Jim Sinclair: “If people believe that $13 billion is the total of this bailout, they are out of their minds. $130 billion is not the true total of even the Russian deposits in Cyprus banks. One important Russian businessman, in his various business enterprises, would have $100 billion on deposit himself. 10% of all deposits in Cypress could be $500 billion or more because Cyprus is the banking entity for Russia, not Switzerland or Grand Cayman.
The Central Bank of Cyprus doesn’t even know how big the Russian deposits are because it is held as secret at the behest of the Russians. It is a secret banking system set up for the Russians, by the Russians, and the IMF has just taken a large bite out of that elephant.
Because of that, any attempt to shift the weight of bank solvency to depositors has failed. This was the grand experiment which was the defining event where the financial shift from the onus of insolvency was to be placed on the shoulders of depositors rather than on quantitative easing….
“When the Cyprus event first took place, the mainstream media completely missed the entire point of the story. This is why I immediately did an interview with King World News to explain that what the IMF had just done was to steal the Russian elite, or ex-KGB officials’ money.
Although the mainstream media is days late and a dollar short, I find it flattering that they are now taking my words almost verbatim and using them in their reports. I noticed that when you released the second interview that we did earlier today, I listened to and read my words being read back to me almost verbatim by the mainstream media within 22 minutes. As I said, I guess copying us is the sincerest form of flattery at this point.
Part of the result of all of this is the Russian elite will now move heavily out of currencies and into gold. Going forward, the Russian sovereign entity will now support the price of gold and it will be for the benefit of the Russian oligarchy. This will also serve to bring Russian and Chinese financial interests closer together, and, in time, will finally result in freeing the gold market from Western price manipulation and influence.
This IMF catastrophe in Cyprus is literally a landmark event in history, and the single most important event in the entire history of the gold market. I full expect that the key point I have now made, that this concerns much more money than has been reported, will now be cloned in the mainstream media as well.”