JEWISH KING JESUS IS COMING AT THE RAPTURE FOR US IN THE CLOUDS-DON'T MISS IT FOR THE WORLD.THE BIBLE TAKEN LITERALLY- WHEN THE PLAIN SENSE MAKES GOOD SENSE-SEEK NO OTHER SENSE-LEST YOU END UP IN NONSENSE.GET SAVED NOW- CALL ON JESUS TODAY.THE ONLY SAVIOR OF THE WHOLE EARTH - NO OTHER.
1 COR 15:23-JESUS THE FIRST FRUITS-CHRISTIANS RAPTURED TO JESUS-FIRST FRUITS OF THE SPIRIT-23 But every man in his own order: Christ the firstfruits; afterward they that are Christ’s at his coming.ROMANS 8:23 And not only they, but ourselves also, which have the firstfruits of the Spirit, even we ourselves groan within ourselves, waiting for the adoption, to wit, the redemption of our body.(THE PRE-TRIB RAPTURE)
CENTRAL BANKERS LENDER-BIS
https://www.bis.org/
FED CENTRAL BANKERS MEETING - JACKSON HOLE
https://www.kansascityfed.org/publications/research/escp/symposiums/escp-2015
https://www.kansascityfed.org/publications/research/escp
IMF
http://www.imf.org/external/index.htm
WORLD BANK
http://www.worldbank.org/
BANKING UNION BEFORE EURO ADOPTION
http://blog-imfdirect.imf.org/2015/08/19/banking-union-before-euro-adoption-flak-jacket-or-straitjacket/
REVIEW SDR -RESERVE IMF CURRENCY
http://www.imf.org/external/np/exr/facts/sdrcb.htm
http://www.imf.org/external/pubs/ft/survey/so/2015/POL080415A.htm
http://www.imf.org/external/np/exr/faq/sdrallocfaqs.htm
http://www.imf.org/external/pp/longres.aspx?id=4975
http://www.imf.org/external/np/sec/pr/2015/pr15384.htm
http://www.imf.org/external/pp/longres.aspx?id=4978
http://www.imf.org/external/np/tre/sdr/proposal/2009/0709.htm
CHIP UNDER THE SKIN
https://www.youtube.com/watch?v=LZ0YPDYx6lU
https://www.youtube.com/watch?v=kI-RAMBPz6w
https://www.youtube.com/watch?v=EcHQGno4EHQ
https://www.youtube.com/watch?v=HdxfG5MDk0I
https://www.youtube.com/watch?v=KatuQlioeRg
https://www.youtube.com/watch?v=9j9YHTwbPLo
https://www.youtube.com/watch?v=2DcAOkSUFlU
BIDEN AND CHIP IMPLANT-u will vote on it
https://www.youtube.com/watch?v=FQw68jl7KXc
https://www.youtube.com/watch?v=RvYnWBdmcQk
HUMAN CENTRIC SENSING
http://rsta.royalsocietypublishing.org/content/370/1958/176
INTERAC
https://www.interac.ca/en/security/what-is-chip
https://www.interac.ca/en/interac-debit/interac-debit-for-consumers
HOARDING OF GOLD AND SILVER
JAMES 5:1-3
1 Go to now, ye rich men, weep and howl for your miseries that shall come upon you.
2 Your riches are corrupted, and your garments are motheaten.
3 Your gold and silver is cankered; and the rust of them shall be a witness against you, and shall eat your flesh as it were fire. Ye have heaped treasure together for the last days.
REVELATION 18:10,17,19
10 Standing afar off for the fear of her torment, saying, Alas, alas that great city Babylon, that mighty city! for in one hour is thy judgment come.(IN 1 HR THE STOCK MARKETS WORLDWIDE WILL CRASH)
17 For in one hour so great riches is come to nought. And every shipmaster, and all the company in ships, and sailors, and as many as trade by sea, stood afar off,
19 And they cast dust on their heads, and cried, weeping and wailing, saying, Alas, alas that great city, wherein were made rich all that had ships in the sea by reason of her costliness! for in one hour is she made desolate.
EZEKIEL 7:19
19 They shall cast their silver in the streets, and their gold shall be removed:(CONFISCATED) their silver and their gold shall not be able to deliver them in the day of the wrath of the LORD: they shall not satisfy their souls, neither fill their bowels: because it is the stumblingblock of their iniquity.
LUKE 2:1-3
1 And it came to pass in those days, that there went out a decree from Caesar Augustus, that all the world should be taxed.
2 (And this taxing was first made when Cyrenius was governor of Syria.)
3 And all went to be taxed, every one into his own city.
REVELATION 13:16-18
16 And he(THE FALSE POPE WHO DEFECTED FROM THE CHRISTIAN FAITH) causeth all,(IN THE WORLD ) both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads:(MICROCHIP IMPLANT)
17 And that no man might buy or sell, save he that had the mark,(MICROCHIP IMPLANT) or the name of the beast,(WORLD DICTATORS NAME INGRAVED ON YOUR SKIN OR TATTOOED ON YOU OR IN THE MICROCHIP IMPLANT) or the number of his name.(THE NUMBERS OF HIS NAME INGRAVED IN THE MICROCHIP IMLPLANT)-(ALL THESE WILL TELL THE WORLD DICTATOR THAT YOUR WITH HIM AND AGAINST KING JESUS-GOD)
18 Here is wisdom. Let him that hath understanding count the number of the beast:(WORLD LEADER) for it is the number of a man; and his number is Six hundred threescore and six.(6-6-6) A NUMBER SYSTEM (6006006)OR(60020202006)(SOME KIND OF NUMBER IMPLANTED IN THE MICROCHIP THAT TELLS THE WORLD DICTATOR AND THE NEW WORLD ORDER THAT YOU GIVE YOUR TOTAL ALLIGIENCE TO HIM AND NOT JESUS)(ITS AN ETERNAL DECISION YOU MAKE)(YOU CHOOSE YOUR OWN DESTINY)(YOU TAKE THE DICTATORS NAME OR NUMBER UNDER YOUR SKIN,YOUR DOOMED TO THE LAKE OF FIRE AND TORMENTS FOREVER,NEVER ENDING MEANT ONLY FOR SATAN AND HIS ANGELS,NOT HUMAN BEINGS).OR YOU REFUSE THE MICROCHIP IMPLANT AND GO ON THE SIDE OF KING JESUS AND RULE FOREVER WITH HIM ON EARTH.YOU CHOOSE,ITS YOUR DECISION.
REVELATION 6:5-6
5 And when he had opened the third seal, I heard the third beast say, Come and see. And I beheld, and lo a black horse; and he that sat on him had a pair of balances in his hand.
6 And I heard a voice in the midst of the four beasts say, A measure of wheat for a penny, and three measures of barley for a penny; and see thou hurt not the oil and the wine.(A DAYS WAGES FOR A LOAF OF BREAD)
DOCTOR DOCTORIAN FROM ANGEL OF GOD
then the angel said, Financial crisis will come to Asia. I will shake the world.
The Shemitah is coming true.Do people not get it? There is a economic crash every 7 years.
1980: Recession
1987: Stock market crash
1994: Bond market crash
2001: 9/11, dot com, recession
2008: Housing crash
2015: See if something will happen-The central banks will be the death of us. Get ready and embrace yourself for the economic collapse.
UPDATE-SEPTEMBER 02,2015-12:00AM
DOW MARKET WEDNESDAY-SEPT 02,2015
09:30AM-152.49
10:00AM-185.90
10:30AM-120.43
11:00AM-118.62
11:30AM-157.83
12:00PM-107.16
12:30PM-133.82
01:00PM-171.90
01:30PM-214.26
02:00PM-187.07
02:30PM-219.20
03:00PM-185.00
03:30PM-187.87
04:00PM-293.03+ 16,351.38
HIGH +293 LOW +93
TSX +40.29 13,522.19 - GOLD -$6.50 $1,133.30 - OIL +0.59 $46.00
OIL WENT FROM A 3 DAY HIGHEST IN 25 YEARS. TO A 2 DAY DROP IN THE LAST 6 YEARS. AND YESTERDAY ON BLOOMBERG.I HEARD A LADY SAY-THAT WESTERN COUNTRIES SHOULD STOP THEIR SUPPLY OF OIL BARRELS IN THE WORLD. SHE WAS SAYING SHE WANTS THE MUSLIMS TO FLOOD THE MARKETS WITH THEIR OIL BARRELS SO THEY CAN GRAB ALL THE MONEY. I DON:T KNOW WHY SHES STICKING UP FOR THE ISLAMIC MURDER COUNTRIES.THE MORE MONEY THESE ISLAMIC COUNTRIES MAKE.FROM OIL-THE MORE WEAPONS THESE ISLAMIC MURDER COUNTRIES CAN GET TO DESTROY THE WEST.IT MAKES NO SENSE TO ME WHY SHE WANTS THE WEST TO STOP THEIR OIL BARRELS ON THE WORLD STAGE.
U.S. stocks end higher after solid economic reports-Published: Sept 2, 2015 4:03 p.m. ET-market watch-By Anora Mahmudova-Reporter
U.S. stocks rebounded from a two-day rout, with major indexes ending Wednesday's session with solid gains. Investors welcomed upbeat tone in the Federal Reserve's Beige book, while data on private-sector job gains pointed to continued improvement in the labor market. Trading on Wall Street remained volatile, however. The S&P 500 SPX, +1.83% closed 35.01 points, or 1.8% higher to 1,948.86. The Dow Jones Industrial Average DJIA, +1.82% jumped 293.10 points, or 1.8%, to 16,351.45. The Nasdaq Composite COMP, +2.46% ended the day up 113.87 points, or 2.5% at 4,749.98.
ALSO IRAN WANTS TO FLOOD THE MARKET WITH OIL SO THEY CAN GET MORE POWER IN THE MIDEAST.BUT THE SAUDI-ARABIANS DO NOT WANT IRAN TAKING THEIR OIL REVENUE FROM THE WORLD MARKETS.AND CUTTING INTO THEIR PROFITS.IRAN IS FIGHTING SAUDI-ARABIA IN THE MIDEAST FOR OIL CONTROL.
FOR THE NEXT 2 DAYS CHINA IS CELEBRATING THE END OF WW2. SO CHINA WILL NOT BE HAVING A STOCK MARKET FOR THE NEXT 2 DAYS.
Iran determined to reclaim its share in global oil market: Zanganeh-HomeIranEnergy-Wed Sep 2, 2015 12:32PM-presstv
Iran's oil minister says the Islamic Republic is determined to reclaim its share in global oil markets once sanctions imposed on the country’s energy sector are lifted.“Immediately after lifting sanctions, it’s our right to return to the level of production we historically had,” Bijan Zangeneh said, adding, “We have no other choice.”The Iranian minister made the remarks in an interview with Bloomberg, which was published on Wednesday, at the Iranian Oil Ministry in Tehran.Iran lost part of its share in the global oil market after sanctions were imposed on the country by the United States and the European Union at the beginning of 2012, with Western countries claiming that there was diversion in Iran's nuclear program toward military purposes. Iran rejected Western countries’ claims categorically, insisting that its civilian nuclear program was only meant for peaceful purposes.Iran reached an agreement with the P5+1 group of countries – the US, the UK, France, Germany, China, and Russia – in Vienna on July 14, known as the Joint Comprehensive Plan of Action (JCPOA). According to JCPOA, sanctions against Iran's economic sectors, including oil and gas industry, will be lifted in return for certain restrictions on Tehran’s nuclear program.Elsewhere in his interview, Zangeneh said Iran plans to produce 3.8-3.9 million barrels per day (bpd) of oil by March 2016.Iran's Oil Minister Bijan Zangeneh during interview with Bloomberg at his office in Iranian Oil Ministry ©SHANA-He noted that the country will raise its output by 500,000 bpd soon after sanctions are lifted and by 1 million bpd within the following five months.He added that Iran's oil output currently stands at 2.8 million bpd, which is the highest level the country has achieved in three years, and is exporting more than 1 million bpd.Referring to the drastic oil price fall in global markets, the Iranian oil minister emphasized that the oil price slump will not slow Iran's return to the market.Oil has dropped by about half in the past year from more than USD 100 a barrel in September 2014 after the 12-member Organization of the Petroleum Exporting Countries (OPEC) decided during meetings in December 2014 and June 2015 not to reduce output despite a global crude glut.In another part of his interview, Zangeneh said most OPEC members would like to see crude prices at $70-$80 a barrel and the organization does not need to coordinate with other oil suppliers to determine output levels.An oil price at $70-$80 a barrel would be “fair,” he said, adding that OPEC is open to coordinating its action with non-members, although it won’t wait for others to determine or approve its action.
IRAN-SAUDI-ARABIA PROPHECY
http://israndjer.blogspot.ca/2015/09/jewish-rabbi-predicts-saudi-arabiairan.html
Iran and Saudi Arabia on a collision course over oil at Opec-Oil minister says Iran will start pumping an extra 1m barrels per day of crude after nuclear sanctions are lifted by the West-Andrew Critchlow in Vienna-1:51PM BST 05 Jun 2015-telegraph
After a week of meetings of the Organisation of the Petroleum Exporting Countries (Opec) in Vienna, one thing is clear: Iran and Saudi Arabia are on a collision course that could eventually break the world's largest oil producing group apart.Faced with Saudi Arabia's stubborn determination to keep Opec pumping at full choke, Iran's oil minister Bijan Zanganeh has upped the stakes in this game of double bluff between the Middle East's two dominant political forces. He has confidently stated that the Islamic Republic will pump an additional 1m barrels per day (bpd) of crude within months of nuclear sanctions being lifted by the West.The move - assuming that Iran agrees to all US demands to curb its nuclear ambitions by the deadline on June 30 - effectively fires the starting gun in a race among Opec's most powerful producers including Iran, Saudi Arabia and Iraq to gain a bigger share of the market. It is a race that will be run regardless of the havoc it will cause within the group's smaller producers who face complete economic meltdown.Tensions are running high between oil giants Iran and Saudi Arabia-Instead of emphasising consensus and a mutually beneficial production policy to work for all of Opec's 12 members, Mr Al-Naimi now talks in terms of countries being "free to do what they want". This begs the question: what is the point of Opec if it is just a platform for Iran and Saudi Arabia to wage economic war against each other to the detriment of all the group’s other members?In Riyadh, the country’s new ruler, King Salman bin Abdulaziz al-Saud, faces the risk of his family’s closest allies, the US, suddenly changing sides. It could see them shifting their support to an increasingly reformist Iran should a deal to lift sanctions be reached this summer. Such a move could see political power in the Middle East tilt irreversibly towards the Shia Muslim majority in the Gulf region. That could ultimately threaten the future of the House of Saud.Saudi Arabia’s political dilemma has been further complicated by Iranian support of Houthi rebels which it is fighting in Yemen. It also faces encroachment within its own borders of terrorists connected to the Islamic State of Iraq and the Levant (Isil). Throughout the region, the kingdom and its Sunni allies appear under siege, while in Iraq only Iranian forces appear capable of holding back the Sunni-Muslim Isil horde.It is becoming increasingly apparent that Saudi Arabia’s insistence last November, to force Opec to essentially allow oil prices to fall, was a move aimed not at crippling US shale oil producers; this has failed to happen, with America’s oil output now at a 44-year record high. Instead, it was to allow Saudi Arabia to increase its own production to levels well above 10m bpd, while impoverishing most of its partners in Opec and, most notably, its major rival in the Middle East, Iran.Sanctions against Iran had already exacted a heavy price in Tehran before the blow of the current oil price slump hit home. President Hassan Rouhani said last October that income from crude sales had fallen by 30pc. That was before the price of crude slumped to a multi-year low around $43 per barrel. Starved of the foreign currency earnings from oil, Iran has found it increasingly tough to support its allies in the Middle East, who also happen to be Saudi Arabia’s natural enemies among Shia Islam.However, it’s not just Iran which has felt the pain of Saudi Arabia’s willingness to tolerate weaker oil prices in return for freedom to pump more crude. Oil revenues for the whole of Opec are to fall by 46pc this year to around $446bn (£291bn), according to the Energy Information Administration. Even with a small recovery in prices this year, Opec producers such as Nigeria, Venezuela and Algeria are being pushed to breaking point by the civil war being waged by the group’s most powerful members.Nigeria’s new President, Muhammadu Buhari, warned just days before the start of the Opec meetings in Vienna that the African country’s economy was in “deep trouble” because of the slump in oil prices, caused largely by Saudi Arabia’s policies. However, because of the chaos now gripping Nigeria’s oil industry, the country was unable to send a minister to present its case in Austria. Its former petroleum minister, Diezani Alison-Madueke, faces corruption allegations.Saudi Arabia and its close knit Gulf allies within Opec – such as the United Arab Emirates and Kuwait – are in the unique position of having vast foreign currency holdings and sovereign wealth investments they can draw on to see them through the current spell of weaker prices. With over $800bn in foreign currency reserves, Riyadh can absorb the fiscal devastation that is being caused by lower prices.Iran has also tried to break Saudi Arabia’s domination of Opec behind the scenes. Officials from the Islamic Republic approached Abdullah bin Hamad al-Attiyah, Qatar’s respected former oil minister, to replace the current secretary general of Opec, Abdalla Salem el-Badri. After nine years at the head of the organisation, Mr el-Badri is thought to be too sympathetic to Saudi Arabia’s cause within the group.Faced with being swamped by a tidal wave of Saudi crude and its overbearing influence within Opec, Iran has decided to respond by signalling its intention to increase supplies should it be freed from the shackles of sanctions. This it appears willing to do regardless of Opec’s decision to leave its production ceiling unchanged at 30m bpd. A flood of Iranian crude flowing into an already oversupplied market would exert overwhelming downward pressure on oil prices, which continue to trade at around 40pc below last year's peak due to a global glut of supply.Of course, Opec has endured even tougher times and deeper divisions among its members before. The group survived the tensions caused by Iran-Iraq war and the turmoil of the Arab Spring. However, the tension between Iran and Saudi Arabia at Opec is now palpable and it is only a matter of time before these two oil giants come to blows.
Crude Oil Climbs as U.S. Equity Rebound Bolsters Demand Optimism-Mark Shenk-Updated on September 2, 2015 — 3:28 PM EDT-bloomberg
Oil climbed as a rebound in U.S. equities bolstered optimism that economic growth will strengthen in the world’s biggest crude-consuming nation.Futures climbed 1.9 percent in New York as the Standard & Poor’s 500 Index ended a two-day rout. Prices tumbled earlier after the Energy Information Administration said U.S. crude supplies rose 4.67 million barrels last week, the most since April. A 900,000-barrel gain was projected by analysts surveyed by Bloomberg. Refineries processing crude reduced operating rates as the summer driving season neared its end.Futures tumbled 7.7 percent Tuesday after the biggest three-day rally in 25 years amid speculation that a global glut that drove prices into a bear market will be prolonged as China’s economy slows. Crude will trade at $40 to $60 a barrel into 2016 as rising supplies overwhelm demand, according to Ian Taylor, chief executive officer of Vitol Group BV, the biggest independent oil trader."There’s a lot of price chasing going on," Tim Evans, an energy analyst at Citi Futures Perspective in New York, said by phone. "Some traders are probably taking a cue from the S&P, but that’s a risky strategy given the physical fundamentals and the likelihood of additional Iranian supply, which seems to be rising by the day."Market Movement-West Texas Intermediate for October delivery rose 84 cents to settle at $46.25 a barrel on the New York Mercantile Exchange. Futures traded in a $3.56 range.Brent for October settlement increased 94 cents, or 1.9 percent, to $50.50 a barrel on the London-based ICE Futures Europe exchange. The European benchmark crude closed at a $4.25 premium to WTI.The Chicago Board Options Exchange Crude Oil Volatility Index climbed to the highest level since March 17 on Tuesday. The gauge tracks hedging costs on the U.S. Oil Fund, the biggest exchange-traded fund tracking WTI."There’s a lot of froth, a lot of short-term swings based on very little," Evans said. "This is a lot of churn."Crude inventories rose to 455.4 million barrels, leaving supplies almost 100 million barrels above the five-year seasonal average.Coiled Spring-"This market is like coiled spring waiting for a piece of data to move materially on," said Rob Thummel, a managing director and portfolio manager at Tortoise Capital Advisors LLC in Leawood, Kansas, who helps manage $16.9 billion. "A resolution to the issues in China isn’t expected anytime soon, inventories are high and not going away anytime soon and I don’t think OPEC will take any action."Refineries operated at 92.8 percent of their capacity, down 1.7 percentage points. U.S. refiners cut operating rates during September in nine of the past 10 years as gasoline demand decreases with the end of summer’s driving season on Labor Day, which falls on Sept. 7 this year.Iranian Plans-Iran will boost output by 1 million barrels a day as sanctions on its exports are removed, Oil Minister Bijan Namdar Zanganeh said. The fourth-biggest member of the Organization of Petroleum Exporting Countries plans to pump 3.8 million to 3.9 million barrels of oil a day by March, Zanganeh said in an interview in Tehran."We’re volatile because there are competing forces at work in the market," Tom Finlon, Jupiter, Florida-based director of Energy Analytics Group LLC, said by phone. "The Iranian oil minister said they would raise production at any cost, which is weighing heavily on the market while U.S. production is falling and refinery maintenance season is pending."
When Will It End? History Shows U.S. Stocks Rebound Needs Months-Anna-Louise Jackson-September 2, 2015 — 2:55 PM EDT-bloomberg
Investors conditioned to expect quick recoveries from equity stumbles may need patience after U.S. stocks fell into the first correction in four years.Judging by prior 10 percent drops in this bull market, it could take until the end of 2015 as investors await a return to levels last seen in May. The gauge has fallen as much as 12 percent since reaching a high that month.The S&P 500’s rally that began in March 2009 has been marked by two previous corrections: a 16 percent selloff from April to July in 2010, and a 19 percent slump over seven months a year later. The benchmark group recovered within about four months of each, so if history is any guide, the market may not be back at its May peak until late December.Looking back at the 25 bull-market corrections since 1950, the one happening now “looks pretty run-of-the-mill,” said Brian Jacobsen, who helps oversee $250 billion as chief portfolio strategist at Wells Fargo Advantage Funds in Menomonee Falls, Wisconsin. The median recovery time in those cases has been about 90 days from the trough.If the current rout’s low of 1,867.61 on Aug. 25 holds, Jacobsen’s data suggest the market could be back to its May record “around the time we’re all gathered around tables for Thanksgiving and Christmas,” he said.Living through the rebound will require a strong stomach as swings in stocks double from earlier in the year, according to Jacobsen’s analysis.“The uniform message is the recovery can be very bumpy,” he said in a phone interview. “It moves in fits and starts. We could be looking at heightened volatility in the markets until about Christmas.”Others are even more optimistic. The S&P 500 will end the year at 2,200, according to the median estimate of 21 strategists at brokerages tracked by Bloomberg. That’s 3.2 percent above the May peak of 2,130.82, and 15 percent from yesterday’s close.“The historical trading pattern shows that the S&P 500 typically recovers fully within 3-4 months following the end of a correction,” David Kostin of Goldman Sachs Group Inc. wrote in an Aug. 28 report to clients. “Based on this template, S&P 500 would approach its all-time high in December 2015,” he said, while reiterating his year-end target of 2,100.Three of the strategists say the benchmark index won’t make it back to the record this year, while Jefferies Group LLC’s Sean Darby sees the market declining from its current level. Other skeptics question whether the S&P 500 has found its bottom yet, making it premature to start counting the days to a recovery.“My gut instinct is that we may not have seen the end of this,” David Joy, the Boston-based chief market strategist at Ameriprise Financial Inc., said in a phone interview. His firm oversees about $811 billion. “I’m not convinced the downside volatility is over.”Among the most optimistic strategists is Jonathan Golub of RBC Capital Markets LLC. “When the market turns, it’s going to happen much more aggressively than people think,” he said in an Aug. 26 interview on Bloomberg Television. Within the next three months, “we should’ve made up all of the loss that we’ve had.”
Welcome to Quantitative Tightening as $12 Trillion Reserves Fall-Simon Kennedy-Updated on September 2, 2015 — 12:27 PM EDT-bloomberg
The great global monetary tightening of 2015 is under way, but it’s not being led by the Federal Reserve. Even as U.S. policy makers ponder whether to raise interest rates this month, one recent source of central bank liquidity in financial markets is drying up and the loss of it partly explains August’s trading volatility. Behind the drawdown are the foreign exchange reserves run by the central banks. Bolstered following financial crises in the late 1990s as a buffer against capital outflows and falling currencies, such hoards fell to $11.43 trillion in the first quarter from a peak of $11.98 trillion in the middle of last year, according to the International Monetary Fund.Driving the decline is a combination of forces including the economic slowdown and recent devaluation in China, the Fed’s pending rate hike, the collapse of oil and decisions in Switzerland and Japan to cease intervening in currencies.Each means central banks are either paring their reserves to offset an exit of capital or manage currencies, have less money flowing into their economies to salt away or no longer need to sit on as much. Whichever it is, the shrinking of reserves means much less money flowing into the financial system given authorities tended to recycle their cash piles into local currency or liquid assets such as bonds.In the words of Deutsche Bank AG strategist George Saravelos and colleagues, welcome to the world of “quantitative tightening.”Reserve Peak-They predict 2015 will mark the peak of reserve accumulation after two decades of growth with China in the vanguard as its new currency regime means it has to pare reserves to avoid a freefall in the yuan. It has already reduced its holdings to $3.65 trillion from $3.99 trillion in 2014.For markets, Deutsche Bank says less reserve accumulation should mean higher bond yields and a rising dollar against rivals including the euro and yen. There are implications too for other central banks if the resulting rise in market borrowing costs hampers their ability to tighten monetary policy.“This force is likely to be a persistent headwind towards developed market central banks’ exit from unconventional policy in coming years, representing an additional source of uncertainty in the global economy,” Saravelos and colleagues in a report to clients on Tuesday. “The path to ‘normalization’ will likely remain slow and fraught with difficulty.”
RBC's Distressed-Debt Trading Group Said to Lose Trader, Analyst-Laura J Keller Lisa Abramowicz Sridhar Natarajan-September 2, 2015 — 3:15 PM EDT-bloombeg
Matthew Bagley, a distressed-debt trader at Royal Bank of Canada in New York, left the bank along with a debt strategist, according to a person with knowledge of the moves.Bagley departed this week, said the person, who asked not to be identified because the information isn’t public. Eugene “Gene” Fattore Jr., a debt strategist who worked with Bagley, left last month, the person said.Hannah Sloane, a spokeswoman for RBC, declined to comment.Bagley joined the Toronto-based bank in August 2010 and was previously at Morgan Stanley and Harris Nesbitt, which has since been renamed BMO Capital Markets, Financial Industry Regulatory Authority records show. Fattore joined RBC in January 2014 and had been at Lazard Ltd. before that, according to Finra records.RBC’s credit team has had several senior-level departures this year. Steve Oplinger, head of U.S. high-yield sales and trading, left for Seaport Global Holdings LLC, while Ian Pearce, who ran European credit trading in London, went to Bank of America Corp. as head of sterling credit trading. Ryan Atkinson, co-head of high-yield debt trading in the U.S., also departed.Distressed-debt investors, who buy beaten-down debt that firms such as mutual-fund managers want to sell, have had a tough year. Jefferies Group and Goldman Sachs Group Inc. sustained millions of dollars in losses from their distressed debt trading, people with knowledge of the losses told Bloomberg last week.Some of the world’s biggest banks have been paring back parts of their trading operations to comply with post-crisis regulations. Deutsche Bank AG co-Chief Executive Officer John Cryan is overhauling the firm’s fixed-income division, appointing an executive committee to oversee the debt-trading business and slash costs.
Jun 5, 2015 @ 8:05 AM-Saudi Arabia Lets The World Drown In Oil-Nathan Vardi ,Forbes Staff
To the surprise of nobody, Saudi Arabia and the other OPEC member states decided in Vienna on Friday to maintain production targets of 30 million barrels a day, making sure the world remains flooded with oil. The fact that OPEC—particularly the core countries of Saudi Arabia, Kuwait and the United Arab Emirates— have refused to play their traditional stabilizing role and cut oil production makes it less likely that oil prices will rebound to the $115 a barrel level that was reached about one year ago.With oil trading 40% below its high of one year ago, Saudi Arabia has spent more than $70 billion of its oil reserve since October, will likely run a fiscal deficit of $100 billion in 2015, all while waging a war in Yemen. But for Saudi Arabia, the world’s biggest oil exporter, things are kind of going as planned“I’m not stressed, I’m happy,” said Ali al-Naimi, Saudi Arabia’s oil minister at the start of the week. He wasn’t just referring to his upcoming retirement. Saudi Arabia is not only increasing production, it’s increasing capacity. It increased its crude output to 10.3 million barrels a day in April, the highest level in decades. Saudi Arabia has increased investment in drilling. Can the oil kingdom pump 12 million barrels a day? Some seem to think so. There was speculation prior to the OPEC meeting that a potential surprise could see the oil cartel decide to boost production targets.Saudi Arabia, it seems, not only wants to protect market share, but to gain market share. Yes, it wants to inflict pain on U.S. shale energy producers, like EOG Resources EOG +1.30% and Pioneer Natural Resources PXD +1.71%. And the new OPEC policy has caused four U.S. corporate bankruptcies and managed to get the rig count down to 646 from 1609 in October. It also wants to hit another pocket of unconventional North American oil supply, the Canadian oil sands, which is believed to have experienced its lowest production in two years last month.Nevertheless, so far a wall of money coming from financial players has continued to fuel the unconventional North American oil sector, which has proved pretty resilient. Many U.S. energy producers are adapting by, for example, not finishing wells, waiting for prices to rise before using hydraulic fracturing to get more oil out of the ground. U.S. production just hit its highest level in four decades, 9.6 million barrels per day.But Saudi Arabia and OPEC also want to force big oil companies like Exxon and Chevron CVX -0.28% to delay or even cancel big offshore drilling projects. They also want to rein in capacity investments in key non-OPEC countries like Russia and slow challenges from alternative energy sources to oil, ranging from natural gas to green energy. Environmentalists are worried that Saudi Arabia is simply working to “prolong the age of oil.”There certainly will be more oil on global markets this summer. OPEC members have been unleashed to pump wildly–they are already exceeding the production ceiling–and Iran could soon flood the world with more oil if its can get free from sanctions. Brent Crude was trading for $62.61 per barrel after OPEC’s announcement and West Texas Intermediate crude was trading at $58.47.“The hands of the market is basically dominating the scene,” said Mohammed Al Sada, Qatar’s energy minister, at a press conference following the OPEC meeting. “Nonconventional high cost, it will depend on the their resilience to produce at whatever the oil cost is.”
China should clearly explain policies to markets - U.S. Treasury-Reuters – sept 1,15-yahoonews
WASHINGTON (Reuters) - The Obama administration on Tuesday urged China to carefully explain its policy changes to financial markets and to shift its economic focus towards consumer spending so that its economy can keep growing."Critical to China's success is moving forward with market oriented reforms while at the same time carefully communicating policy intentions and actions to financial markets," a senior Treasury official said in a briefing ahead of a meeting of the Group of 20 major economies."(China's) transition towards domestic demand is not only fundamental to China meeting its G20 commitments but also to China being able to continue to grow in the future."(Reporting by Jason Lange; Editing by Chizu Nomiyama)
French minister: Rich EU states should transfer money to poorer members-"Status quo leads to self-destruction," says Emmanuel Macron.-By Eric Maurice-euobserver
BRUSSELS, 31. Aug, 09:29-French economy minister Emmanuel Macron is calling for "a new foundation of Europe", with a more integrated eurozone and fiscal transfers between richer and poorer countries."Status quo leads to self-destruction," he said in an interview with Germany's Sueddeutsche Zeitung."Political and economical centrifugal forces are too strong" not to change things, he added.Macron is proposing the creation of a euro commissioner with "extended powers" over the single currency, EU economy and finances, as well as employment and investment policies.This super-commissioner would manage an increased EU budget to protect member states from financial shocks and foster investments."The higher the budget is, the more credible Europe is," Macron said, adding "we need a big leap".He also suggests the eurozone should have its own parliament, composed of "MEPs who belong to eurozone countries".-New treaty-"We can already prepare the modifications of EU treaties", and implement them after the French and German elections in 2017, the French minister said."In 2018 or 2019, Europe would stand on a new, better basis".But this vision, he notes, "breaks a German taboo" on the issue of transfer union."If the member states, like before, are not ready for any kind of financial transfers in the monetary union, we can forget the euro and the eurozone," he said."There cannot be a monetary union with no financial equalisation. The strong must help".Macron's interview follows proposals made by French president Francois Hollande in July for a more integrated eurozone.But he has dropped Hollande's idea of a "eurozone vanguard", while including the controversial transfer union proposal.Whether Macron is acting as Hollande's messenger to speak to Germany's government and public opinion, or trying to boost his own stature at the European level, is unclear.The 37-year old minister ruffled feathers in France last week when he criticised the 35-hour week, saying that "the left was wrong when it thought France would be better if it worked less".The comments embarrassed Hollande's socialist government.
Economy shrinks in second quarter, pushes Canada into technical recession-The Canadian PressBy Andy Blatchford, The Canadian Press | The Canadian Press – sept 1,15-yahoonews
OTTAWA - Canada's economy hit reverse for the second straight quarter of 2015 — knocking the country backwards into its first technical recession in six years, fresh Statistics Canada data revealed Tuesday.But the data suggests the recessionary dip could, perhaps, already be something of the past.The federal agency said real gross domestic product contracted at an annual pace of 0.5 per cent in the April-June quarter, which followed a revised decline of 0.8 per cent in the first three months of 2015 from its original estimate of a 0.6 per cent drop.However, there were positives tucked in the highly anticipated figures that almost immediately echoed on the campaign trail.The second-quarter drop was only half as steep as a consensus of economists had predicted and there was evidence that the decline had finally bottomed out.Canada's GDP climbed in the month of June by 0.5 per cent after shrinking over the first five months. The last time the economy experienced a one-month gain of at least 0.5 per cent was July 2013 when it grew by 0.63 per cent.That June increase was led by a 3.1 per cent boost in natural resources extraction — the category's first gain following seven consecutive months of decline."There's nothing to cheer about in the Canadian GDP numbers, but there's no reason for any more booing than we've already had," CIBC chief economist Avery Shenfeld said Tuesday."The economy is contracting through the first half of the year, but the solid gain in June suggests that we'll at least get a breather with a return to growth in the third quarter."The new batch of data added fuel to the heated, ongoing political debate over how best to respond to the weakened economy as parties battle for support ahead of the Oct. 19 federal election.On Tuesday, Prime Minister Stephen Harper, whose Conservative party has pinned its re-election hopes on its economic record, tried to highlight the positives in the new data."The Canadian economy as a whole is now growing, according to the June figures," Harper told reporters."That is the reality of the situation — it is good news."He also reiterated his stay-the-course mantra, insisting the country must ride out external economic and market turbulence whipped up in places like China.The Tory leader has frequently cited forecasts that predict the economy will rebound in the second half of the year, including a projection by the Bank of Canada.The central bank, however, has downgraded its growth forecast for 2015 and cut its trendsetting interest rate twice this year to cushion the blow of low crude prices.The hobbled economy has so far shaped up to be the primary issue of the campaign — and Harper's opponents have used his record as a bull's-eye for their attacks.The last time the economy contracted over two consecutive quarters was in 2009 during the Great Recession, when GDP pulled back by 8.7 per cent in the first quarter and 3.6 per cent in the second.Drilling deeper into the second-quarter data, the numbers showed the decline in the economy reached beyond natural resources extraction, which contracted by 4.5 per cent.Business investment in machinery and equipment dropped 4.6 per cent while non-residential structures fell 2.3 per cent, the third straight quarterly decline.On the growth side, a considerable amount of the gain in the quarter came from household consumption — rising by 0.6 per cent — at a time when interest rates remained low. As a result, the household savings rate declined.Exports also crept up in the second quarter by 0.1 per cent after contracting for two consecutive quarters. Meanwhile, positives in the June data suggest the expected turnaround forecasters have been banking on could be underway.On a monthly basis, Statistics Canada said wholesale trade rose by one per cent in June after a 1.1-per-cent decrease in May and a 1.6-per-cent in April.Manufacturing output rose by 0.4 per cent after contracting by 1.6 per cent in May.The finance and insurance sector grew by 0.7 per cent in June and the arts and entertainment industry rose by 6.4 per cent, thanks in large part to Canada's role as host of the FIFA Women's World Cup."While a technical recession was confirmed, its amplitude is relatively mild and there is every suggestion that it has already ended," Jimmy Jean, an economist with Desjardins Capital Markets wrote in a note to clients.Shenfeld said, however, while the early signposts are positive, the further retreat in oil prices recently could lead to continued pullback in capital spending in the energy sector."It's not like we're out of the woods yet," Shenfeld said.The quarterly reading Tuesday is also expected to intensify the economic debate over the term technical recession.Harper has side-stepped campaign-trail questions about whether Canada was in recession this year. He also declined to define a recession when asked about it earlier this week, saying he thought it was more important to "describe the reality of the situation rather than to have labels."Shenfeld said it's one thing to call it a "technical" recession, but he noted that any recession he's ever seen in historical data has also had a decline in employment."We haven't yet seen a net decline in employment that would characterize every recession that Canada has ever had," he said.Follow @AndyBlatchford on Twitter.
OTHER STORIES
http://israndjer.blogspot.ca/2015/08/is-america-counting-on-tower-of-babel.html
http://israndjer.blogspot.ca/2015/08/will-there-be-microchip-implant-that.html
CHINA DEVALUES CURRENCY FOR AMERICAN INTEREST RATE RISE SPECULATION
http://israndjer.blogspot.ca/2015/08/whats-real-reason-for-latest-market.html
http://israndjer.blogspot.ca/2015/08/last-day-of-aug-trading-what-will-sept.html
http://israndjer.blogspot.ca/2015/08/after-619-point-rise-yesterday-see-what.html
http://israndjer.blogspot.ca/2015/08/yesterday-dow-was-up-440-points-and.html
http://israndjer.blogspot.ca/2015/08/i-believe-this-china-devaluing-of-its.html
CENTRAL BANKERS LENDER-BIS
https://www.bis.org/
FED CENTRAL BANKERS MEETING - JACKSON HOLE
https://www.kansascityfed.org/publications/research/escp/symposiums/escp-2015
https://www.kansascityfed.org/publications/research/escp
IMF
http://www.imf.org/external/index.htm
WORLD BANK
http://www.worldbank.org/
BANKING UNION BEFORE EURO ADOPTION
http://blog-imfdirect.imf.org/2015/08/19/banking-union-before-euro-adoption-flak-jacket-or-straitjacket/
REVIEW SDR -RESERVE IMF CURRENCY
http://www.imf.org/external/np/exr/facts/sdrcb.htm
http://www.imf.org/external/pubs/ft/survey/so/2015/POL080415A.htm
http://www.imf.org/external/np/exr/faq/sdrallocfaqs.htm
http://www.imf.org/external/pp/longres.aspx?id=4975
http://www.imf.org/external/np/sec/pr/2015/pr15384.htm
http://www.imf.org/external/pp/longres.aspx?id=4978
http://www.imf.org/external/np/tre/sdr/proposal/2009/0709.htm
CHIP UNDER THE SKIN
https://www.youtube.com/watch?v=LZ0YPDYx6lU
https://www.youtube.com/watch?v=kI-RAMBPz6w
https://www.youtube.com/watch?v=EcHQGno4EHQ
https://www.youtube.com/watch?v=HdxfG5MDk0I
https://www.youtube.com/watch?v=KatuQlioeRg
https://www.youtube.com/watch?v=9j9YHTwbPLo
https://www.youtube.com/watch?v=2DcAOkSUFlU
BIDEN AND CHIP IMPLANT-u will vote on it
https://www.youtube.com/watch?v=FQw68jl7KXc
https://www.youtube.com/watch?v=RvYnWBdmcQk
HUMAN CENTRIC SENSING
http://rsta.royalsocietypublishing.org/content/370/1958/176
INTERAC
https://www.interac.ca/en/security/what-is-chip
https://www.interac.ca/en/interac-debit/interac-debit-for-consumers
HOARDING OF GOLD AND SILVER
JAMES 5:1-3
1 Go to now, ye rich men, weep and howl for your miseries that shall come upon you.
2 Your riches are corrupted, and your garments are motheaten.
3 Your gold and silver is cankered; and the rust of them shall be a witness against you, and shall eat your flesh as it were fire. Ye have heaped treasure together for the last days.
REVELATION 18:10,17,19
10 Standing afar off for the fear of her torment, saying, Alas, alas that great city Babylon, that mighty city! for in one hour is thy judgment come.(IN 1 HR THE STOCK MARKETS WORLDWIDE WILL CRASH)
17 For in one hour so great riches is come to nought. And every shipmaster, and all the company in ships, and sailors, and as many as trade by sea, stood afar off,
19 And they cast dust on their heads, and cried, weeping and wailing, saying, Alas, alas that great city, wherein were made rich all that had ships in the sea by reason of her costliness! for in one hour is she made desolate.
EZEKIEL 7:19
19 They shall cast their silver in the streets, and their gold shall be removed:(CONFISCATED) their silver and their gold shall not be able to deliver them in the day of the wrath of the LORD: they shall not satisfy their souls, neither fill their bowels: because it is the stumblingblock of their iniquity.
LUKE 2:1-3
1 And it came to pass in those days, that there went out a decree from Caesar Augustus, that all the world should be taxed.
2 (And this taxing was first made when Cyrenius was governor of Syria.)
3 And all went to be taxed, every one into his own city.
REVELATION 13:16-18
16 And he(THE FALSE POPE WHO DEFECTED FROM THE CHRISTIAN FAITH) causeth all,(IN THE WORLD ) both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads:(MICROCHIP IMPLANT)
17 And that no man might buy or sell, save he that had the mark,(MICROCHIP IMPLANT) or the name of the beast,(WORLD DICTATORS NAME INGRAVED ON YOUR SKIN OR TATTOOED ON YOU OR IN THE MICROCHIP IMPLANT) or the number of his name.(THE NUMBERS OF HIS NAME INGRAVED IN THE MICROCHIP IMLPLANT)-(ALL THESE WILL TELL THE WORLD DICTATOR THAT YOUR WITH HIM AND AGAINST KING JESUS-GOD)
18 Here is wisdom. Let him that hath understanding count the number of the beast:(WORLD LEADER) for it is the number of a man; and his number is Six hundred threescore and six.(6-6-6) A NUMBER SYSTEM (6006006)OR(60020202006)(SOME KIND OF NUMBER IMPLANTED IN THE MICROCHIP THAT TELLS THE WORLD DICTATOR AND THE NEW WORLD ORDER THAT YOU GIVE YOUR TOTAL ALLIGIENCE TO HIM AND NOT JESUS)(ITS AN ETERNAL DECISION YOU MAKE)(YOU CHOOSE YOUR OWN DESTINY)(YOU TAKE THE DICTATORS NAME OR NUMBER UNDER YOUR SKIN,YOUR DOOMED TO THE LAKE OF FIRE AND TORMENTS FOREVER,NEVER ENDING MEANT ONLY FOR SATAN AND HIS ANGELS,NOT HUMAN BEINGS).OR YOU REFUSE THE MICROCHIP IMPLANT AND GO ON THE SIDE OF KING JESUS AND RULE FOREVER WITH HIM ON EARTH.YOU CHOOSE,ITS YOUR DECISION.
REVELATION 6:5-6
5 And when he had opened the third seal, I heard the third beast say, Come and see. And I beheld, and lo a black horse; and he that sat on him had a pair of balances in his hand.
6 And I heard a voice in the midst of the four beasts say, A measure of wheat for a penny, and three measures of barley for a penny; and see thou hurt not the oil and the wine.(A DAYS WAGES FOR A LOAF OF BREAD)
DOCTOR DOCTORIAN FROM ANGEL OF GOD
then the angel said, Financial crisis will come to Asia. I will shake the world.
The Shemitah is coming true.Do people not get it? There is a economic crash every 7 years.
1980: Recession
1987: Stock market crash
1994: Bond market crash
2001: 9/11, dot com, recession
2008: Housing crash
2015: See if something will happen-The central banks will be the death of us. Get ready and embrace yourself for the economic collapse.
UPDATE-SEPTEMBER 02,2015-12:00AM
DOW MARKET WEDNESDAY-SEPT 02,2015
09:30AM-152.49
10:00AM-185.90
10:30AM-120.43
11:00AM-118.62
11:30AM-157.83
12:00PM-107.16
12:30PM-133.82
01:00PM-171.90
01:30PM-214.26
02:00PM-187.07
02:30PM-219.20
03:00PM-185.00
03:30PM-187.87
04:00PM-293.03+ 16,351.38
HIGH +293 LOW +93
TSX +40.29 13,522.19 - GOLD -$6.50 $1,133.30 - OIL +0.59 $46.00
OIL WENT FROM A 3 DAY HIGHEST IN 25 YEARS. TO A 2 DAY DROP IN THE LAST 6 YEARS. AND YESTERDAY ON BLOOMBERG.I HEARD A LADY SAY-THAT WESTERN COUNTRIES SHOULD STOP THEIR SUPPLY OF OIL BARRELS IN THE WORLD. SHE WAS SAYING SHE WANTS THE MUSLIMS TO FLOOD THE MARKETS WITH THEIR OIL BARRELS SO THEY CAN GRAB ALL THE MONEY. I DON:T KNOW WHY SHES STICKING UP FOR THE ISLAMIC MURDER COUNTRIES.THE MORE MONEY THESE ISLAMIC COUNTRIES MAKE.FROM OIL-THE MORE WEAPONS THESE ISLAMIC MURDER COUNTRIES CAN GET TO DESTROY THE WEST.IT MAKES NO SENSE TO ME WHY SHE WANTS THE WEST TO STOP THEIR OIL BARRELS ON THE WORLD STAGE.
U.S. stocks end higher after solid economic reports-Published: Sept 2, 2015 4:03 p.m. ET-market watch-By Anora Mahmudova-Reporter
U.S. stocks rebounded from a two-day rout, with major indexes ending Wednesday's session with solid gains. Investors welcomed upbeat tone in the Federal Reserve's Beige book, while data on private-sector job gains pointed to continued improvement in the labor market. Trading on Wall Street remained volatile, however. The S&P 500 SPX, +1.83% closed 35.01 points, or 1.8% higher to 1,948.86. The Dow Jones Industrial Average DJIA, +1.82% jumped 293.10 points, or 1.8%, to 16,351.45. The Nasdaq Composite COMP, +2.46% ended the day up 113.87 points, or 2.5% at 4,749.98.
ALSO IRAN WANTS TO FLOOD THE MARKET WITH OIL SO THEY CAN GET MORE POWER IN THE MIDEAST.BUT THE SAUDI-ARABIANS DO NOT WANT IRAN TAKING THEIR OIL REVENUE FROM THE WORLD MARKETS.AND CUTTING INTO THEIR PROFITS.IRAN IS FIGHTING SAUDI-ARABIA IN THE MIDEAST FOR OIL CONTROL.
FOR THE NEXT 2 DAYS CHINA IS CELEBRATING THE END OF WW2. SO CHINA WILL NOT BE HAVING A STOCK MARKET FOR THE NEXT 2 DAYS.
Iran determined to reclaim its share in global oil market: Zanganeh-HomeIranEnergy-Wed Sep 2, 2015 12:32PM-presstv
Iran's oil minister says the Islamic Republic is determined to reclaim its share in global oil markets once sanctions imposed on the country’s energy sector are lifted.“Immediately after lifting sanctions, it’s our right to return to the level of production we historically had,” Bijan Zangeneh said, adding, “We have no other choice.”The Iranian minister made the remarks in an interview with Bloomberg, which was published on Wednesday, at the Iranian Oil Ministry in Tehran.Iran lost part of its share in the global oil market after sanctions were imposed on the country by the United States and the European Union at the beginning of 2012, with Western countries claiming that there was diversion in Iran's nuclear program toward military purposes. Iran rejected Western countries’ claims categorically, insisting that its civilian nuclear program was only meant for peaceful purposes.Iran reached an agreement with the P5+1 group of countries – the US, the UK, France, Germany, China, and Russia – in Vienna on July 14, known as the Joint Comprehensive Plan of Action (JCPOA). According to JCPOA, sanctions against Iran's economic sectors, including oil and gas industry, will be lifted in return for certain restrictions on Tehran’s nuclear program.Elsewhere in his interview, Zangeneh said Iran plans to produce 3.8-3.9 million barrels per day (bpd) of oil by March 2016.Iran's Oil Minister Bijan Zangeneh during interview with Bloomberg at his office in Iranian Oil Ministry ©SHANA-He noted that the country will raise its output by 500,000 bpd soon after sanctions are lifted and by 1 million bpd within the following five months.He added that Iran's oil output currently stands at 2.8 million bpd, which is the highest level the country has achieved in three years, and is exporting more than 1 million bpd.Referring to the drastic oil price fall in global markets, the Iranian oil minister emphasized that the oil price slump will not slow Iran's return to the market.Oil has dropped by about half in the past year from more than USD 100 a barrel in September 2014 after the 12-member Organization of the Petroleum Exporting Countries (OPEC) decided during meetings in December 2014 and June 2015 not to reduce output despite a global crude glut.In another part of his interview, Zangeneh said most OPEC members would like to see crude prices at $70-$80 a barrel and the organization does not need to coordinate with other oil suppliers to determine output levels.An oil price at $70-$80 a barrel would be “fair,” he said, adding that OPEC is open to coordinating its action with non-members, although it won’t wait for others to determine or approve its action.
IRAN-SAUDI-ARABIA PROPHECY
http://israndjer.blogspot.ca/2015/09/jewish-rabbi-predicts-saudi-arabiairan.html
Iran and Saudi Arabia on a collision course over oil at Opec-Oil minister says Iran will start pumping an extra 1m barrels per day of crude after nuclear sanctions are lifted by the West-Andrew Critchlow in Vienna-1:51PM BST 05 Jun 2015-telegraph
After a week of meetings of the Organisation of the Petroleum Exporting Countries (Opec) in Vienna, one thing is clear: Iran and Saudi Arabia are on a collision course that could eventually break the world's largest oil producing group apart.Faced with Saudi Arabia's stubborn determination to keep Opec pumping at full choke, Iran's oil minister Bijan Zanganeh has upped the stakes in this game of double bluff between the Middle East's two dominant political forces. He has confidently stated that the Islamic Republic will pump an additional 1m barrels per day (bpd) of crude within months of nuclear sanctions being lifted by the West.The move - assuming that Iran agrees to all US demands to curb its nuclear ambitions by the deadline on June 30 - effectively fires the starting gun in a race among Opec's most powerful producers including Iran, Saudi Arabia and Iraq to gain a bigger share of the market. It is a race that will be run regardless of the havoc it will cause within the group's smaller producers who face complete economic meltdown.Tensions are running high between oil giants Iran and Saudi Arabia-Instead of emphasising consensus and a mutually beneficial production policy to work for all of Opec's 12 members, Mr Al-Naimi now talks in terms of countries being "free to do what they want". This begs the question: what is the point of Opec if it is just a platform for Iran and Saudi Arabia to wage economic war against each other to the detriment of all the group’s other members?In Riyadh, the country’s new ruler, King Salman bin Abdulaziz al-Saud, faces the risk of his family’s closest allies, the US, suddenly changing sides. It could see them shifting their support to an increasingly reformist Iran should a deal to lift sanctions be reached this summer. Such a move could see political power in the Middle East tilt irreversibly towards the Shia Muslim majority in the Gulf region. That could ultimately threaten the future of the House of Saud.Saudi Arabia’s political dilemma has been further complicated by Iranian support of Houthi rebels which it is fighting in Yemen. It also faces encroachment within its own borders of terrorists connected to the Islamic State of Iraq and the Levant (Isil). Throughout the region, the kingdom and its Sunni allies appear under siege, while in Iraq only Iranian forces appear capable of holding back the Sunni-Muslim Isil horde.It is becoming increasingly apparent that Saudi Arabia’s insistence last November, to force Opec to essentially allow oil prices to fall, was a move aimed not at crippling US shale oil producers; this has failed to happen, with America’s oil output now at a 44-year record high. Instead, it was to allow Saudi Arabia to increase its own production to levels well above 10m bpd, while impoverishing most of its partners in Opec and, most notably, its major rival in the Middle East, Iran.Sanctions against Iran had already exacted a heavy price in Tehran before the blow of the current oil price slump hit home. President Hassan Rouhani said last October that income from crude sales had fallen by 30pc. That was before the price of crude slumped to a multi-year low around $43 per barrel. Starved of the foreign currency earnings from oil, Iran has found it increasingly tough to support its allies in the Middle East, who also happen to be Saudi Arabia’s natural enemies among Shia Islam.However, it’s not just Iran which has felt the pain of Saudi Arabia’s willingness to tolerate weaker oil prices in return for freedom to pump more crude. Oil revenues for the whole of Opec are to fall by 46pc this year to around $446bn (£291bn), according to the Energy Information Administration. Even with a small recovery in prices this year, Opec producers such as Nigeria, Venezuela and Algeria are being pushed to breaking point by the civil war being waged by the group’s most powerful members.Nigeria’s new President, Muhammadu Buhari, warned just days before the start of the Opec meetings in Vienna that the African country’s economy was in “deep trouble” because of the slump in oil prices, caused largely by Saudi Arabia’s policies. However, because of the chaos now gripping Nigeria’s oil industry, the country was unable to send a minister to present its case in Austria. Its former petroleum minister, Diezani Alison-Madueke, faces corruption allegations.Saudi Arabia and its close knit Gulf allies within Opec – such as the United Arab Emirates and Kuwait – are in the unique position of having vast foreign currency holdings and sovereign wealth investments they can draw on to see them through the current spell of weaker prices. With over $800bn in foreign currency reserves, Riyadh can absorb the fiscal devastation that is being caused by lower prices.Iran has also tried to break Saudi Arabia’s domination of Opec behind the scenes. Officials from the Islamic Republic approached Abdullah bin Hamad al-Attiyah, Qatar’s respected former oil minister, to replace the current secretary general of Opec, Abdalla Salem el-Badri. After nine years at the head of the organisation, Mr el-Badri is thought to be too sympathetic to Saudi Arabia’s cause within the group.Faced with being swamped by a tidal wave of Saudi crude and its overbearing influence within Opec, Iran has decided to respond by signalling its intention to increase supplies should it be freed from the shackles of sanctions. This it appears willing to do regardless of Opec’s decision to leave its production ceiling unchanged at 30m bpd. A flood of Iranian crude flowing into an already oversupplied market would exert overwhelming downward pressure on oil prices, which continue to trade at around 40pc below last year's peak due to a global glut of supply.Of course, Opec has endured even tougher times and deeper divisions among its members before. The group survived the tensions caused by Iran-Iraq war and the turmoil of the Arab Spring. However, the tension between Iran and Saudi Arabia at Opec is now palpable and it is only a matter of time before these two oil giants come to blows.
Crude Oil Climbs as U.S. Equity Rebound Bolsters Demand Optimism-Mark Shenk-Updated on September 2, 2015 — 3:28 PM EDT-bloomberg
Oil climbed as a rebound in U.S. equities bolstered optimism that economic growth will strengthen in the world’s biggest crude-consuming nation.Futures climbed 1.9 percent in New York as the Standard & Poor’s 500 Index ended a two-day rout. Prices tumbled earlier after the Energy Information Administration said U.S. crude supplies rose 4.67 million barrels last week, the most since April. A 900,000-barrel gain was projected by analysts surveyed by Bloomberg. Refineries processing crude reduced operating rates as the summer driving season neared its end.Futures tumbled 7.7 percent Tuesday after the biggest three-day rally in 25 years amid speculation that a global glut that drove prices into a bear market will be prolonged as China’s economy slows. Crude will trade at $40 to $60 a barrel into 2016 as rising supplies overwhelm demand, according to Ian Taylor, chief executive officer of Vitol Group BV, the biggest independent oil trader."There’s a lot of price chasing going on," Tim Evans, an energy analyst at Citi Futures Perspective in New York, said by phone. "Some traders are probably taking a cue from the S&P, but that’s a risky strategy given the physical fundamentals and the likelihood of additional Iranian supply, which seems to be rising by the day."Market Movement-West Texas Intermediate for October delivery rose 84 cents to settle at $46.25 a barrel on the New York Mercantile Exchange. Futures traded in a $3.56 range.Brent for October settlement increased 94 cents, or 1.9 percent, to $50.50 a barrel on the London-based ICE Futures Europe exchange. The European benchmark crude closed at a $4.25 premium to WTI.The Chicago Board Options Exchange Crude Oil Volatility Index climbed to the highest level since March 17 on Tuesday. The gauge tracks hedging costs on the U.S. Oil Fund, the biggest exchange-traded fund tracking WTI."There’s a lot of froth, a lot of short-term swings based on very little," Evans said. "This is a lot of churn."Crude inventories rose to 455.4 million barrels, leaving supplies almost 100 million barrels above the five-year seasonal average.Coiled Spring-"This market is like coiled spring waiting for a piece of data to move materially on," said Rob Thummel, a managing director and portfolio manager at Tortoise Capital Advisors LLC in Leawood, Kansas, who helps manage $16.9 billion. "A resolution to the issues in China isn’t expected anytime soon, inventories are high and not going away anytime soon and I don’t think OPEC will take any action."Refineries operated at 92.8 percent of their capacity, down 1.7 percentage points. U.S. refiners cut operating rates during September in nine of the past 10 years as gasoline demand decreases with the end of summer’s driving season on Labor Day, which falls on Sept. 7 this year.Iranian Plans-Iran will boost output by 1 million barrels a day as sanctions on its exports are removed, Oil Minister Bijan Namdar Zanganeh said. The fourth-biggest member of the Organization of Petroleum Exporting Countries plans to pump 3.8 million to 3.9 million barrels of oil a day by March, Zanganeh said in an interview in Tehran."We’re volatile because there are competing forces at work in the market," Tom Finlon, Jupiter, Florida-based director of Energy Analytics Group LLC, said by phone. "The Iranian oil minister said they would raise production at any cost, which is weighing heavily on the market while U.S. production is falling and refinery maintenance season is pending."
When Will It End? History Shows U.S. Stocks Rebound Needs Months-Anna-Louise Jackson-September 2, 2015 — 2:55 PM EDT-bloomberg
Investors conditioned to expect quick recoveries from equity stumbles may need patience after U.S. stocks fell into the first correction in four years.Judging by prior 10 percent drops in this bull market, it could take until the end of 2015 as investors await a return to levels last seen in May. The gauge has fallen as much as 12 percent since reaching a high that month.The S&P 500’s rally that began in March 2009 has been marked by two previous corrections: a 16 percent selloff from April to July in 2010, and a 19 percent slump over seven months a year later. The benchmark group recovered within about four months of each, so if history is any guide, the market may not be back at its May peak until late December.Looking back at the 25 bull-market corrections since 1950, the one happening now “looks pretty run-of-the-mill,” said Brian Jacobsen, who helps oversee $250 billion as chief portfolio strategist at Wells Fargo Advantage Funds in Menomonee Falls, Wisconsin. The median recovery time in those cases has been about 90 days from the trough.If the current rout’s low of 1,867.61 on Aug. 25 holds, Jacobsen’s data suggest the market could be back to its May record “around the time we’re all gathered around tables for Thanksgiving and Christmas,” he said.Living through the rebound will require a strong stomach as swings in stocks double from earlier in the year, according to Jacobsen’s analysis.“The uniform message is the recovery can be very bumpy,” he said in a phone interview. “It moves in fits and starts. We could be looking at heightened volatility in the markets until about Christmas.”Others are even more optimistic. The S&P 500 will end the year at 2,200, according to the median estimate of 21 strategists at brokerages tracked by Bloomberg. That’s 3.2 percent above the May peak of 2,130.82, and 15 percent from yesterday’s close.“The historical trading pattern shows that the S&P 500 typically recovers fully within 3-4 months following the end of a correction,” David Kostin of Goldman Sachs Group Inc. wrote in an Aug. 28 report to clients. “Based on this template, S&P 500 would approach its all-time high in December 2015,” he said, while reiterating his year-end target of 2,100.Three of the strategists say the benchmark index won’t make it back to the record this year, while Jefferies Group LLC’s Sean Darby sees the market declining from its current level. Other skeptics question whether the S&P 500 has found its bottom yet, making it premature to start counting the days to a recovery.“My gut instinct is that we may not have seen the end of this,” David Joy, the Boston-based chief market strategist at Ameriprise Financial Inc., said in a phone interview. His firm oversees about $811 billion. “I’m not convinced the downside volatility is over.”Among the most optimistic strategists is Jonathan Golub of RBC Capital Markets LLC. “When the market turns, it’s going to happen much more aggressively than people think,” he said in an Aug. 26 interview on Bloomberg Television. Within the next three months, “we should’ve made up all of the loss that we’ve had.”
Welcome to Quantitative Tightening as $12 Trillion Reserves Fall-Simon Kennedy-Updated on September 2, 2015 — 12:27 PM EDT-bloomberg
The great global monetary tightening of 2015 is under way, but it’s not being led by the Federal Reserve. Even as U.S. policy makers ponder whether to raise interest rates this month, one recent source of central bank liquidity in financial markets is drying up and the loss of it partly explains August’s trading volatility. Behind the drawdown are the foreign exchange reserves run by the central banks. Bolstered following financial crises in the late 1990s as a buffer against capital outflows and falling currencies, such hoards fell to $11.43 trillion in the first quarter from a peak of $11.98 trillion in the middle of last year, according to the International Monetary Fund.Driving the decline is a combination of forces including the economic slowdown and recent devaluation in China, the Fed’s pending rate hike, the collapse of oil and decisions in Switzerland and Japan to cease intervening in currencies.Each means central banks are either paring their reserves to offset an exit of capital or manage currencies, have less money flowing into their economies to salt away or no longer need to sit on as much. Whichever it is, the shrinking of reserves means much less money flowing into the financial system given authorities tended to recycle their cash piles into local currency or liquid assets such as bonds.In the words of Deutsche Bank AG strategist George Saravelos and colleagues, welcome to the world of “quantitative tightening.”Reserve Peak-They predict 2015 will mark the peak of reserve accumulation after two decades of growth with China in the vanguard as its new currency regime means it has to pare reserves to avoid a freefall in the yuan. It has already reduced its holdings to $3.65 trillion from $3.99 trillion in 2014.For markets, Deutsche Bank says less reserve accumulation should mean higher bond yields and a rising dollar against rivals including the euro and yen. There are implications too for other central banks if the resulting rise in market borrowing costs hampers their ability to tighten monetary policy.“This force is likely to be a persistent headwind towards developed market central banks’ exit from unconventional policy in coming years, representing an additional source of uncertainty in the global economy,” Saravelos and colleagues in a report to clients on Tuesday. “The path to ‘normalization’ will likely remain slow and fraught with difficulty.”
RBC's Distressed-Debt Trading Group Said to Lose Trader, Analyst-Laura J Keller Lisa Abramowicz Sridhar Natarajan-September 2, 2015 — 3:15 PM EDT-bloombeg
Matthew Bagley, a distressed-debt trader at Royal Bank of Canada in New York, left the bank along with a debt strategist, according to a person with knowledge of the moves.Bagley departed this week, said the person, who asked not to be identified because the information isn’t public. Eugene “Gene” Fattore Jr., a debt strategist who worked with Bagley, left last month, the person said.Hannah Sloane, a spokeswoman for RBC, declined to comment.Bagley joined the Toronto-based bank in August 2010 and was previously at Morgan Stanley and Harris Nesbitt, which has since been renamed BMO Capital Markets, Financial Industry Regulatory Authority records show. Fattore joined RBC in January 2014 and had been at Lazard Ltd. before that, according to Finra records.RBC’s credit team has had several senior-level departures this year. Steve Oplinger, head of U.S. high-yield sales and trading, left for Seaport Global Holdings LLC, while Ian Pearce, who ran European credit trading in London, went to Bank of America Corp. as head of sterling credit trading. Ryan Atkinson, co-head of high-yield debt trading in the U.S., also departed.Distressed-debt investors, who buy beaten-down debt that firms such as mutual-fund managers want to sell, have had a tough year. Jefferies Group and Goldman Sachs Group Inc. sustained millions of dollars in losses from their distressed debt trading, people with knowledge of the losses told Bloomberg last week.Some of the world’s biggest banks have been paring back parts of their trading operations to comply with post-crisis regulations. Deutsche Bank AG co-Chief Executive Officer John Cryan is overhauling the firm’s fixed-income division, appointing an executive committee to oversee the debt-trading business and slash costs.
Jun 5, 2015 @ 8:05 AM-Saudi Arabia Lets The World Drown In Oil-Nathan Vardi ,Forbes Staff
To the surprise of nobody, Saudi Arabia and the other OPEC member states decided in Vienna on Friday to maintain production targets of 30 million barrels a day, making sure the world remains flooded with oil. The fact that OPEC—particularly the core countries of Saudi Arabia, Kuwait and the United Arab Emirates— have refused to play their traditional stabilizing role and cut oil production makes it less likely that oil prices will rebound to the $115 a barrel level that was reached about one year ago.With oil trading 40% below its high of one year ago, Saudi Arabia has spent more than $70 billion of its oil reserve since October, will likely run a fiscal deficit of $100 billion in 2015, all while waging a war in Yemen. But for Saudi Arabia, the world’s biggest oil exporter, things are kind of going as planned“I’m not stressed, I’m happy,” said Ali al-Naimi, Saudi Arabia’s oil minister at the start of the week. He wasn’t just referring to his upcoming retirement. Saudi Arabia is not only increasing production, it’s increasing capacity. It increased its crude output to 10.3 million barrels a day in April, the highest level in decades. Saudi Arabia has increased investment in drilling. Can the oil kingdom pump 12 million barrels a day? Some seem to think so. There was speculation prior to the OPEC meeting that a potential surprise could see the oil cartel decide to boost production targets.Saudi Arabia, it seems, not only wants to protect market share, but to gain market share. Yes, it wants to inflict pain on U.S. shale energy producers, like EOG Resources EOG +1.30% and Pioneer Natural Resources PXD +1.71%. And the new OPEC policy has caused four U.S. corporate bankruptcies and managed to get the rig count down to 646 from 1609 in October. It also wants to hit another pocket of unconventional North American oil supply, the Canadian oil sands, which is believed to have experienced its lowest production in two years last month.Nevertheless, so far a wall of money coming from financial players has continued to fuel the unconventional North American oil sector, which has proved pretty resilient. Many U.S. energy producers are adapting by, for example, not finishing wells, waiting for prices to rise before using hydraulic fracturing to get more oil out of the ground. U.S. production just hit its highest level in four decades, 9.6 million barrels per day.But Saudi Arabia and OPEC also want to force big oil companies like Exxon and Chevron CVX -0.28% to delay or even cancel big offshore drilling projects. They also want to rein in capacity investments in key non-OPEC countries like Russia and slow challenges from alternative energy sources to oil, ranging from natural gas to green energy. Environmentalists are worried that Saudi Arabia is simply working to “prolong the age of oil.”There certainly will be more oil on global markets this summer. OPEC members have been unleashed to pump wildly–they are already exceeding the production ceiling–and Iran could soon flood the world with more oil if its can get free from sanctions. Brent Crude was trading for $62.61 per barrel after OPEC’s announcement and West Texas Intermediate crude was trading at $58.47.“The hands of the market is basically dominating the scene,” said Mohammed Al Sada, Qatar’s energy minister, at a press conference following the OPEC meeting. “Nonconventional high cost, it will depend on the their resilience to produce at whatever the oil cost is.”
China should clearly explain policies to markets - U.S. Treasury-Reuters – sept 1,15-yahoonews
WASHINGTON (Reuters) - The Obama administration on Tuesday urged China to carefully explain its policy changes to financial markets and to shift its economic focus towards consumer spending so that its economy can keep growing."Critical to China's success is moving forward with market oriented reforms while at the same time carefully communicating policy intentions and actions to financial markets," a senior Treasury official said in a briefing ahead of a meeting of the Group of 20 major economies."(China's) transition towards domestic demand is not only fundamental to China meeting its G20 commitments but also to China being able to continue to grow in the future."(Reporting by Jason Lange; Editing by Chizu Nomiyama)
French minister: Rich EU states should transfer money to poorer members-"Status quo leads to self-destruction," says Emmanuel Macron.-By Eric Maurice-euobserver
BRUSSELS, 31. Aug, 09:29-French economy minister Emmanuel Macron is calling for "a new foundation of Europe", with a more integrated eurozone and fiscal transfers between richer and poorer countries."Status quo leads to self-destruction," he said in an interview with Germany's Sueddeutsche Zeitung."Political and economical centrifugal forces are too strong" not to change things, he added.Macron is proposing the creation of a euro commissioner with "extended powers" over the single currency, EU economy and finances, as well as employment and investment policies.This super-commissioner would manage an increased EU budget to protect member states from financial shocks and foster investments."The higher the budget is, the more credible Europe is," Macron said, adding "we need a big leap".He also suggests the eurozone should have its own parliament, composed of "MEPs who belong to eurozone countries".-New treaty-"We can already prepare the modifications of EU treaties", and implement them after the French and German elections in 2017, the French minister said."In 2018 or 2019, Europe would stand on a new, better basis".But this vision, he notes, "breaks a German taboo" on the issue of transfer union."If the member states, like before, are not ready for any kind of financial transfers in the monetary union, we can forget the euro and the eurozone," he said."There cannot be a monetary union with no financial equalisation. The strong must help".Macron's interview follows proposals made by French president Francois Hollande in July for a more integrated eurozone.But he has dropped Hollande's idea of a "eurozone vanguard", while including the controversial transfer union proposal.Whether Macron is acting as Hollande's messenger to speak to Germany's government and public opinion, or trying to boost his own stature at the European level, is unclear.The 37-year old minister ruffled feathers in France last week when he criticised the 35-hour week, saying that "the left was wrong when it thought France would be better if it worked less".The comments embarrassed Hollande's socialist government.
Economy shrinks in second quarter, pushes Canada into technical recession-The Canadian PressBy Andy Blatchford, The Canadian Press | The Canadian Press – sept 1,15-yahoonews
OTTAWA - Canada's economy hit reverse for the second straight quarter of 2015 — knocking the country backwards into its first technical recession in six years, fresh Statistics Canada data revealed Tuesday.But the data suggests the recessionary dip could, perhaps, already be something of the past.The federal agency said real gross domestic product contracted at an annual pace of 0.5 per cent in the April-June quarter, which followed a revised decline of 0.8 per cent in the first three months of 2015 from its original estimate of a 0.6 per cent drop.However, there were positives tucked in the highly anticipated figures that almost immediately echoed on the campaign trail.The second-quarter drop was only half as steep as a consensus of economists had predicted and there was evidence that the decline had finally bottomed out.Canada's GDP climbed in the month of June by 0.5 per cent after shrinking over the first five months. The last time the economy experienced a one-month gain of at least 0.5 per cent was July 2013 when it grew by 0.63 per cent.That June increase was led by a 3.1 per cent boost in natural resources extraction — the category's first gain following seven consecutive months of decline."There's nothing to cheer about in the Canadian GDP numbers, but there's no reason for any more booing than we've already had," CIBC chief economist Avery Shenfeld said Tuesday."The economy is contracting through the first half of the year, but the solid gain in June suggests that we'll at least get a breather with a return to growth in the third quarter."The new batch of data added fuel to the heated, ongoing political debate over how best to respond to the weakened economy as parties battle for support ahead of the Oct. 19 federal election.On Tuesday, Prime Minister Stephen Harper, whose Conservative party has pinned its re-election hopes on its economic record, tried to highlight the positives in the new data."The Canadian economy as a whole is now growing, according to the June figures," Harper told reporters."That is the reality of the situation — it is good news."He also reiterated his stay-the-course mantra, insisting the country must ride out external economic and market turbulence whipped up in places like China.The Tory leader has frequently cited forecasts that predict the economy will rebound in the second half of the year, including a projection by the Bank of Canada.The central bank, however, has downgraded its growth forecast for 2015 and cut its trendsetting interest rate twice this year to cushion the blow of low crude prices.The hobbled economy has so far shaped up to be the primary issue of the campaign — and Harper's opponents have used his record as a bull's-eye for their attacks.The last time the economy contracted over two consecutive quarters was in 2009 during the Great Recession, when GDP pulled back by 8.7 per cent in the first quarter and 3.6 per cent in the second.Drilling deeper into the second-quarter data, the numbers showed the decline in the economy reached beyond natural resources extraction, which contracted by 4.5 per cent.Business investment in machinery and equipment dropped 4.6 per cent while non-residential structures fell 2.3 per cent, the third straight quarterly decline.On the growth side, a considerable amount of the gain in the quarter came from household consumption — rising by 0.6 per cent — at a time when interest rates remained low. As a result, the household savings rate declined.Exports also crept up in the second quarter by 0.1 per cent after contracting for two consecutive quarters. Meanwhile, positives in the June data suggest the expected turnaround forecasters have been banking on could be underway.On a monthly basis, Statistics Canada said wholesale trade rose by one per cent in June after a 1.1-per-cent decrease in May and a 1.6-per-cent in April.Manufacturing output rose by 0.4 per cent after contracting by 1.6 per cent in May.The finance and insurance sector grew by 0.7 per cent in June and the arts and entertainment industry rose by 6.4 per cent, thanks in large part to Canada's role as host of the FIFA Women's World Cup."While a technical recession was confirmed, its amplitude is relatively mild and there is every suggestion that it has already ended," Jimmy Jean, an economist with Desjardins Capital Markets wrote in a note to clients.Shenfeld said, however, while the early signposts are positive, the further retreat in oil prices recently could lead to continued pullback in capital spending in the energy sector."It's not like we're out of the woods yet," Shenfeld said.The quarterly reading Tuesday is also expected to intensify the economic debate over the term technical recession.Harper has side-stepped campaign-trail questions about whether Canada was in recession this year. He also declined to define a recession when asked about it earlier this week, saying he thought it was more important to "describe the reality of the situation rather than to have labels."Shenfeld said it's one thing to call it a "technical" recession, but he noted that any recession he's ever seen in historical data has also had a decline in employment."We haven't yet seen a net decline in employment that would characterize every recession that Canada has ever had," he said.Follow @AndyBlatchford on Twitter.
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