In The News Today

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Jim Sinclair’s Commentary

John Stewart explains MSM – MOPE clearly.

Polish That Turd – Jobs Report
Following disappointing unemployment news, it’s time for the Obama administration to play another round of America’s most fragrant game show, "Polish That Turd."
Monday June 4, 2012

Click here to watch the video…

Jim Sinclair’s Commentary

This is coming to head not in three months as Soros said, but in three weeks, maybe less.

Whatever money is required will be provided.

Europe Is Ready With Aid for Spanish Banks, France Says
By DAVID JOLLY
Published: June 6, 2012

PARIS — Europe is ready to help Spain if it needs to rescue its banks, Pierre Moscovici, the French finance minister, said Wednesday, but a top Spanish official said there were currently no plans to seek a bailout.

“If Spain desires, we in the euro zone can mobilize rapidly,” Mr. Moscovici said at a press conference in Paris.

Mr. Moscovici also said troubled banks should be able to draw directly on the European Union’s bailout funds, including the European Stability Mechanism, which is supposed to come on line next month. Banks should be able to receive those funds “with the appropriate conditions,” he said.

That would allow Spain to avoid the sort of bailouts that banks in Greece, Portugal and Ireland received.

“We have to respect the sovereignty of a great country like Spain,” Mr. Moscovici said.

In Brussels, the Spanish economy minister, Luis de Guindos, said there were no immediate plans to apply for a bailout, Reuters reported.

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Russian central bank won’t answer gold questions
Submitted by cpowell on Wed, 2012-06-06 15:44. Section: Daily Dispatches
8:43a PT Wednesday, June 6, 2012

Dear Friend of GATA and Gold:

If you doubt that national gold reserves, far from being quaint antiques, are assets even more strategic than nuclear weapons, and if you doubt that the gold market, far from being just another commodity market like soybeans, is actually the primary battlefield of a world war, the currency war, consider the questions recently put to the Bank of Russia by our friend the German freelance journalist Lars Schall, and the Bank of Russia’s refusal to answer this week.

Schall’s questions well might be put to any central bank and probably would evoke the same refusals to answer. On any planet with actual financial journalism, a news story might be found in this secrecy and certain conclusions drawn from it. Instead when it comes to gold the financial news media settle for comment from supposed market analysts, taking for granted that the market’s biggest actors are not to be pressed for answers and not even mentioned if mentioning them can be avoided.

All this constitutes another proof of a heavily manipulated market, even as such manipulation is denied by market analysts whose next question to central banks will be their first.

Schall’s report is headlined "Central Bank of Russia Refuses to Comment on Gold Questions" and it’s posted at his Internet site here:

http://www.larsschall.com/2012/06/06/central-bank-of-russia-refuses-to-c…

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

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Jim Sinclair’s Commentary

MOPE and myth hyped by MSM is a lie.

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Jim Sinclair’s Commentary

To our heartfelt bankers and politicians it does seem the effort to control medicare is by eliminating the clients anyway possible.

Why cure geezers when they are going to die soon anyway?

Fewer Medicare Patients Being ‘Admitted’ to Hospitals: Study

TUESDAY, June 5 (HealthDay News) — Federal government pressure has led to an increasing number of Medicare patients being held for observation instead of being admitted to hospitals, a new study suggests.

Although this push to get hospitals to be careful about admitting seniors as inpatients may reduce costs to Medicare, it can lead to higher out-of-pocket costs for the patients, according to the researchers from Brown University in Providence, R.I.

"The dual trends of increasing hospital observation services and declining inpatient admissions suggest that hospitals and physicians may be substituting observation services for inpatient admissions — perhaps to avoid unfavorable Medicare audits targeting hospital admissions," the study’s first author, Zhanlian Feng, assistant professor of health services, policy and practice at Brown, said in a university news release.

The researchers analyzed the records of 29 million Medicare beneficiaries aged 65 and older in 2007, 2008 and 2009, and found that the proportion of those being held for observation increased 34 percent over those three years.

Observation stays rose from less than 815,000 (2.3 per 1,000 beneficiaries) in 2007 to more than 1 million (2.9 per 1,000 beneficiaries) in 2009. Inpatient admissions fell from 23.9 per 1,000 in 2007 to 22.5 per 1,000 in 2009, the investigators noted.

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Jim Sinclair’s Commentary

The end is not near, it is here and now.

The Buzz Is Growing That World Leaders Will Fire Off A Globally Coordinated Bazooka
Simone Foxman | Jun. 5, 2012, 11:59 AM

As we noted last week, analysts have been tittering over a new potential policy response to risks associated with a global slowdown—most particularly the crisis in Europe.

World leaders are worried, as evidenced by the conference call between G7 finance ministers and central bankers this morning. And with fears about bank runs in Spain escalating, some analysts expect some kind of coordinated central bank action similar to that which we saw announced last November to lower dollar swap rates between banking systems.

That program lowered the rate at which the Federal Reserve loans dollars out in exchange for foreign currency and gets them back at the same exchange rate plus interest. Central banks currently pay 50 basis points above the rate at which U.S. banks can hedge against currency risk, but lowering this premium could help struggling banks to meet dollar funding demands.

"I think [coordinated action] is a lock, so I would expect they will announce it at the next opportunity," Andrew Hofer, Head of Fixed Income at Brown Brothers Harriman told Business Insider Monday.

And it’s likely that an expansion of the dollar swap program—and not quantitative easing—would have a much more important effect on the global economy.

"We can deal with unemployment, but at this point we can’t have banks collapsing in Europe as Lehman Brothers did in 2008," said Larry McDonald, author of A Colossal Failure of Common Sense—The Inside Story of the Collapse At Lehman Brothers and Senior Director of Credit Sales and Trading at Newedge, in a phone interview.

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Jim Sinclair’s Commentary

The end is not near, it is here.

Collapse At Hand
June 5, 2012

Ever since the beginning of the financial crisis and quantitative easing, the question has been before us: How can the Federal Reserve maintain zero interest rates for banks and negative real interest rates for savers and bond holders when the US government is adding $1.5 trillion to the national debt every year via its budget deficits? Not long ago the Fed announced that it was going to continue this policy for another 2 or 3 years. Indeed, the Fed is locked into the policy. Without the artificially low interest rates, the debt service on the national debt would be so large that it would raise questions about the US Treasury’s credit rating and the viability of the dollar, and the trillions of dollars in Interest Rate Swaps and other derivatives would come unglued.

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