TORAH PORTION FROM OCT 12 - 18, 2008

SINCE WHAT ISRAEL READS WILL BE FULFILLED IN THAT WEEK I WILL BE PUTTING THE WEEKLY TORAH PORTION ON FOR ALL OF US TO KEEP TRACK OF ISRAEL HAPPENINGS.

TORAH PORTION FROM OCT 12, 2008 6PM TO OCT 18,2008

GENESIS 1:1-6:8
1 In the beginning God created the heaven and the earth.
2 And the earth was without form, and void; and darkness was upon the face of the deep. And the Spirit of God moved upon the face of the waters.
3 And God said, Let there be light: and there was light.
4 And God saw the light, that it was good: and God divided the light from the darkness.
5 And God called the light Day, and the darkness he called Night. And the evening and the morning were the first day.
6 And God said, Let there be a firmament in the midst of the waters, and let it divide the waters from the waters.
7 And God made the firmament, and divided the waters which were under the firmament from the waters which were above the firmament: and it was so.
8 And God called the firmament Heaven. And the evening and the morning were the second day.
9 And God said, Let the waters under the heaven be gathered together unto one place, and let the dry land appear: and it was so.
10 And God called the dry land Earth; and the gathering together of the waters called he Seas: and God saw that it was good.
11 And God said, Let the earth bring forth grass, the herb yielding seed, and the fruit tree yielding fruit after his kind, whose seed is in itself, upon the earth: and it was so.
12 And the earth brought forth grass, and herb yielding seed after his kind, and the tree yielding fruit, whose seed was in itself, after his kind: and God saw that it was good.
13 And the evening and the morning were the third day.
14 And God said, Let there be lights in the firmament of the heaven to divide the day from the night; and let them be for signs, and for seasons, and for days, and years:
15 And let them be for lights in the firmament of the heaven to give light upon the earth: and it was so.
16 And God made two great lights; the greater light to rule the day, and the lesser light to rule the night: he made the stars also.
17 And God set them in the firmament of the heaven to give light upon the earth,
18 And to rule over the day and over the night, and to divide the light from the darkness: and God saw that it was good.
19 And the evening and the morning were the fourth day.
20 And God said, Let the waters bring forth abundantly the moving creature that hath life, and fowl that may fly above the earth in the open firmament of heaven.
21 And God created great whales, and every living creature that moveth, which the waters brought forth abundantly, after their kind, and every winged fowl after his kind: and God saw that it was good.
22 And God blessed them, saying, Be fruitful, and multiply, and fill the waters in the seas, and let fowl multiply in the earth.
23 And the evening and the morning were the fifth day.
24 And God said, Let the earth bring forth the living creature after his kind, cattle, and creeping thing, and beast of the earth after his kind: and it was so.
25 And God made the beast of the earth after his kind, and cattle after their kind, and every thing that creepeth upon the earth after his kind: and God saw that it was good.
26 And God said, Let us make man in our image, after our likeness: and let them have dominion over the fish of the sea, and over the fowl of the air, and over the cattle, and over all the earth, and over every creeping thing that creepeth upon the earth.
27 So God created man in his own image, in the image of God created he him; male and female created he them.
28 And God blessed them, and God said unto them, Be fruitful, and multiply, and replenish the earth, and subdue it: and have dominion over the fish of the sea, and over the fowl of the air, and over every living thing that moveth upon the earth.
29 And God said, Behold, I have given you every herb bearing seed, which is upon the face of all the earth, and every tree, in the which is the fruit of a tree yielding seed; to you it shall be for meat.
30 And to every beast of the earth, and to every fowl of the air, and to every thing that creepeth upon the earth, wherein there is life, I have given every green herb for meat: and it was so.
31 And God saw every thing that he had made, and, behold, it was very good. And the evening and the morning were the sixth day.

GENESIS 2:1-25
1 Thus the heavens and the earth were finished, and all the host of them.
2 And on the seventh day God ended his work which he had made; and he rested on the seventh day from all his work which he had made.
3 And God blessed the seventh day, and sanctified it: because that in it he had rested from all his work which God created and made.
4 These are the generations of the heavens and of the earth when they were created, in the day that the LORD God made the earth and the heavens,
5 And every plant of the field before it was in the earth, and every herb of the field before it grew: for the LORD God had not caused it to rain upon the earth, and there was not a man to till the ground.
6 But there went up a mist from the earth, and watered the whole face of the ground.
7 And the LORD God formed man of the dust of the ground, and breathed into his nostrils the breath of life; and man became a living soul.
8 And the LORD God planted a garden eastward in Eden; and there he put the man whom he had formed.
9 And out of the ground made the LORD God to grow every tree that is pleasant to the sight, and good for food; the tree of life also in the midst of the garden, and the tree of knowledge of good and evil.
10 And a river went out of Eden to water the garden; and from thence it was parted, and became into four heads.
11 The name of the first is Pison: that is it which compasseth the whole land of Havilah, where there is gold;
12 And the gold of that land is good: there is bdellium and the onyx stone.
13 And the name of the second river is Gihon: the same is it that compasseth the whole land of Ethiopia.
14 And the name of the third river is Hiddekel: that is it which goeth toward the east of Assyria. And the fourth river is Euphrates.
15 And the LORD God took the man, and put him into the garden of Eden to dress it and to keep it.
16 And the LORD God commanded the man, saying, Of every tree of the garden thou mayest freely eat:
17 But of the tree of the knowledge of good and evil, thou shalt not eat of it: for in the day that thou eatest thereof thou shalt surely die.
18 And the LORD God said, It is not good that the man should be alone; I will make him an help meet for him.
19 And out of the ground the LORD God formed every beast of the field, and every fowl of the air; and brought them unto Adam to see what he would call them: and whatsoever Adam called every living creature, that was the name thereof.
20 And Adam gave names to all cattle, and to the fowl of the air, and to every beast of the field; but for Adam there was not found an help meet for him.
21 And the LORD God caused a deep sleep to fall upon Adam, and he slept: and he took one of his ribs, and closed up the flesh instead thereof;
22 And the rib, which the LORD God had taken from man, made he a woman, and brought her unto the man.
23 And Adam said, This is now bone of my bones, and flesh of my flesh: she shall be called Woman, because she was taken out of Man.
24 Therefore shall a man leave his father and his mother, and shall cleave unto his wife: and they shall be one flesh.
25 And they were both naked, the man and his wife, and were not ashamed.

GENESIS 3:1-24
1 Now the serpent was more subtil than any beast of the field which the LORD God had made. And he said unto the woman, Yea, hath God said, Ye shall not eat of every tree of the garden?
2 And the woman said unto the serpent, We may eat of the fruit of the trees of the garden:
3 But of the fruit of the tree which is in the midst of the garden, God hath said, Ye shall not eat of it, neither shall ye touch it, lest ye die.
4 And the serpent said unto the woman, Ye shall not surely die:
5 For God doth know that in the day ye eat thereof, then your eyes shall be opened, and ye shall be as gods, knowing good and evil.
6 And when the woman saw that the tree was good for food, and that it was pleasant to the eyes, and a tree to be desired to make one wise, she took of the fruit thereof, and did eat, and gave also unto her husband with her; and he did eat.
7 And the eyes of them both were opened, and they knew that they were naked; and they sewed fig leaves together, and made themselves aprons.
8 And they heard the voice of the LORD God walking in the garden in the cool of the day: and Adam and his wife hid themselves from the presence of the LORD God amongst the trees of the garden.
9 And the LORD God called unto Adam, and said unto him, Where art thou?
10 And he said, I heard thy voice in the garden, and I was afraid, because I was naked; and I hid myself.
11 And he said, Who told thee that thou wast naked? Hast thou eaten of the tree, whereof I commanded thee that thou shouldest not eat?
12 And the man said, The woman whom thou gavest to be with me, she gave me of the tree, and I did eat.
13 And the LORD God said unto the woman, What is this that thou hast done? And the woman said, The serpent beguiled me, and I did eat.
14 And the LORD God said unto the serpent, Because thou hast done this, thou art cursed above all cattle, and above every beast of the field; upon thy belly shalt thou go, and dust shalt thou eat all the days of thy life:
15 And I will put enmity between thee and the woman, and between thy seed and her seed; it shall bruise thy head, and thou shalt bruise his heel.
16 Unto the woman he said, I will greatly multiply thy sorrow and thy conception; in sorrow thou shalt bring forth children; and thy desire shall be to thy husband, and he shall rule over thee.
17 And unto Adam he said, Because thou hast hearkened unto the voice of thy wife, and hast eaten of the tree, of which I commanded thee, saying, Thou shalt not eat of it: cursed is the ground for thy sake; in sorrow shalt thou eat of it all the days of thy life;
18 Thorns also and thistles shall it bring forth to thee; and thou shalt eat the herb of the field;
19 In the sweat of thy face shalt thou eat bread, till thou return unto the ground; for out of it wast thou taken: for dust thou art, and unto dust shalt thou return.
20 And Adam called his wife’s name Eve; because she was the mother of all living.
21 Unto Adam also and to his wife did the LORD God make coats of skins, and clothed them.
22 And the LORD God said, Behold, the man is become as one of us, to know good and evil: and now, lest he put forth his hand, and take also of the tree of life, and eat, and live for ever:
23 Therefore the LORD God sent him forth from the garden of Eden, to till the ground from whence he was taken.
24 So he drove out the man; and he placed at the east of the garden of Eden Cherubims, and a flaming sword which turned every way, to keep the way of the tree of life.

GENESIS 4:1-26
1 And Adam knew Eve his wife; and she conceived, and bare Cain, and said, I have gotten a man from the LORD.
2 And she again bare his brother Abel. And Abel was a keeper of sheep, but Cain was a tiller of the ground.
3 And in process of time it came to pass, that Cain brought of the fruit of the ground an offering unto the LORD.
4 And Abel, he also brought of the firstlings of his flock and of the fat thereof. And the LORD had respect unto Abel and to his offering:
5 But unto Cain and to his offering he had not respect. And Cain was very wroth, and his countenance fell.
6 And the LORD said unto Cain, Why art thou wroth? and why is thy countenance fallen?
7 If thou doest well, shalt thou not be accepted? and if thou doest not well, sin lieth at the door. And unto thee shall be his desire, and thou shalt rule over him.
8 And Cain talked with Abel his brother: and it came to pass, when they were in the field, that Cain rose up against Abel his brother, and slew him.
9 And the LORD said unto Cain, Where is Abel thy brother? And he said, I know not: Am I my brother’s keeper?
10 And he said, What hast thou done? the voice of thy brother’s blood crieth unto me from the ground.
11 And now art thou cursed from the earth, which hath opened her mouth to receive thy brother’s blood from thy hand;
12 When thou tillest the ground, it shall not henceforth yield unto thee her strength; a fugitive and a vagabond shalt thou be in the earth.
13 And Cain said unto the LORD, My punishment is greater than I can bear.
14 Behold, thou hast driven me out this day from the face of the earth; and from thy face shall I be hid; and I shall be a fugitive and a vagabond in the earth; and it shall come to pass, that every one that findeth me shall slay me.
15 And the LORD said unto him, Therefore whosoever slayeth Cain, vengeance shall be taken on him sevenfold. And the LORD set a mark upon Cain, lest any finding him should kill him.
16 And Cain went out from the presence of the LORD, and dwelt in the land of Nod, on the east of Eden.
17 And Cain knew his wife; and she conceived, and bare Enoch: and he builded a city, and called the name of the city, after the name of his son, Enoch.
18 And unto Enoch was born Irad: and Irad begat Mehujael: and Mehujael begat Methusael: and Methusael begat Lamech.
19 And Lamech took unto him two wives: the name of the one was Adah, and the name of the other Zillah.
20 And Adah bare Jabal: he was the father of such as dwell in tents, and of such as have cattle.
21 And his brother’s name was Jubal: he was the father of all such as handle the harp and organ.
22 And Zillah, she also bare Tubalcain, an instructer of every artificer in brass and iron: and the sister of Tubalcain was Naamah.
23 And Lamech said unto his wives, Adah and Zillah, Hear my voice; ye wives of Lamech, hearken unto my speech: for I have slain a man to my wounding, and a young man to my hurt.
24 If Cain shall be avenged sevenfold, truly Lamech seventy and sevenfold.
25 And Adam knew his wife again; and she bare a son, and called his name Seth: For God, said she, hath appointed me another seed instead of Abel, whom Cain slew.
26 And to Seth, to him also there was born a son; and he called his name Enos: then began men to call upon the name of the LORD.

GENESIS 5:1-32
1 This is the book of the generations of Adam. In the day that God created man, in the likeness of God made he him;
2 Male and female created he them; and blessed them, and called their name Adam, in the day when they were created.
3 And Adam lived an hundred and thirty years, and begat a son in his own likeness, after his image; and called his name Seth:
4 And the days of Adam after he had begotten Seth were eight hundred years: and he begat sons and daughters:
5 And all the days that Adam lived were nine hundred and thirty years: and he died.
6 And Seth lived an hundred and five years, and begat Enos:
7 And Seth lived after he begat Enos eight hundred and seven years, and begat sons and daughters:
8 And all the days of Seth were nine hundred and twelve years: and he died.
9 And Enos lived ninety years, and begat Cainan:
10 And Enos lived after he begat Cainan eight hundred and fifteen years, and begat sons and daughters:
11 And all the days of Enos were nine hundred and five years: and he died.
12 And Cainan lived seventy years, and begat Mahalaleel:
13 And Cainan lived after he begat Mahalaleel eight hundred and forty years, and begat sons and daughters:
14 And all the days of Cainan were nine hundred and ten years: and he died.
15 And Mahalaleel lived sixty and five years, and begat Jared:
16 And Mahalaleel lived after he begat Jared eight hundred and thirty years, and begat sons and daughters:
17 And all the days of Mahalaleel were eight hundred ninety and five years: and he died.
18 And Jared lived an hundred sixty and two years, and he begat Enoch:
19 And Jared lived after he begat Enoch eight hundred years, and begat sons and daughters:
20 And all the days of Jared were nine hundred sixty and two years: and he died.
21 And Enoch lived sixty and five years, and begat Methuselah:
22 And Enoch walked with God after he begat Methuselah three hundred years, and begat sons and daughters:
23 And all the days of Enoch were three hundred sixty and five years:
24 And Enoch walked with God: and he was not; for God took him.
25 And Methuselah lived an hundred eighty and seven years, and begat Lamech:
26 And Methuselah lived after he begat Lamech seven hundred eighty and two years, and begat sons and daughters:
27 And all the days of Methuselah were nine hundred sixty and nine years: and he died.
28 And Lamech lived an hundred eighty and two years, and begat a son:
29 And he called his name Noah, saying, This same shall comfort us concerning our work and toil of our hands, because of the ground which the LORD hath cursed.
30 And Lamech lived after he begat Noah five hundred ninety and five years, and begat sons and daughters:
31 And all the days of Lamech were seven hundred seventy and seven years: and he died.
32 And Noah was five hundred years old: and Noah begat Shem, Ham, and Japheth.

GENESIS 6:1-8
1 And it came to pass, when men began to multiply on the face of the earth, and daughters were born unto them,
2 That the sons of God saw the daughters of men that they were fair; and they took them wives of all which they chose.
3 And the LORD said, My spirit shall not always strive with man, for that he also is flesh: yet his days shall be an hundred and twenty years.
4 There were giants in the earth in those days; and also after that, when the sons of God came in unto the daughters of men, and they bare children to them, the same became mighty men which were of old, men of renown.
5 And GOD saw that the wickedness of man was great in the earth, and that every imagination of the thoughts of his heart was only evil continually.
6 And it repented the LORD that he had made man on the earth, and it grieved him at his heart.
7 And the LORD said, I will destroy man whom I have created from the face of the earth; both man, and beast, and the creeping thing, and the fowls of the air; for it repenteth me that I have made them.
8 But Noah found grace in the eyes of the LORD.

PROPHET SCRIPTURES

ISAIAH 42:5-43:10
5 Thus saith God the LORD, he that created the heavens, and stretched them out; he that spread forth the earth, and that which cometh out of it; he that giveth breath unto the people upon it, and spirit to them that walk therein:
6 I the LORD have called thee in righteousness, and will hold thine hand, and will keep thee, and give thee for a covenant of the people, for a light of the Gentiles;
7 To open the blind eyes, to bring out the prisoners from the prison, and them that sit in darkness out of the prison house.
8 I am the LORD: that is my name: and my glory will I not give to another, neither my praise to graven images.
9 Behold, the former things are come to pass, and new things do I declare: before they spring forth I tell you of them.
10 Sing unto the LORD a new song, and his praise from the end of the earth, ye that go down to the sea, and all that is therein; the isles, and the inhabitants thereof.
11 Let the wilderness and the cities thereof lift up their voice, the villages that Kedar doth inhabit: let the inhabitants of the rock sing, let them shout from the top of the mountains.
12 Let them give glory unto the LORD, and declare his praise in the islands.
13 The LORD shall go forth as a mighty man, he shall stir up jealousy like a man of war: he shall cry, yea, roar; he shall prevail against his enemies.
14 I have long time holden my peace; I have been still, and refrained myself: now will I cry like a travailing woman; I will destroy and devour at once.
15 I will make waste mountains and hills, and dry up all their herbs; and I will make the rivers islands, and I will dry up the pools.
16 And I will bring the blind by a way that they knew not; I will lead them in paths that they have not known: I will make darkness light before them, and crooked things straight. These things will I do unto them, and not forsake them.
17 They shall be turned back, they shall be greatly ashamed, that trust in graven images, that say to the molten images, Ye are our gods.
18 Hear, ye deaf; and look, ye blind, that ye may see.
19 Who is blind, but my servant? or deaf, as my messenger that I sent? who is blind as he that is perfect, and blind as the LORD’S servant?
20 Seeing many things, but thou observest not; opening the ears, but he heareth not.
21 The LORD is well pleased for his righteousness’ sake; he will magnify the law, and make it honourable.
22 But this is a people robbed and spoiled; they are all of them snared in holes, and they are hid in prison houses: they are for a prey, and none delivereth; for a spoil, and none saith, Restore.
23 Who among you will give ear to this? who will hearken and hear for the time to come?
24 Who gave Jacob for a spoil, and Israel to the robbers? did not the LORD, he against whom we have sinned? for they would not walk in his ways, neither were they obedient unto his law.
25 Therefore he hath poured upon him the fury of his anger, and the strength of battle: and it hath set him on fire round about, yet he knew not; and it burned him, yet he laid it not to heart.

ISAIAH 43:1-10
1 But now thus saith the LORD that created thee, O Jacob, and he that formed thee, O Israel, Fear not: for I have redeemed thee, I have called thee by thy name; thou art mine.
2 When thou passest through the waters, I will be with thee; and through the rivers, they shall not overflow thee: when thou walkest through the fire, thou shalt not be burned; neither shall the flame kindle upon thee.
3 For I am the LORD thy God, the Holy One of Israel, thy Saviour: I gave Egypt for thy ransom, Ethiopia and Seba for thee.
4 Since thou wast precious in my sight, thou hast been honourable, and I have loved thee: therefore will I give men for thee, and people for thy life.
5 Fear not: for I am with thee: I will bring thy seed from the east, and gather thee from the west;
6 I will say to the north, Give up; and to the south, Keep not back: bring my sons from far, and my daughters from the ends of the earth;
7 Even every one that is called by my name: for I have created him for my glory, I have formed him; yea, I have made him.
8 Bring forth the blind people that have eyes, and the deaf that have ears.
9 Let all the nations be gathered together, and let the people be assembled: who among them can declare this, and shew us former things? let them bring forth their witnesses, that they may be justified: or let them hear, and say, It is truth.
10 Ye are my witnesses, saith the LORD, and my servant whom I have chosen: that ye may know and believe me, and understand that I am he: before me there was no God formed, neither shall there be after me.

NEW TESTAMENT SCRIPTURES

MATTHEW 1:1-17
1 The book of the generation of Jesus Christ, the son of David, the son of Abraham.
2 Abraham begat Isaac; and Isaac begat Jacob; and Jacob begat Judas and his brethren;
3 And Judas begat Phares and Zara of Thamar; and Phares begat Esrom; and Esrom begat Aram;
4 And Aram begat Aminadab; and Aminadab begat Naasson; and Naasson begat Salmon;
5 And Salmon begat Booz of Rachab; and Booz begat Obed of Ruth; and Obed begat Jesse;
6 And Jesse begat David the king; and David the king begat Solomon of her that had been the wife of Urias;
7 And Solomon begat Roboam; and Roboam begat Abia; and Abia begat Asa;
8 And Asa begat Josaphat; and Josaphat begat Joram; and Joram begat Ozias;
9 And Ozias begat Joatham; and Joatham begat Achaz; and Achaz begat Ezekias;
10 And Ezekias begat Manasses; and Manasses begat Amon; and Amon begat Josias;
11 And Josias begat Jechonias and his brethren, about the time they were carried away to Babylon:
12 And after they were brought to Babylon, Jechonias begat Salathiel; and Salathiel begat Zorobabel;
13 And Zorobabel begat Abiud; and Abiud begat Eliakim; and Eliakim begat Azor;
14 And Azor begat Sadoc; and Sadoc begat Achim; and Achim begat Eliud;
15 And Eliud begat Eleazar; and Eleazar begat Matthan; and Matthan begat Jacob;
16 And Jacob begat Joseph the husband of Mary, of whom was born Jesus, who is called Christ.
17 So all the generations from Abraham to David are fourteen generations; and from David until the carrying away into Babylon are fourteen generations; and from the carrying away into Babylon unto Christ are fourteen generations.

MATTHEW 19:3-9
3 The Pharisees also came unto him, tempting him, and saying unto him, Is it lawful for a man to put away his wife for every cause?
4 And he answered and said unto them, Have ye not read, that he which made them at the beginning made them male and female,
5 And said, For this cause shall a man leave father and mother, and shall cleave to his wife: and they twain shall be one flesh?
6 Wherefore they are no more twain, but one flesh. What therefore God hath joined together, let not man put asunder.
7 They say unto him, Why did Moses then command to give a writing of divorcement, and to put her away?
8 He saith unto them, Moses because of the hardness of your hearts suffered you to put away your wives: but from the beginning it was not so.
9 And I say unto you, Whosoever shall put away his wife, except it be for fornication, and shall marry another, committeth adultery: and whoso marrieth her which is put away doth commit adultery.

MARK 10:1-12
1 And he arose from thence, and cometh into the coasts of Judaea by the farther side of Jordan: and the people resort unto him again; and, as he was wont, he taught them again.
2 And the Pharisees came to him, and asked him, Is it lawful for a man to put away his wife? tempting him.
3 And he answered and said unto them, What did Moses command you?
4 And they said, Moses suffered to write a bill of divorcement, and to put her away.
5 And Jesus answered and said unto them, For the hardness of your heart he wrote you this precept.
6 But from the beginning of the creation God made them male and female.
7 For this cause shall a man leave his father and mother, and cleave to his wife;
8 And they twain shall be one flesh: so then they are no more twain, but one flesh.
9 What therefore God hath joined together, let not man put asunder.
10 And in the house his disciples asked him again of the same matter.
11 And he saith unto them, Whosoever shall put away his wife, and marry another, committeth adultery against her.
12 And if a woman shall put away her husband, and be married to another, she committeth adultery.

LUKE 3:23-38
23 And Jesus himself began to be about thirty years of age, being (as was supposed) the son of Joseph, which was the son of Heli,
24 Which was the son of Matthat, which was the son of Levi, which was the son of Melchi, which was the son of Janna, which was the son of Joseph,
25 Which was the son of Mattathias, which was the son of Amos, which was the son of Naum, which was the son of Esli, which was the son of Nagge,
26 Which was the son of Maath, which was the son of Mattathias, which was the son of Semei, which was the son of Joseph, which was the son of Juda,
27 Which was the son of Joanna, which was the son of Rhesa, which was the son of Zorobabel, which was the son of Salathiel, which was the son of Neri,
28 Which was the son of Melchi, which was the son of Addi, which was the son of Cosam, which was the son of Elmodam, which was the son of Er,
29 Which was the son of Jose, which was the son of Eliezer, which was the son of Jorim, which was the son of Matthat, which was the son of Levi,
30 Which was the son of Simeon, which was the son of Juda, which was the son of Joseph, which was the son of Jonan, which was the son of Eliakim,
31 Which was the son of Melea, which was the son of Menan, which was the son of Mattatha, which was the son of Nathan, which was the son of David,
32 Which was the son of Jesse, which was the son of Obed, which was the son of Booz, which was the son of Salmon, which was the son of Naasson,
33 Which was the son of Aminadab, which was the son of Aram, which was the son of Esrom, which was the son of Phares, which was the son of Juda,
34 Which was the son of Jacob, which was the son of Isaac, which was the son of Abraham, which was the son of Thara, which was the son of Nachor,
35 Which was the son of Saruch, which was the son of Ragau, which was the son of Phalec, which was the son of Heber, which was the son of Sala,
36 Which was the son of Cainan, which was the son of Arphaxad, which was the son of Sem, which was the son of Noe, which was the son of Lamech,
37 Which was the son of Mathusala, which was the son of Enoch, which was the son of Jared, which was the son of Maleleel, which was the son of Cainan,
38 Which was the son of Enos, which was the son of Seth, which was the son of Adam, which was the son of God.

JOHN 1:1-18
1 In the beginning was the Word, and the Word was with God, and the Word was God.
2 The same was in the beginning with God.
3 All things were made by him; and without him was not any thing made that was made.
4 In him was life; and the life was the light of men.
5 And the light shineth in darkness; and the darkness comprehended it not.
6 There was a man sent from God, whose name was John.
7 The same came for a witness, to bear witness of the Light, that all men through him might believe.
8 He was not that Light, but was sent to bear witness of that Light.
9 That was the true Light, which lighteth every man that cometh into the world.
10 He was in the world, and the world was made by him, and the world knew him not.
11 He came unto his own, and his own received him not.
12 But as many as received him, to them gave he power to become the sons of God, even to them that believe on his name:
13 Which were born, not of blood, nor of the will of the flesh, nor of the will of man, but of God.
14 And the Word was made flesh, and dwelt among us, (and we beheld his glory, the glory as of the only begotten of the Father,) full of grace and truth.
15 John bare witness of him, and cried, saying, This was he of whom I spake, He that cometh after me is preferred before me: for he was before me.
16 And of his fulness have all we received, and grace for grace.
17 For the law was given by Moses, but grace and truth came by Jesus Christ.
18 No man hath seen God at any time; the only begotten Son, which is in the bosom of the Father, he hath declared him.

1 CORINTHIANS 6:15-20
15 Know ye not that your bodies are the members of Christ? shall I then take the members of Christ, and make them the members of an harlot? God forbid.
16 What? know ye not that he which is joined to an harlot is one body? for two, saith he, shall be one flesh.
17 But he that is joined unto the Lord is one spirit.
18 Flee fornication. Every sin that a man doeth is without the body; but he that committeth fornication sinneth against his own body.
19 What? know ye not that your body is the temple of the Holy Ghost which is in you, which ye have of God, and ye are not your own?
20 For ye are bought with a price: therefore glorify God in your body, and in your spirit, which are God’s.

1 CORINTHIANS 15:35-58
35 But some man will say, How are the dead raised up? and with what body do they come?
36 Thou fool, that which thou sowest is not quickened, except it die:
37 And that which thou sowest, thou sowest not that body that shall be, but bare grain, it may chance of wheat, or of some other grain:
38 But God giveth it a body as it hath pleased him, and to every seed his own body.
39 All flesh is not the same flesh: but there is one kind of flesh of men, another flesh of beasts, another of fishes, and another of birds.
40 There are also celestial bodies, and bodies terrestrial: but the glory of the celestial is one, and the glory of the terrestrial is another.
41 There is one glory of the sun, and another glory of the moon, and another glory of the stars: for one star differeth from another star in glory.
42 So also is the resurrection of the dead. It is sown in corruption; it is raised in incorruption:
43 It is sown in dishonour; it is raised in glory: it is sown in weakness; it is raised in power:
44 It is sown a natural body; it is raised a spiritual body. There is a natural body, and there is a spiritual body.
45 And so it is written, The first man Adam was made a living soul; the last Adam was made a quickening spirit.
46 Howbeit that was not first which is spiritual, but that which is natural; and afterward that which is spiritual.
47 The first man is of the earth, earthy: the second man is the Lord from heaven.
48 As is the earthy, such are they also that are earthy: and as is the heavenly, such are they also that are heavenly.
49 And as we have borne the image of the earthy, we shall also bear the image of the heavenly.
50 Now this I say, brethren, that flesh and blood cannot inherit the kingdom of God; neither doth corruption inherit incorruption.
51 Behold, I shew you a mystery; We shall not all sleep, but we shall all be changed,
52 In a moment, in the twinkling of an eye, at the last trump: for the trumpet shall sound, and the dead shall be raised incorruptible, and we shall be changed.
53 For this corruptible must put on incorruption, and this mortal must put on immortality.
54 So when this corruptible shall have put on incorruption, and this mortal shall have put on immortality, then shall be brought to pass the saying that is written, Death is swallowed up in victory.
55 O death, where is thy sting? O grave, where is thy victory?
56 The sting of death is sin; and the strength of sin is the law.
57 But thanks be to God, which giveth us the victory through our Lord Jesus Christ.
58 Therefore, my beloved brethren, be ye stedfast, unmoveable, always abounding in the work of the Lord, forasmuch as ye know that your labour is not in vain in the Lord.

ROMANS 5:12-21
12 Wherefore, as by one man sin entered into the world, and death by sin; and so death passed upon all men, for that all have sinned:
13 (For until the law sin was in the world: but sin is not imputed when there is no law.
14 Nevertheless death reigned from Adam to Moses, even over them that had not sinned after the similitude of Adam’s transgression, who is the figure of him that was to come.
15 But not as the offence, so also is the free gift. For if through the offence of one many be dead, much more the grace of God, and the gift by grace, which is by one man, Jesus Christ, hath abounded unto many.
16 And not as it was by one that sinned, so is the gift: for the judgment was by one to condemnation, but the free gift is of many offences unto justification.
17 For if by one man’s offence death reigned by one; much more they which receive abundance of grace and of the gift of righteousness shall reign in life by one, Jesus Christ.)
18 Therefore as by the offence of one judgment came upon all men to condemnation; even so by the righteousness of one the free gift came upon all men unto justification of life.
19 For as by one man’s disobedience many were made sinners, so by the obedience of one shall many be made righteous.
20 Moreover the law entered, that the offence might abound. But where sin abounded, grace did much more abound:
21 That as sin hath reigned unto death, even so might grace reign through righteousness unto eternal life by Jesus Christ our Lord.

EPHESIANS 5:21-32
21 Submitting yourselves one to another in the fear of God.
22 Wives, submit yourselves unto your own husbands, as unto the Lord.
23 For the husband is the head of the wife, even as Christ is the head of the church: and he is the saviour of the body.
24 Therefore as the church is subject unto Christ, so let the wives be to their own husbands in every thing.
25 Husbands, love your wives, even as Christ also loved the church, and gave himself for it;
26 That he might sanctify and cleanse it with the washing of water by the word,
27 That he might present it to himself a glorious church, not having spot, or wrinkle, or any such thing; but that it should be holy and without blemish.
28 So ought men to love their wives as their own bodies. He that loveth his wife loveth himself.
29 For no man ever yet hated his own flesh; but nourisheth and cherisheth it, even as the Lord the church:
30 For we are members of his body, of his flesh, and of his bones.
31 For this cause shall a man leave his father and mother, and shall be joined unto his wife, and they two shall be one flesh.
32 This is a great mystery: but I speak concerning Christ and the church.

COLOSSIANS 1:14-17
14 In whom we have redemption through his blood, even the forgiveness of sins:
15 Who is the image of the invisible God, the firstborn of every creature:
16 For by him were all things created, that are in heaven, and that are in earth, visible and invisible, whether they be thrones, or dominions, or principalities, or powers: all things were created by him, and for him:
17 And he is before all things, and by him all things consist.

1 TIMOTHY 2:11-15
11 Let the woman learn in silence with all subjection.
12 But I suffer not a woman to teach, nor to usurp authority over the man, but to be in silence.
13 For Adam was first formed, then Eve.
14 And Adam was not deceived, but the woman being deceived was in the transgression.
15 Notwithstanding she shall be saved in childbearing, if they continue in faith and charity and holiness with sobriety.

HEBREWS 1:1-3
1 God, who at sundry times and in divers manners spake in time past unto the fathers by the prophets,
2 Hath in these last days spoken unto us by his Son, whom he hath appointed heir of all things, by whom also he made the worlds;
3 Who being the brightness of his glory, and the express image of his person, and upholding all things by the word of his power, when he had by himself purged our sins, sat down on the right hand of the Majesty on high;

HEBREWS 3:7-4:11
7 Wherefore (as the Holy Ghost saith, To day if ye will hear his voice,
8 Harden not your hearts, as in the provocation, in the day of temptation in the wilderness:
9 When your fathers tempted me, proved me, and saw my works forty years.
10 Wherefore I was grieved with that generation, and said, They do alway err in their heart; and they have not known my ways.
11 So I sware in my wrath, They shall not enter into my rest.)
12 Take heed, brethren, lest there be in any of you an evil heart of unbelief, in departing from the living God.
13 But exhort one another daily, while it is called To day; lest any of you be hardened through the deceitfulness of sin.
14 For we are made partakers of Christ, if we hold the beginning of our confidence stedfast unto the end;
15 While it is said, To day if ye will hear his voice, harden not your hearts, as in the provocation.
16 For some, when they had heard, did provoke: howbeit not all that came out of Egypt by Moses.
17 But with whom was he grieved forty years? was it not with them that had sinned, whose carcases fell in the wilderness?
18 And to whom sware he that they should not enter into his rest, but to them that believed not?
19 So we see that they could not enter in because of unbelief.

HEBREWS 4:1-11
1 Let us therefore fear, lest, a promise being left us of entering into his rest, any of you should seem to come short of it.
2 For unto us was the gospel preached, as well as unto them: but the word preached did not profit them, not being mixed with faith in them that heard it.
3 For we which have believed do enter into rest, as he said, As I have sworn in my wrath, if they shall enter into my rest: although the works were finished from the foundation of the world.
4 For he spake in a certain place of the seventh day on this wise, And God did rest the seventh day from all his works.
5 And in this place again, If they shall enter into my rest.
6 Seeing therefore it remaineth that some must enter therein, and they to whom it was first preached entered not in because of unbelief:
7 Again, he limiteth a certain day, saying in David, To day, after so long a time; as it is said, To day if ye will hear his voice, harden not your hearts.
8 For if Jesus had given them rest, then would he not afterward have spoken of another day.
9 There remaineth therefore a rest to the people of God.
10 For he that is entered into his rest, he also hath ceased from his own works, as God did from his.
11 Let us labour therefore to enter into that rest, lest any man fall after the same example of unbelief.

HEBREWS 11:1-7
1 Now faith is the substance of things hoped for, the evidence of things not seen.
2 For by it the elders obtained a good report.
3 Through faith we understand that the worlds were framed by the word of God, so that things which are seen were not made of things which do appear.
4 By faith Abel offered unto God a more excellent sacrifice than Cain, by which he obtained witness that he was righteous, God testifying of his gifts: and by it he being dead yet speaketh.
5 By faith Enoch was translated that he should not see death; and was not found, because God had translated him: for before his translation he had this testimony, that he pleased God.
6 But without faith it is impossible to please him: for he that cometh to God must believe that he is, and that he is a rewarder of them that diligently seek him.
7 By faith Noah, being warned of God of things not seen as yet, moved with fear, prepared an ark to the saving of his house; by the which he condemned the world, and became heir of the righteousness which is by faith.

2 PETER 3:3-14
3 Knowing this first, that there shall come in the last days scoffers, walking after their own lusts,
4 And saying, Where is the promise of his coming? for since the fathers fell asleep, all things continue as they were from the beginning of the creation.
5 For this they willingly are ignorant of, that by the word of God the heavens were of old, and the earth standing out of the water and in the water:
6 Whereby the world that then was, being overflowed with water, perished:
7 But the heavens and the earth, which are now, by the same word are kept in store, reserved unto fire against the day of judgment and perdition of ungodly men.
8 But, beloved, be not ignorant of this one thing, that one day is with the Lord as a thousand years, and a thousand years as one day.
9 The Lord is not slack concerning his promise, as some men count slackness; but is longsuffering to us–ward, not willing that any should perish, but that all should come to repentance.
10 But the day of the Lord will come as a thief in the night; in the which the heavens shall pass away with a great noise, and the elements shall melt with fervent heat, the earth also and the works that are therein shall be burned up.
11 Seeing then that all these things shall be dissolved, what manner of persons ought ye to be in all holy conversation and godliness,
12 Looking for and hasting unto the coming of the day of God, wherein the heavens being on fire shall be dissolved, and the elements shall melt with fervent heat?
13 Nevertheless we, according to his promise, look for new heavens and a new earth, wherein dwelleth righteousness.
14 Wherefore, beloved, seeing that ye look for such things, be diligent that ye may be found of him in peace, without spot, and blameless.

REVELATION 21:1-5
1 And I saw a new heaven and a new earth: for the first heaven and the first earth were passed away; and there was no more sea.
2 And I John saw the holy city, new Jerusalem, coming down from God out of heaven, prepared as a bride adorned for her husband.
3 And I heard a great voice out of heaven saying, Behold, the tabernacle of God is with men, and he will dwell with them, and they shall be his people, and God himself shall be with them, and be their God.
4 And God shall wipe away all tears from their eyes; and there shall be no more death, neither sorrow, nor crying, neither shall there be any more pain: for the former things are passed away.
5 And he that sat upon the throne said, Behold, I make all things new. And he said unto me, Write: for these words are true and faithful.

REVELATION 22:1-5
1 And he shewed me a pure river of water of life, clear as crystal, proceeding out of the throne of God and of the Lamb.
2 In the midst of the street of it, and on either side of the river, was there the tree of life, which bare twelve manner of fruits, and yielded her fruit every month: and the leaves of the tree were for the healing of the nations.
3 And there shall be no more curse: but the throne of God and of the Lamb shall be in it; and his servants shall serve him:
4 And they shall see his face; and his name shall be in their foreheads.
5 And there shall be no night there; and they need no candle, neither light of the sun; for the Lord God giveth them light: and they shall reign for ever and ever.

WILD RIDE THIS WEEK AROUND THE WORLD

STORMS HURRICANES-TORNADOES

LUKE 21:25-26
25 And there shall be signs in the sun, and in the moon, and in the stars; and upon the earth distress of nations, with perplexity;(MASS CONFUSION) the sea and the waves roaring;(FIERCE WINDS)
26 Men’s hearts failing them for fear, and for looking after those things which are coming on the earth: for the powers of heaven shall be shaken.

Hurricane Norbert nears Mexico's Baja California By KIRSTEN JOHNSON, Associated Press Writer OCT 11,08

PUERTO SAN CARLOS, Mexico - Fishermen pulled in their boats and hotels warned tourists away from beaches Friday as Category 2 Hurricane Norbert bore down on Mexico's southern Baja California peninsula. Norbert, with winds of near 105 mph, was expected to hit land early Saturday along a relatively unpopulated stretch north of the resort of Cabo San Lucas.Paula Lucero Aviles set out with six children and four other adults in a small fishing boat Friday when they got a cell phone call warning them to return to the port of San Carlos, where the skies had already turned dark with the hurricane's approach.We turned back because they warned us bad weather was coming, Aviles said. We would have been risking our lives. It is coming on strong.A hurricane warning was issued for the west coast of Baja California from Puerto San Andresito to Agua Blanca. Forecasters said Norbert would weaken somewhat before hitting land.But the government issued hurricane warnings along the coast of the northwestern border state of Sonora and on the east coast of the Baja peninsula from near La Paz north to Loreto.Norbert is expected to sweep across Baja on Saturday, cross the Gulf of California and then head toward the Mexican mainland.

The storm's remnants were expected to dump more rain on water-logged West Texas, where authorities were preparing for more flooding.State and local officials plan to activate an emergency operations center Monday in Presidio, where an earthen levee is struggling to hold back the swollen Rio Grande.The Governor of Baja California Sur state, Narciso Agundez, said officials here are very worried.It is certain that it will hit land tomorrow in Baja California Sur, one of two states that make up the peninsula, Agundez said.Under overcast skies, fishermen hauled their boats onto beaches in La Paz, a port town on the peninsula's eastern coast. Yellow flags on beaches warned people to stay out of the water.Eli and Claudia Tubia, on vacation from Texarkana, Texas, took a cruise Wednesday night despite the coming storm, but their hotel in resort-dotted Cabo San Lucas was already storing outdoor furniture and paintings.They kind of cleared out the beach, and the restaurants that they have on the beach, they took all the furnishings away, Eli Tubia said.Norbert was centered 210 miles west of Baja's southern tip late Friday and was moving north at 12mph, said the U.S. National Hurricane Center in Miami.Meanwhile in southern Mexico, Tropical Storm Odile was approaching the resort of Acapulco, but was expected to remain offshore.The government extended a tropical storm warning from Lagunas de Chacahua westward past Acapulco and Zihuatanejo to Punta San Telmo, as Odile moved parallel to the Pacific coast with winds of about 60 mph.Odile was located about 75 miles southeast of Acapulco, and was moving northwest at about 13 mph. Odile could become a hurricane, and a small deviation in its path could bring the storm inland, the hurricane center said. Forecasters said Odile would sweep close to land on Saturday and could dump as much as 8 inches of rain, threatening dangerous mudslides. Odile has already caused flooding in Acapulco and forced officials to cancel classes at local schools. Civil defense officials in the southern state of Guerrero, where Acapulco is located, urged about 10,000 people living along river banks or other dangerous areas to evacuate. But Adrian Jaimes Celso, who lives in a vulnerable mountainside settlement in Acapulco, said residents don't know where any shelters are if we have to evacuate, or what provisions have been made.

As storm nears, west Texas braces for more floods By ALICIA A. CALDWELL, Associated Press Writer Fri Oct 10, 6:54 PM ET

EL PASO, Texas - Officials planned to activate an emergency operations center in west Texas, where the remnants of Hurricane Norbert are expected to bring rain to already saturated areas, an official said Friday. The storm was expected to hit Mexico's western coast early Saturday with winds of at least 100 mph. The National Weather Service issued a flood warning for the Presidio area Friday, saying that heavy rain in Mexico could cause flooding along the Rio Grande there and downriver in Lajitas.The reservoirs are full, so the water has to come out through Presidio, Presidio County Attorney Rod Ponton said.Additional rain in riverside Mexican towns could mean levee breaks in Texas, he said. Last month, heavy rains in Mexico caused Rio Grande to eclipse its banks, filling a nearly quarter-mile-wide channel between levees on each side of the border.Fearing a dam break, Mexican officials released flood waters into channels that feed the Rio Grande near Presidio and the Mexican town of Ojinaga.A levee break flooded hundreds of acres of farmland and swamped a golf course on the U.S. side east of Presidio, about 250 miles southeast of El Paso. Emergency crews built a makeshift dam along a railroad trestle to keep the flood from reaching town, but some farmland remained under water because the water table is now saturated, Ponton said.The highway that connects Presidio, Redford and Lajitas via the Big Bend Ranch State Park remained closed Friday after a flood last month washed away chunks of the road, Ponton said.The International Water and Boundary Commission, the two-nation agency responsible for maintaining border levees in Texas, has been monitoring them for weeks and plans to send more people to the area. But officials don't anticipate significant new flooding until the middle of next week, Ponton said.This isn't like standing around watching a wreck. This is like standing around, waiting for a wreck, he said. You know exactly where it's going to happen.(This version CORRECTS that the flood warning is for the Presidio area, not the El Paso area.)

British mother, teenage daughter drown in Spanish floods Fri Oct 10, 9:27 AM ET

MADRID (AFP) - A British woman and her 14-year-old daughter have drowned in a flash flood in eastern Spain which has been lashed by torrential rains, officials said on Friday. The pair had tried to cross a swollen stream on foot near the town of L'Olleria on Thursday after rising flood waters forced them to abandon the car they were travelling in with two other British citizens, a spokeswoman for the government representative in Valencia said.The flood waters reached between 12 and 16 inches but they did not correctly measure the force of the stream and they were swept away, the spokeswoman said. The other passengers in the car were not injured.The body of the 47-year-old woman and her daughter were only found at around midnight on Thursday, some four hours after they were swept away by the waters.

Israeli town hit by third day of Jewish-Arab clashes by David Furst
Fri Oct 10, 3:13 PM ET

ACRE, Israel (AFP) - Police clashed with Jewish protesters in Acre on Friday on the third day of violence between Arabs and Jews as Foreign Minister Tzipi Livni travelled to the northern Israeli city to appeal for calm. Police fired a water cannon at a crowd of about 200 people as some demonstrators hurled bottles and stones at security forces.Chanting death to Arabs, the protesters were headed from a predominantly Jewish neighbourhood to the house of an Arab when police intervened.

The incident occurred hours after Livni, who is trying to form a new government and replace outgoing Prime Minister Ehud Olmert, issued in Acre what she said was a message of reconciliation and cooperation to calm tempers within the population.

Police deployed an additional 500 officers to help the 200-strong local force after violence broke out on Wednesday night as Jews observed Yom Kippur, or Day of Atonement.We have also raised our level of alert throughout the country so that similar incidents do not occur again in Acre, or elsewhere, police spokesman Micky Rosenfeld told AFP.By Friday evening, Acre was quiet again.Calm was restored to the city in the evening, police commander Shimon Korn said on public television.Israeli President Shimon Peres had earlier appealed for calm.Jews and Arabs must stop immediately this violence which will not benefit anyone, he said in a statement.Two protesters and a police officer have been lightly wounded. Twelve people -- Arabs and Jews -- have been arrested since the first clashes broke out, Rosenfeld said.About 100 cars and 40 stores were damaged by Arab demonstrators, he said.

Rosenfeld said the initial unrest erupted when an Arab motorist drove into a neighbourhood where Arabs and Jews live, playing his car stereo loudly.A group of Jewish youths assaulted the driver, accusing him of deliberately making noise and disrupting the sanctity of Yom Kippur, when most Jews in Israel observe a religious ban on driving.Rumours then spread out, namely from mosques, claiming that the motorist had been killed, prompting several hundred Arabs to take to the streets, Rosenfeld said.Clashes started again on Thursday, when rioters from both sides hurled rocks at each other and the police used tear gas to disperse them, media reported.Football matches planned for the weekend were cancelled as was an annual theatre festival that was to be held next week and which usually draws thousands of visitors to the Mediterranean coastal city, media reported.Some MPs criticised the decision to call off the festival. It is an expression of coexistence in Acre, said Ophir Pinez-Paz, who heads the Knesset's Internal Affairs Committee. Speaking on army radio, he insisted the festival should be held despite the events or maybe because of them.On Thursday, ultra-nationalist MP Arieh Eldad denounced what he called Arab pogroms. One should not be surprised if Jews take up arms to defend themselves while the police do nothing to protect them, Eldad said. Arab MP Mohammed Barakeh blamed Jewish fascist gangs, which he said operate against the city's Arab population with complicity from the police.About one third of Acre's population of almost 50,000 are Arabs. The Haaretz daily meanwhile said several ambulances were pelted with stones to protest their operating on a holiday. An ailing 76-year-old told the daily about 50 Jewish religious students hurled stones from a bridge at the vehicle transporting him to a Haifa hospital.

Palestinians raid Hamas bomb factory in Hebron Fri Oct 10, 7:28 PM ET

HEBRON, West Bank (Reuters) - Palestinian President Mahmoud Abbas's security forces raided a Hamas bomb factory and arrested 11 members of the rival Islamist faction in the West Bank city of Hebron on Friday, a senior police officer said. The raid was part of a law-and-order drive pursued by Abbas in the West Bank since he broke with Hamas over its seizure of the Gaza Strip last year and revived peacemaking with Israel.Ramadan Awad, chief of the Palestinian Authority police in Hebron, said more than 100 kg (220 lbs) of explosives were seized along with ammunition and homemade firearms.The factory was preparing bombs which would have been used against us and against the will of the Palestinians, he told Reuters.A Hamas official in Hebron said the targeted building had no links to the Islamic faction .Abbas has also deployed Palestinian security forces in other major West Bank cities like Nablus and Jenin.(Reporting by Haitham al-Tamimi, Writing by Dan Williams; Editing by Charles Dick)

Inspectors eye Russian help for Iranian nuclear experiments: NYT Fri Oct 10, 1:48 PM ET

NEW YORK (AFP) - International inspectors are looking into whether a Russian scientist helped Iran carry out experiments on how to detonate a nuclear weapon, The New York Times reported Friday. Quoting unnamed US and European officials, the report said inspectors at the International Atomic Energy Agency are seeking information from the scientist, who they believe acted on his own as an adviser on experiments described in a lengthy document obtained by the agency.The officials ... said that the document appeared authentic ... but they made it clear that they did not think the scientist was working on behalf of the Russian government, the report added.Still, it is the first time that the nuclear agency has suggested that Iran may have received help from a foreign weapons scientist in developing nuclear arms.

Six powers trying to scale back Iran's nuclear ambitions will consult soon via telephone about the next steps to take at the United Nations, a State Department official said Wednesday.Top State Department and foreign ministry officials from the United States, Britain, China, France, Germany and Russia will debate further UN Security Council action to halt Iran's sensitive nuclear work, the official said.The West and Israel have accused Iran of using its nuclear program as a cover to build nuclear arms. But Tehran insists its program is strictly peaceful and solely aimed at generating electricity.

Long road ahead to resolve Georgia-Russia crisis: Kouchner by Claire Snegaroff Fri Oct 10, 1:33 PM ET

GORI, Georgia (AFP) - French Foreign Minister Bernard Kouchner said Friday that a long road lay ahead to resolve issues remaining from August's Georgia-Russia war, even after Russian troops withdrew from buffer zones around Georgia's rebel regions.

On a visit to Georgia to check first-hand whether Russia was complying with an EU-brokered ceasefire, Kouchner said Russia had fulfilled its obligation to withdraw from buffer zones around South Ossetia and Abkhazia by Friday.The Russians needed to have left the adjacent zones, they have, he said, referring to the buffer zones.But he also noted that Russian forces had not yet withdrawn fully to positions held before the war.Negotiations will begin in five days in Geneva. Nothing is perfect, it's a long road, step by step, he said. For the moment it seems to be relatively satisfying.Under an agreement brokered by the European Union in September, Russia had until Friday to withdraw from Georgian territory outside of South Ossetia and Abkhazia, the so-called buffer zones.But the initial ceasefire agreement that ended the war in August called for Russian soldiers to withdraw to positions held before the conflict.Russian forces remained Friday in at least two positions they did not hold prior to the conflict: the Akhalgori district of South Ossetia and the Kodori Gorge in Abkhazia. Both areas were under Georgian control before August.We had said the adjacent zones first and the adjacent zones have been emptied, Kouchner said. It's not the same step.He added that Akhalgori is a problem we are aware of and we will obviously begin discussing it in Geneva, referring to international talks on the crisis due to take place on October 15.After talks with Kouchner, President Mikheil Saakashvili said Georgia would continue to insist that Russian forces leave the country entirely.The Russians must withdraw from the whole of Georgia. We will never tolerate the occupation of Georgia, Saakashvili told reporters in the Black Sea city of Batumi.Saakashvili also thanked France and the EU for its role in the crisis, saying: The Georgian people for the first time in their history felt they were not alone in the face of aggression.In a statement released in Brussels, EU foreign policy chief Javier Solana confirmed that Russian forces have completed their planned withdrawal from the buffer zones.

Solana said he hoped the pullout would allow internally displaced people to return to their homes and contribute to the normalisation of living conditions in these areas.Russian President Dmitry Medvedev told reporters in Kyrgyzstan that Russia was fully complying with the ceasefire.Everything that depended on us we've done. All the obligations we undertook... we have fulfilled, he said.But Georgia's Foreign Minister Eka Tkeshelashvili said Friday Russia had not fully respected the terms of the ceasefire and warned against a return to normal relations with Moscow. After accompanying EU monitors on patrol near South Ossetia, Kouchner spoke with villagers returning to the area following the Russian withdrawal and later visited a tent camp in the city of Gori for Georgians who had fled their homes during the conflict. This is always very sad to see some houses destroyed, and the people coming back and discovering their belongings in such a desperate state, he said. The French foreign minister's visit came amid EU divisions over whether Russia has fulfilled its promise under the ceasefire to pull back from positions in Georgia after the August war. Diplomats say some countries including the Baltic nations, Poland and Sweden are insisting Russia must fully withdraw to positions held before the war and reduce troops in South Ossetia and Abkhazia to pre-conflict levels. But for France and many other member states, the Russian withdrawal from buffer zones adjacent to the rebel regions was the only condition to be fulfilled, diplomats say. More than 3,500 Russian peacekeepers were deployed in the two regions prior to the conflict and Moscow now intends to keep more than 7,600 troops in South Ossetia and Abkhazia, which Moscow recognised as independent states in August. Russian troops and tanks surged into Georgia on August 8 to beat back a Georgian offensive to wrest control of South Ossetia from separatists.

HOARDING OF GOLD AND SILVER

DOCTOR DOCTORIAN FROM ANGEL OF GOD
then the angel said, Financial crisis will come to Asia. I will shake the world.

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.
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: 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.

REVELATION 13:16-18
16 And he(FALSE POPE) causeth all, both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads:(CHIP IMPLANT)
17 And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name.
18 Here is wisdom. Let him that hath understanding count the number of the beast: for it is the number of a man; and his number is Six hundred threescore and six.(6-6-6) A NUMBER SYSTEM

TSE drops 40% in the last 4 months.
DOW down 40% from record close oct 9,2007
DOW down 35% from its high this yearon may 2,2008.
DOW drops 18% this week,worst in 112 year history.
S&P drops 18% this week.
S&P worst weekly drop since 1933.
NASDAQ drops 15% this week.
Stocks lose $2.4 trillion dollars this week.

G-7 Commit to All Necessary Steps' to Stem Global Meltdown By Simon Kennedy

Oct. 11 (Bloomberg) -- Group of Seven finance chiefs, meeting after stocks plunged and as a global recession looms, vowed to prevent the failure of vital banks while failing to unveil new initiatives for thawing credit markets. The current situation calls for urgent and exceptional action, the finance ministers and central bankers said in a statement after talks in Washington yesterday. They pledged to take all necessary steps to unfreeze credit and money markets without detailing how that would be accomplished. Signaling they would intervene to avoid a repeat of last month's collapse of Lehman Brothers Holdings Inc., the officials promised to ensure major banks have access to cash and are able to tap public funds for capital. By refraining from specific fresh measures such as embracing a U.K. plan to guarantee loans between banks, they still run a risk of disappointing investors. They've seen what Lehman did and the repercussions, said Jeff Pantages, chief investment officer at Alaska Permanent Capital Management in Anchorage, which oversees $2 billion. If you're a bondholder, you've got to feel better. If you're a shareholder, you're not so sure.Lehman's downfall precipitated the latest chapter of the 14-month crisis, causing banks to stop lending to each other out of concern they may not get their funds back. The G-7's willingness to now back systematically important financial institutions may provide some relief for Morgan Stanley, whose stocks and bonds dropped this week on concerns for its health.

Bank Discussions

U.S. Treasury Secretary Henry Paulson said no bank was singled out in the discussions yesterday. The policy makers from the U.S., Japan, Germany, U.K., France, Canada and Italy convened after stock indexes this month plunged more than 20percent from Japan to Europe to North America. The G-7 nations were under pressure to roll out new policies and adopt a united front to quell the panic in markets after their previous steps failed to do so. Instead, they outlined principles for all nations to follow. Measures taken should protect taxpayers and avoid potentially damaging effects on other countries, the group said. In the past month, European countries have taken unilateral actions to increase bank-deposit guarantees, spurring concern that savers would drain cash from nations with less protection.

Paulson said it would be naive to think that different nations in different circumstances could come up with the same policy paths.

Emergency Actions

In the past two weeks, global central banks executed emergency interest-rate cuts and pumped more cash into markets, the Federal Reserve said it would buy commercial paper, European governments bailed out banks and the U.K. and U.S. said they would start taking equity stakes in financial companies. Money markets remain gridlocked even so, with the three- month London interbank offered rate climbing to 4.82 percent yesterday, a record premium over the Fed's benchmark rate. The seizure spurred British policy makers to propose a program to backstop loans between banks.

G-7 officials shied away from the U.K. idea, which would either turn central banks into clearing houses for banks' loans or have governments back the obligations. The jump in borrowing costs and restricted access to credit prompted Merrill Lynch & Co. to predict the G-7 economies next year will be the weakest since 1982.

Stock Slump

U.S. stocks fell for an eighth straight day yesterday, with the Dow Jones Industrial Average capping its worst week since 1914. The MSCI World Index of equities in 23 developed countries slid 20 percent this week, the most since records began in 1970.

Policy makers expressed confidence that investors will ultimately recognize the scale of actions under way, including a new U.S. plan to buy stocks in a broad array of financial companies. We have taken a lot of actions, European Central Bank President Jean-Claude Trichet said. My experience of markets is that it always takes a little time to capture the elements, of the decisions taken, he said. Paulson signaled his top priority is getting his plan to buy financial stocks running as soon as he can. This is a plan that I'm quite confident will work, he said. The Treasury chief also said ``we have more to do in the liquidity area.The American plan follows U.K. Prime Minister Gordon Brown's 50 billion pound ($87 billion) program that will partly nationalize at least eight lenders.

Canadian Plan

Canada's government yesterday moved to shore up its banks by saying it will buy as much as C$25 billion ($21.6 billion) in mortgages from them. German Finance Minister Peer Steinbrueck and Bundesbank President Axel Weber said they're working on a package of measures to rescue banks that'll be revealed before markets open next week. The situation in financial markets is demanding unusual and far-reaching decisions from all policy makers, Weber told reporters. There is no alternative to these measures because banks have come under strong pressure.While the joint statement made no mention of currencies, Trichet said the group viewed excess volatility in exchange rates as detrimental and urged China to allow faster gains in the yuan. Highlighting the stakes facing the world economy, further talks will be held this weekend. The G-7 officials will meet today with President George W. Bush and gather with counterparts from the Group of 20, which includes emerging markets.

European Summit

Trichet will head to Paris for a summit of European leaders tomorrow that French Finance Minister Christine Lagarde said will seek to go beyond the G-7's agreements.

Rifts within the G-7 were exposed by an unprecedented public split in which Italian Finance Minister Giulio Tremonti rejected a draft statement yesterday for being too weak. The ultimate text that won his blessing was shorter than the original and aimed at wielding a strong psychological impact, Lagarde said. Tremonti after the meeting described the Basel II accord that regulates accounting for banks as dead and said he will propose a shake-up of global financial architecture today. The G-7 promised to implement high-quality accounting standards.Earlier, Italian President Silvio Berlusconi sowed confusion by saying governments may close financial markets, only to reverse himself an hour later. To contact the reporter on this story: Simon Kennedy in Washington at skennedy4@bloomberg.net

US to buy stake in banks; first since Depression By JEANNINE AVERSA, AP Economics Writer OCT 11,08

WASHINGTON - The government will buy an ownership stake in a broad array of American banks for the first time since the Great Depression, Treasury Secretary Henry Paulson said late Friday, announcing the historic step after stock markets jolted still lower around the world despite all efforts to slow the selling stampede.

Separately, the U.S. and the globe's other industrial powers pledged to take decisive action and use all available tools to prevent a worldwide economic catastrophe.This is a period like none of us has ever seen before, declared Paulson at a rare Friday night news conference. He said the government program to purchase stock in private U.S. financial firms will be open to a broad array of institutions, including banks, in an effort to help them raise desperately needed money.The administration received the authority to take such direct action in the $700 billion economic rescue bill that Congress passed and President Bush signed last week.

Earlier Friday, stock prices hurtled downward in the United States, Europe and Asia, even as President Bush tried to reassure Americans and the world that the U.S. and other governments were aggressively addressing what has become a near panic.A sign of how bad things have gotten: A drop of 128 points in the Dow Jones industrials was greeted with sighs of relief after the index had plummeted much further on previous days. The week ended as the Dow's worst ever, with the index down an incredible 40.3 percent since its record close almost exactly one year earlier, on Oct. 9. 2007.

Investors suffered a paper loss of $2.4 trillion for the week, as measured by the Dow Jones Wilshire 5000 index, and for the past year the losses have totaled $8.4 trillion.It was even worse overseas on Friday. Britain's FTSE index ended below the 4,000 level for the first time in five years; Germany's DAX fell 7 percent and France's CAC-40 finished down 7.7 percent. Japan's benchmark Nikkei 225 index fell 9.6 percent, also hitting a five-year low. For the week, the Nikkei lost nearly a quarter of its value. Russia's market never even opened.Paulson announced the administration's new effort to prop up banks at the conclusion of discussions among finance officials of the Group of Seven major industrialized countries. That group endorsed the outlines of a sweeping program to combat the worst global credit crisis in decades.Earlier this week, Britain had moved to pour cash into its troubled banks in exchange for stakes in them — a partial nationalization.Paulson said the U.S. program would be designed to complement banks' own efforts to raise fresh capital from private sources. The government's stock purchases will be of nonvoting shares so it will not have power to run the companies.The purchase of stakes in companies would be in addition to the main thrust of the $700 billion rescue effort, which is to buy bad mortgages and other distressed assets from financial institutions. The aim is to unthaw frozen credit, get banks to resume more normal lending operations and stave off severe problems for businesses and everyday Americans alike.It would mark the first time the government has taken equity ownership in banks in this manner since a similar program was employed during the Depression.In 1989, the government created the Resolution Trust Corp. to deal with the aftermath of the savings and loan crisis. It disposed of the assets of failed savings and loans.

Paulson and Federal Reserve Chairman Ben Bernanke met with their counterparts from the world's six other richest countries late in the day as the rout of financial markets sped ahead despite earlier dramatic rescue efforts in the U.S. and abroad.

In a statement at the end of that meeting, the G7 officials vowed to protect major banks and to prevent their failure. They also committed to working to get credit flowing more freely again, to support the efforts of banks to raise money from both public and private sources, to bolster deposit insurance and to revive the battered mortgage financing market.They did not provide specifics beyond that five-point framework.At the White House earlier in the day, Bush said, We're in this together and we'll come through this together. He added, Anxiety can feed anxiety, and that can make it hard to see all that's being done to solve the problem.He made it clear the United States must work with other countries to battle the worst financial crisis that has jolted the world economy in more than a half-century. We've seen that problems in the financial system are not isolated to the United States, he said. So we're working closely with partners around the world to ensure that our actions are coordinated and effective.The Dow dropped a little over 100 points while he was speaking. Fear has tightened its grip on investors worldwide even as the United States and other countries have taken a series of radical actions including an unprecedented, coordinated interest rate cuts by the Federal Reserve and other major central banks. Besides the United States, the other members of the G7 meeting in Washington are Japan, Germany, Britain, France, Italy and Canada. Finance officials also planned to meet with Bush Saturday at the White House. We are in a development where the downward spiral is picking up speed, said Germany's Finance Minister Peer Steinbrueck, who wanted to see an orchestrated response among the G7.

So did French Finance Minister Christine Lagarde, who said a coordinated, synchronized and rightly timed approach was needed. An even larger group of nations — called the G20 — will meet with Paulson on Saturday evening. How the world's finance officials and central bank presidents can better contain the spreading financial crisis also will dominate discussions at the weekend meetings of the 185-nation International Monetary Fund and the World Bank in Washington. The British, who recently announced a plan to guarantee billions of dollar worth of debt held by major banks, have been pitching that idea to the rest of the G7 members. The idea behind all these ideas — as well as bold steps previously announced in recent weeks —is to get credit flowing more freely again. In the United States, hard-pressed banks and investment firms are drawing emergency loans from the Federal Reserve because they can't get money elsewhere. Skittish investors have cut them off, moving their money into safer Treasury securities. Financial institutions are hoarding whatever cash they have, rather than lending it to each other or customers. The lending lockup — which is making it harder and more expensive for businesses and ordinary people to borrow money — is threatening to push the United States and the world economy as a whole into a deep and painful recession. In Europe, governments have moved to protect nervous bank depositors. Germany pledged to guarantee all private bank savings and CDs in the country, and Iceland and Denmark followed suit. Ireland went even further by also guaranteeing Irish banks' debts. The United States will temporarily boost deposit insurance from $100,000 to $250,000 in cases where its banks or savings and loans fail. The Fed, meanwhile, has repeatedly tapped its Depression-era authority to be a lender of last resort, not only to financial institutions but also to other types of companies. Earlier this week, the Fed said it would buy massive amounts of companies' debts, in another unprecedented effort to break through the credit clog. Associated Press writers Harry Dunphy, Desmond Butler, Martin Crutsinger and Deb Reichmann contributed to this report.

G7 undermines price discovery October 10, 2008, 10:51 PM by NP Editor
Terence Corcoran, markets, bailouts,The purpose of markets is to allow people to determine prices ,By Terence Corcoran

Speculation raged throughout the day yesterday as to whether the G7 cabal of finance ministers would reach a consensus on a coordinated mass effort to end the global financial crisis. As the day progressed, and the meeting got underway in Washington, many of the worst ideas appeared to have fallen by the wayside. That doesn’t mean the financial markets of individual countries won’t continue to struggle under the burden of unprecedented and troubling interventions, including U.S. government purchase of bank equity.The list keeps growing. Governments are pushing to invest directly in banks, put all deposits under unlimited insurance guarantees, pass laws to allow treasury departments to buy mortgages and related instruments, even lending between banks could come with government guarantees. What all these initiatives have in common is their ability to undermine and prevent market forces from operating. The purpose of markets — the only purpose of markets, some might say — is to allow people to determine prices. Without trades in an open market, there can be no accurate determination of value. And without prices, nobody can know what assets are worth and what to pay for them. And without that knowledge, nothing can happen.In the current financial crisis, the only functioning markets appears to be the stock markets, where traders are doing their best to divine price levels in a world distorted, even frozen, by increasing government activity. Even the Canadian banking system, allegedly rock solid, came under pressure when the government brought new uncertainty to the market.

In a move yesterday, Ottawa announced a so-called relief plan to buy up to $25-billion in insured mortgage pools from Canadian banks. Finance Minister Jim Flaherty said the plan would help Canadian banks raise long-term funds for consumers, home buyers and businesses. Really? Looks more like a bailout of a banking system that a week ago didn’t need one. The plan appears to send $25-billion worth of bank mortgage paper, already guaranteed by the government’s Central Mortgage and Housing Corp., directly into hands of government. Is this Canada’s quota of home-grown subprime-like mortgage loans? When news of the package started to leak out Thursday, Canadian bank shares began a plunge that continued yesterday. Their status would not have been helped by former U.S. Federal Reserve Chairman Paul Volcker, who said in an interview that the governments of all G7 countries now own up to the fact that their banks are going to need support.No wonder stock markets are gyrating wildly. How can you value shares, especially bank shares, when banks can’t do business, when they can’t accurately value the assets in their own portfolios let alone another bank’s assets, when governments are playing with interest rates, and now when some banks themselves join in seeking government aid.Instead of allowing banks to value and trade in mortgage assets on the open market, setting accurate prices, the system is likely to remain frozen — unless governments plan to buy up all under-performing assets. The financial system isn’t frozen, the price discovery system is frozen.
A small step in allowing more accurate valuation of mortgage and other assets is expected to come this weekend from the U.S. Financial Accounting Standards Board. The board will provide new guidance that will allow banks and other financial institutions to modify rigid mark-to-market rules that forced them to write off large chunks of assets that may actually have value. The large write offs forced banks to take hits to their capital, distorting their balance sheets, creating credit squeezes and punishing share values.The more governments move in on the banks and the financial markets, with blanket insurance guarantees and nationalizations, the less opportunity there is for real price discovery. Such moves also increase investor and consumer uncertainty. The Financial Times reported yesterday that Germans were stunned to learn of the government’s plan for total insurance coverage on all deposits. If they are doing this, then the situation must really be desperate, said one German consumer.

There are small signs that some good sense may yet overtake the G7 regulatory rush. In the U.K., where the Labour government announced plans to buy up equity positions in banks, some banks are resisting the offer. They would rather sell shares to private non-government investors than expose themselves to government meddling and the controls that would inevitably accompany any government investment.Without a return to market pricing of assets, especially U.S. mortgage assets, but also all forms of financial instruments — from derivatives to bank loans to corporate loans — the financial markets will continue to be paralyzed. The only functioning market right now is the stock market. And even those markets looked to be at risk yesterday when Italy’s president said he thought equity markets should be closed. That idea died, avoiding a total system lock-up. At least one attempt to determine prices and values is still functioning, as best it can. Financial Post,Terence Corcoran is Editor of the Financial Post.

G7 vows action to douse global firestorm,Firestorm sweeps world markets
Australia best placed, says Swan Lift the savings surety: Turnbull
October 11, 2008 - 2:08PM

Group of Seven finance chiefs today unveiled a five-point plan to fight the global economic firestorm and restore confidence in the financial system by shoring up struggling banks.The G7 agrees today that the current situation calls for urgent and exceptional action, the US Treasury said in a statement on behalf of G7 nations.We commit to continue working together to stabilise financial markets and restore the flow of credit, to support global economic growth, it added after finance ministers and central bank chiefs from the United States, Germany, Japan, France, Britain, Italy and Canada met in Washington.Treasury secretary Henry Paulson said it was an aggressive plan to address the turmoil in global financial markets and the stresses on our financial institutions.Washington would start moving as soon as we can to inject capital into troubled banks, he told journalists. We're going to do it as soon as we can do it and do it effectively.And he added: We are in close coordination and communication with Japan and China and other investors around the world.Under the G7 plan, the economic powers would seek to ensure that banks ``can raise capital from public as well as private sources, in sufficient amounts to re-establish confidence and permit them to continue lending to households and businesses.The seven nations also committed to taking decisive measures to stop further bank collapses and unfreeze credit lines to pump more liquidity into the market.The move came after global stock markets went into a freefall today as panicked investors found no place to hide, even though Wall Street managed to stem the losses in a stomach-churning session of ups and downs.Some markets plunged 10 per cent in the worst performance since the 1987 stock crash as part of a global meltdown that began with Tokyo's 9.6 per cent nosedive.If you could measure the overall confidence level of investors, it would likely be so low that it would frighten the rest of the longs out of the market, said Kevin Giddis at Morgan Keegan.

This is the scary part of the movie where the slasher is hiding in the shadows around the corner waiting to pounce.On Wall Street, the Dow Jones Industrial Average saw early losses of as much as 700 points, and two sudden spurts into positive territory before closing down 128.00 points (1.49 per cent) at 8,451.19.The market saw a stomach-turning session at the end of a vicious week of selling that sent the Dow and S&P indexes tumbling 18 per cent.US President George W Bush, who is due to meet tomorrow with G7 ministers at the White House, insisted the raging firestorm would be put out.As stock exchanges from Tokyo to London to New York were sucked deeper into the turmoil, Bush blamed uncertainty and fear for much of the global financial meltdown.Anxiety can feed anxiety and that can make it hard to see all that is being done, he said in a White House statement. We can solve this crisis, and we will.London's FTSE 100 index skirted close to a 10-per cent loss before a slight pullback. The Paris CAC 40 dived 10.57 per cent and there were similar losses in Frankfurt.Japan's Nikkei-225 index closed down 9.62 per cent, Hong Kong lost 7.2 per cent and Singapore 7.34. Tokyo briefly halted some trading in futures and options as the Nikkei saw its biggest fall since the crash of October 1987.A fresh injection $US45.5 billion ($A66.57 billion) into Japanese money markets failed to stop the collapse as the crisis claimed its first Japanese victim, with Yamato Life Insurance filing for bankruptcy protection.Nowhere was immune from the rout. South America's largest stock market in Sao Paulo was suspended after the market slid more than 10 per cent. Trading in Moscow was also halted.And in Mexico, the central bank had to pump billions of dollars into the market to help the plummeting peso which reached record lows.European heads of state and government meanwhile agreed to hold a financial crisis summit in Paris on Sunday to define a joint action plan for the eurozone and the European Central Bank, the French presidency said.Despite repeated pledges to coordinate their action, EU governments have gone their own ways so far in tackling the crisis at the national level.AFP

G7 finance chiefs pledge action to stem bank crisis
Updated: Fri Oct. 10 2008 17:07:59 CTV.ca News Staff

The world's top finance officials have pledged to take all actions needed to stem the worst global financial crisis since the Great Depression. The so-called Group of Seven countries released a five-point plan that they say will unfreeze the credit crisis that has hit Wall Street and worldwide markets. The G7 said they would take decisive action and use all available tools to protect major financial institutions from failure. They also committed to get credit flowing again, support banks' efforts to raise money, bolster deposit insurance and revive the mortgage financing market. They did not provide specifics besides the sweeping five-point plan. The actions should be taken in ways that protect taxpayers and avoid potentially damaging effects on the countries, the finance officials said in a statement. U.S. Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke met with their counterparts from the G7, including Canada's Finance Minister Jim Flaherty, in Washington Friday. Paulson made another major announcement Friday evening, saying that the U.S. will buy an ownership stake in a number of American banks -- for the first time since the Great Depression. This is a period like none of us has ever seen before, Paulson said in a rare Friday night news conference. He said the move will help banks raise desperately needed money. Besides the United States and Canada, the G7 countries are Japan, Germany, Britain, France, and Italy.

Wild week for markets

A turbulent week at the markets came to a wild close Friday with the loonie posting a record one-day decline and the Toronto stock exchange briefly dropping below the 9,000 level for the first time in three years. The main S&P/TSX composite index closed at 9,065.2, down 534.98 points on the day. But at one point on Friday it was down nearly 750 points. The TSX index lost 1,738 points or 16 per cent of its value this week. The Canadian dollar fell nearly five cents against the U.S. dollar to a low of 82.41 cents US Friday, but rebounded at close to 84.69 cents US. Since November 2007, when the dollar hit an all-time peak of 110.3 cents US, the loonie has fallen more than a quarter. The Bank of Canada's exchange rate website says the dollar hasn't fallen more than three cents in one day since June 21, 1961, when it lost 3.38 cents US. It hasn't been below 83 cents since Feb. 21, 2003. The TSX index was particularly hit hard by energy stocks, which have lost value as oil prices continue to retreat. The November crude contract on the New York Mercantile Exchange closed at US$77.70 down $8.89 a barrel Friday. New York's Dow Jones industrials closed down 128 points to 8,451.19, following up on a 679-point retreat yesterday.

The Nasdaq composite index gained 4.39 points to close at 1,649.51 while the S&P 500 index lost 10.70 points to close at 899.22. Momentum is running against the market and you don't want to get hit by a train, Jack Ablin, chief investment officer at Harris Private Bank in New York, told The Associated Press. This is now about market psychology. There's extreme fear and panic out there.Overseas, Asian and European markets slumped sharply on Friday as investors there also continued to sell hard.

London's FTSE 100 index slumped 5.24 per cent while the German DAX was down 6.9 per cent and the Paris CAC-40 fell 9.8 per cent. In Japan, the benchmark Nikkei 225 index in Japan lost 881.06 points, or 9.6 per cent, to 8,276.43 -- the lowest closing level since May 2003. Hong Kong's Hang Seng index fell more than 8 per cent while the Kospi index in South Korea lost 7.4 per cent. Shanghai's index fell 4.1 per cent and Singapore's Straits Times index lost 7 per cent. In Australia, observers called the slump Black Friday after the key S&P/ASX200 dropped 8.34 per cent, or 360.2 points -- its sharpest one-day percentage loss ever. The freefall was largely in response to the massive sell-off on Wall Street on Thursday and rising global economic uncertainty. Selling is unstoppable in New York and Tokyo, said Yutaka Miura, senior strategist at Shinko Securities Co. Ltd. in Tokyo told The Associated Press.

Investors were gripped by fear.

Also Friday, Flaherty announced that the government will buy $25 billion in mortgage-backed securities from Canadian banks in a bid to maintain the availability of credit. The banks responded by cutting their prime rates. With files from The Associated Press.

US President George W Bush, who is due to meet tomorrow with G7 ministers at the White House, insisted the raging firestorm would be put out.As stock exchanges from Tokyo to London to New York were sucked deeper into the turmoil, Bush blamed uncertainty and fear for much of the global financial meltdown.Anxiety can feed anxiety and that can make it hard to see all that is being done, he said in a White House statement. We can solve this crisis, and we will.London's FTSE 100 index skirted close to a 10-per cent loss before a slight pullback. The Paris CAC 40 dived 10.57 per cent and there were similar losses in Frankfurt.Japan's Nikkei-225 index closed down 9.62 per cent, Hong Kong lost 7.2 per cent and Singapore 7.34. Tokyo briefly halted some trading in futures and options as the Nikkei saw its biggest fall since the crash of October 1987.A fresh injection $US45.5 billion ($A66.57 billion) into Japanese money markets failed to stop the collapse as the crisis claimed its first Japanese victim, with Yamato Life Insurance filing for bankruptcy protection.Nowhere was immune from the rout. South America's largest stock market in Sao Paulo was suspended after the market slid more than 10 per cent. Trading in Moscow was also halted.And in Mexico, the central bank had to pump billions of dollars into the market to help the plummeting peso which reached record lows.

European heads of state and government meanwhile agreed to hold a financial crisis summit in Paris on Sunday to define a joint action plan for the eurozone and the European Central Bank, the French presidency said.Despite repeated pledges to coordinate their action, EU governments have gone their own ways so far in tackling the crisis at the national level.AFP

MONEYNETDAILY China stiffing America for $100 billion in debt Yet U.S. taxpayers helping Beijing as part of trillion-$ credit bailout October 10, 2008
10:15 pm Eastern By Bob Unruh 2008 WorldNetDaily

While Chinese companies are in line to benefit directly from U.S. taxpayers' $700 billion-plus bailout of Wall Street, Fannie Mae, Freddie Mac and other financial institutions, Beijing is stiffing the U.S. for $100 billion or more in unpaid debt.

The status of the Chinese economy, including its repudiated debt, has prompted one analyst to warn of an ominous threat involving China's finances and suggest the possibility of a dramatic reversal for the so-called Chinese Miracle.One of the greatest problems facing China is the government's failure to acknowledge and effectively address the true extent of state institutions' bad debt, Kevin O'Brien writes in an article titled, Reassessing China's Sovereign Risk: Emerging Global and Domestic Trends Threaten the 'Chinese Miracle.O'Brien's report was published at a website for the Global Association of Risk Professionals, a not-for-profit independent trade association of risk management practitioners around the world. It has 77,000 members from fields such as banking, investment management and academics.

One problem that should be addressed, he writes, is the $260 billion in sovereign debt owed U.S. and other investors which China has said it simply won't repay.The repayment obligation was inherited by the People's Republic of China, when the communists took control in 1949. The successor government doctrine of settled international law affirms continuity of obligations among international recognized successive governments, O'Brien said.The PRC is the internationally recognized successor government … which contracted the credit sovereign debt … and which had a loan agreement that states that such debt is intended to be a binding engagement upon the Republic of China and its successors.The bonds, however, were excluded from a 1979 settlement of Chinese debts and in 1987, China even concluded a discriminatory settlement accord with bondholders in Great Britain – an agreement that excluded from settlement any bonds held by non-UK citizens.Then in 2006, the Chinese Ministry of Finance issued an official communiqué addressed to the Embassy of the United States of America in China, in which the Chinese government formally repudiated China's defaulted full faith and credit sovereign debt and announced that it would not repay any debt held by American citizens, O'Brien said.The repudiation still stands, even though the China Economic Review confirmed that major Chinese banks own $8 billion in Fannie Mae and Freddie Mac securities that are the targets of bailout provisions.Bank of China said last month it owned $7.5 billion in Fannie and Freddie bonds, the report continued. The bank also held $5.2 billion in mortgage-backed securities guaranteed by the two agencies.Those owners will be among the beneficiaries of the overall bailout plan assembled by the government and funded by taxpayers to rescue bad debt created by an agenda of loaning money to subprime recipients who may not have had the wherewithal to repay the loans.

Recipients of the U.S. taxpayers' generosity also may include various private Chinese interests with investments in American real estate and mortgage.As recently as three weeks ago, China Investment Corp. was in active discussions to buy into U.S. financial institutions, including Morgan Stanley.All the while Congress has been aware of the Chinese default but unwilling to mandate action.Elton Gallegly, a California Republican in Congress, called it the China debt syndrome.After Saddam Hussein's government was replaced in Iraq, China demanded that the new government pay off the debt Saddam's regime ran up against China. China prevailed and is getting 100 percent of the more than $10 billion Iraq owes it, he said in a recent commentary.China, however, refuses to recognize the debt its current government inherited when the communists took control in 1949. That debt includes about $260 billion on bonds issued by the former Republic of China. Of that, more than 300 American citizens are owed nearly $100 billion from bonds on which the People's Republic of China has defaulted, the congressman wrote.It's time China owned up to its international obligations. Pressure is the only thing China understands. And pressure works. Americans weren't the only ones owed billions when the communists seized control. British citizens were among the bondholders communist China had been ignoring. That lasted until 1987, when Great Britain enacted a law denying Chinese access to British capital markets and China responded by negotiating a settlement to pay off the bonds, he wrote.Now, he said, China is in negotiations with France on defaulted bonds but continues to ignore the United States.He said worse than the actual monetary loss is the message that suggests China does not have to play by the rules when it competes in the global economy. This helps explain Beijing's refusal to abide by trade agreements, the manipulation of its currency, its underwriting of the genocidal regime in Sudan and its financial relationship with the terrorist-sponsoring government in Iran.To that list we can add China’s refusal to crack down on the widespread theft of intellectual property. The piracy of U.S. movies, books, music and other products is costing Americans billions of dollars each year, he said.

China, meanwhile, is boasting of its economy growth and influence. On a Chinese-promoted website today the headlines bragged: China ranks among the world’s top 30 economies,China Investment Corp to start investing in Japan stocks and China's ship industry strives for No. 1 spot.A resolution similar to Gallegly's also has been introduced in the Senate. The plan by Sen. James Inhofe, R-Okla., targets China's attempt to conceal its defaulted government debt from investors.The Senate measure labels China's present investment-grade credit rating as artificial and in testimony before the Senate Banking Committee, SEC Chairman Christopher Cox acknowledged that wrongful actions by a credit rating agency may subject the agency to revocation of its SEC registration, an announcement said.At Washington Watch, the criticism focused on the U.S. credit rating agencies that have allowed the situation to remain under the radar.In China's instance, the three largest rating agencies (Standard & Poor's, Moody's and Fitch) are accused of intentionally violating their published criteria and metrics, said the report. Sovereign Advisers, a risk metrics firm assisting the defaulted creditors of the Chinese government, has performed comprehensive research on this matter and has provided the U.S. Congress and the Securities and Exchange Commission with evidence suggesting that the actions of Standard & Poor's and Moody's were intentionally designed to conceal the Chinese government's debt repudiation and establish an artificial sovereign benchmark in order to increase ratings revenue from expanded securities issuance by Chinese corporations.On the Washington Watch website, several participants in an online discussion expressed concern over the situation.It is about time the PRC was made to pay for their financial indiscretions from the past, said one.The situation is crystal clear, said another. China has an obligation and if it wishes to operate globally it must meet this and any other obligations.If it walks like a duck, quacks like a duck, looks like a duck. China's credibility should be disclosed so investors are aware of the risk. China needs to pay its debts, added another.Gallegly's effort also was to encourage that knowledge among investors.This action will put all investors on notice that China has refused to honor its obligations in contravention of international law, he wrote. It will also encourage China to negotiate in good faith with American bondholders to settle their claims on defaulted bonds.O'Brien called China's actions selective default.He said that's a practice whereby a government selectively defaults on one specific class of full faith and credit soverereign obligations … yet honors repayment to selected creditors of a separate class..China's refusal to honor repayment of its full faith and credit sovereign debt to American bondholders is best characterized by a statement that appeared in a recent news article: When it comes to territory, China claims Tibet and Taiwan based on historical claims predating the current communist government assuming power, but when it comes to debts owed to American citizens, it's a different story, he wrote.

WND reported in 2007 about the influence China wielded over the American dollar because of its investments in financial instruments.WND also has reported extensively on a long list of defective and even dangerous products that have been exported from China to the U.S.

Iceland and UK in diplomatic war over banks
LUCIA KUBOSOVA 10.10.2008 @ 09:22 CET

British Prime Minister Gordon Brown has accused Iceland of illegal action for freezing the accounts of UK private and public depositors in collapsed banks. What happened in Iceland is completely unacceptable. I've been in touch with the Icelandic prime minister. I said this is effectively illegal action that they have taken, Mr Brown told the BBC about Reykjavik's move to nationalise several Icelandic banks while preventing their British customers to access their money.Iceland has been pummelled by the ongoing bank crisis as its bank debts are many times its annual GDP of €14 billion, with fears that the entire nation of 320,000 people could go bankrupt. On Thursday (9 October), the country's government took over the last of three major banks and shut down the stock exchange. Trading in the Icelandic krona has ceased and foreign banks are not willing to take the currency even for lower rates.Reykjavik is supposed to pay out as much as €20,000 in compensation per frozen account at a total cost of €2.7 billion, but London has not received assurance that public authorities in Iceland will meet this commitment.The UK government has promised to protect hundreds of thousands private savers affected by the failed Icelandic banks but it is not clear what will happen to the over €1.1 billion that British public authorities such as councils, the police and fire services have invested in Iceland.This is fundamentally a problem with the Icelandic-registered financial services authority - they have failed not only the people of Iceland, they have failed people in Britain, complained Mr Brown.In a bid to boost pressure on the country's authorities, the British government has itself invoked the Anti-Terrorism Crime and Security Act of 2001 in a bid to freeze the assets of Icelandic companies in the UK - which sparked an angry reaction by Reykjavik.Iceland's prime minister, Geir Haarde, told journalists it was not very pleasant to find out that a terrorist law was being applied against us, adding that he considered it as a completely unfriendly act.

I'm afraid that not many governments would have taken that very kindly, to be put in that category and I told the chancellor that we were not pleased with that, Mr Haarde said.It is expected that Iceland will have to turn to the International Monetary Fund for help and forced to accept strict disciplinary budget measures to restore fiscal and monetary stability.Next Tuesday, Reykjavik is expected to start talks with Russia over an emergency €4 billion Moscow has offered to provide to Reykjavik.