In The News Today

Posted at 7:33 PM (CST) by & filed under In The News.

Dear CIGAs,

The following is worth a review as the matter of the discussion will soon be taking place in the marketplace.

Breaking News: Ellis Martin Report-Jim Sinclair-The Impending Undeclared Default of 5 Major US Banks
Submitted by ellmartin on Tue, 01/31/2012 – 00:41

The Ellis Martin Report Interview with Jim Sinclair – January 30, 2012

Click here to listen to the interview…

 

Jim Sinclair’s Commentary

Exclude all banks operating in Iran from Swift and business falls back to the 17th century in an instant.

The system is so powerful that threats to exclude banks from it has resulted in the surrender of the details of international private account holder’s full records by the thousands.

Now that you have learned about the ISDA, make sure you learn about the next most powerful system, more powerful by exclusion as to rule the individual international banks themselves.

Society for Worldwide Interbank Financial Telecommunication "SWIFT"
From Wikipedia, the free encyclopedia

The Society for Worldwide Interbank Financial Telecommunication ("SWIFT") operates a worldwide financial messaging network which exchanges messages between banks and other financial institutions. SWIFT also markets software and services to financial institutions, much of it for use on the SWIFTNet Network, and ISO 9362 bank identifier codes (BICs) are popularly known as "SWIFT codes".

The current Chairman of SWIFT is Yawar Shah, who was born and raised in Pakistan, and the CEO is Lázaro Campos, who is from Spain.

The majority of international interbank messages use the SWIFT network. As of September 2010, SWIFT linked more than 9,000 financial institutions in 209 countries and territories, who were exchanging an average of over 15 million messages per day (compared to an average of 2.4 million daily messages in 1995).[1] SWIFT transports financial messages in a highly secure way, but does not hold accounts for its members and does not perform any form of clearing or settlement.

SWIFT does not facilitate funds transfer, rather, it sends payment orders, which must be settled via correspondent accounts that the institutions have with each other. Each financial institution, to exchange banking transactions, must have a banking relationship by either being a bank or affiliating itself with one (or more) so as to enjoy those particular business features.

SWIFT is a cooperative society under Belgian law and it is owned by its member financial institutions. SWIFT has offices around the world. SWIFT headquarters, designed by Ricardo Bofill Taller de Arquitectura are located in La Hulpe, Belgium, near Brussels.

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Jim Sinclair’s Commentary

It is getting hotter between Iran and the West.

Iran halts oil sales to UK, France on eve of talks
By Parisa Hafezi
TEHRAN | Sun Feb 19, 2012 6:08pm EST

(Reuters) – Iran ordered a halt to its oil sales to Britain and France on Sunday in a move seen as retaliation against tightening EU sanctions, as a team of U.N. inspectors flew to Tehran to press the Islamic Republic over its disputed nuclear program.

The European Union enraged Tehran last month when it decided to impose a boycott on its oil from July 1. Iran, the world’s fifth-largest oil exporter, responded by threatening to close the Strait of Hormuz, the main Gulf oil shipping lane.

On Sunday, its oil ministry went a step further, announcing Iran has now stopped selling oil to France and Britain altogether – a powerful yet largely symbolic message since neither European nation relies on Iranian crude imports.

"Exporting crude to British and French companies has been stopped … we will sell our oil to new customers," spokesman Alireza Nikzad was quoted as saying on the ministry website.

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Jim Sinclair’s Commentary

But of course, you already knew this.

China and Japan unite on IMF resources
By Ben McLannahan in Tokyo and Kathrin Hille in Beijing
February 19, 2012 11:28 am

In a rare display of unity, China and Japan have expressed conditional support for an expansion of the International Monetary Fund’s resources to help address Europe’s sovereign debt crisis.

In a meeting in Beijing on Sunday, Wang Qishan, Chinese vice-premier, and Jun Azumi, Japanese finance minister, said they were prepared to support the IMF’s “important role” in combating turmoil in the eurozone.

However, they warned that the eurozone would need to lift the €500bn cap for its bail-out funds if it hoped to persuade non-European Group of 20 nations to increase their funding of the IMF.

Christine Lagarde, IMF managing director, has been pushing for an extra $500bn in funding to contain the eurozone crisis and to protect economies around the world from spillover effects. Eurozone countries have so far committed $200bn, while the US has said it will not contribute additional funds.

The resulting gap is “a very large number”, said a senior Japanese official. “Japan and China both believe that it will be exceedingly difficult to fill that gap unless the cap on the European Stability Mechanism is removed.”

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Jim Sinclair’s Commentary

Pushing and shoving can end up in a fight.

Iran stops oil sales to British, French companies

TEHRAN (Reuters) – Iran has stopped selling crude to British and French companies, the oil ministry said on Sunday, in a retaliatory measure against fresh EU sanctions on the Islamic state’s lifeblood, oil.

"Exporting crude to British and French companies has been stopped … we will sell our oil to new customers," spokesman Alireza Nikzad was quoted as saying by the ministry of petroleum website.

The European Union in January decided to stop importing crude from Iran from July 1 over its disputed nuclear program, which the West says is aimed at building bombs. Iran denies this.

Iran’s oil minister said on February 4 that the Islamic state would cut its oil exports to "some" European countries.

The European Commission said last week that the bloc would not be short of oil if Iran stopped crude exports, as they have enough in stock to meet their needs for around 120 days.

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Jim Sinclair’s Commentary

How is this for forward looking vision?