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Goldman, Goldman uber alles
Jim Rickards: "Goldman Can Create Shorts Faster Than Europe Can Print Money"
By Tyler Durden
Zero Hedge, New York
Monday, May 10, 2010
http://www.zerohedge.com/article/jim-rickards-goldman-can-create-shorts-...
Jim Rickards, who recently has gotten massive media exposure on everything from the J.P. Morgan silver manipulation scandal to the Greek default, was back on CNBC earlier [today] with one of the most fascinating insights we have yet heard from anyone, which demonstrates beyond a doubt why any attempt by Europe to print its way out of its current default is doomed:
"Look at what [George] Soros did to the Bank of England in 1992. He went after them. They had a finite amount of dollars. He was selling sterling and taking the dollars, and they were buying the sterling and selling the dollars to defend the peg. All he had to do was sell more than they had and he wins. But he needed real money to do that. Today you can break a country. You don't need money. You just need synthetic euroshorts or CDS [credit-default swaps].
"A trillion-dollar bailout? Goldman can create 10 trillion of euroshorts. It just dominates whatever governments can do. So basically Goldman can create shorts faster than Europe can print money."
Just wait until Europe finally realizes that the CDS "speculators" had all the cards in the poker game all along. And we hope Europe listens to the man. Being Long-Term Capital Management's former general counsel, he knows all about failed bailouts.
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To watch video of the CNBC program with Rickards:
http://www.zerohedge.com/article/jim-rickards-goldman-can-create-shorts-...
Private Placement Offering for Silver Phoenix Resources Inc.
Each flow-through unit consists of one common share in the capital of the corporation (a "flow-through share") and half of one non-flow-through common share purchase warrant (a "warrant"). Each whole warrant shall entitle the holder to acquire one non-flow-through common share in the capital of the corporation (a "warrant share") until 5 p.m. Vancouver time on the date 24 months following the closing date (as defined herein) at a price of $0.70.
The proceeds raised from the offering will be used for general exploration and to drill the 100-percent-owned River Jordan Property. This historic property hosts the King Fissure [aka River Jordan] lead, zinc, and silver deposit.
Following a comprehensive field program in 1991, a structural re-interpretation of the complex folds hosting the King fissure deposit resulted in a major increase in potential mineralization to 20 million tonnes of 7.5 percent lead, 7.5 percent zinc, and 100 g/t silver [Laird and Clark, 1991]. The estimated tonnage of the light rare earth and niobium-bearing extrusive carbonatite unit is on the order of 33,750,000 tonnes, with no ore grade currently established. This historical estimate predates National Instrument 43-101 legislation.
Interested parties can contact:
William J. Murray, President and CEO
Silver Phoenix Resources Inc.
Box 134 / 4631 75th Ave. NE
Canoe, British Columbia, V0E 1K0 Canada
250-832-0336
bmurray@sunwave.net
www.silverphoenixresources.com
For more information about the River Jordan Property, please visit:
http://public.iwork.com/document/?a=p1047687515&d=River_Jordan_Property.key
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Anglo Far-East Bullion Co., the Original Private Bullion Custodian
http://www.anglofareast.com/
For two decades Anglo Far-East Bullion co. has been providing select international clientele the highest degree of privacy, security, and access to buy, hold, and sell allocated gold and silver bars.
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-- Guaranteed market access and liquidity: AFE buys and sells directly with LBMA-certified metal refineries only. In bypassing the commodities market exchanges such as the Comex and bullion banks, AFE provides clients a means of access to the global physical precious metals markets that may not be available to others should systemic issues in the bullion markets arise.
-- Stand for delivery: If at any time you wish to take delivery of your metal, AFE will arrange to have bars shipped to you anywhere in the world.
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For more information and a personal consultation with one of our private account liaisons, please contact us:
Anglo Far-East Bullion Co.
E-mail: newclients@anglofareast.com
USA: 1-206-905-9961
Panama: 507-264-0164
New Zealand: +64-9337-0715
Australia: +61-8-8334-6855
Switzerland: +41-43-508-0351
United Kingdom: +44-208-819-3911
Hong Kong: +852-8124-1265