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Dear Friends,
I ask that you spend at least half of your time on why you are right in gold rather than spending all of your time scouring the planet to find ways and means of moving yourselves closer to your financial demise.
The phone calls I receive are mostly asking the same questions over and over again. Please stop that negativity. First read JSMineset as many times all of your questions have already been answered.
A person who spends all their time looking for why they are wrong, even if they are right, will find a way not to benefit. That is guaranteed.
Respectfully yours,
Jim
Jim Sinclair’s Commentary
Today’s new news (seriously):
TARP = Trouble Asset Relief Program (now closed).
QE = Quantitative Easing. (now opened).
CRAP = Consumer Relief Asset Program.
The lower Yen was the product of QE in the early 2000s.
A lower dollar will be a product of QE and CRAP.
Finally it will be remembered as CRAPpy QE.
Jim Sinclair’s Commentary
Here Paulson tells those with ears that the shift now is a major acceleration of monetary stimulus because Quantitative Easing is infinitely more powerful that buying all that junk from the near and dear globally. Globally is because there is a back door.
The Guardian gives you a totally accurate definition of Quantitative Easing. This time Helicopter Ben takes off to drop trillions globally.
Gold will trade at $1000, $1250, and $1650.
Paulson Shifts Bailout Focus to Borrowers and Non-Banks
Treasury Secretary Henry M. Paulson Jr. said that the $700 billion financial bailout program would not be used to buy troubled mortgage-backed assets, as originally intended.
Instead, capital would be provided directly to nonbank companies as well as banks and financial institutions, and that more would be done to prevent home foreclosures.
Quantitative easing
Tuesday October 14 2008 12.10 BST
Quantitative easing is what non-economists call ‘turning on the printing press’.
In extreme circumstances, governments flood the financial system with money, easing pressure on banks by giving them extra capital.
Ben Bernanke, the chairman of the Fed, won the nickname ‘helicopter Ben’ when he floated just such an idea earlier this decade. US economist Milton Friedman had originally said it would be theoretically possible for governments to drop large amounts of cash out of helicopters for the public to pick up and spend.
Jim Sinclair’s Commentary
You expected anything different?
Lobbyists Swarm the Treasury for Piece of Bailout Pie
By MARK LANDLER and DAVID D. KIRKPATRICK
November 12, 2008
WASHINGTON — When the government said it would spend $700 billion to rescue the nation’s financial industry, it seemed to be an ocean of money. But after one of the biggest lobbying free-for-alls in memory, it suddenly looks like a dwindling pool.
Many new supplicants are lining up for an infusion of capital as billions of dollars are channeled to other beneficiaries like the American International Group, and possibly soon American Express.
Of the initial $350 billion that Congress freed up, out of the $700 billion in bailout money contained in the law that passed last month, the Treasury Department has committed all but $60 billion. The shrinking pie — and the growing uncertainty over who qualifies — has thrown Washington’s legal and lobbying establishment into a mad scramble.
The Treasury Department is under siege by an army of hired guns for banks, savings and loan associations and insurers — as well as for improbable candidates like a Hispanic business group representing plumbing and home-heating specialists. That last group wants the Treasury to hire its members as contractors to take care of houses that the government may end up owning through buying distressed mortgages.
Jim Sinclair’s Commentary
The dollar will not protect your pension – gold will.
U.S. Companies Ask Congress to Suspend Rule on Pension Payments
By Brian Faler
Nov. 12 (Bloomberg) — Almost 300 companies are asking Congress, as part of any economic stimulus legislation, to suspend a requirement that they pay more into their pension funds, saying it may force them to cut jobs.
Pfizer Inc., Boeing Co., Chrysler LLC, Verizon Communications Inc., Kraft Foods Inc. and Cigna Corp. are among the companies that signed a letter to lawmakers saying the economic slowdown has slashed the value of their pension assets, forcing them to make potentially “huge” contributions to the pension plans to meet requirements imposed by Congress in 2006.
“When companies desperately need cash to keep their businesses afloat, the new funding rules will require huge, countercyclical contributions to their pension plans,” said the letter, to be sent today. “Consequently many companies will divert cash needed for current job retention, job creation and needed business investments.”
Congressional Democrats are urging President George W. Bush to back an economic stimulus package that would provide federal aid to state governments while boosting spending on unemployment assistance, food stamps and infrastructure projects. House Speaker Nancy Pelosi said yesterday she also wants to provide aid to troubled U.S. automakers.
