In The News Today

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Jim Sinclair’s Commentary

The following is

In a CNBC interview this morning, Chicago Federal Reserve Bank President Charles Evans indicated that he does not yet see any economic signs that would prompt the central bank to make a move to reduce the pace of its monthly asset purchases.

 

 

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Jim Sinclair’s Commentary

QE to infinity.

Existing Home Sales Fall, Price Appreciation Slows
by Reuters  Oct 21st 2013 10:14AM

WASHINGTON — Americans bought fewer existing homes in September than the previous month, held back by higher mortgage rates and rising prices.

The National Association of Realtors said Monday that sales of resold homes fell 1.9 percent last month to a seasonally adjusted annual rate of 5.29 million. That’s down from a pace of 5.39 million in August, which was revised lower.

The sales pace in August equaled July’s pace. Both were the highest in four years and are consistent with a healthy market.

Mortgage rates rose sharply over the summer from their historic lows, threatening to slow a housing recovery that began last year and has helped drive modest economic growth.

But many economists expect home sales will remain healthy, especially now that rates have stabilized and remain near historically low levels. Final sales in September reflected contracts signed in July and August, when rates were about a percentage point higher than in May.

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Jim Sinclair’s Commentary

GOTS now!

The International Monetary Fund Lays The Groundwork For Global Wealth Confiscation

The International Monetary Fund (IMF) quietly dropped a bomb in its OctoberFiscal Monitor Report. Titled “Taxing Times,” the report paints a dire picture for advanced economies with high debts that fail to aggressively “mobilize domestic revenue.” It goes on to build a case for drastic measures and recommends a series of escalating income and consumption tax increases culminating in the direct confiscation of assets.

Yes, you read that right. But don’t take it from me. The report itself says:

“The sharp deterioration of the public finances in many countries has revived interest in a “capital levy”— a one-off tax on private wealth—as an exceptional measure to restore debt sustainability. The appeal is that such a tax, if it is implemented before avoidance is possible and there is a belief that it will never be repeated, does not distort behavior (and may be seen by some as fair). … The conditions for success are strong, but also need to be weighed against the risks of the alternatives, which include repudiating public debt or inflating it away. … The tax rates needed to bring down public debt to precrisis levels, moreover, are sizable: reducing debt ratios to end-2007 levels would require (for a sample of 15 euro area countries) a tax rate of about 10 percent on households with positive net wealth. (page 49)”

Note three takeaways. First, IMF economists know there are not enough rich people to fund today’s governments even if 100 percent of the assets of the 1 percent were expropriated. That means that all households with positive net wealth—everyone with retirement savings or home equity—would have their assets plundered under the IMF’s formulation.

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Jim Sinclair’s Commentary

GOTS now?

Government Has Contemplated Seizing Pension Money for Over a Decade
Posted on October 20, 2013 by WashingtonsBlog

When the Chips Are Down, the Government Will Be Tempted to Grab Our Assets

Ireland, Hungary, Poland, Cyprus and other countries have seized pensions as part of move by governments to use long-term assets to fill “short-term deficits”.

Russia has “temporarily” seized private pensions while it carries out “inspections”.

But certainly America would never seize our pension funds … right?

Well, after Argentina seized its pension funds, Ambrose Evans-Pritchard – International Business Editor for the Telegraph – wrote:

It is a foretaste of what may happen across the world as governments discover that tax revenue, and discover that the bond markets are unwilling to plug the gap. The G7 states are already acquiring an unhealthy taste for the arbitrary seizure of private property, I notice.

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My fear is that governments in the US, Britain, and Europe will display similar reflexes. Indeed, they have already done so. The forced-feeding of banks with fresh capital – whether they want it or not – and the seizure of the Fannie/Freddie mortgage giants before they were in fact in trouble (in order to prevent a Chinese buying strike of US bonds and prevent a spike in US mortgage rates), shows that private property can be co-opted – or eliminated – with little due process ….

Forbes’ Richard Eisenberg claims that the government is targeting our 401ks with taxes.

Indeed, rumors have swirled around Washington that the government was considering seizing funds from our 401k accounts.

Martin Armstrong predicted last month:

Government Will Seize All Pension Funds Globally – In the US that will Include 401Ks….

And Paul Craig Roberts – former Assistant Secretary of the Treasury under President Reagan, former editor of the Wall Street Journal, listed by Who’s Who in America as one of the 1,000 most influential political thinkers in the world, PhD economist – notes that some government officials have considered this option more than a decade ago:

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