Friday humor comes a day late this week, as new Treasury Secretary Jack Lew has announced that the effective debt limit will not be reached until at least labor day, thanks to a one-time $59.4 billion payment by Fannie Mae to the Treasury after reporting a record quarterly profit.

Although “The statutory debt limit will be reached in just a few days”, there is no need to worry because we can simply borrow from and drain entitlement programs again, ala 2011:  “Because of the extraordinary measures that are available and cash flows that we now can predict it will not be until at least after Labor Day”.

Thank YouOnly in America can one submit false tax returns, hold meetings at the NY Fed with the agenda of manipulating LIBOR rates, and leak FOMC interest rate policy announcements prior to their release to your bankster buddies, be caught in all 3 above crimes, and be made a distinguished fellow of the Council on Foreign Relations rather than a resident of a NY penitentiary

Perhaps the CFR should consider looking up the dictionary definition of distinguished:
1. Successful, authoritative, and commanding great respect.
2. Dignified in conduct or appearance.

Exactly what comes to mind when one thinks of Mr. Turbo-Tax Geithner.

Jim Sinclair has sent subscribers another alert this afternoon regarding the delay in the implementation of the Basel III requirements, which were set to make gold a Tier I asset- making the metal equal with cash or treasury bonds for capital liquidity requirements. 

Sinclair states that the entire reason that Basel III has been delayed is because the Western financial system simply does not have the ability in terms of real liquidity to meet the new requirementsSinclair states that the Western financial system cannot meet the requirements now, they will not be able to in 2 years, and that his conclusion regarding Obama’s appointment of Citi derivative dealer to the position of Secretary of the Treasury isFather forgive them because they (our esteemed leaders) really do not know what they have gone and done.

Sinclair’s full alert is below: