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Jim Sinclair’s Commentary

So far this weekend.

Bank Closing Information – September 17, 2010
These links contain useful information for the customers and vendors of these closed banks.

Maritime Savings Bank, West Allis, WI ^[2]
Bramble Savings Bank, Milford, OH ^[3]
The Peoples Bank, Winder, GA ^[4]
First Commerce Community Bank, Douglasville, GA ^[5]
Bank of Ellijay, Elijay, GA ^[6]
ISN Bank, Cherry Hill, NJ ^[7]

http://www.fdic.gov/ ^[8]

Jim Sinclair’s Commentary

The Germans have it correctly. They feel it is better to do business than to start a trade war.

Germany seizes on big business in China
By Anthony Faiola
Washington Post Foreign Service 
Saturday, September 18, 2010; 3:50 AM

VERL, GERMANY – As Americans fret over high unemployment and the prospect of another recession, an economic renaissance is putting Germans back to work and propelling the economy at a pace not seen since the fall of the Berlin Wall.

Ask a German executive why, and you are likely to get the same one-word answer that slips like silk off Gunter Scheipermeier’s tongue: "China."

Vilified in the United States as a great sucking sound on the American economy, China is courted here as a revered client. Fast-growing demand from Asia’s giant is helping to fuel the strong German recovery, and Germany now stands as proof that a rich nation can profit off China’s rise.

China passed the United States last year as the No. 1 overseas market for big-ticket German machinery, with Teutonic titans from Siemens to Volkswagen – which so far this year has sold 1.3 million cars in China, five times as many as it has in the United States – ramping up production and payrolls to fill Chinese orders.

More… ^[9]

Jim Sinclair’s Commentary

The US and its media see it differently.

U.S. woes are not our fault, Chinese economists say
BEIJING | Sat Sep 18, 2010 12:11am EDT

(Reuters) – China is not to blame for U.S. economic woes, Chinese economic researchers said in state media reports on Saturday, hitting back at U.S. complaints about unfair trade and China’s currency policy.

"The actions and criticism against China makes no sense," Huo Jianguo, director of the Chinese Academy of International Trade and Economic Cooperation, a Ministry of Commerce think-tank, told China Daily in an interview.

He said the Obama administration had made China a scapegoat to please voters ahead of mid-term elections.

The comments follow U.S. Treasury Secretary Timothy Geithner’s promise to rally other world powers to push China for trade and currency reforms.

China’s central bank said in June it would let the currency fluctuate more freely. Since then it has risen 1.53 percent, but many economists say it is undervalued by up to 40 percent.

China’s government could not have let the yuan appreciate faster because of China’s own economic situation, Huo said. In the longer term, the yuan would rise against the dollar.

"The U.S. moves do not hold any water and China must come out strongly against them," he said.

More… ^[9]