Jim Sinclair’s Commentary
John Williams shares the following with us.
- U.S. Government Prepares to Use Reduced-Inflation Index for Cost of Living Adjustments (COLA)
- 2015 Social Security COLA at 1.7% Would Have Been 9.4% without Existing Gimmicks for Understating Inflation
- September Annual Inflation: 1.7% (CPI-U), 1.6% (CPI-W), 9.4% (ShadowStats)
- September Real Retail Sales Fell by 0.4%
- September Real Earnings Fell by 0.4%
- Existing-Home Sales Headline Gain Dominated by Surge in Distressed Properties; Year-to-Year Sales Contracted for Eleventh Straight Month
- Real-World Indication of Faltering Third-Quarter Economic Activity
"No. 668: September CPI, Real Retail Sales and Earnings, New-Home Sales, Prospective GDP "
New York’s First Ebola Case? Doctor Treating Ebola Patients In Guinea Rushed To Bellevue Hosptial
Tyler Durden on 10/23/2014 14:59 -0400
Just when you thought it was safe to assume that Ebola-in-America was fixed (one day into Ron Klain’s tenure as Ebola Czar), NYPost reports some rather disquieting news. A New York City doctor – who returned from treating Ebola patients in Guinea 10 days ago – has been rushed under police escort to Bellevue Hospital… He is being tested for Ebola. Market liquidity has dried up instantly!
*PATIENT BEING TESTED AT BELLEVUE FOR POSSIBLE EBOLA, NYC SAYS
*NYC HEALTH DEPARTMENT TO ISSUE STATEMENT SOON, SPOKESMAN SAYS
*NYC: PATIENT WITH FEVER, GASTROINTESTINAL SYMPTOMS AT BELLEVUE
*NYC SAYS PATIENT EBOLA TEST RESULTS EXPECTED WITHIN 12 HOURS
*NYC TRACING ALL OF PATIENT’S CONTACTS
*NYC HEALTH DEPARTMENT ALSO WORKING CLOSELY WITH HHC
POSSIBLE NYC EBOLA PATIENT DID NOT SELF-QUARANTINE: CNN
POSSIBLE NYC EBOLA PATIENT TOOK UBER TO BOWLING ALLEY YDAY: CNN
Full Statement on Patient at Bellevue Hospital
Today, EMS HAZ TAC Units transferred to Bellevue Hospital a patient who presented a fever and gastrointestinal symptoms.
The patient is a health care worker who returned to the U.S. within the past 21 days from one of the three countries currently facing the outbreak of this virus.
The patient was transported by a specially trained HAZ TAC unit wearing Personal Protective Equipment (PPE). After consulting with the hospital and the CDC, DOHMH has decided to conduct a test for the Ebola virus because of this patient’s recent travel history, pattern of symptoms, and past work. DOHMH and HHC are also evaluating the patient for other causes of illness, as these symptoms can also be consistent with salmonella, malaria, or the stomach flu.
Last GEAB excerpt – The world afterwards: towards a BRICS gold backed multi-currency system
Our team thus anticipates that, before anyone actually realizes it, an alternative BRICS monetary system will be operational from 2017. Not a common currency, but a lightweight system, multi-currency, mainly based on the Yuan, the Ruble, the other BRICS currencies and perhaps even the yen, all backed by gold and easily exchanged thanks to modern digital tools; a system also upgradable with the ability and ambition to host other currencies one day.
Sears Closing 100 Stores, Laying Off Over 5,000 Workers
Oct 23rd 2014 9:34AM
By Sruthi Ramakrishnan
Struggling retailer Sears Holdings (SHLD) will lay off at least 5,457 employees and close over 100 stores, many before Christmas, according to a Seeking Alpha report citing liquidation notices and employees.
Sears shares rose 4.6 percent to $36 in premarket trading.
At least 46 Kmart stores, 30 Sears department stores and 31 Sears Auto Centers are scheduled to close before the end of January, the report said.
Sears officials weren’t immediately available for comment.
The company, which is struggling to reduce costs as its sales dwindle, closed 75 Kmart stores and 21 Sears stores in the first half of 2014.
It said last week that it would lease out seven stores, including the one at Pennsylvania’s King of Prussia Mall, to discount fashion chain Primark for an undisclosed amount.
Sears had 1,077 Kmart stores and 793 Sears stores in the United States as of Aug. 2. The company had 226,000 U.S. employees as of Feb. 1.
Breaking: European Central Banks repatriate gold from USA
October 23, 2014
What is this secret repatriation of Gold about?
We have heard from one very reliable source that repatriation of gold is secretly taking place at this moment from the USA to Europe. This is October 2014!
The information contains details about transported quantities by one of the global security firms being much higher than usual, as well as country of destination.
This leads us to believe that some central banks in Europe may be feeling tension and their boards see that the ‘whatever it takes’ QE, LTRO or OMT policy, or whatever they call this monetary financing, can and probably will have serious repercussions.
The Swiss National Bank (SNB) started selling gold in 2000 near the lows of the market. At that same time, many years ago, the movement to stop this selling started in Switzerland which, on November 30, will lead to a definitive choice by Swiss voters whether to a) Stop selling gold, b)repatriate all foreign held gold, and c) maintain 20% gold backing of SNB assets, or alternatively risk being dictated to by the European Union and the ECB.
Saudi Arabia Surprises Market With Supply Cut Announcement, Oil Jumps
Submitted by Tyler Durden on 10/23/2014 08:19 -0400
Saudi Arabia, it appears, had enough of shooting itself in the foot for its American ‘partners’, and has admitted for the first time that it slashed supply in September. As Bloomberg reports, OPEC’s biggest producer cut supply to mkt by 328k b/d in September to 9.36m b/d, from 9.688m b/d in August, according to a person with knowledge of Saudi Arabia’s oil policy. Prices in September were flat admit this supply cut which suggests along with the build in EIA inventories seen yesterday that Saudi Arabia may have also been forced by global demand weakness to cut supply through October also.
It appears the Saudi supply cut in September offset any demand weakness as prices remained flat… which makes one wonder what the plunge in October represents (global demand weakness or a flip-flopping Saudi Arabia?)
The intrday reaction to the first public admission of supply cuts
Big nations snub Beijing bank launch after US lobbying
Financial Times, London
Tuesday, October 22, 2014
BEIJING — China will officially launch a new $50 billion Asia Infrastructure Investment Bank on Friday as it steps up its challenge to global financial institutions like the World Bank that it feels are dominated by America and its allies.
But only 20 mostly small economies, many of them effectively client states of China, will become founding members of the bank at Friday’s ceremony in Beijing after Washington lobbied furiously to stop other countries from signing up.
When it first unveiled its plan to establish the bank last year, Beijing extended a broad invitation and several European states, as well as Australia, Indonesia, and South Korea initially showed interest.
But thanks to pressure from the US — conveyed by US diplomats in Beijing, Washington, and other capitals — none of these countries will join the bank at this stage, although some are hoping to be involved later.
India will be the only large economy to sign up to the Chinese initiative at the ceremony in the Great Hall of the People in Beijing on Friday morning, according to people familiar with the matter.
It will be joined by Mongolia, Uzbekistan, Kazakhstan, Sri Lanka, Pakistan, Nepal, Bangladesh, Oman, Kuwait, Qatar, and all of the Association of Southeast Asian Nations except Indonesia.
Indonesia excused itself from being involved at this stage, saying the newly installed government had not yet had time to consider Beijing’s proposal.
Ebola Chicago O’Hare 2014: Two Passengers On Flights From Liberia Being Evaluated For Symptoms Of Virus
By Philip Ross on October 22 2014 8:50 AM
Two people who arrived at Chicago’s O’Hare International Airport on Tuesday are being evaluated at hospitals in Chicago for signs of Ebola after the passengers, who traveled from Liberia but were on different planes, became ill during their flights. One of the passengers, a child, vomited one time aboard the aircraft, according to Sun-Times Media. The other passenger, an adult traveling alone from Liberia, reported having nausea and diarrhea, but had a normal temperature during a screening.
The child was taken to University of Chicago Medical Center for isolation and evaluation. Members of the child’s family were not symptomatic, but were placed in quarantine until the child’s evaluation could be completed. The second passenger was taken to Rush University Medical Center. Both medical centers are among the four Chicago hospitals that have agreed to accept Ebola patients from other hospitals and health centers should any cases appear in the city, according to the Chicago Tribune.
"The patient has been assigned a dedicated and highly trained team of health care providers, who will deploy strict isolation and infection control procedures,” the University of Chicago Medical Center said in a statement, according to Sun-Times. “We have absolute confidence in this team’s ability to safely care for this patient.”
Despite showing some symptoms consistent with Ebola, health officials have decided not to test the passengers for the disease after determining that both travelers had no known risk of exposure to the virus. “To be clear, at this time there have been no confirmed cases of Ebola, and there is no threat to the general public,” officials from the Chicago Ebola Resource Network said in a statement.
Travelers entering the U.S. whose trips originated in Liberia, Sierra Leone or Guinea, where the Ebola outbreak has claimed over 4,500 lives and infected thousands more, must fly into one of five airports that have enhanced screening procedures in place, the U.S. Department of Homeland Security said on Tuesday. The airports are Washington Dulles International, Atlanta’s Hartsfield-Jackson, Newark’s Liberty International, Chicago’s O’Hare and New York’s John F. Kennedy International.
9 in Connecticut Being Watched for Symptoms of Ebola
By ANEMONA HARTOCOLLISOCT. 22, 2014
Nine people in Connecticut who may have been exposed to the Ebola virus have been told to stay at home and are being monitored by local health authorities for symptoms, a spokesman for the State Public Health Department said on Wednesday.
The people in question were not sick, the spokesman, William Gerrish, said, but were being watched under an order signed by Gov. Dannel P. Malloy on Oct. 7, declaring a public health emergency in the state.
They were not publicly identified because of privacy concerns, but officials said three were Yale University students and the others were from one family. At least some had traveled to West Africa.
Mr. Malloy’s order enabled him to give the public health commissioner, Dr. Jewel Mullen, the power, “under conditions prescribed” by her, to order the isolation or quarantine of anyone she reasonably believed to have been exposed to Ebola, infected with it or at risk of transmitting it. Officials said that the quarantining of the nine people was voluntary, and that none had objected to it.
On Wednesday, federal health officials said that starting next week, travelers arriving in six states from Guinea, Liberia or Sierra Leone must have their temperatures taken and stay in touch with health officials daily for 21 days, the incubation period for Ebola. Connecticut is not one of those states.
“The governor has asked the department to act out of an abundance of caution, and that’s exactly what they are doing,” a spokesman for Mr. Malloy said.
Jim Sinclair’s Commentary
Think you have control of your retirement account? Be careful!
Savers who cash in pensions ‘clobbered’ with 45 per cent tax
Many people using new freedoms to withdraw pension savings will be taxed at 45 per cent – even if they are withdrawing as little as £20,000
By Dan Hyde, Consumer Affairs Editor
10:30PM BST 22 Oct 2014
Savers who cash in pensions next year face "emergency" tax charges worth up to a third of their funds, which they will need to claim back, The Telegraph can disclose.
Withdrawals of anything above £4,500 are likely to cause a tax charge of 40 per cent on part of the fund, analysis of official documents showed.
Many people using new freedoms to withdraw pension savings will be taxed at 45 per cent – even if they are withdrawing as little as £20,000.
The charges will leave pensioners thousands of pounds short of their anticipated windfalls, and forced to claim refunds from the taxman.
HMRC has insisted the impact would not be widespread and would only apply if savers could not supply their tax code.
But industry experts said a tax "chaos" awaited hundreds of thousands of people who planned to take advantage of the Government’s reforms, which take effect in April 2015.
Sean McCann, a financial planner at insurer NFU mutual, said: “This will cause many people a nasty shock.
New York hospital evaluating doctor who reported Ebola-like symptoms
Physician, believed to be a 33-year-old man who was working in west Africa, treated for fever and ‘gastrointestinal symptoms’
Jessica Glenza in New York
theguardian.com, Thursday 23 October 2014 18.01 EDT
A physician who recently returned from west Africa was taken to hospital in New York City on Thursday after displaying symptoms consistent with those caused by Ebola.
A New York city councilman, Mark Levine, identified the man as Craig Spencer, 33, a doctor who lives in the Harlem neighborhood of Manhattan. A preliminary test confirming whether he has Ebola is expected by early Friday morning.
Health officials said they were beginning to trace the doctor’s contacts, which New York City mayor Bill de Blasio said were not numerous.
“It is our understanding very few people were in direct contact with him,” de Blasio told a news conference. “Every protocol has been followed. We’re hoping for a good outcome for this individual,” he said.
City health officials said the patient worked in one of the three west African countries affected by Ebola, which has killed more than 4,500 people since the current outbreak began. It said he returned to the United States within the last 21 days, which is the maximum incubation period for the virus.
The physician was transported by a team wearing protective gear to Bellevue hospital with a fever and “gastrointestinal symptoms”. Though the city’s statement did not specify, severe diarrhoea is a common Ebola symptom.
Jim Sinclair’s Commentary
The Patriot Act comes to Canada.
Canada considers ‘preventative detention’ in wake of Ottawa attack
Prime minister Stephen Harper says he plans to strengthen counter-terrorism efforts as parliament returns day after shooting
Justin Ling in Ottawa
The Guardian, Thursday 23 October 2014 15.56 EDT
The Canadian government indicated on Thursday that it intends to speed up proposals to toughen the country’s anti-terror laws in the wake of the attack on parliament in Ottawa, including a measure that would allow “preventative detention”.
As the House of Commons opened to rapturous applause for the sergeant-at-arms, the ceremonial security chief who prevented further tragedy by apparently killing the perpetrator of Wednesday’s brazen assault, prime minister Stephen Harper indicated that his government was resolved to toughen the country’s security legislation.
The governing Conservatives have made no secret of their plan to install new anti-terror powers, giving the Canadian Security Intelligence Service (CSIS) more powers to track, investigative and detain would-be homegrown terrorists. Harper promised the proposals would be brought forward.
“They need to be much strengthened, and I assure you, Mr Speaker, that work which is already under way will be expedited,” Mr Harper said.
Details of those new powers have yet to be released, but justice minister Peter MacKay indicated to reporters that they will include measures to allow the preventive detention of suspected would-be terrorists.
“We’re examining all those sections of the criminal code, and all measures under the law that will allow us, in some instances, to take pre-emptive measures,” he said.