In The News Today

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Jim Sinclair’s Commentary

Four so far this weekend.

Bank Closing Information
January 27, 2011

These links contain useful information for the customers and vendors.

BankEast, Knoxville, TN
Patriot Bank Minnesota, Forrest Lake, MN
Tennessee Commerce Bank, Franklin, TN
First Guaranty Bank and Trust Company, Jacksonville, FL

http://www.fdic.gov/

Jim Sinclair’s Commentary

John Williams from ShadowStats.com has the latest stats you need to be aware of.

– Net of Involuntary Inventory Build-Up, GDP Growth Was 0.8% Instead of 2.8%
– Durable Goods Orders and New Home Sales Still Show Stagnation
– Fed’s New PCE Inflation Target Is Inconsistent with Plans for Ongoing Easing

No. 415: Fourth-Quarter GDP, December Durable Goods and Home Sales
http://www.shadowstats.com

Jim Sinclair’s Commentary

The crisis at the rating agencies, according to JB Slear, our gold and silver delivery man, is that the rating agencies are running out of countries to downgrade. They might consider Upper Slovolia, the Vatican and maybe their own debt.

Fitch downgrades credit ratings of 5 eurozone nations including Italy, Spain, Belgium
Friday, January 27, 10:30 AM

LONDON — U.S. ratings agency Fitch says it is downgrading the credit ratings for five European nations including leading economic heavyweights Italy and Spain.

The agency on Friday lowered credit ratings for the five nations by one notch and placed a negative outlook on all of them, as well as on Ireland. Those nations downgraded included Belgium, Cyprus, Italy, Slovenia and Spain.

Italy went down to A- credit rating while Spain was downgraded to A. Ireland’s BBB+ rating was affirmed but it also received a negative outlook.

Fitch Ratings blamed the revisions on “the marked deterioration in the economic outlook” in Europe and “the absence of a credible financial firewall against contagion and self-fulfilling liquidity crises.”

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Jim Sinclair’s Commentary

The Formula of 2006 still rules!

2011 GDP: 1.7%
Joe Weisenthal

That’s the final, pathetic growth number for 2011.

From the just-released GDP report:

Real GDP increased 1.7 percent in 2011 (that is, from the 2010 annual level to the 2011 annual level), compared with an increase of 3.0 percent in 2010.      

The increase in real GDP in 2011 primarily reflected positive contributions from personal consumption expenditures (PCE), exports, and nonresidential fixed investment that were partly offset by negative contributions from state and local government spending, private inventory investment, and federal government spending.  Imports, which are a subtraction in the calculation of GDP, increased.

Not exactly a barnburner.

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Jim Sinclair’s Commentary

Mainstream media has Arab Spring totally backwards.

Flash back to the glee of financial TV reporters and talking heads as Egypt disintegrated into what was then called a spontaneous outbreak of democracy.

God help Western interests with the present Middle Eastern conditions.

As Tensions Rise, Egypt Bars Exit of Six Americans
By STEVEN LEE MYERS and DAVID D. KIRKPATRICK
Published: January 26, 2012

WASHINGTON — Building tensions between the United States and Egypt flashed into the open Thursday when Cairo confirmed that it had barred at least a half-dozen Americans from leaving the country and the Obama administration threatened explicitly to withhold its annual aid to the Egyptian military.

The travel ban came to light on Thursday after the International Republican Institute, an American-backed democracy-building group, disclosed that the Egyptian authorities had stopped its Egypt director, Sam LaHood, at the Cairo airport on Saturday before he could board a flight to Dubai in the United Arab Emirates.

Mr. LaHood is the son of Ray LaHood, the secretary of transportation and a former Republican congressman from Illinois. He is one of six Americans working for the Republican Institute or its sister organization, the National Democratic Institute, whom Egypt has blocked from leaving as part of a politically charged criminalinvestigation into their activities.

Just a day before Mr. LaHood was detained temporarily, President Obama had warned Egypt’s leader, Field Marshal Mohamed Hussein Tantawi, that this year’s American military aid hinged on satisfying new Congressional legislation requiring that Egypt’s military government take tangible steps toward democracy, said three people briefed on the conversation.

Mr. Obama referred specifically to the criminal inquiry into several democracy-building groups with foreign financing, including the Republican Institute, the people who were briefed said, and he made clear that Egypt had not fulfilled the Congressional requirements, but Field Marshal Tantawi did not seem to believe him.

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