In The News Today

Posted at 6:36 PM (CST) by & filed under In The News.

Dear CIGAs,

A recent huge gold buyer flexes their muscle. He who has the gold makes the rules? Sounds like a modernized and revitalized Federal Reserve Gold Certificate Ratio would do nicely.

China calls for reform of global monetary system

WASHINGTON (AFP) — China called Sunday for reform of the global currency system, dominated by the dollar, which it said is the root cause of the global financial crisis.

"We should attach great importance to reform of the international monetary system," Chinese Vice Finance Minister Li Yong told the spring IMF/World Bank Development Committee meeting in Washington.

A "flawed international monetary system is the institutional root cause of the crisis and a major defect in the current international economic governance structure," Li said, according to a statement.

"Accordingly, we should improve the regulatory mechanism for reserve currency issuance, maintain the relative stability of exchange rates of major reserve currencies and promote a diverse and sound international currency system."

As the world’s main reserve currency, US dollars account for most governments’ foreign exchange reserves and are used to set international market prices for oil, gold and other currencies.

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Jim Sinclair’s Commentary

This world is getting stranger every day.

White House official apologizes for N.Y. plane incident

April 27th, 2009
Posted: 06:36 PM ET
NEW YORK (CNN) — A White House official apologized Monday after a low-flying Boeing 747 spotted above the Manhattan skyline frightened workers and residents into evacuating buildings.

The aircraft was a White House plane taking part in a classified, government-sanctioned photo shoot, the Federal Aviation Administration told CNN.

“Last week, I approved a mission over New York. I take responsibility for that decision,” said Louis Caldera, director of the White House Military Office. “While federal authorities took the proper steps to notify state and local authorities in New York and New Jersey, it’s clear that the mission created confusion and disruption.”

Witnesses reported seeing the plane circle over the Upper New York Bay near the Statue of Liberty before flying up the Hudson River. It was accompanied by two F-16s.

The incident outraged many New Yorkers, including Mayor Michael Bloomberg.

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Jim Sinclair’s Commentary

Fear of Pandemics puts pressure on commodities, lifts the dollar and bonds.

Please pardon me, but it is the most market convenient Pandemic disaster in human history should it spread virulently.

Shadow statistics reports:
– "Adverse" Stress Test Assumptions Close to Standard CBO Projections
– Economy Is Not in Recovery
– More than Half of Existing Home Sales Are "Distressed"

Shadowstats.com is by subscription and is a bargain for what you get!
http://www.shadowstats.com/article/437