Posted at 6:01 PM (CST) by & filed under In The News.

Jim Sinclair’s Commentary

You cannot have only one Jack.

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Putin launches world’s biggest gas pipeline network to China
Published time: September 01, 2014 10:01
Edited time: September 01, 2014 10:56

Russian President Vladimir Putin and Chinese Vice Premier Zhang Gaoli have launched the construction of the first part of Gazprom’s Power of Siberia pipeline – which will deliver 4 trillion cubic meters of gas to China over 30 years.

“The new gas branch will significantly strengthen the economic cooperation with countries in the Asia-Pacific region and above all – our key partner China,” Putin said at the ceremony outside the city of Yakutsk – the capital of Russia’s Republic of Yakutia on Monday.

Both President Putin and Vice Premier Zhang Gaoli signed the freshly-welded pipeline in – a time-honored Russian tradition. The ‘Power of Siberia’ was welded together by workers from Chayanda gas field, overseen by CEO Aleksey Miller.

"Gazprom is always a reliable supplier of gas to its customers – which also applies to the ‘Power of Siberia," Miller said.

“The gas pipeline ‘Power of Siberia’ will increase energy security and ensure Russia’s ability to fulfill export obligations,” Putin said in the opening remarks.

The 3,968 km pipeline linking gas fields in eastern Siberia to China will be the world’s largest fuel network in the world. Both Putin and Vice Premier Zhang Gaoli have called the project the world’s largest construction project, as investment from both countries will be more than $70 billion.

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Caspian Pipeline Consortium oil exports rises about 22% in August
September 01, 14:25 UTC+4

MOSCOW, September 01./ITAR-TASS/. The Caspian Pipeline Consortium (CPC), led by Russian oil pipeline monopoly Transneft, increased its oil exports by 21.6% on the year to 3.528 million tonnes in August, as seen by ITAR-TASS in the consortium’s materials on Monday.

In January-August, the consortium’s oil exports grew 20.4% to 26.076 million tons.

The Russian government holds 31% in the multinational company, which pumps oil from western Kazakhstan to a terminal at the Black Sea port of Novorossiisk.

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Patient Hospitalized in Sweden, Ebola Case Suspected – Reports
1/9/2014 19:27

MOSCOW, September 1 (RIA Novosti) – A patient suspected  to have Ebola has been hospitalized in the Swedish capital of Stockholm, Reuters reported, citing local media sources.

It is reported, that a man has recently returned from a country that is included in the "risk zone," one of the countries with previously reported cases of fatal disease.

The patient was taken to Karolinska University Hospital, where doctors put him in a detention center to run the necessary tests.

The Ebola virus has claimed 1,552 lives from 3,069 cases since December, according to the World Health Organization.

The worst Ebola epidemic in history and the first to have occurred in West Africa began in southern Guinea and soon spread to Liberia, Sierra Leone and Nigeria.

A separate outbreak in the Democratic Republic of Congo has killed 13 people.

The WHO says it could infect some 20,000 people before it is brought under control.

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‘Common sense prevailed’: Ukraine releases Russian paratroopers
Published time: August 30, 2014 20:38
Edited time: August 31, 2014 09:27

All Russian paratroopers who were detained earlier in the week in eastern Ukraine have been handed over to the Russian side, deputy commander of the Airborne Forces, Major-General Aleksey Ragozin has confirmed.

“The negotiations were very difficult. However, common sense prevailed, and all ended well,” Ragozin said on Saturday night, cited by RIA.

“The most important thing – all the guys are now back with us, in Russia. I want to emphasize that we never abandon our own," he added.

From the very first minute the patrol was caught after accidentally crossing the border the Russian side was doing everything possible to secure their release, Ragozin said.

“Our guys feel sorry that this happened,” he said, adding that they will be provided with all necessary “psychological and other assistance.”

"I consider it unacceptable that for so many days our soldiers were held by the Ukrainian side and, moreover, were transferred to Kiev,” he stated. “At the same time, hundreds of Ukrainian soldiers who found themselves on the territory of Russia, after the provision of comprehensive care by the relevant authorities were immediately transferred back to Ukraine."

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Russia demands publication of recordings from downed flight MH17
The data from the black boxes should be published, says Russia’s deputy defence minister, saying the ‘Boeing catastrophe throws up more and more questions’
11:51AM BST 30 Aug 2014

Russia is demanding to know why international investigators have yet to publish the black box data from a Malaysian airliner that was shot down over eastern Ukraine in July, a deputy defence minister said in an interview published on Saturday.

Moscow blames Ukraine for the disaster, in which all 298 passengers and crew were killed. In a version of events widely believed in the West, Ukraine says the Boeing 777 was shot down by pro-Russian separatists with a surface-to-air missile.

"The Boeing catastrophe throws up more and more questions. But lately not many people are talking about this," Anatoly Antonov, deputy defence minister, told RIA news agency.

"Why have the data still not been published about the conversations between the air traffic controllers and the pilots of the Boeing? Why haven’t the data been presented from the international investigation of the black boxes? Who doesn’t want this to happen?"

The interview marked the latest example of Moscow’s attempts to go on the media offensive at a time when it faces intense international pressure over mounting evidence of its military support for the rebels, something it continues to deny.

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Jim Sinclair’s Commentary

Is there a tear in universal capitulation to USD hegemony?

Several Swiss banks pull out of U.S. tax program: paper
Sun, Aug 31 05:37 AM EDT

ZURICH (Reuters) – At least 10 Swiss banks have withdrawn from a U.S. program aimed at settling a tax dispute between them and the United States, Swiss newspaper NZZ am Sonntag said on Sunday, quoting unnamed sources.

Around 100 Swiss banks came forward at the end of last year to work with U.S. authorities in a program brokered by the Swiss government to help the banks make amends for aiding tax evasion.

"At least 10 banks that had decided at the end of 2013 to pay a fine have withdrawn their decision," NZZ am Sonntag said, quoting unnamed lawyers and auditors. It did not name the banks concerned.

The newspaper said the banks were convinced they had not systematically broken U.S. law and lawyers of the U.S. Department of Justice had actually been surprised to see them take part in the program and did not object to the banks leaving the program.

Liechtenstein-based VP Bank came forward last week to say it had concluded that it no longer needed to take part in the program.

About a dozen Swiss banks face a U.S. criminal investigation as part of the tax probe. Credit Suisse has already settled by agreeing to plead guilty and pay a fine of $2.6 billion earlier this year.

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Slovakia says it may veto new EU sanctions against Russia
August 31, 6:10 UTC+4

BRUSSELS, August 31 /ITAR-TASS/. Slovakia said it might veto new EU sanctions against Russia, Slovak Prime Minister Robert Fico said after the EU summit on Sunday.

“I believe that the sanctions will become senseless and counter-productive. Slovakia may use its right of veto,” Fico said, explaining Slovakia would use its right of veto if it decided that the new anti-Russian sanctions would undermine its economic growth.

The Slovak prime minister said there was no point in imposing new sanctions until the EU knew the results of the previously adopted penalties.

In July, the European Union imposed economic sanctions against Russia over it policy in eastern Ukraine. They include a ban on conclusion of military contracts; restrictions on acquisition of some new technologies, equipment and materials for its oil sector as well as some restrictions on banking services.

Maja Kocijanic, a spokeswoman for the EU high representative for foreign affairs and security policy, said last Friday that the EU Commission was still to analyze the consequences of the EU-imposed anti-Russian sanctions.

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Jim Sinclair’s Commentary

They should. It is the IMF war

IMF approves massive funding for Ukraine
Last Updated: 2014-08-30 10:57 | Xinhua

The International Monetary Fund (IMF) on Friday announced a disbursement of 1.4 billion U.S. dollars to crisis-torn Ukraine, but warned that the program remains highly challenging and continues to hinge on the development of the conflict.

The new funding was approved after the IMF’s Executive Board, its decision-making body, completed the first review of Ukraine’s performance under an economic program. That brings the total disbursements to about 4.51 billion U.S. dollars.

"Overall, economic policies have generally been implemented as agreed in the program, as the Ukrainian authorities have persisted in taking difficult measures despite the volatile political situation," the world lender said in a statement.

"However, the conflict in the eastern part of the country is taking its toll on the economy and society, and compensatory measures will be critical to achieve key program targets agreed for 2014 and beyond," noted the statement.

It stressed that the program "remains highly challenging and continues to hinge crucially on the assumption that the conflict will subside in the coming months."

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Ukrainian Coast Guard Attacked Near Russian Border, Some Killed
Submitted by Tyler Durden on 08/31/2014 12:33 -0400

A Ukraine military spokesman has confirmed that some sailors were killed and more injured when 2 Ukraine Coast Guard cutters came under attack by artillery from onshore near the village of Bezimenne (close to the Russian Border). This is believed to be the first such incident since the conflict began.

As Bloomberg reports,

Some killed when cutters attacked near village of Bezimenne near border w/ Russia, wounded are being transported to hospitals in Mariupol, Oleksiy Metasov, aide to Ukrainian lawmaker Yehor Firsov, comments by phone from Mariupol.

The naval cutter is reported to have been attacked by artillery from the shore.

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"Dawn Of Libya" Islamist Militia Group Seizes US Embassy In Tripoli, Holds Pool Party
Submitted by Tyler Durden on 08/31/2014 12:50 -0400

Probably the ‘oddest’ headline of the day but in yet another show of disdain towards US military might, the Islamist militia group known as "Dawn Of Libya" has ‘secured’ an annex of the U.S. embassy in Tripoli. As Reuters reports, the United States evacuated its embassy in Tripoli on July 26, driving diplomats across the border into Tunisia; but a YouTube video showed the breach of the vacated diplomatic facility by an armed group, with fighters seen milling around a swimming pool. A rebel takeover of the compound would now deliver another symbolic blow to U.S. policy toward Libya, which Western governments fear is teetering toward becoming a failed state.

As Reuters reports,

Members of a Libyan rebel militia have entered an annex of the U.S. embassy in Tripoli but have not broken into the main compound where the United States evacuated all of its staff last month, a U.S. official said on Sunday.

It was not immediately known how close the annex, apparently made up of diplomatic residences, is to the embassy itself. Libya has been rocked by the worst factional violence since the 2011 fall of Muammar Gaddafi.

The United States evacuated its embassy in Tripoli on July 26, driving diplomats across the border into Tunisia. A rebel takeover of the compound would now deliver another symbolic blow to U.S. policy toward Libya, which Western governments fear is teetering toward becoming a failed state.

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Cameron faces Ukip by-election bloodbath: Party set to win first Commons seat after shock poll reveals Farage’s staggering 44-point lead over the Tories
By Simon Walters for The Mail on Sunday
Published: 18:37 EST, 30 August 2014 | Updated: 21:22 EST, 30 August 2014

Ukip are set to win their first Commons seat with a landslide 64 per cent of the vote following the biggest swing in modern political history.

Turncoat MP Douglas Carswell is set to humiliate David Cameron at the Clacton by-election sparked by his defection, a  Survation poll for The Mail on Sunday has revealed.

The figures – the first test of public opinion since the politician rocked Westminster by defecting to Nigel Farage’s party – predict a record 48 point swing towards Ukip.

And they put the anti-Brussels party a staggering 44 percentage points ahead of Mr Carswell’s former party in the  Essex constituency.

If the results are repeated in the by-election, expected in October, the swing would exceed the current record 44 points achieved by Lib Dem MP Simon Hughes when he thrashed Labour’s Peter Tatchell, the gay rights campaigner, in a by-election in Bermondsey, South London, in 1983.

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Moscow, Kiev swap troops as Ukraine port girds for pro-Russian assault
By Mark Trevelyan of Reuters

Ukrainian troops and local residents were reinforcing the port of Mariupol on Sunday, the next big city in the path of pro-Russian fighters who pushed back government forces along the Azov Sea this past week in an offensive on a new front.

The new rebel advance has drawn increasing concern from Ukraine’s Western allies, who say its success is a result of reinforcement by armoured columns of Russian troops.

European Union leaders agreed on Saturday to draw up new economic sanctions against Moscow, a move hailed by the United States, which is planning tighter sanctions of its own and wants to act jointly with Europe.

Some residents of Mariupol have taken to the streets to show support for the Ukrainian government as the pro-Russian forces gain ground. Many others have fled from the prospect of an all-out assault on the city of nearly 500,000 people.

"We are proud to be from this city and we are ready to defend it from the occupiers," said Alexandra, 28, a post office clerk wearing a ribbon in blue and yellow Ukrainian colours.

"We will dig trenches. We will throw petrol bombs at them, the occupiers," she said. "I believe our army and our (volunteer) battalions will protect us."

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Posted at 1:02 PM (CST) by & filed under Jim's Mailbox.

Jim,

The Saudi King warns West will be Jihadists’ next target because he knows that he himself is the real next target. He must feel that his royal armchair is getting seriously hot so he wants help right now.

If I were Al Baghdadi I would consider Saudi Arabia a relatively soft target but would not attack the USA or Europe now to avoid an obvious reaction.

If Saudi Arabia is to be entangled in a war, what will happen to the oil price? This is the easier way to attack the western world.

Best,
CIGA Franz

 

Dear Jim,

They are insane to mess with Russia. It is the Cuban missile crisis in reverse!

BT

Putin reminds world that Russia ‘is one of the leading nuclear powers’ and ‘it’s best not to mess with us’
Alexei Anishchuk and Richard Balmforth, Reuters | August 29, 2014 | Last Updated: Aug 29 7:57 PM ET

LAKE SELIGER, Russia/Kyiv —Ukraine called on Friday for full membership in NATO, its strongest plea yet for Western military help, after accusing Russia of sending in armoured columns that have driven back its forces on behalf of pro-Moscow rebels.

Russian President Vladimir Putin, defiant as ever, compared Kyiv’s drive to regain control of its rebellious eastern cities to the Nazi invasion of the Soviet Union in World War Two. He announced that rebels had succeeded in halting it, and proposed that they now permit surrounded Ukrainian troops to retreat.

Speaking to young people at a summer camp, Putin told his countrymen they must be “ready to repel any aggression towards Russia.” He described Ukrainians and Russians as “practically one people,” language that Ukrainians say dismisses the very existence of their thousand-year-old nation.

“Thank God, I think no one is thinking of unleashing a large-scale conflict with Russia. I want to remind you that Russia is one of the leading nuclear powers,” Putin told the group of school-aged children on Friday.

Putin’s lengthy public appearance on Friday and his overnight statement on the conflict appear to be an acknowledgment that the war has reached a turning point, potentially requiring greater Russian sacrifice.

More…

Posted at 6:19 PM (CST) by & filed under In The News.

Jim Sinclair’s Commentary

This is not speculation.

Saudi king warns West will be jihadists’ next target

Jeddah (Saudi Arabia) (AFP) – King Abdullah of Saudi Arabia has warned that the West will be the next target of the jihadists sweeping through Syria and Iraq, unless there is "rapid" action.

"If we ignore them, I am sure they will reach Europe in a month and America in another month," he said in remarks quoted on Saturday by Asharq al-Awsat daily and Saudi-backed Al-Arabiya television station.

"Terrorism knows no border and its danger could affect several countries outside the Middle East," said the king who was speaking at a welcoming ceremony on Friday for new ambassadors, including a new envoy from Saudi ally the United States.

The Islamic State (IS) jihadist group has prompted widespread concern as it advances in both Syria and Iraq, killing hundreds of people, including in gruesome beheadings and mass executions.

Lack of action would be "unacceptable" in the face of the phenomenon, King Abdullah said.

"You see how they (jihadists) carry out beheadings and make children show the severed heads in the street," he said, condemning the "cruelty" of such acts.

"It is no secret to you, what they have done and what they have yet to do. I ask you to transmit this message to your leaders: ‘Fight terrorism with force, reason and (necessary) speed’."

More…

 

It’s Settled: Central Banks Trade S&P500 Futures
Submitted by Tyler Durden on 08/30/2014 15:11 -0400

Based on the unprecedented collapse in trading volumes of cash products over the past 6 years, one thing has become clear: retail, and increasingly, institutional investors and traders are gone, probably for ever and certainly until the Fed’s market-distorting central planning ends. However, one entity appears to have taken the place of conventional equity traders: central banks.

Courtesy of an observation by Nanex’s Eric Hunsader, we now know, with certainty and beyond merely speculation by tinfoil fringe blogs, that central banks around the world trade (and by "trade" we mean buy) S&P 500 futures such as the E-mini, in both futures and option form, as well as full size, and micro versions, in addition to the well-known central bank trading in Interest Rates, TSY and FX products.

In fact, central banks are such active traders, that the CME Globex has its own "Central Bank Incentive Program", designed to "incentivize" central banks to provide market liquidity, i.e., limit orders, by paying them (!) tiny rebates on every trade. Because central banks can’t just print whatever money they need, apparently they need the CME to pay them to trade.

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Posted at 6:14 PM (CST) by & filed under Jim's Mailbox.

Jim,

David calls the reset as the "Great Repricing" I call it "the Mother of All Musical Chair Games". When the music stops the run for the exits will be enormous. Like movie goers trying to escape a theatre when it’s on fire.

CIGA Larry

Stockman – Unprecedented Global Financial Wipeout Is Coming

Today David Stockman warned King World News that investors need to brace themselves for an unprecedented and historic global financial wipeout.  KWN takes Stockman’s warnings very seriously because he is the man former President Reagan called on in 1981, during that crisis, to become Director of the Office of Management and Budget and help save the United States from collapse.  Below is what Stockman, author of the website contracorner, had to say in his powerful interview.

Stockman:  “There is going to be a massive repricing in the financial markets.  As I’ve indicated, everything is overvalued, from stocks, to real estate, to big-cap companies, to speculative small-cap companies, and derivatives of every kind.  They are all correlated in the bubble expansion and they are all going to be correlated in the big repricing that’s coming….

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Posted at 9:54 PM (CST) by & filed under In The News.

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JPMorgan Sees ‘Lehman Moment’ for Russia If Ukraine Deteriorates
By Jason Corcoran
August 29, 2014 8:38 AM EDT

Russia’s equity markets may face a “Lehman moment” if the Ukraine conflict deteriorates further, according to Alexander Kantarovich, head of research for JPMorgan Chase & Co. in Moscow.

“With the significant deterioration in the Ukrainian situation, markets may treat this as a Lehman-style shock,” Kantarovich wrote in an e-mailed report today. “Revisiting the post-Lehman lows would imply downside of 50 percent from an index perspective.”

Russia’s ruble-denominated Micex Index has fallen 6.6 percent this year. The stock gauge posted the worst monthly drop in July since 2012 as the U.S. and the European Union escalated sanctions targeting Russia’s $2 trillion economy after the downing of a passenger jet on July 17 over Ukrainian territory controlled by pro-Russian insurgents.

The Micex lost 67 percent in 2008, the biggest decline among benchmarks in the 30 largest stock markets, as Lehman Brothers Holdings Inc.’s collapse triggered a global recession and foreign banks cut credit. It rebounded by 120 percent in 2009, data compiled by Bloomberg show.

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Jim Sinclair’s Commentary

Statistics have become cartoons.

Researchers: Unemployment rate isn’t accurate
August 27, 2014, 5:30 AM

The U.S. jobs report, a key measure of how well the economy is doing, has gotten increasingly less accurate in the past 20 years. The fix for that problem could be in a surprising place: Twitter.

Those are the conclusions of two separate reports out this month. The first report, published by the National Bureau of Economic Research, found that the unemployment number released by the government suffers from a problem faced by other pollsters: Lack of response. This problem dates back to a 1994 redesign of the survey when it went from paper-based to computer-based, although neither the researchers nor anyone else has been able to offer a reason for why the redesign has affected the numbers.

What the researchers found was that, for whatever reason, unemployed workers, who are surveyed multiple times are most likely to respond to the survey when they are first given it and ignore the survey later on.

The report notes, "It is possible that unemployed respondents who have already been interviewed are more likely to change their responses to the labor force question, for example, if they want to minimize the length of the interview (now that they know the interview questions) or because they don’t want to admit that they are still unemployed."

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Jim Sinclair’s Commentary

It is clearly not all roses out there.

U.S. Consumer Spending Falls for First Time in Six Months
By Lorraine Woellert
August 29, 2014 4:27 PM EDT

American consumers have become thriftier, trimming spending as bigger wage gains fail to materialize and using every opportunity to rebuild nest eggs. The result may lower economic growth.

Household purchases unexpectedly decreased 0.1 percent in July, the first drop in six months, after rising 0.4 percent the prior month, Commerce Department figures showed today in Washington. Incomes rose at the slowest pace of the year and savings climbed to the highest level since the end of 2012.

While an improving job market is lifting confidence, it has yet to spur the broad-based increases in pay that will boost demand at retailers such as Williams-Sonoma Inc. (WSM) and Guess? Inc. (GES) The weak start for consumer spending, which accounts for almost 70 percent of the economy, prompted some economists to cut third-quarter growth estimates even as other data showed manufacturing was strengthening.

“This is not going to be a consumption-driven quarter,” said Ian Shepherdson, chief economist at Pantheon Macroeconomics Inc. in White Plains, New York. “We need to see sustained faster payroll growth and wage growth.”

Stocks rose, extending the biggest monthly gain since February, led by advances among financial, health-care and technology shares. The Standard & Poor’s 500 Index climbed 0.3 percent to 2,003.37 at the close in New York.

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Rand Paul Slams US Interventionists’ "Unhinged Foreign Policy" For Abetting The Rise Of ISIS
Submitted by Tyler Durden on 08/29/2014 14:44 -0400

Authored by Dr. Rand Paul, originally posted at The Wall Street Journal,

As the murderous, terrorist Islamic State continues to threaten Iraq, the region and potentially the United States, it is vitally important that we examine how this problem arose. Any actions we take today must be informed by what we’ve already done in the past, and how effective our actions have been.

Shooting first and asking questions later has never been a good foreign policy. The past year has been a perfect example.

In September President Obama and many in Washington were eager for a U.S. intervention in Syria to assist the rebel groups fighting President Bashar Assad’s government. Arguing against military strikes, I wrote that "Bashar Assad is clearly not an American ally. But does his ouster encourage stability in the Middle East, or would his ouster actually encourage instability?"

The administration’s goal has been to degrade Assad’s power, forcing him to negotiate with the rebels. But degrading Assad’s military capacity also degrades his ability to fend off the Islamic State of Iraq and al-Sham. Assad’s government recently bombed the self-proclaimed capital of ISIS in Raqqa, Syria.

To interventionists like former Secretary of State Hillary Clinton, we would caution that arming the Islamic rebels in Syria created a haven for the Islamic State. We are lucky Mrs. Clinton didn’t get her way and the Obama administration did not bring about regime change in Syria. That new regime might well be ISIS.

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Dethrone ‘King Dollar’
By JARED BERNSTEINAUG. 27, 2014

WASHINGTON — THERE are few truisms about the world economy, but for decades, one has been the role of the United States dollar as the world’s reserve currency. It’s a core principle of American economic policy. After all, who wouldn’t want their currency to be the one that foreign banks and governments want to hold in reserve?

But new research reveals that what was once a privilege is now a burden, undermining job growth, pumping up budget and trade deficits and inflating financial bubbles. To get the American economy on track, the government needs to drop its commitment to maintaining the dollar’s reserve-currency status.

The reasons are best articulated by Kenneth Austin, a Treasury Department economist, in the latest issue of The Journal of Post Keynesian Economics (needless to say, it’s his opinion, not necessarily the department’s). On the assumption that you don’t have the journal on your coffee table, allow me to summarize.

It is widely recognized that various countries, including China, Singapore and South Korea, suppress the value of their currency relative to the dollar to boost their exports to the United States and reduce its exports to them. They buy lots of dollars, which increases the dollar’s value relative to their own currencies, thus making their exports to us cheaper and our exports to them more expensive.

In 2013, America’s trade deficit was about $475 billion. Its deficit with China alone was $318 billion.

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Posted at 9:49 PM (CST) by & filed under Jim's Mailbox.

Jim,

Just wondering if this could be a precursor of things to come and a repeat of 2008 – 2009

CIGA Larry

Larry,

Yes, it is.

Jim

World’s Biggest Wealth Fund Says U.S. Corporate Debt Boom Ending
By Saleha Mohsin Aug 28, 2014 6:19 AM MT

The head of debt investment at Norway’s $880 billion sovereign wealth fund, the world’s largest, said a rally in U.S. corporate bonds may be coming to an end.

Looking at “American corporate investment grade bonds, we see that the spread lies around 100 basis points, that is nearly just as low as they were before the financial crisis,” Ole Christian Froeseth, head of fixed-income at the oil fund, said in a lecture in Oslo today. “One can argue that there isn’t much juice left in this spread, especially not in relation to where we were during the financial crisis.”

The wealth fund, which gets its investment guidelines from Norway’s government, said its corporate bond portfolio returned 2 percent last quarter. Debt issued by companies in the U.S. made a “negative contribution to the relative return,” according to the fund.

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Jim,

The UK gets very little energy from Russia so countersanctions against it does not hurt much. Cameron is repeating O’s game plan.

Moving one step closer to pricing energy in Rubles and Yuan.

Keep an eye open tomorrow on the EU leaders meeting in Brussels.

CIGA Craig

U.K. Wants EU to Block Russia From SWIFT Banking Network
By Robert Hutton and Ian Wishart Aug 29, 2014 4:00 PM MT

The U.K. will press European Union leaders to consider blocking Russian access to the SWIFT banking transaction system under an expansion of sanctions over the conflict in Ukraine, a British government official said.

The Society for Worldwide Interbank Financial Telecommunication, known as SWIFT, is one of Russia’s main connections to the international financial system. Prime Minister David Cameron’s government plans to put the topic on the agenda for a meeting of EU leaders in Brussels tomorrow, according to the official, who asked not to be named because the discussions are private.

“Blocking Russia from the SWIFT system would be a very serious escalation in sanctions against Russia and would most certainly result in equally tough retaliatory actions by Russia,” said Chris Weafer, a senior partner at Moscow-based consulting firm Macro Advisory.“An exclusion from SWIFT would not block major trade deals but would cause problems in cross-border banking and that would disrupt trade flows.”

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Jim,

I just finished watching an old Frank Sinatra movie titled "Von Ryan’s Express", about an American POW (Sinatra) leading a group of mainly British prisoners to escape from the Germans in WWII. A quote at the end of the film reminded me of GOTS and I just had to send it your way:

"I once told you Ryan, if only one gets out, it’s a victory." ~ Maj. Eric Fincham, played by British actor, Trevor Howard.

Sincerely,
CIGA Dan

Posted at 10:44 AM (CST) by & filed under General Editorial.

Dear CIGAs,

We are looking for your feedback as to where to hold our next Q&A Sessions. We are currently looking at holding a session in one of the following cities the weekend of October 18th:

  • Chicago, Illinois
  • Atlanta, Georgia
  • Jackson Hole, Wyoming

If you are interested in attending any of these sessions, please email us at [email protected] and let us know in the subject line which session you are interested in attending.

Thanks for your feedback and we look forward to seeing you there!

Dan Duval
JSMineset Editor