentalists who warn of Malthusian catastrophe (i.e. crises triggered by overpopulation or resource depletion), history is studded with these black swan non-events.

BoJ Follows In China's Foosteps, Defers To Fed On Easing

Disappointing the liquidity-starved masses, the BoJ wholeheartedly believes that this time it's different and their economy remains more or less flat and shows signs of picking up leaving hope for another massive LSAP (and a disappointed SocGen) having to wait for the Fed to pick up the pieces of a global slowdown. The BoJ maintained the size of its asset-purchase fund, credit-loan program, and ZIRP noting that, via Bloomberg:

• *BOJ SAYS NO ONE PROPOSED EXPANSION OF STIMULUS AT MEETING

It seems the Japanese are following China's lead (since China's economy posted a trade surplus on expectations of a deficit and following the biggest import surge since 1989, this means that the hard landing is delayed as the PBOC is far more concerned about the pockets of food inflation noted yesterday and as such will be far less willing to proceed with the easing everyone demands) and deferring to the Fed for the next global liquidity pump (remember its flow not stock so this is bad news for risk-on - as can be seen in AUDJPY, Oil, and Copper). Gold is so far enjoying this as one by one global central banks check to the Fed's check-raise expectations.

In The News Today

April 9, 2012, at 11:42 am
by Jim Sinclair 

War is when the government tells you who the bad guy is. Revolution is when you decide that for yourself. –Author unknown

Thought For The Evening

Do you know what the relationship is between Pakistan and the USA?

There is none.

Neither party will speak to the other party. The supply road to Afghanistan for all practical purposes is closed.

Thought For The Day

The notional value of OTC derivatives outstanding is being called $700 trillion by the BIS. It used to be one quadrillion, one hundred forty four trillion before the computer valuation model change by the BIS.

The total money supply worldwide is 40 trillion dollars. The total notional value of an OTC derivative becomes real value in bankruptcy.
Isn’t there something terribly wrong with the above? The answer is YES!

Jim Sinclair’s Commentary

Board members change but the US Federal Reserve will never change in a US election year.

QE to infinity is as sure as death and taxes in the entire Western world.

Jim Sinclair’s Commentary

Face it, what is required by whatever euro nation or state of the USA will be provided via QE to infinity.

Trichet warns of nations’ ‘behavioral contagion’ March 24, 2012, 3:37 p.m. EDT
WASHINGTON (MarketWatch) — Jean-Claude Trichet, the former president of the European Central Bank, said Saturday that he is worried that controversial quantitative easing and other nontraditional steps that global central banks have taken since the financial crisis could be here to stay.
The Fed has purchased $2.3 trillion of securities since it cut interest rates to zero in December 2008 in a bid to bring down long-term interest rates and boost economic growth.
These actions have led to criticism, especially during the early days of the Republican contest for the 2012 presidential nomination, that Fed Chairman Ben Bernanke was undermining the dollar and creating conditions for a sharp rise in inflation.
In the past few months, the ECB has provided a trillion euros in cheap loans to European commercial banks. Some economists believe the liquidity could fuel inflation.
Speaking to a conference of influential central bankers from around the world and leading academic experts on monetary policy, Trichet said it could still turn out that the bond-buying, asset purchases and liquidity injections by global central banks might go away after the financial system gets back on its feet.
More…





Jim Sinclair’s Commentary

A look back helps us see the future. Take a look at what Bernanke was saying back in February to Congress. It clearly will pay to keep our guard up.

Bernanke to Congress: We’re Much Closer to Total Destruction Than You Think Published: Wednesday, 9 Feb 2011 | 11:09 AM ET
Official Congressional budget estimates understate the peril of rising debt, Fed chair Ben Bernanke told the Budget Committee on Capitol Hill today.
Warning that our nation’s fiscal health has deteriorated appreciably since the onset of the financial crisis and the recession, Bernanke called upon lawmakers to confront the long term fiscal challenges sooner rather than later. If lawmakers don’t confront them, they’ll find themselves confronted by them.
From Bernanke’s prepared remarks:
By definition, the unsustainable trajectories of deficits and debt that the CBO outlines cannot actually happen, because creditors would never be willing to lend to a government with debt, relative to national income, that is rising without limit. One way or the other, fiscal adjustments sufficient to stabilize the federal budget must occur at some point. The question is whether these adjustments will take place through a careful and deliberative process that weighs priorities and gives people adequate time to adjust to changes in government programs or tax policies, or whether the needed fiscal adjustments will come as a rapid and painful response to a looming or actual fiscal crisis.
Bernanke explained that the Congressional Budget Office’s calculations miss an important reality. As the government’s debt and deficits rise, the economy will slow down—an effect not taken into account by the CBO. So, for instance, when the CBO says that federal spending for health-care programs will roughly double as a percentage of GDP in the next 25 years, it is probably being too optimistic. If debt keeps, rising, GDP will be much lower than the CBO estimates—which will mean that health care spending will be a much larger percentage of the overall economy.
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Jim Sinclair’s Commentary

QE to infinity is certain, as is the denial preceding it.

JCPenney to cut 900 jobs in Texas and Pittsburgh Thu Apr 5, 2012 3:27pm EDT
(Reuters) – J.C. Penney Co Inc said on Thursday that it will cut about 900 jobs, including roughly 600 at its headquarters, as it trims costs and tries to start running its 110-year-old business more like a nimble start-up.
The Plano, Texas-based retailer, which has already overhauled its pricing strategy under new chief executive Ron Johnson, said it plans to close a customer call center in Pittsburgh, affecting about 300 employees.
The roughly 600 workers being let go in Plano represent about 15 percent of the staff at the company’s main office.
"We are going to operate like a start-up," said Johnson, a former Apple Inc and Target Corp executive. "Often in business, companies must streamline in order to leap forward."
J.C. Penney currently has about 136,000 full- and part-time employees, down from about 159,000 in late January, when seasonal staff stayed on to help make the changes needed to roll out the new pricing strategy.
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Jim Sinclair’s Commentary

Whatever is required will be provided. Denial will precede all major liquidity injections.

QE in the Western world will go to infinity.

‘Even a 1-Trillion Euro Firewall Wouldn’t Be Enough’
European finance ministers meeting in Copenhagen on Friday agreed to boost the euro-zone firewall to over 800 billion euros. The move marks another U-turn on the part of the Merkel administration, which recently dropped its opposition to increasing the fund. German commentators warn that even the new firewall may still be too small. Source Der Speigel
German Chancellor Angela Merkel and her finance minister, Wolfgang Schäuble, have been accused of crossing many of the "red lines" that they have set for themselves over the course of the euro crisis, making U-turn after U-turn as the crisis escalated. They officially stepped over the latest red line on Friday, when European Union finance ministers meeting in Copenhagen agreed to boost the scope of the euro zone’s firewall to over €800 billion ($1 trillion). Berlin had long rejected such an expansion out of hand.
Austrian Finance Minister Maria Fekter announced on Friday that the permanent euro rescue fund, the European Stability Mechanism (ESM), would be expanded, by considering the around €200 billion in current bailouts as being separate from the €500 billion earmarked for the ESM — originally, the €500 billion figure was to have included the €200 billion in existing aid. The ESM, which is due to come into operation in mid-2012, will also be boosted by including around €100 billion in bilateral aid that was given to Greece in 2010, as well as aid from other EU funds, bringing the firewall’s total capacity to over €800 billion.
Fekter expressed her confidence that Friday’s move would be enough to calm the financial markets. "The markets are already signaling relative calm," she said. "That shows that the markets can work with what we have set up here."
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Jim Sinclair’s Commentary

Gold will go as high as debt digs a hole. There is no top in gold.

QE will go to infinity. There is no other option even though denial is the MOPE of MSM.

The suffocation of unsustainable global debt – Total global debt is now over $190 trillion and more than three times global GDP. Contagion with European Union.
The biggest market in the world is the European Union and debt problems are still rippling through the global markets.  It is apparent with the financial crisis that the global markets are tied together by large banks and interconnected trade.  A problem in the largest market should be unsettling and the unemployment rate in the European Union is now at a 15 year high.  The global debt problem was never really solved but papered over with extensions and banking trickery.  The US has dealt with much of the debt issues by suspending major accounting rules and stuffing bad loans into the Federal Reserve like a Christmas stocking.  The European Union is facing some challenges ahead and all eyes will be watching given the impact of contagion impacts.  Greece was only a tiny sliver of the debt issues compared to the major debt restructuring that will be necessary for a large economy like Spain.
Unemployment in the European Union rising to higher levels
The European Union is facing a very problematic recession.  The unemployment rate continues to climb:
More…





Jim Sinclair’s Commentary

Global QE to infinity is as sure as death and taxes.

Sony to cut 10,000 jobs worldwide, 6 percent of its workforce, through March 2013, reports say By Associated Press, Updated: Monday, April 9, 9:10 AM
TOKYO — Sony Corp. will cut about 10,000 jobs worldwide over the next year as it tries to return to profit, Japanese news reports said Monday.
The Nikkei business daily and other media said Sony’s decision to slash 6 percent of its work force comes as it struggles with weak TV sales and swelling losses.
Sony spokeswoman Yoko Yasukouchi wouldn’t confirm the reports.
New CEO Kazuo Hirai is holding a press conference Thursday.
Sony has announced restructuring plans by selling its chemical unit. Sony is also merging its LCD panel operation with Toshiba and Hitachi. Yasukouchi said those changes could affect up to 5,000 employees who are subject to transfers.
Sony earlier this year reported a 159 billion yen ($2.1 billion) loss for the October-December quarter and more than doubled its projected loss for the full fiscal year through March 2013.
More…





Jim Sinclair’s Commentary

This is the start of alternatives being selected for replacement of US dollar treasury instruments, and the US dollar.

China Buys Most Japan Short-Term Debt in 1 1/2 Years By Mariko Ishikawa and Shigeki Nozawa – Apr 8, 2012 8:37 PM MT
China bought the most short-term Japanese debt since May 2010 in February, according to data released by Japan’s Ministry of Finance today.
The world’s largest holder of foreign-exchange reserves increased net purchases of short-term Japanese debt to 651 billion yen ($8 billion), the highest since May 2010, when China bought 694.8 billion yen, according to Japanese government data going back to 2005. China sold 268.8 billion yen of medium- and long-term Japanese bonds in February.
“China may have increased yen assets as the currency became cheaper,” said Akihiko Inoue, chief strategist in Tokyo at Mizuho Investors Securities Co., one of the 25 primary dealers obliged to bid at government debt sales. “The yen fell in February after the Bank of Japan (8301) eased policy.”
The yen reached 84.18 per dollar on March 15, the lowest since April 13, 2011, and was at 81.52 as of 12:28 p.m. in Tokyo. The currency dropped against all of its 16 major counterparts in February. Japan’s 10-year yields have fallen two basis points since the start of this year, and were at 0.96 percent today.
The BOJ on Feb. 14 unexpectedly added 10 trillion yen to an asset-purchase program and set an inflation goal of 1 percent after an economic slide fueled criticism it’s lagging behind efforts by other central banks to support growth.
More…





Jim Sinclair’s Commentary

QE to infinity is certain.

Gold crash on Fed tightening and euro salvation looks premature
Until the rising reserve powers of Asia, Russia and the Gulf regain trust in the shattered credibility of the world’s two great fiat currencies – if they ever do – gold is unlikely to crash far or remain in the doldrums for long. `Peak gold’ cements the price floor in any case. By Ambrose Evans-Pritchard
9:00PM BST 08 Apr 2012
It has been an unsettling experience for late-comers who joined the gold rush near all-time highs of $1923 an ounce last September. The slide has become deeply threatening since the US Federal Reserve took quantitative easing (QE3) off the table six weeks ago – or appeared to do so – and signalled the start of a new tightening cycle. Spot gold ended the pre-Easter week at $1636.
“The game has changed,” says Dennis Gartman, apostle of the long rally who now scornfully tells gold bugs that he is just a “mercenary”, not a member of their cult. “They genuflect in gold’s direction; we merely acknowledge that it exists as a trading vehicle and nothing more. There are times to be bullish, and times to be bearish … to every season, as Ecclesiastes tells us.”
Gold has risen sevenfold from its nadir below $260 in 2001, that Indian summer of American hegemony, when the 10-year US Treasury bond was the ultimate “risk-free” asset , and Gordon Brown ordered the Bank of England to auction half its metal.
The stock markets of Europe, America, and Japan churned sideways over the same decade, and that precisely is the clinching argument against gold for contrarian traders. You avoid yesterday’s stars like the plague. “Gold is far too popular,” said James Paulsen from Wells Capital. It has reached a half-century high against a basket of indicators: equities, treasuries, homes, and workers’ pay.
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Jim Sinclair’s Commentary
Golf anyone?





Jim Sinclair’s Commentary

Arab Spring so lauded by media in the West is a disaster for Western interests.

Egypt’s Islamist candidate says IMF deal unlikely
CAIRO (Reuters) – Egypt’s Muslim Brotherhood has warned the government it will not support an IMF loan unless the terms are changed or it moves aside and allows a new administration to oversee how the funds are spent, its candidate for president said on Sunday.
The government has been negotiating a $3.2 billion loan with the International Monetary Fund (IMF) to help it avert a balance of payments crisis caused by the political and economic turmoil of the last year, and an IMF technical team is now in Cairo.
The IMF has said that before it agrees to a loan, the government must first sell the plan to the country’s political groupings, especially the Muslim Brotherhood’s Freedom and Justice Party, which won nearly half the seats in the new parliament.
"We told them (the government), you have two choices. Either postpone this issue of borrowing and come up with any other way of dealing with it without our approval, or speed up the formation of a government," Khairat al-Shater said in an interview.
He said he realized the country’s finances were precarious and a severe crunch could come by early to mid-May as the end of the fiscal year approached, but that this was the government’s problem to resolve. Egypt’s fiscal year runs to June 30.
More…

 

 

Jim’s Mailbox

April 9, 2012, at 11:36 am
by Jim Sinclair 

Jim,
Here is an observation from a dear friend to all CIGAs. The price of Gold stocks versus the price of gold has not been lower and cheaper in the last 20 years.
CIGA Luis Ahlborn Sequeira





The Meaning of Made In America Has Changed CIGA Eric
Public budgets have been decimated by today’s phantom economic recovery. Public layoffs intensified as tax revenues decreased and federal stimulus money ran out in 2009.
Public sector employment as a percentage of nonfarm payrolls peaked 19.4% in 1975. Since the beginning of the great financial bust in 2000, public sector employment pushed to 17.7% by 2010; A feeble economic recovery and substantial declines in public coffers has forced public employment down to 16.6% today.
Chart 1: Private and Public Sector As % of Nonfarm Payrolls (NFP)



The real disturbing aspect of the US economy remains growing gap between goods-producing and service-producing jobs. The label made in America forged by great Industrialist such as Ford, Edison, Westinghouse, Rockefeller, Gates, Jobs etc…and the great American work ethic defined by fierce independence and self-reliance was once the pinnacle of craftsmanship, quality, and envy of the world. This label hallowed by uncompetitive government policies and inconsistent economic and social leadership has become a shell of its former self. Made in America has become more a reflection of services rendered (paper creation, paper pushing, bar tending, food and hospitality management) than quality goods sold today.
If you’ve been around the economic block, there’s no need to study the trends below.  The writing has been on the wall since the early 50′s.  Those that cannot see or feel the change in the ‘economic trenches’ may have been blinded by ideology that government policy can supplant private capital flows as the driver of long-term market forces.  History has shown us that governments and locus of power come and go, but the one constant over time has been capitalism in its various forms.
Chart 2: Good Producing (GP) and Service Producing (SP) Sector As % of Nonfarm Payrolls (NFP)



Headline: Despite recovery, U.S. public employees face more layoffs
(Reuters) – Since 2009, the city of Chesapeake, tucked up against the Great Dismal Swamp in southern Virginia, has cut its workforce twice. This summer, nearly three years after the recession ended, the city of 222,209 has plans for a third round of layoffs. "We’re not seeing the recovery we want to see," said Budget Director Steven Jenkins, who is hoping many of the 20 people will move into other jobs. The city’s revenues are still feeling the concussions from the housing market downturn, which started in 2006, even as overall growth in the United States has improved. "We are heavily reliant on the residential real estate market," said Jenkins. In a recent assessment the average property value dropped 3.7 percent, which hits property taxes, and hurts government budgets. "The reassessment we just had was as big as any we’ve seen since the recession started." While Friday’s report of weak growth in U.S. March payrolls raised concerns about the pace of private-sector hiring, local government jobs remain a drag on the recovery, one that is not anticipated to end soon. State and local governments for a time were able to shield public safety and education workforces from harmful cuts as the recession deepened. The 2009 federal stimulus fund helped offset lost tax revenue, but that money is gone. Now, many cities and counties nationwide are facing the same dilemma as Chesapeake. Squeezed by depressed property tax revenues and cuts in state aid, they are chipping away at their workforces.
Source: finance.yahoo.com
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World food prices rise further, raising fears of unrest CIGA Eric
The trend for the CRB foodstuffs is up due to rising demand and aggressive currency devaluation across the globe.  Probabilities favor higher prices once previous resistance is tested as support.
Chart: CRBFoodstuffs And Year-over-Year (YOY) Change



Headline: World food prices rise further, raising fears of unrest
(Reuters) – Global food prices rose in March for a third straight month with more hikes to come, the UN’s food agency said on Thursday, adding to fears of hunger and a new wave of social unrest in poor countries. Record high prices for staple foods last year were one of the main factors that contributed to the Arab Spring uprisings in the Middle East and North Africa, as well as bread riots in other parts of the world. The cost of food has risen again this year after coming down from a February 2011 record peak. The FAO index, which measures monthly price changes for a basket of cereals, oilseeds, dairy, meat and sugar, averaged 215.9 points in March, up from a revised 215.4 points in February, the United Nations’ Food and Agriculture Organisation (FAO) said. Although below the February 2011 peak of 237.9, the index is still higher than during a food price crisis in 2007-08 that raised global alarm.
Source: finance.yahoo.com
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Obama Invests $5 Million In Bullshit Energy

No, seriously.

Something Wicked This Way Comes

by Charles Goyette, LewRockwell.com:
Perhaps it’s like shouting an alarm, unheard above the engine noise of two trains on a collision course. Or, screaming helplessly as a car slips its brakes and rolls toward a toddler playing at the bottom of the driveway.
It is gruesome imagery and I apologize for invoking it. But if anything, it may be inadequate to the prospect before us.
One only has to ask, “What is heading our way?”
Headline:

The Department Of Homeland Security Is Buying 450 Million New Bullets
And don’t kid yourself; they’re not for target practice. It’s .40 caliber ammunition, hollow point rounds that promise “optimum penetration for terminal performance.” The department also has a bid out for up to 175 million rounds of .223 caliber ammunition.
This isn’t the flipping army, you know. This is an internal national police force, a department that didn’t even exist 10 years ago.
Read More @ LewRockwell.com

 

MIT Predicts Half of Humanity to Be Culled in Post-Industrial Crash

Researchers claim that only global government can save humanity, echoing MIT/Club of Rome model for collapse by 2030
by Aaron Dykes, Info Wars:

Will 5 billion people perish from the earth in the coming century? That’s what the controversial elitist think tank, the Club of Rome, predicted back in 1972. Decades after its publication, advocates of world government are still pushing its predictions as a call to curb mankind’s footprint on the earth.
Australian physicist Graham Turner has recently made news again after revisiting computer models MIT researchers created for the Club of Rome’s 1972 publication that sees a drastic decline in human population coming in relation to a increasing scarcity of resources. Turner’s basic conclusions, however, give away the agenda in plain sight. “The world is on track for disaster,” he bluntly states, while suggesting that “unlimited economic growth” is still possible if world governments enact policies and invest in green technologies that help limit the expansion of our ecological footprint.
The neo-Malthusian Club of Rome has once again surfaced– at a time when environmentalists are demanding world government to save the earth– to present computer models it developed with MIT. It predicts a stark future where limited resources like oil, food and water supposedly trigger a crash that ends with a precipitous reduction in the human population. The graph, while failing to provide actual numbers on the Y axis, appears to show a world population level in 2100 approximately equal to the almost 4.5 billion people in 1980, a decline of more than 5 billion from projected peak numbers (which could be even higher):
Read More @ InfoWars.com

SEISMIC SHIFT: Brazil wants Say in BRICS director for IMF

from RT America:

Brazilian President Dilma Rousseff visited US President Obama on Monday. Brazil, a member of the BRICS nations, has now overthrown the UK as the sixth largest world economy. Last week the BRICS countries made a bold move to start backing away from the dollar and have proposed to start using their respective currency – and Rousseff is believed to be seeking the position of president of the World Bank. Eva Golinger, author and lawyer, joins us to give us insight on what the BRICS nations hope to accomplish.

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