Jim Sinclair Interview - gold is likely to be attached to a SDR basket of currencies

In an interview in South Africa on 13th of July 2009, Jim Sinclair thinks that gold will be attached to a basket of Special Drawing Rights currencies currently being worked on by the IMF. No doubt the purpose would be to give the currencies the type of solid backing they now lack. The rate at which gold will be attached is not known. The sound in the interview is mostly out of sync but still worth is listening to.

"Are the Germans giving up on the Euro? Another Shocker from Ambrose

The Telegraph has never been a lover of the Euro, so it is not surprising to read that one of its foremost economic journalists suggesting as much. But this article suggests economic disintigration of the European Union in a most shocking fashion. The EU's most indebted states are being slowly strangled by a currency that is grossly overvalued. The consequences for countries like Ireland, Greece, Spain, Portugal and Italy staying in the Euro may now possibly prove too great - mass unemployment and deep retrenchment in public services, with the added burden of much higher taxes. These countries need to devalue by around 60% but are constrained by richer northern countries like Germany who have no intention of bailing them out. It's a real shocker!  Going forward, a gold-backed currency for everyone may be the only way out.

http://blogs.telegraph.co.uk/ambrose_evans-pritchard/blog/2009/02/26/are_germans_giving_up_on_the_euro

'A Monetary Stalingrad" is on its way to Europe

With journalists like Ambrose Evans-Pritchard and at least two other colleagues at The Telegraph this newspaper sports the most knowledgeable financial journalists in print of any UK newspaper. Little, if anything can be learned from those in other broadsheets and the tabloids offer mere escapism. Nor is financial education much better on the radio or TV. The BBC'S Robert Peston is laughably overrated and followed by the ignorant in the media as well by the public. He is always behind the economic curve. Only Max Keiser's satirical programme "The Oracle" offers "a late night" realistic view of world economics on the BBC.

Europe's loans to Eastern Europe's states within and outside the EU are going to cause the next world economic storm - and that is still while the US and UKs' banks are bankrupt and their debts are bankrupting their countries. Latvia's economy along with most UK and US banks is "clinically dead" and the Bank Austria and its Italian owner is facing "a monetary Stalingrad". Depending which figures one wants to accept Germany's gross domestic product shrank between 8 to 9 per cent in the last quarter! Ireland and several other EU countries are effectively bankrupt! The storm could hit within days or weeks. Major political upheaval and change will ensue.

http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/4623525/Failure-to-save-East-Europe-will-lead-to-worldwide-meltdown.html

US Losing Confidence Vote As Investors Flee

As ever, Ambrose's latest sums up the situation succinctly.
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/03/17/ccview117.xml