Breaking News Ellis Martin Report with Jim Sinclair

[TROAN73]

Again greedy american banks...=666 number of the beast

[kkdalglish1]

as far as im aware the number of credit default swaps in circulation is bigger than the actual amount of debt... these are financial instruments traders use to bet on the performance of a bond. eg if you buy greek bonds you would hedge with cds so if they default your not left standing with your cock in your hands, but also if you think the greeks will default you buy naked cds even if you don't actually own any of the greek debt so in essence you are betting the economy will fail :/

[1x93cm]

this interviews really does not say anything other than liars are going to continue to lie until it becomes physically impossible for them to pretend that everything is okay

[Mikahopea]

Jim Sinclair U fucker. it has been 2 week and you talk is just bullshit. So fuck you usa, what a hell you americans think you are? Usa has try to destroy euro last 10 years .

[TeriCanDoIt]

I think we should all STOP paying the banks on our mortgages, credit cards and other debt owed to them... what are they gonna do...FORECLOSE on all of us... I paid of my original loan amount about 2 yrs ago the rest is just their interest on money they didn't have in the first place.

[ZeroPoint2013]

Empires tend to fall when the interests of their Elites diverge. We are at such a point in the global financial Empire, then the system will unravel and the deleveraging will run its course. To avoid a CDS-triggered collapse, the European Union and its proxy agencies are attempting to call a default by Greece something other than "default". Anyway Greece default will implode the shadow-banking system since those who sold the CDS do not have enough cash to pay the owners of these CDS...

[1977Melville]

Sadly WWIII on its way. I'm sure Gen Y will love that : (

[RainbowConure]

2008 didn't hurt me at all. I increased my business profits in 2008. So if this results in a repeat of 2008 then it too won't hurt me at all.

[RainbowConure]

Don't worry. Everything will be fine. Ben Bernanke the friendly Jew will save America and keep things going smoothly. In Ben Bernanke we trust. By the way, how can Greece's 100+ billion debt ruin the banking system when the USA has many trillions of debt?

[dippafly]

I have all the respect in the world for Mr. Sinclair and follow him religiously, but it's true that nothing that he mentioned in this interview materialized imminently like he was suggesting.

[MrVegiita]

it's 2/3 and so far, none of the banks defaulted

[IAm010110]

BWAHAHAHAHAHAHA !!!! I sold ALL of my Google stock 3 months ago a just bought a house. Cmon' baby!! Let that worthless $ go bust!!!! WOOHOO!!!

[nathuwjohn]

This is their debt (death), not the people's... Every country that has kicked the banks out, does GREAT within a relatively short amount of time... much better than dealing and suffering through this nonsense.

[LightReuse]

The Clearinghouses WILL FAIL. CLS Corporation LOL The Federal Reserve is all up in with CLS making sure FX market keeps functioning for now as Central banks stand behind CLS clearinghouse. CFTC Rule 1.25 will WIPE OUT your money. MF Global a test run & successful so far as customers with money in segregated accounts deal with "claw back". US BOND AUCTIONS negative rates - that's for big money to get out of banks and PAY to park their money in short term US bonds.

[LightReuse]

Lech Walesa an agent of the Pope who with leadership from Vatican brought down gov't in Poland. So where is Pope to stand up for the people in Europe against phoney debt heaped on govt's through CORRUPT financial transactions. The Pope is silent, except to say there should be further concentration of financial power by creation of a global financial authority. Vatican is behind NWO. Rupert Murdoch a papal knight. Black Pope is head of Freemasons. JFK "MONOLITHIC & ruthless conspiracy".

[LightReuse]

City State of Vatican with her approximate 1.7 BILLION members giving her awesome cash flow 24/7/365 and her aim to gain legal control of Temple Mount just ahead of war with Iran in which Dome of the Rock will be destroyed, and people think Jews rule. There are Jews in service to the Pope & Rothschild one of them, but it's the Vatican behind NWO; the same entity that signed a Concordat with Hitler. UK Telegraph Blackjack Evil Nuclear cartoon event depicted are unfolding.

[scarinit]

Greek bondholders will need massive capital injection.

Regardless, lots and lots of money printing to save Greek bondholders.

-TF

[itsonelouder1]

What kind of world are we living in when shit like this is going on and no one gives a flying fuck, least of all the politicians. It's a fucking disgrace that politicians have given the bankers so much power, Self serving fucking bastards!

[HumanLiberty]

@itsonelouder1: Pathocracy - rule by psychopaths. Explains everything.

[Rosebudkinkead1]

we keep selling worthless paper and at the same time the same beings are getting big bonus.. WAKE UP!!!!!

[endisnighe]

That is why they are not going to be called defaults. They will pay 30% on the debt so the CDS will not have to pay off. Look to Ann Barnhardt's page.

[JPMorganMustDie]

The odd thing....

Dimon goes on his favourite DIS Information channel CNBC 4 days prior to this and says

US Banks have zero exposure to Greek default. Obviously he knows something otherwise he would not need to do a preemptive anti-scare campaign. Even I know it's NOT Zero, it's somewhere between 1% and 99%

[drutter]

Sounds like Jim Sinclair is saying (very weirdly and over a very long period of time) that something HUUUUUUUUUUUUUUGE should happen, but it won't.

So, uhhh. Is this news?

[vincentyeo88]

going on a trip to Greece and spending some money there for a short holiday is different from wasting your money buying Greek bonds.

you do that if you have plenty of money to waste. when you have the money to waste, you waste it!

[scarinit]

here is what Sinclair is saying:

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.

-TF

[SuperGogetem]

@scarinit so who will be bailing out the big Euro banks and govs? 

[Normalverteiler]

@scarinit

Central banks will give them money. Nothing happens.

[truthfromtheword]

@Normalverteiler The money devalues, inflation rises. The little guy is screwed. Bottom line.

[Normalverteiler]

@truthfromtheword

Exactly. The people in charge dont care if prices go up as along as they can continue their failed internationalist marxist capitalistic policies. The little guys are little because they behave little. The big guys wage war to reach their goals while the little guys think voting will help them. No. The little guys also need to wage war. Against those responsible, that is the only possibility. Our countries are destroyed and that is no laughing matter.

[rsaathoff]

@scarinit The key is not to pay off or trigger those default swaps. So 95% haicut will be calle dnot a default so that these will not be called "default"???

[hal0bend]

How many doomsayers/bears come out every week with inside news of some new catastrophe that's going to happen? Hey, I'm a bear too but for god's sake its not gonna happen this week. This man is just full of it and nothing he says will come to fruition. Hey Jim, were already at Wednesday and no doomsday scenario has unfolded? Wanna bet 10 that nothing happens by Friday?

[ixismg]

@hal0bend Obviously you didn't listen to the whole interview. Moron.

[Bdmay007]

@hal0bend you are a fucking moron. Did you even listen to the video? His outlook on US equities and gold is positive in the SHORT TERM but bad for US equities in the LONG TERM when we have to confront our deficit issue. Sinclair is buillish on GOLD in the long term as well. Where do you people come from?

[1977Melville]

@hal0bend. Catastrophes take their good old time. Just look at the panic of 08. It took years to occur. The financial system right now is in very bad shape and engaged in shady bookkeeping.

[Lockoutbaby]

When he talks about "general equities", what exactly does this mean?

[Lockoutbaby]

My head hurts

[lushfauna]

Ron Paul pleazzzzzee!

[bjolivas]

I'm gonna update my portfolio with guns, silver and warm boots. Lol Not funny but I can't cry now can I?

[JanRichardus]

Call it what you like (cdo,cds,worthless paper etc) but you can't get blood out of a stone.

[Keemm89]

what exactly is going to happen once greece defaults? which nations are involved? someone please help me I lack knowledge

[donworland]

@Keemm89 Here's what little I know. The idea is this Greece owes money, the debtors know, those debtors have investors, big money hustlers and players...plus lots of folks in front of a desktop. Greece will say 'no we can't pay that, we pay this' it will reduce what the lenders were supposed to make back...you know with interest, the investors expect that money too, in fact that's their bread. So if Greece says no and no one hears about it, the banks fail, the suits disappear, the rest of us...?

[Keemm89]

@donworland how many central banks would be affected do you think?

and thank you very much for sharing your knoweldge for me!!! :D

[donworland]

@Keemm89 I wish I knew how large this is, there are a number of diagrams online recently published that show visually who is large to whom else. The old allies UK, France, US are in large to smaller developing EU countries through loans, one day they will develop more advanced industry pay back their loans, US wins, yada yada win-win but other circumstance is stopping it all from flowing. The issue is did big money know little money couldn't pay it back from the start? That's loan sharking.

[JanRichardus]

Load up on silver folks.

[JanRichardus]

War is to be the perfect distraction.

America is arrogant, cocky, smug, brash and trigger happy but one day we will be greatly humbled. It is just a matter of time.

[yaahme]

I need some liquidity damn it, where's my O-BomB-a Mony !?

[JoeHillJoeHill]

This is unremarkable news. Important, but didn't everyone already know this?!?! Of COURSE the fed reserve is bailing out euro and eurozone. So is Germany. They are continuing the ponzi inflate scheme until she blows.  When it blows, that's when the fema camps and coffins are put to use. NDAA. They are preparing now for global collapse.

Another comment asks WHEN will the event occur. No one knows. It's when everyone figures out it's a house of cards and turns their hands up in disgust

[integrateonespirit]

David Wilcock is a hero. anyone that don't get that just has not done their homework . Or maybe you are just trying to put out disinfo on him. The elites days are over.

[LoveLifeBeHappy2012]

Which major banks are collapsing?? Is Wells Fargo going down??

[dovbearbarleib]

So at what point does the brown stuff hit the fan?? Any guesses when?? I have 6 months in canned food, and I am trying to learn about things that I can use to barter with others. Something tells me when this does happen even gold will lose its value. You can't eat gold or silver either.

[linny6408]

Fractional reserve banking is a fraud,there is only debt on this world and we the people have to be in FEAR

Worse 1/3 of us has nothing to eat and thats because of the same people that run the money out of nothing business

[cesarnc2008]

@gaobdgao aread Wilcock's ENTIRE work, roughly 2,000 pagesor more, before making comments on him. You know jackshit about what he says, CLEARLY

[Budvb]

Nation wide bankruptcy would create a huge growth in the USA, and screw the Bankers that create nothing but get big rewards by it. Those who create Real things from the environment, seem to be held back by those who create wealth in the mind, who are reaping big rewards off the backs of those who do. This world is so backwards.

[FelipeSparx29]

FINANCIAL TYRANNY: Defeating the Greatest Cover-Up of All Time

[Budvb]

lol, What I don't understand is how business can keep expanding when they are piled full of debt, private and public. It's like having a Train pull a Load without wheels. Debt expansion is catching up to everything. Then we wonder why business man/woman have to force labor cost down while driving up cost of their products to pay this debt down that is created from thin air. Not like it takes a lot of work to create this debt, just some numbers on paper or some computer some where.

[alexdgonc]

He also clearly didn't understand what happened with MFGlobal.

[alexdgonc]

Actually, Jim Sinclair just got it totally backwards. CDS's should never have existed in the first place, because they are unregulated and not traded in clearing houses. So the face that the ISDA is hosing all Greek CDS holders will just push traders aways from that soverign derivative market. Look at the current quote for CDS on Greek debt and it's super low, as if there is no risk at all, because traders already know that ISDA is not going to call it a default.

[alexdgonc]

What the hell is Jim Sinclair talking about?! I mean, I like his interviews on Gold mining and Gold stocks etc., but he's trying to talk panic into something he just found out and apparently doesn't even understand it correctly. Who do you think still holds Greek debt??? Only vulture funds and retail investors (these bonds are second only to Bunds in volume traded in Frankfurt)! That's why greek bonds are down to 30cents on the euro. Big banks have already written off all greek holdings.

[alexdgonc]

So they fooled customers in buying CDS's and now they hose them. Old news! It's been on ZH for months now!

[highandwired]

Down with the elites!!!

[BirdOfTheFeather]

ITS TIME TO CLEAN OUT THE ROYAL BLUEBLOODS AND THEIR HINCHMEN !!! ITS THEIR TURN TO BE THE STARVING BEGGERS !!!

[vilca10]

I believe Sinclair, but think there is a bit of sensationalism here. As long as the printing presses are still working, I can't see the ISDA allowing any bank to fail before the election. It is important to have it appear that Obama is holding it all together. If Ron Paul is elected, THEN we might see the banks fail, so that "the people" will beg for the Fed to help them.

[EarthaKit2]

cont'd

But say, we're ALREADY suffering and dying in wars, we fight for them.There's world starvation, homelessness, etc. Even our fellow "peasants" - the pig cops, hv turned against the rest of us. Laws have been passed against the populace (where are the homeless allowed? With what jobs will there be money...even to eat?

There are cameras everywhere spying on us.

We, THE People are already slaves. Suffering.

So, what's the diffference?

[Gaobdgao]

@EarthaKit2

type in google HUMAN RESOURCES DOCUMENTARY....

you will be surprised..I guess not...

[EarthaKit2]

Thank you. YOu're doing a great job for the banksters, passing along their message.

The Banksters keep telling us, over and over and over, that without them, We THE People will suffer and die. They want to make suree this is imprinted in our psyches, and that we're scared to death, shitting our pants.

cont'd

[garden333]

many arrests happening and truth is coming out.

[garden333]

@garden333 check out david wilcock info

[Gaobdgao]

@garden333

david wilcock? the guy who declared official UFO disclouser? seriously how you take this guy so serious? he knows jackshit about this world....

[kroko9999]

I have a lot of respect for Jim Sinclair, he always gives interesting and relevant info. Unfortunately the interviewer is far from having the same expertise on the subject.

[TireLift]

Bahahahahahaha how can this guy be winning the conservative Vote !!!!!!! w w w. youtube. c om/watch?v=EYFaIzH_fTE&feature­=player_embedded 

[TheTime4solutions]

the spiral of the Rothschild false debt system always leads to genocide war. War then becomes new debt and the evil spiral restarts for another generation or so UNTIL the spiral warps to extinction which may occur this cycle. Enlightened disengagement, self reliance.

[pratikchya]

@TheTime4solutions very well said.

[umdesch4]

Well, QE happens, the big banks take this money at 1% interest, use it to buy sovereign debt of Greece at outrageous interest levels, making the problem bigger, but kicking the can further down the road like they always do so they can collect yet another bonus before the other shoe drops. Right? Why would anything of consequence happen this week? I agree this will eventually all blow up, but I don't get the predicted timeframe... Somebody please correct me on this...

[endtheillusion]

Why would anyone pay the premium for a CDS when it is obvious that the counterparty is not capable of paying?

This is like making a $24,000 bet with someone with only $1 in their pocket.

And we blame the Occupy movement for shining a light on Wall St fraud.

[electrictrunk]

These are the thugs that caused the depression on purpose. We are going down big time get your guns and ammo ready only thing that will keep you safe.

[TBT2B2007]

Just when you think the deception and enslavement can't get any deeper, you find out you are wrong.

[MisterSilverBug]

Thanks for posting

[TaylorAwake]

"If you liked the two previous bubbles, you're going to love this one" lol...

[10019911]

Just googled ISDA; look at who is on the Board of Directors:One each from all the Big Banks and a few Hedge Funds. Another instance of "Regulatory" Capture. Not space here to show them all...Look for yourselves!

[offkilterent]

@10019911 This is unbelievably RIDICULOUS!!

[lolmao500]

This is bullshit.

[Atrueeyeopener]

@lolmao500 Unfortunately this is not BS. Jim Sinclair really isn't saying much. He's just pointing out something that is approaching and inflection point. His point is either way we are screwed. His conclusion is that the banks save themselves because they can. If it goes the other way its even worse. This would be a CDS trigger followed by counter party risk and contagion across the entire eurozone and beyond. This issue will resolve one way or the other

[Mikahopea]

blaa blaa blaaa, europe knows these evil americans plans , we have plans too. so fuck you usa

[EXP0SEtheFRAUDS]

Good interview but the guy interviewing Sinclair seems to not understand anything. Jim has to repeat what he says to the guy like 50 times.

[1beinki]

If it's not a default, what is it? Will the White Dragons come in behind this event?

[crazeyspivey]

@1beinki Yep......Ben Fulford, Dave Wilcox, and maybe David Icke galloping in on white horses welding swords, shields, and battle axes.

[BrotherJohnF]

Think of the sheer absurdity of this situation. Who buys a policy to insure against an event that has NEVER BEEN DEFINED? Even the criminals who refused to pay the Katrina claims made the semi-plausible argument that it was floods not a hurricane that did the damage. If you stop paying your mortgage that is a default. You cannot start sending them 50% of your payment and say you haven't defaulted. I you stop making regular payments, IN FULL, you have DEFAULTED PERIOD.

[crazeyspivey]

@BrotherJohnF  Well said Brother John.....I agree totally. Even a 1% haircut on these instruments should be classified as a default.

[dippafly]

What is the short-term implications of this news on gold, the USD and the US market?

[JoeCommunistsucks]

@dippafly Much higher. The credit default swaps won be triggered.

[Bdmay007]

@dippafly listen to the video. Sinclair believies short term positive implications for Gold and US equities. Longer term implications (1-2 years from now) for US equities does not look good due to QE. We must pay the piper eventually.

[paulemmersondotcom]

I understand ISDA will define Greek haircut as NOT a default, because they do not want to trigger CDS's to be paid out by their own members. But so what? Individuals holding CDS’s will be seriously annoyed, won’t buy them again, and will have to take the haircut. And then?

Is he suggesting that CDS’s were mis-sold to private bondholders and that they would have a legal right to try to force the ISDA to declare a credit event? He doesn’t get into this or talk about it.

[NuclearSiege]

I live in Vancouver but never know how to meet up at these meetings. How can I find out what is coming up with the big names here?

[Sojournia]

How can Sinclair warn us of an ISDA impending decision to rule in favor of a non-default credit scenario which would be disastrous to a clearing house and at the same time recommend general equities? I get the math but not the implementation. How would one purchase equities without going thru a clearing house who probably has no default insurance because the ISDA will never let that happen?? I can't get there from here.

Thanks Jim, but you keep the equities and I'll stick with gold/silver.

[Atrueeyeopener]

@Sojournia Plus the the actual bond market crashing because all hedging goes away with the CDS market...so everyone flees bonds??? THIS IS HUGE

[crazeyspivey]

@Atrueeyeopener And if everyone starts dumping bonds, who is gonna step up and buy this worthless paper? Then the stampede is on for gold and silver.....GettyUp, Hi Ho Silver, Away!

[theeonionbagel]

@Sojournia you can asks for the stock certificates to be delivered to you.go google jim sinclair stock certificate. your welcome...

[silverunderground]

there goes the neighborhood!

[Atrueeyeopener]

So the CDS market blows up. This is way understated. 7 billion $ is written against Greece alone. We are talking a financial meltdown...equities won't escape this either' this is 2008 ten fold. We lose all the hedge funds and most of the banks.

crazy

[crazeyspivey]

@Atrueeyeopener That was my question. How much exactly is the total $ of the Greek CDS's? Say its 10 billion, then these 5 corrupt banksters can absorb that no problem. They still have all those billions in free US bailout money laying around. But if this continues to Italy, Spain, Portugal, then we have meltdown. I would say the banksters would just not pay-up on these instruments.

[sgoni1]

The interviewer does not seem to understand JS and vice versa. However it is a good message that is worthy for people to hear.

[illyia]

So... which Clearing Houses are going to be effected by this and what will such non-payment of insurance do to the tradeability of stocks, bonds, commodities etc.? If QE is used, flooding the system with liquidity, the conduits through which it would flow might be folded in Bankruptsy, right?

Does that just leave the 5 banks of the ISDA as Clearing Houses? Is this the degree of rigging that the "investor" must accept if they are willing to bet on beating inflation? 5 insolvent banks.

[neutrino422]

also, the baltic dry index is down to 702

[anolmec]

Speaking of MF,maybe the swaps just "vaporize"

[neutrino422]

thanks for being honest