Jim,

This is very disturbing. You may have seen this already but it is a tutorial that explains how the toxic assets are taken off of the bank’s books and given to the American citizen via the FDIC guarantee. The real kicker is the banks can do all this by purchasing the toxic assets from themselves.

CIGA, Eddie Hoff

Jim,

This plan, if undertaken globally, will undermine or completely derail any US dollar swaps (with IMF – surely a topic that is going to be discussed at G-20) with Nations that are undergoing dollar squeezes. These Chinese are smart and it looks like their "sales force" is just getting ramped up.

CIGA Danny S.

China and Argentina in currency swap

By Jude Webber in Santiago

Published: March 31 2009 01:25 | Last updated: March 31 2009 01:25

China, which is pushing to end the dominance of the dollar as a worldwide reserve, has agreed a Rmb70bn ($10.24bn, £7.18bn, €7.76bn) currency swap with Argentina that will allow it to receive renminbi instead of dollars for its exports to the Latin American country.

Xinhua, the official Chinese news agency, said the deal was signed on Sunday by Zhou Xiaochuan, governor of the People’s Bank of China, and Martín Redrado, Argentine central bank president, in Medellín, Colombia, where they are attending a meeting of the Inter-American Development Bank.

An Argentine official confirmed a deal had been discussed and said the fine print was being worked out and negotiations were “very advanced”.

More…

Dear Danny,

Quietly and without fanfare the mechanisms gather at the sequential death of the US dollar. Gold is the only lifeline as what is below is a long term form of expansion of one’s monetary policy.

Respectfully yours,

Jim

Hello Mr. Sinclair,

As has been mentioned before, commercial real estate is one of the next shoes to drop. Here is an example of Boston’s tallest building that sold for 50% less than the original purchase price.

Kindest regards,

CIGA Jeff

Hancock Tower has new owner

By Thomas Grillo

Tuesday, March 31, 2009

NEW YORK CITY – The Hub’s John Hancock Tower, New England’s tallest skyscraper, sold at auction this morning for $660.6 million, about half what it sold for nearly two years ago.

Normandy Real Estate Partners, which owns two buildings on Summer Street in Boston, and Five Mile Capital Partners combined to make the winning bid for the Back Bay trophy property.

The companies agreed to pay $20.1 million for the mezzanine debt on the 60-story building and assume the mortgage of $640.5 million, according to a statement issued at the auction.

More…