In The News Today

Posted at 9:44 PM (CST) by & filed under In The News.

Dear CIGAs,

For anyone that thinks the mortgage reset problem is over, a review of the following from Credit Suisse is mandatory. First the average guys get killed then the leveraged big boys go down hard.


Jim Sinclair’s Commentary

The growth business of 2009 – 2012 is prison-run Organized Crime, symbol PROC, now estimated at 150,000 trained and dedicated staff.



Jim Sinclair’s Commentary

Reliance on the US dollar is in an intact downtrend that is unlikely to change. The dollar is dead as a reserve currency. Dollars held will be kept and diversified away from in creative ways such as China buying THE MINING WORLD.
China and Argentina in currency swap
By Jude Webber in Santiago
Published: March 31 2009 01:25 | Last updated: March 31 2009 01:25

China, which is pushing to end the dominance of the dollar as a worldwide reserve, has agreed a Rmb70bn ($10.24bn, £7.18bn, €7.76bn) currency swap with Argentina that will allow it to receive renminbi instead of dollars for its exports to the Latin American country.

Xinhua, the official Chinese news agency, said the deal was signed on Sunday by Zhou Xiaochuan, governor of the People’s Bank of China, and Martín Redrado, Argentine central bank president, in Medellín, Colombia, where they are attending a meeting of the Inter-American Development Bank.

An Argentine official confirmed a deal had been discussed and said the fine print was being worked out and negotiations were “very advanced”.

Beijing has signed Rmb650bn ($95bn, €72bn, £67bn) of deals since December with Malaysia, South Korea, Hong Kong, Belarus, Indonesia and, now, Argentina in an attempt to unblock trade financing that has been severely curtailed by the crisis.


Jim Sinclair’s Commentary

The Pakistani Taliban are threatening a massive attack on the White House. (Click image to play video).


Pakistani Taliban Leader Threatens Attack on Washington
By Pamela Constable
Washington Post Foreign Service
Tuesday, March 31, 2009; 4:13 PM

KABUL, March 31 — The reclusive commander of the Pakistani Taliban claimed Tuesday that his fighters had carried out Monday’s bold assault on a police academy in eastern Pakistan and boasted that he was planning a terrorist attack in Washington that would astonish the world.

Beitullah Mehsud, an Islamist leader from the South Waziristan tribal area in northwest Pakistan, called several international news agencies in Pakistan to assert responsibility for the armed occupation of the police training compound that ended with 11 people dead.

He also told reporters that he was planning to attack targets in the U.S. capital in retaliation for more than 30 strikes by unmanned U.S. drones that have targeted suspected al-Qaeda and Taliban sanctuaries in northwest Pakistan near the border with Afghanistan.



Jim Sinclair’s Commentary

There are no greater COWARDS than financial guys. Today they are useless beings with no redeeming human values.

G20: Dozens of banks to shut branches in London in fear of summit protesters
Banks are planning to board up branches in central London and run their operations with a skeleton staff because of the fear of violence around the G20 summit.
By Christopher Hope, Whitehall Editor
Last Updated: 10:16AM BST 31 Mar 2009

The news comes after protesters circulated a map which identifies more than 125 targets across the City, including dozens of international corporations, banks, and oil companies.

More than 50 financial institutions are pinpointed, including some of those – like Royal Bank of Scotland, Lloyds TSB – blamed for precipitating the current economic crisis. The map urged potential demonstrators to vent their anger at the “carpeted, warmed and well-lighted offices” of corporate capitalism, quoting the writer CS Lewis’s attack on the “managerial age”.

None of the main banks would comment. However senior banking figures told that they were taking the security threat seriously, and admitted that they were concerned about the possibility of trouble.

One banking source said: “Everyone is taking precautions in the Square Mile. Many branches will be closed. It will be essential staff only who travel into work in those two days.

“Lets hope that it goes off peacefully. We cannot guarantee that but we hope it will be the case.”


Jim Sinclair’s Commentary

The script of the Formula continues to play out.

Budget experts predict no Social Security cost-of-living increases for 3 years
STEPHEN OHLEMACHER | Associated Press Writer
5:16 PM EDT, March 31, 2009

WASHINGTON (AP) — The recession is projected to wipe out annual cost-of-living increases for 50 million Social Security beneficiaries for the next three years, something that hasn’t happened since automatic adjustments were adopted in 1975.

The Congressional Budget Office says in its latest budget estimates that inflation will dip so low that Social Security recipients will not qualify for annual increases in 2010, or for two years after that. In 2013 through 2019 — when projections are less reliable — CBO estimates annual increases of 2 percent each year, which would be among the lowest.

David Certner, director of legislative policy for the AARP, said many recipients rely on those increases to help pay for rising health care costs, which tend to outpace inflation. Many older Americans have also seen the values of their homes and savings decrease because of the nation’s financial crisis.