In The News Today

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Jim Sinclair’s Commentary

You think something is out of whack here?

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Dear CIGAs,

The US T Car is to be introduced as the 2009.7. Note the steering wheel is on the British side but can be simply handed to the passenger and is therefore marketable anywhere.

The rear is held up by spin and hot air. All payments with be hedged by an OTC derivative issued by AIG. Every vehicle will be stress tested before issue. These vehicles will not be permitted in Greenwich, CT for obvious reasons.

 

Jim Sinclair’s Commentary

Add to this that the recent Pakistan surge has displaced half a million Pakistan people. They see American tanks, armored vehicles and helicopters on the move while the Taliban sell the message that at Washington’s behest Muslims are killing Muslims. There has to be a better way as this way has failed repeatedly.

Texas Straight Talk
On Af-Pak: Stop "Helping"

While much of the country’s attention is on other issues, a serious situation is developing in Pakistan that threatens to plunge us into another fruitless and bloody war.  It is very frustrating to see that many who were so vehemently against the wars of the last administration have suddenly lost interest in foreign policy simply because we were promised change.

Those still paying attention know that nothing could be further from the truth.  Very little has changed, except perhaps rhetoric, but what does that matter when the bombing missions are only getting deadlier?  Rather than drawing down violent military interventions into the affairs of other countries, the new administration is escalating the foreign policy of the previous administration.

In Pakistan that entails the continuation and even escalation of military interventionism just across the border with Afghanistan.  The targets are believed to be enclaves of Taliban militants, however, many innocent civilians have been caught in the deadly crossfire, severely damaging our image in the region.  Many ordinary Afghanis and Pakistanis that never had cause to take up arms against us are being provided with motivation as family and friends are killed and maimed by our clumsy and indiscriminate bombs.  Is it worth it for us to be involved in this way at such a high cost of blood, treasure and goodwill?  Is there anything to be gained by this policy?

We are helping the Taliban and other enemies to actually gain numbers and strength, while driving them down from the mountains in the border regions deeper into Pakistan, where they have been making a menace of themselves.  As our bombings follow them, beleaguered villagers have little choice but to leave their homes and join the swelling numbers of refugees or take up arms and join the fight against us.  

Nonetheless, instead of recognizing the cascading unintended consequences of trying to deal with Pakistan’s problems, all signs in Washington point to further escalation.  Both the House and Senate have newly introduced bills to triple foreign aid to Pakistan, from $500 million to $1.5 billion, with every indication that the leadership in Pakistan is taking advantage of the situation with the Taliban to milk more aid from the US taxpayer.  We are broke.  This is money we don’t have, and it is an insult to the American people to run up the national credit card for this type of military adventurism after many Americans thought they were voting for peace.

The bottom line is our involvement in Pakistan’s internal problems is not making us safer.  In fact, we are adding to the numbers of our enemies and increasing the threats to our security here at home.  We are inciting the very terrorism and extremism we are trying to stop.  Every dollar we send, even if it is for humanitarian purposes, frees up resources to make war and potentially prop up unpopular leaders.  The factions and politics of the Middle East are irrational and dangerous.  We play with fire when we meddle in their affairs, and we isolate ourselves diplomatically by making more enemies than friends.  We need to bring our troops home, end all foreign aid, and maintain a neutral stance on the world stage.  It, in fact, is the only foreign policy we can afford right now, and it would gain us more friends and trading partners than our bombs ever could.  Besides, that’s what the Constitution permits and our founders strongly advised.

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Jim Sinclair’s Commentary

Remember the Chairman making a great deal about the Inspector General’s review of the Fed when asked if the Fed’s

actions were audited by any significant oversight body?

Please take time to see the depth and breadth of this significant expert body oversight who clearly knows all there is know about every transaction entered into at the Fed.

This should shut you up about the lack of transparency and audits.

Jim Sinclair’s Commentary

Around and around it constantly goes and where it stops, nobody knows.

Official: U.S. To Replace Top General In Afghanistan.

Pentagon replaced its top general in Afghanistan Monday as President Obama tries to turn around a stalemated war.

Defense Secretary Robert Gates said he asked for the resignation of Gen. David McKiernan. Gates said new leadership is needed as the Obama administration launches its strategy in the seven-year-old campaign.

The change is aimed at "getting fresh thinking, fresh eyes on the problem," Gates told a Pentagon news conference.

The move comes as more than 21,000 additional U.S. forces begin to arrive in Afghanistan, dispatched by Obama to confront the Taliban more forcefully this spring and summer.

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Jim Sinclair’s Commentary

Just to further strain whatever is left of our mental powers, Bloomberg just announced a really good thing. The money bunny was smiling from ear to ear.

Banks to help Zombie Borrowers

Now we have the Dance of the Zombies – Zombie banks to lend to Zombie borrowers.

Jim Sinclair’s Commentary

Pakistan to the USA: send $1.5 billion, it is chump change anyway. Stop asking questions!

Pakistan Won’t Disclose Location of Nuclear Weapons To US
May 10, 2009

Pakistani President Asif Ali Zardari said his country isn’t adding to its nuclear arsenal and doesn’t have to disclose the location of its weapons to the U.S.

Pakistan is “not adding to our stockpile as such,” Zardari said today on NBC’s “Meet the Press” program. “Why do we need more?”

Asked whether Pakistan would tell U.S. intelligence officials where all its nuclear weapons are located, to allow for a joint strategy to keep them secure, Zardari said Pakistan is a sovereign country.

“Why don’t you do the same with other countries yourself?” Zardari said in the interview taped May 7. “I think this is a sovereignty issue, and we have a right to our own sovereignty.”

President Barack Obama said last month that, while Pakistan’s civilian government is “very fragile,” he is confident that the country’s nuclear arsenal is secure. He also said that Pakistan’s military is taking the threat of internal enemies seriously and recognizes the hazard of nuclear weapons “falling into the wrong hands.”

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Jim Sinclair’s Commentary

Lahore? Now let me think. No, Lahore is not held by the Taliban.

Shaky Pakistan Is Seen as Target of Qaeda Plots
By MARK MAZZETTI and ERIC SCHMITT
Published: May 10, 2009

WASHINGTON — As Taliban militants push deeper into Pakistan’s settled areas, foreign operatives of Al Qaeda who had focused on plotting attacks against the West are seizing on the turmoil to sow chaos in Pakistan and strengthen the hand of the militant Islamist groups there, according to American and Pakistani intelligence officials.

One indication came April 19, when a truck parked inside a Qaeda compound in South Waziristan, in Pakistan’s tribal areas, erupted in a fireball when it was struck by a C.I.A.missile. American intelligence officials say that the truck had been loaded with high explosives, apparently to be used as a bomb, and that while its ultimate target remains unclear, the bomb would have been more devastating than the suicide bombing that killed more than 50 people at the Marriott Hotel in Islamabad in September.

Al Qaeda’s leaders — a predominantly Arab group of Egyptians, Saudis and Yemenis, as well as other nationalities like Uzbeks — for years have nurtured ties to Pakistani militant groups like the Taliban operating in the mountains of Pakistan. The foreign operatives have historically set their sights on targets loftier than those selected by the local militant groups, aiming for spectacular attacks against the West, but they may see new opportunity in the recent violence.

Intelligence officials say the Taliban advances in Swat and Buner, which are closer to Islamabad than to the tribal areas, have already helped Al Qaeda in its recruiting efforts. The officials say the group’s recruiting campaign is currently aimed at young fighters across the Middle East, North Africa and Central Asia who are less inclined to plan and carry out far-reaching global attacks and who have focused their energies on more immediate targets.

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Jim Sinclair’s Commentary

Unemployment’s real figures, considering the number of people who have used all the unemployment benefits, it touching 16%. Call it the next challenge only because the focus is not there now. It is another disaster already in progress.

Next challenge for banks: Credit card losses
Number usually tracks unemployment, but this time it may be worse
By Eric Dash and Andrew Martin
updated 4:40 p.m. MT, Sun., May 10, 2009

It used to be easy to guess how many Americans would have problems paying their credit card bills. Banks just looked at unemployment: Fewer jobs meant more trouble ahead.

The unemployment rate has long mirrored banks’ loss rates on card balances. But Eddie Ward, 32 and jobless, may be one more reason that rule of thumb no longer holds. For many lenders, losses are now outpacing layoffs.

Mr. Ward lost his job at a retail warehouse in April and so far has managed to make minimum payments on his credit card debt, which he estimates at $15,000 to $20,000. Asked if he thinks he will be able to pay off his balance, he said, “Not unless I win the lottery.”

In the meantime, he said, “I’m just doing what I can.”

Even if Mr. Ward can pay off his debts, experts predict that tens of thousands of Americans will not be able to, leaving a gaping hole at ailing banks still trying to recover from the housing bust.

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