Jim Sinclair’s Commentary
A short and good primer on bail in and the why thereof.
A Closer Look At Bank Bail-Ins And The Black Hole Of Our System
November 5th, 2013
by Gold Silver Worlds
The bank bail-in rumble is growing louder. After the events in Cyprus, a small country and potentially meaningless in the eyes of most people, it seems that bail-in idea has spread like a virus across the Western world.
Only in the last week, we saw the following developments:
Slovenian parliament has approved bank bail-in rules. (source)
The leader of the Eurogroup Working Group (Thomas Wieser) revealed that the eurozone should introduce bank bail-in rules from 2016, as reported by the German Der Spiegel. (source)
UK based Co-operative Bank announced a bondholder bail-in rescue plan. (source)
All these events come right after the IMF super tax proposal of 10% on savings accounts of households with a positive net worth in Europe (reported on this site) earlier this month.
One could rightfully ask the question why this type of measures are considered in a world which is being flooded with liquidity on a scale that mankind has never seen before (whether one calls it money printing, quantitative easing, easy money, or helicopter money).
Jim Sinclair’s Commentary
The Genesis of the end of the Petro Dollar’s unchallenged reign by any major producer of energy. The end of one is the birth of the other, the Petro Yuan/Euro.
The Saudis are engaged in a great gamble
To stave off Islamists and liberals at home, the royal family is willing to lose old allies
By Con Coughlin
8:10PM GMT 31 Oct 2013
The inhabitants of the desert kingdom of Saudi Arabia are not renowned for their sense of humour. In a country where public executions by beheading are commonplace, and even relatively minor transgressions such as drinking alcohol can be punished by the lash, the kingdom’s all-powerful religious police do not engender an atmosphere of levity.
So the fact that a video poking fun at Saudi Arabia’s long-standing ban on women drivers has gone viral, with nearly seven million hits registered since it was uploaded a few days ago, suggests that profound changes are taking place in the world’s most conservative country.
Called No Woman, No Drive, the pastiche of Bob Marley’s reggae classic was released by a group of Saudi comedians to support a protest by women drivers. Whether or not they succeed, the fact that women have publicly dared to challenge the authority of the all-powerful mutawa, the religious police, by posting videos of themselves driving to the local store provides a rare glimpse of the mounting resentment that many Saudis feel towards the domestic policies of perhaps the world’s last absolute monarchy.
The disinclination of the younger generation of Saudis (many of whom have been educated at some of the best universities in the West) to tolerate the royal family’s autocratic style of government certainly helps to explain the dramatic changes taking place in Riyadh’s dealings with the outside world.
Faced with growing internal tension – from Islamist radicals as well as liberal reformers – the ruling family is determined to defend its interests by whatever means necessary. This is reflected by a new assertiveness on the world stage – seen most vividly in the surprise decision to reject a seat on the UN Security Council earlier this month. The Saudis turned down this prestigious opportunity – greatly offending their US allies – in protest at the Obama administration’s failure to take military action against Bashar al‑Assad and its recent overtures to Iran, a sworn enemy of the House of Saud.
Jim Sinclair’s Commentary
China’s gold imports from Hong Kong top 100 tons for 7th straight month
November 4, 2013
"Amount has more than doubled to 826 tons in the first nine months of the year"
You’d never know it from the tone of a Bloomberg news story on China’s latest gold import figures from Hong Kong, but demand for bullion there remains at staggeringly high levels.
Net imports in September totaled 109.4 metric tons, down slightly from 110.2 in August, according to data from the Hong Kong Census and Statistics Department.
Despite the fact that gold shipments have exceeded 100 tons for the seventh straight month, Bloomberg chose to characterize the latest figures as "indicating waning physical demand in the nation poised to become the largest consumer."
Say what? Demand there is rising enough that China likely will overtake India as the world’s largest consumer, but demand is "waning." Nonsensical.
The article did have to concede that "still, the amount has more than doubled to 826 tons in the first nine months of the year."
Bart Chilton Submits Resignation to President
What does it all mean?…it’s anybody’s guess. Those who think Bart was a true patriot fighting for the little guy will be saddened and those who think Bart was a bought and paid for shill for the banks implanted to provide cover…should be shaking in their boots!
Why? Because this may be signaling something more ominous coming down the line.
I will analyze this more in this weeks Friday Road Trip but for now let’s all wave goodbye to someone who risked a lot to voice his opinion on the obvious gold/silver market rigging.
Bravo Bart and welcome back to reality and come fight for OUR cause! (….or best of luck getting a high paid job as a Bankster Lobbyist!)
I guess we’ll know where he stood when he lands his next job 🙂
May the Road BART chooses be the Right Road.