Breaking News Ellis Martin Report with Jim Sinclair: US banks on brink of bankruptcy...

January 30, 2012, at 7:37 pm

by Jim Sinclair

My Dear Friends,
I was interviewed today concerning the most powerful body in the financial world that now holds in its hands the near future of all markets, from currencies to commodities, based on a single edict to be given.
The interview is being processed and should be posted here later this evening.

This organization supersedes all governments and central banks today in terms of the financial power they edict. This organization can have a greater impact on your pocketbook than the FASB did when they killed "true value" accounting.

This body is made up of the key players of the five largest banks in the USA and other countries. This body by their actions this week will guarantee QE to infinity.

This is relevant to all your assets, yes all. If you have the time listen to it please. If you don’t have the time listen to it please. If you don’t listen to it do not blame me when all hell breaks loose six months from now.

Not one word about this body was on the airwaves today, yet this group by a simple decision rules the financial plant. They will be making this edict in just a few days. They have to do it again this year. It is then that you know what will hit the fan.

I feel this is it for jsmineset.com tonight. I do not want to write another word and detract from the revelations you will hear.

Your financial future, even if you have never heard of them, is in this organization’s hands. Check in later for the interview. If you don’t check in your finances might just check out.

Please remember you have been informed of this impending edict as a service to the community.

Respectfully,
Jim

From Turd Ferguson..

If I understand this right, here is what Santa is saying:

•In 2008, AIG had sold CDS on CDOs. CDOs defaulted and AIG had to pay. AIG went broke. The counterparties to the CDS were GS, JPM et al and had to be made whole on their losses that they thought were insured by AIG.
•US Govt funnels TARP cash thru AIG to GS, JPM et al to cover losses
•IN 2012, Greece is about to default, just like the CDOs of 2008.
•ISDA (run by Big 5 banks) declares that 70% haircut on Greek bonds is not a default.
•Therefore, Big 5 do not have to pay off on CDOs bought by Greek bondholders. Big 5 off the hook.
•Greek bondholders who thought they had principal insurance are now screwed and left holding the bag.
•Greek bondholders (big Euro banks, big Euro govts, big hedge funds) will now be insolvent.
•Greek bondholders will need massive capital injection.
•Short term euro negative/dollar positive.
•Regardless, lots and lots of money printing to save Greek bondholders.

Link:
http://www.tfmetalsreport.com/blog/3320/santa-out-front