WARNING IF USE GOT A CABLE BOX.AT MY OLD PLACE I HAD A CONVERTER BOX THROUGHT EASTLINK AND HALF THE TIME THEY WERE INTERFERING WITH MY RECEPTION.TURNING THE CABLE OFF ON ME.RESETTING EVERYTHING SO I WOULD HAVE TO RESET IT AGAIN.SO YES THESE HACKS DO WATCH EVERYTHING YOU DO IN YOUR HOME THROUGHT THESE CONVERTER BOXES.I MOVED RECENTLY AND GOT EASTLINK CUT OFF AT MY OLD PLACE.WELL TODAY EASTLINK CAME T0 PICK UP THE BOX FROM MY OLD PLACE.WHEN I WOKE UP TODAY AND TURNED THE TV ON MY CABLE WHICH WORKED PERFECTLY FOR THE FIRST 5 DAYS AT MY NEW PLACE,SUDDENLY IS GOING NUTS TODAY.I JUST HAPPENED TO GET MY INTERNET HOOKED UP AT MY NEW PLACE YESTERDAY AND LIKE MAGIC MY COMPUTER IS HACKED INTO ALREADY AND OVIOUSLY EASTLINK GOT MY NEW ADDRESS AND HAS HACKED MY CABLE ON ME SINCE ITS NOT WORKING GOOD TODAY.THESE CONTROL FREAK NUTCASES ARE BOUND THEIR GOING TO WATCH ME THROUGHT THE TV.AND WHEN I WENT TO MY OLD PLACE TO GET THE BOX TO GIVE IT TO THE DRIVER,I TOLD HIM I SEE USE HACKED INTO MY NEW PLACES CABLE ALREADY.HIS RETURN WAS-WERE HAWKS HA HA HA (WHILE LAUGPHING AT ME)AND GETTING INTO HIS TRUCK WITH THE CONVERTER BOX.IF USE HAVE EASTLINK CANCEL IT QUICK AND GET ANOTHER COMPANY FOR CABLE.HERE WERE I LIVE WERE FORCED TO GET EASTLING ONLY OR SATTALITE COMPANIES.SO EASTLINK IS ANOTHER CONTROL FREAK SPY ON US COMPANY LIKE BELL ,YAHOO AND GOOGLE AND MORE.I AM GIVING USE A WARNING BY ALL THESE COMPANIES HACKING INTO EVERYTHING OF MINE TO DO WITH ELECTRONICS AND THE WEB.CABLE IS INCLUDED WITH MY NEW PLACE SO I WILL NOT BE GETTING A BOX FROM EASTLINK EVER AGAIN.WHEN I CANCELLED IT I TOLD EASTLINK I WOULD GET THE BOX FOR HOCKEY BUT TO MYSELF I NEVER WAS GOING TO.AND THE PERSON I WAS TALKING TO WHEN I CANCELLED IT LAST MONTH WAS TRYING TO GET MY NEW ADDRESS OUT OF ME,BUT I NEVER GAVE IT TO HER.BUT NOW SINCE I GOT THE INTERNET HOOKED UP YESTERDAY ALL THESE HACK COMPANIES GOT MY NEW ADDRESS AS CABLE IS GOING NUTS TODAY SO I KNOW EASTLINK IS HACKING IN TO TRY TO FORCE ME TO GET A BOX SO THEY CAN WATCH EVERYTHING I DO IN MY NEW APARTMENT.
Federally-Funded Street Lights Capable of Recording Conversations-Orwellian Intellistreets system now being installed in major cities Paul Joseph Watson Infowars.com Tuesday, November 1, 2011
http://www.infowars.com/federally-funded-street-lights-capable-of-recording-conversations/
Federally-funded high-tech street lights now being installed in American cities are not only set to aid the DHS in making security announcements and acting as talking surveillance cameras, they are also capable of recording conversations, bringing the potential privacy threat posed by Intellistreets to a whole new level.In the days after we first brought attention to the privacy concerns surrounding the new street lights, with our story featuring prominently on the Drudge Report website, the company behind them, Illuminating Concepts, went on the defensive, issuing a press release claiming the devices didn’t represent a big brother intrusion.However, as you can see from the video above, Intellistreets is big brother on steroids. George Orwell himself would probably have considered the concept too far-fetched to appear in the dystopian classic 1984.Not only can the street lights, now being rolled out in Detroit, Chicago and Pittsburgh with Department of Energy backing, act as surveillance cameras, Minority Report-style advertising hubs, and Homeland Security alert systems, they are also capable of recording conversations, reports ABC 7.
In their press release, the company behind the street lights also denied that they had received DHS funding for the system. In the aftermath of the controversy generated last week, ABC 7 reports that owner Ron Harwood is now working with Homeland Security to implement the high tech network, which is connected via a ubiquitous wi-fi system.Harwood told the Detroit Free Press that the street lights will make us feel not only safer, but happier, representing how business and government can work together for economic, environmental and social benefits.Harwood’s claim that the technology doesn’t represent a privacy threat simply because its rollout it transparent carries no weight whatsoever. Just because the installation of these street lights is being done publicly and not in secret has no bearing whatsoever on the frightening implications for privacy this development poses.The video clip includes creepy footage of the street lights being used to transmit Orwellian security alerts, including pay attention please….please stand by for a public safety announcement, and this is a security alert. Every security announcement you’ve heard in airports and subways can now be brought to steet level.
The street lights can also give audible warnings to individuals, mimicking the talking surveillance cameras in the UK that shout out orders through loudspeakers telling people to pick up litter or leave the area.By Spring of next year there is a good chance you could see them pop up in your city, states the report.It goes without saying that this is a complete violation of the 4th amendment and represents a whole new level in America’s transformation into a high-tech police state. Not even the most out-there dystopian films featured technology as sophisticated and as potentially invasive as Intellistreets.Without any public discourse, without any legal oversight, these systems are now being installed on the streets of America. Citizens already browbeaten into accepting the fact that their every movement can be tracked and traced by surveillance cameras will now be told to accept that the government recording private conversations on the street is a necessary step to provide safety and security, as the Homeland Security occupation of America takes on a whole new dimension.
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,(WORLD SOCIALISM) 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
WORLD MARKET RESULTS
http://money.cnn.com/data/world_markets/
CNBC VIDEOS
http://www.cnbc.com/id/15839263/?tabid=15839796&tabheader=false
HALF HOUR DOW RESULTS TUE NOVEMBER 01,2011
09:30 AM -2.43
10:00 AM -248.16
10:30 AM -180.69
11:00 AM -211.11
11:30 AM -222.01
12:00 PM -288.88
12:30 PM -291.30
01:00 PM -300.80
01:30 PM -239.65
02:00 PM -238.34
02:30 PM -171.34
03:00 PM -235.52
03:30 PM -251.34
04:00 PM -297.05 11,657.96
S&P 500 1218.28 -35.02
NASDAQ 2606.96 -77.45
GOLD 1,720.40 -4.80
OIL 91.39 -1.80
TSE 300 12,115.10 -136.96
CDNX 1588.88 -26.02
S&P/TSX/60 688.11 -9.93
MORNING,NEWS,STATS
YEAR TO DATE PERFORMANCE
Dow -254 points at 4 minutes of trading today.
Dow -290 points at low today.
Dow -1 points at high today so far.
GOLD opens at $1,685.70.OIL opens at $89.77 today.
AFTERNOON,NEWS,STATS
Dow -322 points at low today so far.
Dow -1 points at high today so far.
WRAPUP,NEWS,STATS
Dow -322 points at low today.
Dow -1 points at high today.
GOLD ALLTIME HIGH $1,902.60 (NOT AT CLOSE)
Analysis: Dollar's many woes complicate Japan intervention ReutersBy Steven C. Johnson | Reuters – OCT 31,11
NEW YORK (Reuters) - When it comes to weakening the yen, currency speculators are the least of Japan's problems.That's because when policymakers intervene to limit yen strength, as they did Monday, they square off against a formidable array of forces, including U.S. monetary policy, Chinese reserve managers and global investors from Texas to Tokyo united by one desire: to sell the U.S. dollar.Investors and market analysts say that explains why prior efforts to weaken the yen against the dollar have failed and why the chances of success this time around are equally slim.Japan intervened for the third time this year after the yen hit a record high of 75.31 per dollar, spending an estimated $65 billion and at one point pushing it some 5 percent lower.More may be on the way, particularly after data last week showed speculators had doubled their bets in favor of the yen in the week to October 25, the highest since around the last time policymakers intervened in August.Few expect much bang for the buck, though. Japan's move failed to push the dollar above 80 yen, and analysts at Credit Suisse forecast the dollar would soon return to 75-76 yen.This is not necessarily about independent yen strength or speculative forces driving it up, though I appreciate there's an element of that, said Simon Derrick, a strategist at BNY Mellon in London.Rather this is about broad-based dollar weakness. We are in the midst of a 10-year dollar downtrend and there are no signs the forces that have driven that are about to change.Japan is an export-oriented economy and a strong yen makes products more expensive abroad -- the last thing needed for an already weak economy that was ravaged in March by a major earthquake, a tsunami and a nuclear disaster.But Derrick notes that not even the severity of that disaster and the blow it dealt Japan's economy interrupted the dollar's steady decline against the yen.In fact, the yen soared to what was then a record high against the dollar after the earthquake, prompting official intervention a few days later.And the pattern is much the same elsewhere.We've had something close to an existential crisis in the euro zone. We had the UK central bank print more money, he said. But as with the yen, both currencies are doing well against the dollar. That tells you a lot about the problems facing the dollar.
UP AGAINST THE FED
Though up broadly on Monday, the dollar has shed nearly 4 percent against six major currencies so far this year and is down more than 30 percent since the start of 2001.
One impediment has been loose monetary policy. The Federal Reserve recently pledged to hold interest rates at zero until at least 2013 and the debate about more easing has heated up.Several policymakers have talked about adding to the $2.3 trillion the Fed has already poured into the financial system by resuming purchases of mortgage-backed bonds.While U.S. economic data has shown signs of improvement in recent weeks, economists say growth remains well below the pace needed to make a real dent in a 9.1 percent jobless rate.The Fed hasn't changed its stance, and that's really the problem, said Stephen Jen, president of London-based hedge fund SLJ Macro.It's more likely than not that we will see QE3 eventually, so (Japan) may have done this preemptively, knowing the Fed is probably gearing up to take action again.Some also fear the euro zone is on the verge of recession, and with most countries being forced to tighten their fiscal belts to rein in large deficits, markets expect the European Central Bank to cut interest rates by year end.As a result, Japanese investors may be content to park their money in Japanese government debt for safe keeping.That matters, Jen said, because Japanese investors play a large role in driving the yen exchange rate. With interest rates at or near zero for more than a decade, retail investors typically seek higher returns abroad when risk appetite is high. But when opportunities fade, that money comes home.The dollar is such an international currency that its trajectory is not dictated by American investors but that's not so with the yen, he said. As soon as Japanese investors have second thoughts about investments overseas, you have pressure in the dollar-yen exchange rate.
U.S. DEFICIT BACK IN FOCUS
There may be other reasons to avoid the dollar in the months ahead, especially if there is a breakdown in the politically tense negotiations about how to shave $1.5 trillion from the U.S. budget deficit over the next decade.If a November 23 deadline comes and goes, that would trigger automatic cuts and, some fear, prompt another ratings agency to cut the United States top AAA rating.If that happens, Derrick said China and other large holders of dollars could increase efforts to diversify their massive foreign exchange reserves, keeping pressure on the dollar and complicating Japanese efforts to weaken the yen.Japan could declare a level beyond which it would not let the dollar fall. That's worked for Switzerland, which struggled for much of the year to contain massive franc appreciation against the euro as the euro zone debt crisis deepened.But that probably wouldn't win Japan any friends at this week's summit of Group of 20 leaders in France.Credit Suisse called such a policy for the world's fourth largest exporter and third largest economy,politically unacceptable globally, adding it could prompt other export-led Asian countries to follow suit, something both the U.S. and Europe are loath to see.So this looks like a one-off unilateral intervention, said Mark McCormick, a strategist at Brown Brothers Harriman. Historical precedent suggests it will be ineffective.(Editing by Chizu Nomiyama)
Greek referendum threatens new euro zone crisis
ReutersBy Dina Kyriakidou and Harry Papachristou | Reuters – OCT 31,11
ATHENS (Reuters) - Greek Prime Minister George Papandreou has threatened the euro zone with a new crisis with his shock announcement that he will hold a referendum on the last-minute bailout deal struck only last week to try to contain the bloc's debt mountain.Euro zone leaders agreed to hand Athens a second, 130-billion-euro bailout and a 50-percent write-down on its enormous debt to make it sustainable.Papandreou, whose ruling Socialist party has suffered several defections as it pushes waves of austerity measures through parliament while protesters rally outside, said he needed wider political backing for the fiscal measures and structural reforms demanded by international lenders.If there was to be a referendum, we may reasonably conclude that they may not accept the austerity measures. We may conclude that it will bring the pack of cards tumbling down, Howard Wheeldon, senior strategist at BGC Partners in London, said.Analysts said holding a referendum -- likely to be held early next year and only Greece's second in almost 40 years -- was baffling, given that the latest opinion poll showed a majority of Greeks took a negative view of the bailout deal.Early reactions to the surprise move ranged from accusations that Papandreou was gambling with the country's future and predictions of default, to questions over the constitutional legality of the referendum and statements by lawmakers that a No vote would force his resignation and early elections.Nobel prize-winning economist Christopher Pissarides caught the renewed mood of uncertainty: It is difficult to predict what will happen to Greece if they reject it. It will be bad enough for the European Union and the euro zone in particular, but it will be far worse for Greece.
In the scenario of a no vote Greece would declare bankruptcy immediately, they would default immediately. I can't see them staying within the euro, he said.Analysts were divided over whether Greek voters would accept the deal, but agreed that a damaging month or two of market volatility lay ahead while pollsters repeatedly took the Greek voters' pulse and European leaders looked on nervously.This is going to bring back volatility and uncertainty in the market and essentially erase all the efforts made by the EU to make a deal, said Kathy Lien, director of currency research at GFT Forex, New Jersey.... with 60 percent against it, getting this passed will be a challenge, if passed it will provide extreme relief but given the protests and opposition it will be very difficult.The immediate market reaction to the announcement was negative, the euro extending losses against the dollar and tumbling more than 2 percent to a session low.Opposition New Democracy leader Antonis Samaras will visit President Karolos Papoulias on Tuesday to discuss developments and push for snap elections, party officials said.Mr. Papandreou is dangerous, he tosses Greece's EU membership like a coin in the air, party spokesman Yannis Michelakis said. He cannot govern and instead of withdrawing honorably, he dynamites everything.
UP TO THE VOTERS
Papandreou told the Greek voters it was up to them to decide the country's fate.We trust citizens, we believe in their judgment, we believe in their decision, he told Socialist party deputies.In a few weeks the (EU) agreement will be a new loan contract... we must spell out if we are accepting it or if we are rejecting it.Papandreou, grappling with Greece's worst financial crisis in 40 years, said the referendum would take place in a few weeks. Finance Minister Evangelos Venizelos told Greek TV it would probably be held early next year.Opposition parties accused Papandreou of looking for a way out for his embattled party by dragging Greece, which has seen violent clashes between anti-austerity protesters and riot police, through a lengthy period of political instability.I never expected Papandreou to take such a dangerous and frivolous decision, said Dora Bakoyanni, former foreign minister and leader of the small center-right Democratic Alliance party. All the international media will say that Greece itself is putting the EU deal at risk.Papandreou also said he would ask for a vote of confidence to secure support for his policy for the rest of his four-year term, which expires in 2013.Analysts said he was likely to win that, despite dissent among his parliamentary team, and parliament officials said the confidence debate would begin on Wednesday, with a vote on Thursday or Friday.
MONEY RUNNING OUT?
Greece is due to receive an 8 billion euro tranche in mid-November, but that is likely to run out during January, around the time of the referendum, leaving the government with no funds if there was a 'no' vote.Swinging opinion polls would leave markets fluctuating, and Greece's EU partners dangling, and could prompt a run on Greek banks by nervous savers.A survey carried out on Saturday showed that nearly 60 percent of Greeks viewed last week's EU summit agreement on the new bailout package as negative or probably negative.But David Lea of Control Risks struck a more positive note. It's all in the question. If he can frame it as a sufficiently apple-pie issue, he stands some chance of winning, he said.There was no early reaction from Greece's EU partners.Germany issued a statement saying the EU was working hard to put the second Greek aid package in place by the end of the year and had no comment on the referendum. EU leaders hammered out the deal in the hope of preventing the Greek debt crisis from spreading to other euro zone countries and shaking global markets.
QUESTIONS OVER LEGALITY
Some parliamentarians questioned the legality of the planned plebiscite under the constitution, which does not allow referendums on economic issues, only on matters of great national importance.The last time Greeks held a referendum was in December 1974, when they voted to abolish the monarchy shortly after the collapse of a military dictatorship.It's debatable whether the constitution allows such a referendum, said Fotis Kouvelis, leader of the small Democratic Left party. The country must go to early elections. Given the situation, it's the most honorable solution.To be binding, a referendum result requires a minimum 40 percent turnout on issues of crucial national importance and 50 percent on a law that has already been voted on in parliament and regulates a serious social issue, according to legislation enacted earlier this year. It was not clear which option the government would favor.If the referendum answer is no, Papandreou has to resign, said Costas Panagopoulos, an analyst at polling firm Alco.In the meantime what will happen with the decisions the EU took last week? I cannot understand what the prime minister wants to do.(Additional reporting by Ingrid Melander; Writing by Dina Kyriakidou; Editing by Tim Pearce and Alison Williams)
Wall St down as MF Global falls victim to Europe
ReutersBy Edward Krudy | Reuters – OCT 31,11
NEW YORK (Reuters) - Wall Street closed its best month in 20 years on a down note on Monday as the failure of trading firm MF Global Holdings Ltd and new worries about Europe's debt crisis hammered financial shares.In a sign that Europe's woes were far from over, Italian and Spanish bond yields soared, prompting the European Central Bank to buy the debt, while shares of European banks came under heavy selling pressure.MF Global Holdings Ltd , the futures broker that made big bets on European sovereign debt, filed for U.S. Chapter 11 bankruptcy protection, making it the biggest U.S. casualty of the euro-zone crisis. Trading in MF Global shares was halted.Financial shares fell sharply. Morgan Stanley , which has tended to do poorly when fears about Europe rise, dropped 8.6 percent to $17.64. Monday's losses marked a reversal of last week's euphoria over European leaders' deal to contain the debt crisis.We started the day with more questions about the European Union, said Mark Grant, Southwest Securities managing director, in Fort Lauderdale, Florida.Serious questions were raised, and then MF Global came along. MF is involved in all kinds of markets, and the fallout from them going bankrupt is unknown.As the sell-off accelerated at the market's close, the CBOE volatility index <.VIX> jumped 22.1 percent, its biggest daily gain since mid-August.
UNCERTAINTY OVER GREECE
News late in the day that Greece called an unexpected referendum on a new EU aid package baffled investors and added to the uncertainty.It struck me as a very curious protocol and I will be interested in how the Asian markets react to that tonight, said Fred Dickson, chief market strategist at D.A. Davidson & Co. in Lake Oswego, Oregon.Contributing to the downward pressure, the U.S. dollar shot up to a three-month high against the yen as Japan's government intervened to curb its currency's appreciation, which hurt the export-based economy.The dollar's jump caused shares of energy and natural resources companies to fall sharply. The S&P energy index <.GSPE> fell 4.4 percent and was the worst-hit sector.Despite the declines, the benchmark S&P 500 index was up nearly 11 percent for the month and posted its best monthly percentage gain since December 1991.Most of that run came as European leaders moved to beef up the region's bailout fund and recapitalize its banks.But despite October's gains, the S&P 500 index is flat for the year so far.
Still, many analysts believe that with a worst-case scenario in Europe seemingly off the table -- at least for now -- stocks could gain further as investors turn their attention to stronger-than-expected economic data in the United States and China.
The Dow Jones industrial average <.DJI> dropped 276.10 points, or 2.26 percent, to 11,955.01. The Standard & Poor's 500 Index <.SPX> fell 31.79 points, or 2.47 percent, to 1,253.30. The Nasdaq Composite Index <.IXIC> lost 52.74 points, or 1.93 percent, to 2,684.41.Bruce Bittles, chief investment strategist at Robert W. Baird & Co in Nashville, said the market's strong advance over the past month was leading to some selling, but said the market would likely rise further, provided the S&P 500 held the top end of its recent trading range at around 1,250.The market had a huge run in October, so the market was overbought coming into today, he said.
BLAME IT ON THE DOLLAR
Bank stocks were among the worst performing, with the KBW bank index <.BKX> down 4.1 percent, although analysts said MF Global was unlikely to be big enough to spark a systemic failure in the banking sector.JP Morgan Chase , which, according to an MF Global court filing, has about $1.2 billion worth of claims against the brokerage, fell 5.3 percent to $34.76.The greenback's advance pressured commodity prices, with copper off 2 percent and Brent crude down 0.3 percent. Many commodities are priced in the greenback, making a spike in dollar prices more expensive for traders in other currencies and sapping demand.The S&P materials sector <.GSPM> dropped 4.2 percent. Shares of Freeport-McMoRan Copper & Gold Inc lost 5.9 percent to $40.26. Aluminum company Alcoa Inc dropped 7 percent to $10.76.After a solid month of gains, the (higher) dollar is giving traders a reason to shy from the risk trade and take some profits, said Peter Cardillo, chief market economist at Rockwell Global Capital in New York.Volume was moderate, with about 7.7 billion shares traded on the New York Stock Exchange, NYSE Amex and Nasdaq. Declining stocks outnumbered advancing ones on the NYSE and the Nasdaq by about 4 to 1.(Reporting by Edward Krudy; Editing by Kenneth Barry and Jan Paschal)
WORLD GOVERNMENT
http://www.youtube.com/watch?v=nnq5cQMiAB8&feature=related
http://britanniaradio.blogspot.com/2009/07/we-are-already-under-global-government.html#links
DICK MORRIS-This truly creates a global economic system. From now on, don’t look to Washington for the rule making, look to Brussels.
LORD MONCKTON ON WORLD GOVERNMENT
http://www.youtube.com/watch?v=kHyMYEzRyf8&feature=player_embedded
http://www.youtube.com/watch?v=dUUcb36a_4I&feature=player_embedded
http://www.youtube.com/watch?v=rA0xEM1KwG4&feature=player_embedded
http://www.youtube.com/watch?v=-7o1S4m5mCw&feature=player_embedded
http://www.youtube.com/watch?v=ieC7HYC5cto&feature=player_embedded
EPHESIANS 6:10-13
10 Finally, my brethren, be strong in the Lord, and in the power of his might.
11 Put on the whole armour of God, that ye may be able to stand against the wiles of the devil.
12 For we wrestle not against flesh and blood, but against principalities,(DEMONIC ANGELS IN HIGH PLACES) against powers, against the rulers of the darkness of this world, against spiritual wickedness in high places.(SPIRTIUAL DEMONIC PERSONS)
13 Wherefore take unto you the whole armour of God, that ye may be able to withstand in the evil day, and having done all, to stand.
LUKE 4:5-7(BECAUSE SATAN OFFERS WORLD POWER, WORLD ORDERERS HAVE ACCEPTED SATANS GIFT)
5 And the devil, taking him (JESUS) up into an high mountain, shewed unto him all the kingdoms of the world in a moment of time.
6 And the devil said unto him, All this power will I give thee, and the glory of them: for that is delivered unto me; and to whomsoever I will I give it.
7 If thou therefore wilt worship me, all shall be thine.
DANIEL 7:23-25
23 Thus he said, The fourth beast shall be the fourth kingdom upon earth, which shall be diverse from all kingdoms, and shall devour the whole earth, and shall tread it down, and break it in pieces.
24 And the ten horns out of this kingdom are ten kings that shall arise: and another shall rise after them; and he shall be diverse from the first, and he shall subdue three kings.
25 And he shall speak great words against the most High, and shall wear out the saints of the most High, and think to change times and laws: and they shall be given into his hand until a time and times and the dividing of time.
DANIEL 12:4,1
4 But thou, O Daniel, shut up the words, and seal the book, even to the time of the end: many shall run to and fro, and knowledge shall be increased.
1 And at that time shall Michael stand up, the great prince which standeth for the children of thy people: and there shall be a time of trouble, such as never was since there was a nation even to that same time: and at that time thy people shall be delivered, every one that shall be found written in the book.
REVELATION 13:1-3,7,8,12,16-18
1 And I stood upon the sand of the sea, and saw a beast rise up out of the sea, having seven heads and ten horns, and upon his horns ten crowns, and upon his heads the name of blasphemy.
2 And the beast which I saw was like unto a leopard, and his feet were as the feet of a bear, and his mouth as the mouth of a lion: and the dragon gave him his power, and his seat, and great authority.
3 And I saw one of his heads as it were wounded to death; and his deadly wound was healed: and all the world wondered after the beast.
7 And it was given unto him to make war with the saints, and to overcome them: and power was given him over all kindreds, and tongues, and nations.
8 And all that dwell upon the earth shall worship him, whose names are not written in the book of life of the Lamb slain from the foundation of the world.
12 And he exerciseth all the power of the first beast before him, and causeth the earth and them which dwell therein to worship the first beast, whose deadly wound was healed.
16 And he causeth all,(WORLD SOCIALISM) both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads:
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.
REVELATION 17:3,7,9-10,12,18
3 So he carried me away in the spirit into the wilderness: and I saw a woman sit upon a scarlet coloured beast, full of names of blasphemy, having seven heads and ten horns.
7 And the angel said unto me, Wherefore didst thou marvel? I will tell thee the mystery of the woman, and of the beast that carrieth her, which hath the seven heads and ten horns.
9 And here is the mind which hath wisdom. The seven heads are seven mountains, on which the woman sitteth.
10 And there are seven kings: five are fallen, and one is, and the other is not yet come; and when he cometh, he must continue a short space.
12 And the ten horns which thou sawest are ten kings, which have received no kingdom as yet; but receive power as kings one hour with the beast.
18 And the woman which thou sawest is that great city, which reigneth over the kings of the earth.
We shall have World Government, whether or not we like it. The only question is whether World Government will be achieved by conquest or consent.James Paul Warburg appearing before the Senate on 7th February 1950
Like a famous WWII Belgian General,Paul Henry Spock said in 1957:We need no commission, we have already too many. What we need is a man who is great enough to be able to keep all the people in subjection to himself and to lift us out of the economic bog into which we threaten to sink. Send us such a man. Be he a god or a devil, we will accept him.And today, sadly, the world is indeed ready for such a man.
French finance chief joins Vatican attack on markets
28.10.11 @ 20:20 By Andrew Rettman
BRUSSELS - France's top financial regulator has told bishops he shares the Vatican's view that financial markets are out of control and need central regulation.Jean-Pierre Jouyet, the head of the French Financial Markets Authority, laid out his views at a yearly meeting of 24 senior Roman Catholic bishops in Brussels on Thursday (27 October), a few hours after EU leaders finished their anti-crisis summit up the road.He described derivatives markets as a vast, opaque structure which has lost touch with reality and which is eroding fundamental values.Citing the example of the Chicago Mercantile Exchange, which last year traded wheat futures contracts worth 46 times the world's actual production of wheat, Jouyet said: This [system] has changed our relationship to money, which has become an absolute value and the measure of all things.He added: More seriously, states have increasingly fallen under the control of markets, as this crisis shows. We have to constantly react to market expectations, to reassure the markets ... States, politics must regain control of things.In terms of concrete policies, Jouyet said euro-using countries should establish joint economic governance despite the unease of non-euro EU members over a two-speed union or resistance among EU voters to a federal leap.
He added the EU should strengthen the powers of its new banking and insurance regulators - the Paris-based Esma, the EBA in London and the Frankfurt-based Eiopa. He backed European Commission proposals to gag ratings agencies and to create a tax on financial transactions. And he said banks should be split into normal lenders and speculators.He also endorsed Vatican ideas on how to deal with traders and globalisation.In this regard, the Pontifical Council for Justice and Peace is right to emphasize in its latest report the need to strengthen global governance, Jouyet said.The Vatican report on Monday urged the G20 and the UN to create a kind of central world bank to discipline markets and, later on, a world government or public authority with universal jurisdiction to promote peace.The proposal was based on similar concerns to Jouyet's description of the Chicago exchange.The Vatican paper said: The crisis has revealed behaviours like selfishness, collective greed and the hoarding of goods on a great scale ... The negative effects that will follow on the social, political and economic level will be destined to create a climate of growing hostility and even violence.It added the primacy of politics, which is responsible for the common good should be restored over the economy and finance.For their part, the 24 bishops in their joint statement on Friday turned the discourse on its head, saying markets have become what they are because of politics and culture.The causes of the crisis are structural and mainly rooted in the short-term and very often electorally-motivated political choices. These choices often reflect individual behaviour of credit-financed consumerism ... populism ... [and] moral relativism, they said.The Vatican's own bank, the Institute for Works of Religion, is one of the world's most opaque and least-regulated financial bodies. Last year Italian authorities temporarily seized €23 million of its assets on suspicion of mafia money laundering.
MUSLIM NATIONS
EZEKIEL 38:1-12
1 And the word of the LORD came unto me, saying,
2 Son of man, set thy face against Gog,(RULER) the land of Magog,(RUSSIA) the chief prince of Meshech(MOSCOW)and Tubal,(TOBOLSK) and prophesy against him,
3 And say, Thus saith the Lord GOD; Behold, I am against thee, O Gog, the chief prince of Meshech(MOSCOW) and Tubal:
4 And I will turn thee back, and put hooks into thy jaws,(GOD FORCES THE RUSSIA-MUSLIMS TO MARCH) and I will bring thee forth, and all thine army, horses and horsemen, all of them clothed with all sorts of armour, even a great company with bucklers and shields, all of them handling swords:
5 Persia,(IRAN,IRAQ) Ethiopia, and Libya with them; all of them with shield and helmet:
6 Gomer,(GERMANY) and all his bands; the house of Togarmah (TURKEY)of the north quarters, and all his bands:(SUDAN,AFRICA) and many people with thee.
7 Be thou prepared, and prepare for thyself, thou, and all thy company that are assembled unto thee, and be thou a guard unto them.
8 After many days thou shalt be visited: in the latter years thou shalt come into the land that is brought back from the sword, and is gathered out of many people, against the mountains of Israel, which have been always waste: but it is brought forth out of the nations, and they shall dwell safely all of them.
9 Thou shalt ascend and come like a storm, thou shalt be like a cloud to cover the land, thou, and all thy bands, and many people with thee.(RUSSIA-EGYPT AND MUSLIMS)
10 Thus saith the Lord GOD; It shall also come to pass, that at the same time shall things come into thy mind, and thou shalt think an evil thought:
11 And thou shalt say, I will go up to the land of unwalled villages; I will go to them that are at rest, that dwell safely, all of them dwelling without walls, and having neither bars nor gates,
12 To take a spoil, and to take a prey; to turn thine hand upon the desolate places that are now inhabited, and upon the people that are gathered out of the nations, which have gotten cattle and goods, that dwell in the midst of the land.
ISAIAH 17:1
1 The burden of Damascus. Behold, Damascus is taken away from being a city, and it shall be a ruinous heap.
PSALMS 83:3-7
3 They (ARABS,MUSLIMS) have taken crafty counsel against thy people,(ISRAEL) and consulted against thy hidden ones.
4 They have said, Come, and let us cut them off from being a nation; that the name of Israel may be no more in remembrance.
5 For they (MUSLIMS) have consulted together with one consent: they are confederate against thee:(TREATIES)
6 The tabernacles of Edom,(JORDAN) and the Ishmaelites;(ARABS) of Moab, PALESTINIANS,JORDAN) and the Hagarenes;(EGYPT)
7 Gebal,(HEZZBALLOH,LEBANON) and Ammon,(JORDAN) and Amalek;(SYRIA,ARABS,SINAI) the Philistines (PALESTINIANS) with the inhabitants of Tyre;(LEBANON)
DANIEL 11:40-43
40 And at the time of the end shall the king of the south( EGYPT) push at him:(EU DICTATOR IN ISRAEL) and the king of the north (RUSSIA AND MUSLIM HORDES OF EZEK 38+39) shall come against him like a whirlwind, with chariots, and with horsemen, and with many ships; and he shall enter into the countries, and shall overflow and pass over.
41 He shall enter also into the glorious land, and many countries shall be overthrown: but these shall escape out of his hand, even Edom, and Moab, and the chief of the children of Ammon.(JORDAN)
42 He shall stretch forth his hand also upon the countries: and the land of Egypt shall not escape.
43 But he shall have power over the treasures of gold and of silver, and over all the precious things of Egypt: and the Libyans and the Ethiopians shall be at his steps.
EZEKIEL 39:1-8
1 Therefore, thou son of man, prophesy against Gog,(LEADER OF RUSSIA) and say, Thus saith the Lord GOD; Behold, I am against thee, O Gog, the chief prince of Meshech (MOSCOW) and Tubal: (TUBOLSK)
2 And I will turn thee back, and leave but the sixth part of thee, and will cause thee to come up from the north parts,(RUSSIA) and will bring thee upon the mountains of Israel:
3 And I will smite thy bow out of thy left hand, and will cause thine arrows to fall out of thy right hand.
4 Thou shalt fall upon the mountains of Israel, thou, and all thy bands,( ARABS) and the people that is with thee: I will give thee unto the ravenous birds of every sort, and to the beasts of the field to be devoured.
5 Thou shalt fall upon the open field: for I have spoken it, saith the Lord GOD.
6 And I will send a fire on Magog,(NUCLEAR BOMB) and among them that dwell carelessly in the isles: and they shall know that I am the LORD.
7 So will I make my holy name known in the midst of my people Israel; and I will not let them pollute my holy name any more: and the heathen shall know that I am the LORD, the Holy One in Israel.
8 Behold, it is come, and it is done, saith the Lord GOD; this is the day whereof I have spoken.
JOEL 2:3,20,30-31
3 A fire(NUCLEAR BOMB) devoureth before them;(RUSSIA-ARABS) and behind them a flame burneth: the land is as the garden of Eden before them, and behind them a desolate wilderness; yea, and nothing shall escape them.
20 But I will remove far off from you the northern army,(RUSSIA,MUSLIMS) and will drive him into a land barren and desolate, with his face toward the east sea, and his hinder part toward the utmost sea, and his stink shall come up, and his ill savour shall come up, because he hath done great things.(SIBERIAN DESERT)
30 And I will shew wonders in the heavens and in the earth, blood, and fire, and pillars of smoke.(NUCLEAR BOMB)
31 The sun shall be turned into darkness, and the moon into blood, before the great and the terrible day of the LORD come.
NATO ends victorious 7-month Libya campaign
APBy KARIN LAUB and SLOBODAN LEKIC - Associated Press | AP – OCT 31,11
TRIPOLI, Libya (AP) — NATO's triumphant, 7-month air campaign against Libya ended Monday, setting the country on the path to a democratic transition less than two weeks after the capture and killing of ousted dictator Moammar Gadhafi.The alliance turned down a Libyan request to extend the protective umbrella for a few more weeks, apparently eager to exit on a high note and wrap up a costly mission at a time of financial austerity.The relatively quick victory in Libya represented a major boost for a Cold War alliance bogged down in a 10-year war in Afghanistan, a 12-year mission in Kosovo and the seemingly never-ending anti-piracy operation off the Somali coastline.The operation's critics — including Russia, China and the African Union — have argued that NATO misused the limited U.N. resolution imposing a no-fly zone and authorizing the protection of civilians as a pretext to promote regime change.But with alliance airstrikes helping open the way on the battlefield following a lengthy stalemate, revolutionary forces eventually captured Tripoli in late August and brought an end to the war with the death of Gadhafi on Oct. 20.
Together, we succeeded. Libya is finally free, NATO chief Anders Fogh Rasmussen told a joint news conference in Tripoli with Mustafa Abdul-Jalil, Libya's interim leader.
Addressing the Libyans, he said: You acted to change your history and your destiny. We acted to protect you.In the past seven months, NATO warplanes flew 26,000 sorties, including more than 9,600 strike missions, destroying more than 1,000 tanks, vehicles, and guns.U.S. planes flew a quarter of those missions, mostly in support roles such as air refueling and surveillance of the battlefields, while the European allies and four partner nations conducted the vast majority of ground attacks.As NATO pulled out, Libya's leadership, the 51-member National Transitional Council, was taking another step toward a democratic system, to be operational within two years. The council chose a new prime minister, U.S.-educated electrical engineer Abdurrahim el-Keib, who is to appoint a new government that will pave the way for general elections.El-Keib, an NTC member from Tripoli with a doctorate from North Carolina State University, said he would appoint the government within two weeks.The new government will oversee the drafting of a constitution. The NTC started out as an impromptu group of anti-Gadhafi activists, but evolved into a more carefully chosen interim government after the fall of the Gadhafi regime, said Jalal el-Gallal, an NTC spokesman.Fogh Rasmussen, the NATO chief, suggested the possibility of a future partnership with a democratic Libya, but made clear that NATO is ending its role. Asked about reports of unsecured weapons sites across Libya, Fogh Rasmussen said that it is now primarily the responsibility of the new authorities in Libya to make sure that weapons are properly secured.Abdul-Jalil confirmed the presence of chemical weapons sites, and said foreign inspectors were arriving later this week to deal with the issue.
Libyan leaders had requested an extension of NATO protection for a few more weeks, but Libyan officials said that was turned down. NATO leaders have repeatedly emphasized that although overall the campaign went very well, the conflict placed a significant burden on some alliance capabilities.I think the critical resource that was stretched in the course of this was intelligence, surveillance, and reconnaissance, Adm. James Stavridis, NATO's top military commander, told The Associated Press in Brussels.Some senior officers in NATO suggested the alliance needed to extract itself quickly from at least one of those engagements at a time when defense budgets in Europe and the United States are being slashed as part of public spending cuts and other austerity measures designed to deal with the economic crisis.Within the alliance ... we're concurrently doing Afghanistan, Libya for the past seven months, the Balkans, piracy (and) a counter terrorism operation in the Mediterranean, said Stavridis, who as the Supreme Allied Commander has ultimate responsibility for the wars and all other operations.He noted that Libya represented the first completion of a NATO operation.Asked whether NATO would possibly be providing training for the new Libyan army, Stavridis said that the focus of international assistance to Libya should be on a bilateral basis with Arab and Western nations.At the moment there's no discussion with in NATO about a follow-on role,he said.We're not planning on anything nor have we been tasked with anything at this point.The ouster of Gadhafi would not have been possible without NATO.In the early days of the armed rebellion, anti-Gadhafi fighters rapidly seized territory, particularly in Libya's east, but quickly lost ground again, and by late March, Gadhafi's troops were advancing toward the rebellion's stronghold, the eastern city of Benghazi.NATO interceded, armed with a U.N. Security Council mandate to protect Libyan civilians, and flew its first bombing sorties at the end of March. However, the alliance often appeared to be doing much more than shielding civilians.It worked closely with revolutionary forces, its airstrikes of regime targets paving the way for rebel advances in those areas. It also widened the range of targets, going not just after tanks and rocket launchers, but also symbols of the Gadhafi regime, including his sprawling residential and government complex, Bab al-Aziziyah, in downtown Tripoli.At one point, NATO bombed Libyan naval vessels after the Libyan navy tried to mine the harbor of the besieged rebel-held port of Misrata and tried to carry out attacks on shipping there.With the end of NATO's Libya mission, the alliance has faced some calls to intervene in Syria's uprising.But Fogh Rasmussen said NATO has no intention to get involved in Syria.I can completely rule that out, he said. Having said that, I strongly condemn the crackdowns on the civilian population in Syria. What has happened in Libya sends a clear signal to autocratic regimes all over the world — you cannot neglect the will of the people.Associated Press writer Rami al-Shaheibi in Tripoli contributed report.Follow Slobodan Lekic on Twitter at http://twitter.com/slekich
Report: Israel May Cut Ties With UNESCO-Following the accession of the Palestinian Authority to UNESCO Israel is considering cutting ties with the body. By Gavriel Queenann First Publish: 10/31/2011, 11:17 PM
Reports circulated Monday that Israel is considering ending its relationship with UNESCO, now that the Palestinian Authority had been admitted as a full member.In a statement, the Foreign Ministry said that Israel was reconsidering its future cooperation with UNESCO in the wake of the PA's membership.The United States expressed sharp criticism of the UNESCO decision. The State Department said - in accordance with a decision by US lawmakers – that it would freeze funds to UNESCO, as required by American law. The White House echoed Jerusalem’s earlier statement that the decision was not helpful to bringing about a settlement between Israel and the PA. The EU, however, called on its member states to continue funding UNESCO.The UNESCO decision came after PA chairman Mahmoud Abbas found his September bid for recognition of a PA state by the world body in stasis at the Security Council, where the US is promising a negative recommendation for the move.Abbas' bid would require 9 positive recommendations from the 15-member Security Council – Including all five veto wielding permanent members – to advance to the General Assembly.
The move to join UNESCO, and other US organs, as a full-member is seen by many as a way to incrementalize the PA's unilateral track and avoid the compromise inherent in bilateral negotiations with Israel.For his part, Abbas praised UNESCO Monday night for accepting the PA's application for membership saying it was a victory for the rule of law, justice, and freedom.Hamas also praised UNESCO, saying PA ascension to the body was, an important step that will ensure the survival of the Palestinian heritage in the face of Israel's attempts at destroying it, especially in mosques, and especially at the Al-Aqsa Mosque.
US Prof Defends Death to Israel Remark; In Name of Allah-A US professor who shouted death to Israel as an Israeli Bedouin spoke, defends his statement because it was for Allah.By Tzvi Ben Gedalyahu First Publish: 10/31/2011, 5:58 PM
An American professor who shouted death to Israel during an Israeli Bedouin speaker's response to a question, defended his statement by saying it was for Allah.
Associate history professor Julio Pino of Kent University, in Ohio, made the remark after asking a question of Ishmael Khaldi, who was speaking of his experiences working on behalf of Israel. Khaldi is the former deputy counsel general at the Israeli consulate in San Francisco and now is a deputy minister.Pino stalked out of the lecture hall after he shouted at the guest speaker.He wrote in a-mail to HigherEd.com, What I spoke was for the sake of the children of Palestine, and no other reason. The only politics I have are There is no God but God, and Mohammed is His Messenger.He rounded out his logic by quoting the Koran, They try to put out the light of Allah with their mouths, but Allah will allow nothing but the perfection of that light, though the disbelievers dislike it.University president Lester Lefton denounced the death to Israel statement, but no disciplinary action has been announced against Pino, who has a long history of anti-Israel rants.HigherEd noted, There is a wide consensus in higher education that it is appropriate for people who oppose the views of various campus speakers to ask them tough questions, to boycott, to picket outside, to invite speakers with alternative views…There is less consensus on activities that seek in some way to interrupt a presentation or that involve shouting at a speaker.Ten Muslim students at the University of California's Irvine campus were charged and recently convicted for shouting and drowning out a lecture by Michael Oren, Israeli Ambassador to the United States.They claimed they were exercising freedom of speech in trying to prevent Oren from talking. One of them called him a war criminal.
Lefton, Kent’s president, stated that Pino’s treatment of the Bedouin guest was reprehensible, and an embarrassment to our university. He added, Calling for the destruction of the state from which our guest comes (as do some of our students, faculty and community members) is a grotesque failure to model these values.Support for Pino’s freedom to shout inciting remarks was expressed by Cary Nelson, national president of the American Association of University Professors. Calling out a political slogan during a question period falls well within the speech rights of any member of a university community, he said. Expressive outbursts do not substitute for rational analysis, but they have long played a role in our national political life. Not everyone sees a death wish as a political slogan.Nelson also questioned Lefton for questioning the moral legitimacy or the right to exist of a guest's home country.Pino’s background includes a raid on his home by Secret Service agents after Town Hall’s Mike Adams wrote two years ago that Pino sent out an e-mail that said that President Obama would soon need some more coffins sent to the White House.Adams also has written that Pino contributed to a terrorist website.
http://www.israelnationalnews.com/News/News.aspx/149292#.Tq923XLw04o
Turkey Working to Impose the Libyan Model on Syria-How Turkey is working to create the civilian and military parallels between Lybia and Syria.By Amiel Ungar First Publish: 11/1/2011, 6:26 AM
Turkey may have bungled relief efforts for the earthquake victims, but then Turkey has bigger fish to fry. Turkey has been increasingly asserting its control over the Syrian opposition to the Assad regime in the hope of securing influence with a new regime that will replace the Baath regime.It is plain that Turkey was originally wrong-footed by the events in Libya when it originally denounced Western intervention. But it has assimilated some of the lessons from Libya and is seeking to transpose them to Syria.Turkish Foreign Minister Ahmet DavutoÄŸlu, referring to the death of Muammar Qaddafi after meeting the head of the Libyan National Transitional Council, Mustafa Abdul Jalil, was sad to see the Libyan ruler meet his demise in such a manner, as he had been a fixture for so long in the region.But Qaddafi, explained DavutoÄŸlu, was also responsible for his end, because he ignored his people’s demands and international calls for reform, including ones from Turkish Prime Minister Recep Tayyip ErdoÄŸan.Although Syria is different from Libya in terms of its ethnic composition and geographic location, Tripoli offers a lesson for Damascus. Regime survival ia ultimately dependent on legitimacy, so there are lessons from Libya that everyone can take.We will not allow chaos and despotism to take hold in Syria; it is our responsibility to the Syrian people, DavutoÄŸlu told reporters at a joint press conference with his Jordanian counterpart, Nasser Judeh, on Wednesday. Turkey praised Jordan for embarking on the needed reforms and looked upon Jordan, which also borders Syria, as a partner in sorting out Syria.Turkey is not, however, interested in political theory. It is interested in cold facts. To dislodge the Assad regime in Syria, Turkey needs the situation in Syria to approximate the Libyan situation in the following 2 ways:
It is necessary for the Syrian opponents to the Assad regime to replicate the success of the Libyan insurgents by establishing a representative organization that can claim to speak for the opposition.Secondly, that opposition can no longer rely on demonstrations alone-- peaceful or violent. There must also be an opposition coupled with a military force that can upgrade the struggle from mass protests to a civil war with patches of territory presumably under control of the opposition.This would lead to recognition of the opposition party - however prematurely - by states interested in deposing the Assad regime.Turkey, due to its long border with Syria, can provide sanctuary to both the civilian and military face of the insurgents.On Tuesday, members of the Turkish government met with the Syrian National Council that was formed in Istanbul and has its headquarters there.The group has a 230 member General Assembly with a National Consensus Charter. While it has some members of the secular intelligentsia, the Muslim Brotherhood and Islamists in general are strongly overrepresented. This suits Erdogan's Islamic AKP just fine.Turkey has provided sanctuary to a Free Syrian Army led by a Colonel Riad Asaad (no relation to Bashar).
It has attempted to weld together soldiers who have defected from the Syrian Army.
Turkey provides security to the commands headquartered in Turkey. The Free Syrian army boasts of 22 battalions and 25,000 men under arms but this is in the realm of exaggeration.However, news reports have confirmed attacks on checkpoints, pro-regime vigilantes and military equipment. The Syrian refugees in Turkey constitute a recruitment base as well.Many refugees. heartened by the Libyan example. are prepared to fight. The Assad regime connived in funneling Islamists into Iraq to fight the Americans. Given the emerging Turkish sanctuary. it may find itself on the receiving end of the same strategy.
FALSE TEACHERS,PROPHETS,DECIEVERS
MARK 7:6
6 He answered and said unto them, Well hath Esaias prophesied of you hypocrites, as it is written, This people honoureth me with their lips, but their heart is far from me.
LUKE 16:15
15 And he said unto them, Ye are they which justify yourselves before men; but God knoweth your hearts: for that which is highly esteemed among men is abomination in the sight of God.
TITUS 1:16
16 They profess that they know God; but in works they deny him, being abominable, and disobedient, and unto every good work reprobate.
MATTHEW 24:4-5,11,24-25
4 And Jesus answered and said unto them, Take heed that no man deceive you.
5 For many shall come in my name, saying, I am Christ; and shall deceive many.
11 And many false prophets shall rise, and shall deceive many.
24 For there shall arise false Christs, and false prophets, and shall shew great signs and wonders; insomuch that, if it were possible, they shall deceive the very elect.
25 Behold, I have told you before.
1 TIMOTHY 4:1-2
1 Now the Spirit speaketh expressly, that in the latter times some shall depart from the faith, giving heed to seducing spirits, and doctrines of devils;
2 Speaking lies in hypocrisy; having their conscience seared with a hot iron;
MARK 13:22-23
22 For false Christs and false prophets shall rise, and shall shew signs and wonders, to seduce, if it were possible, even the elect.
23 But take ye heed: behold, I have foretold you all things.
2 TIMOTHY 3:13
13 But evil men and seducers shall wax worse and worse, deceiving, and being deceived.
DEUTORONOMY 18:10-12
10 There shall not be found among you any one that maketh his son or his daughter to pass through the fire, or that useth divination, or an observer of times, or an enchanter, or a witch,
11 Or a charmer, or a consulter with familiar spirits, or a wizard, or a necromancer.
12 For all that do these things are an abomination unto the LORD: and because of these abominations the LORD thy God doth drive them out from before thee.
JUDE 10-13
10 But these speak evil of those things which they know not: but what they know naturally, as brute beasts, in those things they corrupt themselves.
11 Woe unto them! for they have gone in the way of Cain, and ran greedily after the error of Balaam for reward, and perished in the gainsaying of Core.
12 These are spots in your feasts of charity, when they feast with you, feeding themselves without fear: clouds they are without water, carried about of winds; trees whose fruit withereth, without fruit, twice dead, plucked up by the roots;
13 Raging waves of the sea, foaming out their own shame; wandering stars, to whom is reserved the blackness of darkness for ever.
MATTHEW 10:32-33
32 Whosoever therefore shall confess me(JESUS) before men, him will I confess also before my Father which is in heaven.
33 But whosoever shall deny me (JESUS) before men, him will I also deny before my Father which is in heaven.
Former CEO accused of targeting churchgoers
APBy GREG BLUESTEIN - Associated Press | AP – OCT 31,11
ATLANTA (AP) — With confidence and zeal, Ephren Taylor riveted audiences at mostly black churches with a list of his impressive accomplishments and an uncanny business sense. He had the blessing of top clergy as he gave financial seminars from the pulpit on Sundays, promising rock-solid investments — only many of the churchgoers said they haven't seen a dime.Two lawsuits filed this month claim the 29-year-old Taylor was a con artist who targeted worshippers throughout at least five states on the East Coast since 2004, swindling tens of millions of dollars in a Ponzi scheme.He knew if he went to a Christian African-American and said, I can take your hard-earned investment money, and you're going to earn more money, but more importantly you're going to do good for your church and community,that they would fall for it hook line and sinker, said Cathy Lerman, an attorney who sued Taylor in North Carolina.The allegations have tarnished Taylor, who resigned last year after becoming the chief executive of the holding company City Capital, which had been based in North Carolina, when he was 23. Worshippers would often be asked to invest in real estate and businesses tied to the holding company.The Secret Service and the secretary of state's office in Georgia, where the other lawsuit has been filed, are investigating. He has not faced any criminal charges.Lawyers suing him say they don't know his whereabouts, but he sent The Associated Press a statement after a reporter contacted him through his website.He said he planned to use his own money to help those who feel negatively impacted. He criticized his detractors and compared himself to other financial heavyweights who were crucified amid the economic downturn.Sometimes people will participate in a game they don't have a stomach for, and when it goes south, they put the blame on those that led that game, said Taylor, who did not respond to follow-up questions.In late 2009, Taylor came to an Atlanta megachurch with his surefire pitch, according to the lawsuit in Georgia. He held a financial seminar aimed at children on a Saturday, telling curious parents to hold their questions. Flanked by Bishop Eddie Long the following day, he told the 25,000 member congregation that his investors would buy can't-miss real estate rather than take a risk on Wall Street.He pushed all the right buttons, said Lillian Wells, who said she lost $122,000. Everyone was tired of losing money in the stock market, and this was an opportunity for a guaranteed return on the money.
Wells is among 10 New Birth Missionary Baptist Church members suing Taylor, the bishop and the church. It claims Long abused his spiritual authority and coerced his parishioners into investing at least $1 million in Taylor's fund in late 2009.The bishop has declined to comment on the lawsuit, but he urged Taylor in a video posted this year on YouTube to do what's right and repay the money with interest. In May, Long settled a separate lawsuit filed by four young men who accused him of sexual misconduct.New Birth is one of the best-known ministries preaching a form of the prosperity gospel, which teaches that God wants to bless the faithful with earthly riches. Ministers in this tradition often hold up their own wealth as evidence that the teaching works. Long has flaunted his own success with flashy suits, expensive cars and large home on 20 acres.Attorneys said many of the worshippers duped were socially conscious. But instead of lucrative returns, Taylor and his company used incoming funds from new investors to pay back existing clients, the attorneys said.
Taylor's inspiring success story helped build his mystique. At the age of 12, he sold video games he designed. By 18, he and a friend had helped create a job search engine called GoFerretGo that he claimed was valued at more than $3 million, though one of the lawsuits questioned that figure.After he was tapped in 2006 as the chief executive of City Capital, now based in California, he was quick to boast in media interviews that the move made him the youngest black leader of a publicly traded company in the U.S.He wrote books about his financial savvy, appeared on national news networks to offer financial advice and observations and landed a spot speaking to a youth leader's summit at the 2008 Democratic National Convention. He'd convince ministers to let him deliver a Sunday sermon, the lawsuits say, and rev up the boasting of his TV appearances and client list stacked with celebrities and athletes.
It was that record that attracted Joann White, a 61-year-old retiree who invested her life savings of $200,000 in his firm. After years of fighting with Taylor and his associates, she said she lost all but $20,000 of the money.I know that's so stupid now looking back at it, but I saw him so often on TV, talking about how great he was,said White, who lives in Belleville, Mich. And I kind of fell into it.Follow Bluestein at http://www.twitter.com/bluestein
NUCLEAR WEAPONS WILL BE USED.
PSALMS 97:3
3 A fire goeth before him, and burneth up his enemies round about.
PSALMS 75:8
8 For in the hand of the LORD there is a cup, and the wine is red; it is full of mixture; and he poureth out of the same: but the dregs thereof, all the wicked of the earth shall wring them out, and drink them.
REVELATION 14:18-20
18 And another angel came out from the altar, which had power over fire; and cried with a loud cry to him that had the sharp sickle, saying, Thrust in thy sharp sickle, and gather the clusters of the vine of the earth; for her grapes are fully ripe.
19 And the angel thrust in his sickle into the earth, and gathered the vine of the earth, and cast it into the great winepress of the wrath of God.
20 And the winepress was trodden without the city,(JERUSALEM) and blood came out of the winepress, even unto the horse bridles, by the space of a thousand and six hundred furlongs.(200 MILES) (THE SIZE OF ISRAEL)
ISAIAH 66:15-18
15 For, behold, the LORD will come with fire, and with his chariots like a whirlwind, to render his anger with fury, and his rebuke with flames of fire.
16 For by fire and by his sword will the LORD plead with all flesh: and the slain of the LORD shall be many.
17 They that sanctify themselves, and purify themselves in the gardens behind one tree in the midst, eating swine's flesh, and the abomination, and the mouse, shall be consumed together, saith the LORD.
18 For I know their works and their thoughts: it shall come, that I will gather all nations and tongues; and they shall come, and see my glory.
ISAIAH 26:21
21 For, behold, the LORD cometh out of his place to punish the inhabitants of the earth for their iniquity: the earth also shall disclose her blood, and shall no more cover her slain.(WW3,1/2 earths population die).
ISAIAH 13:6-13 KJV
6 Howl ye; for the day of the LORD is at hand; it shall come as a destruction from the Almighty.
7 Therefore shall all hands be faint, and every man's heart shall melt:(FROM FRIGHT)
8 And they shall be afraid: pangs and sorrows shall take hold of them; they shall be in pain as a woman that travaileth: they shall be amazed one at another; their faces shall be as flames.
9 Behold, the day of the LORD cometh, cruel both with wrath and fierce anger, to lay the land desolate: and he shall destroy the sinners thereof out of it.
10 For the stars of heaven and the constellations thereof shall not give their light: the sun shall be darkened in his going forth, and the moon shall not cause her light to shine.
11 And I will punish the world for their evil, and the wicked for their iniquity; and I will cause the arrogancy of the proud to cease, and will lay low the haughtiness of the terrible.
12 I will make a man more precious than fine gold; even a man than the golden wedge of Ophir.
13 Therefore I will shake the heavens, and the earth shall remove out of her place, in the wrath of the LORD of hosts, and in the day of his fierce anger.
ISAIAH 24:17-23 KJV
17 Fear, and the pit, and the snare, are upon thee, O inhabitant of the earth.
18 And it shall come to pass, that he who fleeth from the noise of the fear shall fall into the pit; and he that cometh up out of the midst of the pit shall be taken in the snare: for the windows from on high are open, and the foundations of the earth do shake.
19 The earth is utterly broken down, the earth is clean dissolved, the earth is moved exceedingly.
20 The earth shall reel to and fro like a drunkard, and shall be removed like a cottage; and the transgression thereof shall be heavy upon it; and it shall fall, and not rise again.
21 And it shall come to pass in that day, that the LORD shall punish the host of the high ones that are on high, and the kings of the earth upon the earth.
22 And they shall be gathered together, as prisoners are gathered in the pit, and shall be shut up in the prison, and after many days shall they be visited.
23 Then the moon shall be confounded, and the sun ashamed, when the LORD of hosts shall reign in mount Zion, and in Jerusalem, and before his ancients gloriously.
2 TIMOTHY 3:1
1 This know also, that in the last days perilous (DANGEROUS) times shall come.
JOEL 2:3,30
3 A fire devoureth before them; and behind them a flame burneth: the land is as the garden of Eden before them, and behind them a desolate wilderness; yea, and nothing shall escape them.
30 And I will shew wonders in the heavens and in the earth, blood, and fire, and pillars of smoke.
ZECHARIAH 14:12-13
12 And this shall be the plague wherewith the LORD will smite all the people that have fought against Jerusalem; Their flesh shall consume away while they stand upon their feet, and their eyes shall consume away in their holes, and their tongue shall consume away in their mouth.
13 And it shall come to pass in that day, that a great tumult from the LORD shall be among them; and they shall lay hold every one on the hand of his neighbour, and his hand shall rise up against the hand of his neighbour.(1/2-3 BILLION DIE IN WW3)
EZEKIEL 20:47
47 And say to the forest of the south, Hear the word of the LORD; Thus saith the Lord GOD; Behold, I will kindle a fire in thee, and it shall devour every green tree in thee, and every dry tree: the flaming flame shall not be quenched, and all faces from the south to the north shall be burned therein.
ZEPHANIAH 1:18
18 Neither their silver nor their gold shall be able to deliver them in the day of the LORD'S wrath; but the whole land shall be devoured by the fire of his jealousy: for he shall make even a speedy riddance of all them that dwell in the land.
MALACHI 4:1
1 For, behold, the day cometh, that shall burn as an oven; and all the proud, yea, and all that do wickedly, shall be stubble: and the day that cometh shall burn them up, saith the LORD of hosts, that it shall leave them neither root nor branch.
REVELATION 8:7
7 The first angel sounded, and there followed hail and fire mingled with blood, and they were cast upon the earth: and the third part of trees was burnt up, and all green grass was burnt up.
REVELATION 9:18
18 By these three was the third part of men killed, by the fire, and by the smoke, and by the brimstone, which issued out of their mouths.
HALF OF EARTHS POPULATION DIE DURING THE 7 YR TRIBULATION.(THESE VERSES ARE JUDGEMENT SCRIPTURES NOT RAPTURE SCRIPTURES)
LUKE 17:34-37
34 I tell you, in that night there shall be two men in one bed; the one shall be taken, and the other shall be left.
35 Two women shall be grinding together; the one shall be taken, and the other left.
36 Two men shall be in the field; the one shall be taken, and the other left.
37 And they answered and said unto him, Where, Lord? And he said unto them, Wheresoever the body is, thither will the eagles be gathered together.(Christians have new bodies,this is the people against Jerusalem during the 7 yr treaty)(Christians bodies are not being eaten by the birds).
MATTHEW 24:37-51
37 But as the days of Noe were, so shall also the coming of the Son of man be.
38 For as in the days that were before the flood they were eating and drinking, marrying and giving in marriage, until the day that Noe entered into the ark,
39 And knew not until the flood came, and took them all away; so shall also the coming of the Son of man be.
40 Then shall two be in the field; the one shall be taken, and the other left.
41 Two women shall be grinding at the mill; the one shall be taken, and the other left.
42 Watch therefore: for ye know not what hour your Lord doth come.
43 But know this, that if the goodman of the house had known in what watch the thief would come, he would have watched, and would not have suffered his house to be broken up.
44 Therefore be ye also ready: for in such an hour as ye think not the Son of man cometh.
45 Who then is a faithful and wise servant, whom his lord hath made ruler over his household, to give them meat in due season?
46 Blessed is that servant, whom his lord when he cometh shall find so doing.
47 Verily I say unto you, That he shall make him ruler over all his goods.
48 But and if that evil servant shall say in his heart, My lord delayeth his coming;
49 And shall begin to smite his fellowservants, and to eat and drink with the drunken;
50 The lord of that servant shall come in a day when he looketh not for him, and in an hour that he is not aware of,
51 And shall cut him asunder, and appoint him his portion with the hypocrites: there shall be weeping and gnashing of teeth.
United Nations marks 7 billionth baby
APBy JON GAMBRELL - Associated Press | AP – OCT 31,11
LAGOS, Nigeria (AP) — One South African mother, just 19, named her newborn Enough and shrugged off a nurse who questioned whether she was old enough to know how many children she wanted.In Nigeria, newborn twins have to share a bassinet in a crowded public hospital that doesn't have enough electricity.Where there is life, there is hope, their mother said. But as the world's population surpasses 7 billion, fears were stirred anew about how the planet will cope with the needs of so many humans.The United Nations marked the milestone Monday, even though it is impossible to pinpoint the arrival of the globe's 7 billionth occupant because millions of people are born and die each day.At Lagos Island Maternity Hospital, the strain of caring for a burgeoning population was evident. The droning roar of a generator could be heard throughout one hot ward, where it powered ceiling fans and incubators. While Nigeria is oil-rich, it does not produce nearly enough power for its more than 160 million people.Seun Dupe, a 32-year-old hairdresser who gave birth to the twins on Oct. 23, remained an optimist despite the staggering burden facing Africa's most populous nation and other developing countries. Her babies spent Monday squirming beneath a bundled-up mosquito net. She has yet to decide on their names.Dupe was confident that new lives will ensure Nigeria's future as a great nation.Nigeria's megacity of Lagos is expected someday to surpass Cairo as the continent's most populous.U.N. Secretary-General Ban Ki-moon said the day was not about one newborn or even one generation but about our entire human family.At a news conference in New York, he noted a world of contradictions — famine in the Horn of Africa, fighting in Syria and elsewhere and widespread protests against economic inequality.Seven billion population is a challenge, he said, and at the same time, an opportunity, depending upon how the international community prepares for that challenge.In South Africa, Nozipho Goqo, an unemployed 19-year-old from Johannesburg, gave birth Monday to a boy, her first child. She gave him a Zulu name — Gwakwanele — that means enough.A nurse at Charlotte Maxeke, a sprawling teaching hospital that serves a large region in and around the city, teased Goqo that she was too young to know whether this would be her last baby. Goqo smiled and said she was sure.
Across the maternity ward, Dora Monnagaratoe cuddled her newborn son in a bed. The 40-year-old maid named her fourth baby Tebogo, or we are thankful in the Sotho language.It's three girls and one boy now, said Monnagaratoe, herself one of eight children. It's fine.Demographers say it took until 1804 for the world to reach its first billion people and a century more until it hit 2 billion in 1927. Soon the numbers began to cascade: 3 billion in 1959, 4 billion in 1974, 5 billion in 1987, 6 billion in 1998.The U.N. estimates the world population will reach 8 billion by 2025 and 10 billion by 2083. But the numbers could vary widely, depending on life expectancy, access to birth control, infant mortality rates and other factors.In Uttar Pradesh, India — the most populous state in the world's second-most populous country — officials said they would appoint seven girls born Monday to symbolize the 7 billion.India, which struggles with a deeply held preference for sons and a skewed sex ratio because of millions of aborted female fetuses, is using the day to highlight that issue.It would be a fitting moment if the 7 billionth baby is a girl born in rural India, said Dr. Madhu Gupta, a gynecologist. It would help in bringing the global focus back on girls, who are subject to inequality and bias.According to U.S. government estimates, India has 893 girls for every 1,000 boys at birth, compared with 955 girls per 1,000 boys in the United States.Meanwhile, China, which at 1.34 billion people is the world's most populous nation, said it would stand by its one-child policy, a set of restrictions launched three decades ago limiting most urban families to one child and most rural families to two.Overpopulation remains one of the major challenges to social and economic development, Li Bin, director of the State Population and Family Planning Commission, told the official Xinhua News Agency. He said the population of China would hit 1.45 billion in 2020.While the Beijing government says its strict family planning policy has helped propel the country's rapidly growing economy, it has also brought many problems.
Soon, demographers say, there won't be enough young Chinese to support its enormous elderly population. China, like India, also has a highly skewed sex ratio, with aid groups saying sex-selective abortions have resulted in an estimated 43 million fewer girls than there should be, given the overall population.India, with 1.2 billion people, is expected to overtake China around 2030, when the Indian population reaches an estimated 1.6 billion.Associated Press writers Edith M. Lederer at the United Nations, Donna Bryson in Johannesburg, Tim Sullivan in New Delhi and Biswajeet Banerjee in Lucknow, India, contributed to this report.
LAND FOR PEACE (THE FUTURE 7 YEARS OF HELL ON EARTH)
JOEL 3:2
2 I will also gather all nations, and will bring them down into the valley of Jehoshaphat, and will plead with them there for my people and for my heritage Israel, whom they have scattered among the nations, and parted my land.
THE WEEK OF DANIEL 9:27 WE KNOW ITS 7 YRS
Heres the scripture 1 week = 7 yrs Genesis 29:27-29
27 Fulfil her week, and we will give thee this also for the service which thou shalt serve with me yet seven other years.
28 And Jacob did so, and fulfilled her week: and he gave him Rachel his daughter to wife also.
29 And Laban gave to Rachel his daughter Bilhah his handmaid to be her maid.
DANIEL 11:21-23
21 And in his estate shall stand up a vile person, to whom they shall not give the honour of the kingdom: but he shall come in peaceably, and obtain the kingdom by flatteries.
23 And after the league made with him he shall work deceitfully: for he shall come up, and shall become strong with a small people.
24 He shall enter peaceably even upon the fattest places of the province; and he shall do that which his fathers have not done, nor his fathers' fathers; he shall scatter among them the prey, and spoil, and riches: yea, and he shall forecast his devices against the strong holds, even for a time.
DANIEL 9:26-27
26 And after threescore and two weeks(62X7=434 YEARS+7X7=49 YEARS=TOTAL OF 69 WEEKS OR 483 YRS) shall Messiah be cut off, but not for himself: and the people of the prince that shall come shall destroy the city and the sanctuary;(ROMAN LEADERS DESTROYED THE 2ND TEMPLE) and the end thereof shall be with a flood, and unto the end of the war desolations are determined.(THERE HAS TO BE 70 WEEKS OR 490 YRS TO FUFILL THE VISION AND PROPHECY OF DAN 9:24).(THE NEXT VERSE IS THAT 7 YR WEEK OR (70TH FINAL WEEK).
27 And he( THE ROMAN,EU PRESIDENT) shall confirm the covenant with many for one week:(1X7=7 YEARS) and in the midst of the week he shall cause the sacrifice and the oblation to cease,(3 1/2 yrs in TEMPLE SACRIFICES STOPPED) and for the overspreading of abominations he shall make it desolate, even until the consummation, and that determined shall be poured upon the desolate.
JEREMIAH 6:14
14 They have healed also the hurt of the daughter of my people slightly, saying, Peace, peace; when there is no peace.
JEREMIAH 8:11
11 For they have healed the hurt of the daughter of my people slightly, saying, Peace, peace; when there is no peace.
1 THESSALONIANS 5:3
3 For when they shall say, Peace and safety; then sudden destruction cometh upon them, as travail upon a woman with child; and they shall not escape.
ISAIAH 28:14-19 (THIS IS THE 7 YR TREATY COVENANT OF DANIEL 9:27)
14 Wherefore hear the word of the LORD, ye scornful men, that rule this people which is in Jerusalem.
15 Because ye have said, We have made a covenant with death, and with hell are we at agreement; when the overflowing scourge shall pass through, it shall not come unto us: for we have made lies our refuge, and under falsehood have we hid ourselves:
16 Therefore thus saith the Lord GOD, Behold, I lay in Zion for a foundation a stone, a tried stone, a precious corner stone, a sure foundation: he that believeth shall not make haste.
17 Judgment also will I lay to the line, and righteousness to the plummet: and the hail shall sweep away the refuge of lies, and the waters shall overflow the hiding place.
18 And your covenant with death shall be disannulled, and your agreement with hell shall not stand; when the overflowing scourge shall pass through, then ye shall be trodden down by it.
19 From the time that it goeth forth it shall take you: for morning by morning shall it pass over, by day and by night: and it shall be a vexation only to understand the report.
UNESCO grants Palestinians full membership
ReutersBy John Irish | Reuters – OCT 31,11
PARIS (Reuters) - The United Nations' cultural agency granted the Palestinians full membership on Monday, a step forward in their long-running efforts to achieve recognition before the world as an independent state.The United Nations Educational Scientific and Cultural Organization (UNESCO) became the first U.N. agency to welcome the Palestinians as a full member since President Mahmoud Abbas applied for full membership of the United Nations on September 23.A huge cheer erupted in UNESCO's General Assembly after the vote, which marks a symbolic victory for Palestinians in the complex diplomacy that surrounds their collective status and relations with foreign powers.Today's victory at UNESCO is the beginning of a road that is difficult, but will lead to the freedom of our land and people from occupation, Palestinian Foreign Minister Riad Malki said. Palestine has the right to a place on the map.Israel called the vote a tragedy and the decision damaged relations between UNESCO and the United States, an ally of Israel that provides about 22 percent of the body's funding, or some $70 million.Legislation stipulates that the U.S. can cut off funding to any United Nations agency that accepts Palestinians as a member.The White House said the vote was premature and would not aid peace and the U.S. ambassador to the United Nations said UNESCO would suffer.
Today's vote to grant Palestinian membership in UNESCO is no substitute for direct negotiations, but it is deeply damaging to UNESCO, said Ambassador Susan Rice.UNESCO director-general Irina Bokova, who previously pleaded for Washington not to withdraw support, told delegates funding may be jeopardized.I believe it is the responsibility of all of us to make sure that UNESCO does not suffer unduly... We need each and every member of this organization to be fully engaged, she added.
FRENCH ABOUT-FACE
The Palestinians got backing from two thirds of UNESCO's members to become its 195th member. Of 173 countries that voted from a possible 185, 107 voted in favor, 14 voted against, 52 abstained and 12 were absent. Abstentions did not count toward the final tally.The Palestinians went to UNESCO after making a bid for recognition of the over-arching United Nations system in September before the U.N. Security Council, which has moved the issue to a committee where it is likely to run into a veto from the United States.This vote is not directed against anyone, but represents support for freedom and justice, Palestinian President Mahmoud Abbas said in a statement to the official news agency WAFA.This vote is for the sake of peace and represents international consensus on support for the legitimate Palestinian national rights of our people, the foremost of which is the establishment of its independent state.But the breakdown of the vote reflected deep divergences in international views on Palestinian statehood.The United States, Canada, Germany and Holland voted against Palestinian membership. Brazil, Russia, China, India, South Africa and France voted in favor. Britain and Italy abstained.For the European Union, which has stumbled in recent efforts to develop a common foreign policy, the UNESCO vote highlighted persistent rifts with some member states voting for and some against Palestinian membership.Austrian UNESCO ambassador Ursula Plassnik, whose country voted in favor, said she regretted that the EU had failed to arrive at a common position on Palestinian membership.France, which previously abstained from a vote on the subject of Palestinian membership in UNESCO, broke with precedent to vote in favor on Monday.Since it has been raised today, we must assume our responsibilities and respond to the substance of the issue ... On the substance, France says yes- Palestine has the right to become a member of UNESCO, said Hubert de Canson, France's representative at UNESCO.Israel has said the Palestinian bid would amount to politicization of UNESCO that would undermine its ability to carry out its mandate. It said on Monday it would reconsider its cooperation with the agency.
We regret that the organization of science has opted to adopt a resolution which is a resolution of science fiction, said Nimrod Barkan, Israel's ambassador to UNESCO, who called the move a tragedy for the agency. There is no Palestinian state and therefore one should not have been admitted today.The Israeli foreign ministry said the vote placed unnecessary obstacles on the road to renewing negotiations.This is a unilateral Palestinian maneuver which will bring no change on the ground but further removes the possibility for a peace agreement, it said in a statement.(Additional reporting by Andrew Quinn, Alister Bull and Deborah Charles in Washington and Tom Perry in Ramallah; writing by Nick Vinocur; editing by Philippa Fletcher)
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.
THE FIRST JUDGEMENT OF THE EARTH STARTED WITH WATER-IT ONLY MAKES SENSE THE LAST GENERATION WILL BE HAVING FLOODING
GENESIS 7:6-12
6 And Noah was six hundred years old when the flood of waters was upon the earth.
7 And Noah went in, and his sons, and his wife, and his sons’ wives with him, into the ark, because of the waters of the flood.
8 Of clean beasts, and of beasts that are not clean, and of fowls, and of every thing that creepeth upon the earth,
9 There went in two and two unto Noah into the ark, the male and the female, as God had commanded Noah.
10 And it came to pass after seven days, that the waters of the flood were upon the earth.
11 In the six hundredth year of Noah’s life, in the second month, the seventeenth day of the month, the same day were all the fountains of the great deep broken up, and the windows of heaven were opened.
12 And the rain was upon the earth forty days and forty nights.
GOD PROMISED BY A RAINBOW-THE EARTH WOULD NEVER BE DESTROYED TOTALLY WITH A FLOOD AGAIN.BUT FLOODIING IS A SIGN OF JUDGEMENT.
13 dead, millions without power after rare storm
ReutersBy Lauren Keiper | Reuters – OCT 31,11
BOSTON (Reuters) - Devastation from a rare and deadly October snowstorm lingered in the Northeast where 1.6 million homes were still without power on Monday, schools were closed and downed trees and powerlines snarled traffic.
The storm that raged from West Virginia to Maine from Saturday until late Sunday was blamed for at least 13 deaths, most on slippery roads.Halloween fun was postponed. Ghoul and goblin decorations were blanketed with record snowfall for October in many places, such as 32 inches measured in the western Massachusetts town of Peru, according to the National Weather Service.Theo Brinkerhoff, 4, who planned to dress as a ghost on Monday but was forced to wear a heavy sweater and snow boots under his costume to keep warm, refused to believe it was the bewitching autumn holiday.It's not Halloween, because it's still winter, he said while visiting grandparents in Amherst, Massachusetts, a town still mostly in the dark.Many roads were still barricaded to steer traffic away from downed trees and power lines. Utility officials said the storm caused more tree damage than most winter storms because leaves had not yet fallen so trees caught far more snow than usual.It was like wet cement that just adhered to trees, branches, leaves and power lines, said David Graves, spokesman for utility National Grid.That's what really caused the damage, the weight of that snow, he said.In New York, three days after authorities confiscated their generators, hundreds of anti-Wall Street protesters struggled to stay warm and dry after the snow storm. Some got tips on how to deal with the cold weather from homeless people.They have the most amazing knowledge base for dealing with cold weather, protester Justin Stone-Diaz said. So honestly, we're getting it from people with experience.Occupy Wall Street demonstrators have camped in a New York park for six weeks to protest against economic inequality.
DAYS BEFORE POWER BACK
It will likely be days before power is restored to all residents in Massachusetts, Connecticut, New Jersey and other states hit hard by the storm.Despite a sunny Monday, several New Jersey Transit train lines going into New York City remained suspended.Connecticut was particularly hard hit and Governor Dannel Malloy said 100 state roads were closed and about 200 more partially closed. He called the power outages in his state the worst in history. As residents escaped homes without heat and electricity, hotels in central Connecticut were sold out.Snow days, usually not tapped until at least after Thanksgiving, were declared by scores of public schools that remained shut throughout the Northeast on Monday.While children were delighted with the surprise long weekend, their parents were advised that because of downed wires, Halloween trick-or-treat routines should be adjusted so children were home by dark and an adult accompanied them.In Worcester, Massachusetts, the city asked parents, schools and neighbors to postpone Halloween celebrations until Thursday, when the weather was expected to be warmer and downed trees and power lines would likely be cleared.The New Hampshire communities of Manchester and Nashua asked parents to put off trick or treating and reschedule the annual candy collection until Sunday, November 6.The outages include roughly 750,000 customers still without power on Monday in Connecticut; about 46,000 in Massachusetts; more than 390,000 in New Jersey; 350,000 in Pennsylvania; nearly 60,000 in New York; and about 14,000 in Maine.(Additional reporting by Zach Howard in Western Massachusetts; Mary Ellen Godin in Connecticut, Barbara Goldberg in New Jersey and Sharon Reich and Edward McAllister in New York; editing by Cynthia Johnston and Anthony Boadle)
I WRITE NEWS ABOUT AND PUT NEWS ARTICLES ABOUT ISRAEL AND JERUSALEM PERTAINING TO BIBLE PROPHESY HAPPENINGS.JOEL 3:20 But Judah (ISRAEL) shall dwell for ever, and Jerusalem from generation to generation.(THATS ISRAEL-JERUSALEM WILL NEVER BE DESTROYED AGAIN)-WE CHRISTIANS ARE ALL WAITING PATIENTLY FOR THE PRE-TRIBULATION RAPTURE TO OCCUR.SO WE CAN GO TO JESUS AND GET OUR NEVER DYING BODIES.SO WE CAN RULE OVER CITIES OURSELVES.WHILE JESUS RULES FROM DAVIDS THRONE FOREVER IN JERUSALEM.
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Tuesday, November 01, 2011
Monday, October 31, 2011
THE CAPITALIST NETWORK THAT RUNS THE WORLD
Revealed – the capitalist network that runs the world 19 October 2011 by Andy Coghlan and Debora MacKenzie
http://www.newscientist.com/article/mg21228354.500-revealed--the-capitalist-network-that-runs-the-world.html
AS PROTESTS against financial power sweep the world this week, science may have confirmed the protesters' worst fears. An analysis of the relationships between 43,000 transnational corporations has identified a relatively small group of companies, mainly banks, with disproportionate power over the global economy.The study's assumptions have attracted some criticism, but complex systems analysts contacted by New Scientist say it is a unique effort to untangle control in the global economy. Pushing the analysis further, they say, could help to identify ways of making global capitalism more stable.The idea that a few bankers control a large chunk of the global economy might not seem like news to New York's Occupy Wall Street movement and protesters elsewhere (see photo). But the study, by a trio of complex systems theorists at the Swiss Federal Institute of Technology in Zurich, is the first to go beyond ideology to empirically identify such a network of power. It combines the mathematics long used to model natural systems with comprehensive corporate data to map ownership among the world's transnational corporations (TNCs).
Reality is so complex, we must move away from dogma, whether it's conspiracy theories or free-market, says James Glattfelder.Our analysis is reality-based.Previous studies have found that a few TNCs own large chunks of the world's economy, but they included only a limited number of companies and omitted indirect ownerships, so could not say how this affected the global economy - whether it made it more or less stable, for instance.The Zurich team can. From Orbis 2007, a database listing 37 million companies and investors worldwide, they pulled out all 43,060 TNCs and the share ownerships linking them. Then they constructed a model of which companies controlled others through shareholding networks, coupled with each company's operating revenues, to map the structure of economic power.The work, to be published in PloS One, revealed a core of 1318 companies with interlocking ownerships (see image). Each of the 1318 had ties to two or more other companies, and on average they were connected to 20. What's more, although they represented 20 per cent of global operating revenues, the 1318 appeared to collectively own through their shares the majority of the world's large blue chip and manufacturing firms - the real economy - representing a further 60 per cent of global revenues.When the team further untangled the web of ownership, it found much of it tracked back to a "super-entity" of 147 even more tightly knit companies - all of their ownership was held by other members of the super-entity - that controlled 40 per cent of the total wealth in the network. In effect, less than 1 per cent of the companies were able to control 40 per cent of the entire network, says Glattfelder. Most were financial institutions. The top 20 included Barclays Bank, JPMorgan Chase & Co, and The Goldman Sachs Group.
John Driffill of the University of London, a macroeconomics expert, says the value of the analysis is not just to see if a small number of people controls the global economy, but rather its insights into economic stability.Concentration of power is not good or bad in itself, says the Zurich team, but the core's tight interconnections could be. As the world learned in 2008, such networks are unstable. If one [company] suffers distress, says Glattfelder, this propagates.It's disconcerting to see how connected things really are, agrees George Sugihara of the Scripps Institution of Oceanography in La Jolla, California, a complex systems expert who has advised Deutsche Bank.Yaneer Bar-Yam, head of the New England Complex Systems Institute (NECSI), warns that the analysis assumes ownership equates to control, which is not always true. Most company shares are held by fund managers who may or may not control what the companies they part-own actually do. The impact of this on the system's behaviour, he says, requires more analysis.Crucially, by identifying the architecture of global economic power, the analysis could help make it more stable. By finding the vulnerable aspects of the system, economists can suggest measures to prevent future collapses spreading through the entire economy. Glattfelder says we may need global anti-trust rules, which now exist only at national level, to limit over-connection among TNCs. Bar-Yam says the analysis suggests one possible solution: firms should be taxed for excess interconnectivity to discourage this risk.One thing won't chime with some of the protesters' claims: the super-entity is unlikely to be the intentional result of a conspiracy to rule the world. Such structures are common in nature, says Sugihara.Newcomers to any network connect preferentially to highly connected members. TNCs buy shares in each other for business reasons, not for world domination. If connectedness clusters, so does wealth, says Dan Braha of NECSI: in similar models, money flows towards the most highly connected members. The Zurich study, says Sugihara, is strong evidence that simple rules governing TNCs give rise spontaneously to highly connected groups. Or as Braha puts it: The Occupy Wall Street claim that 1 per cent of people have most of the wealth reflects a logical phase of the self-organising economy.
So, the super-entity may not result from conspiracy. The real question, says the Zurich team, is whether it can exert concerted political power. Driffill feels 147 is too many to sustain collusion. Braha suspects they will compete in the market but act together on common interests. Resisting changes to the network structure may be one such common interest.
The top 50 of the 147 superconnected companies
1. Barclays plc
2. Capital Group Companies Inc
3. FMR Corporation
4. AXA
5. State Street Corporation
6. JP Morgan Chase & Co
7. Legal & General Group plc
8. Vanguard Group Inc
9. UBS AG
10. Merrill Lynch & Co Inc
11. Wellington Management Co LLP
12. Deutsche Bank AG
13. Franklin Resources Inc
14. Credit Suisse Group
15. Walton Enterprises LLC
16. Bank of New York Mellon Corp
17. Natixis
18. Goldman Sachs Group Inc
19. T Rowe Price Group Inc
20. Legg Mason Inc
21. Morgan Stanley
22. Mitsubishi UFJ Financial Group Inc
23. Northern Trust Corporation
24. Société Générale
25. Bank of America Corporation
26. Lloyds TSB Group plc
27. Invesco plc
28. Allianz SE 29. TIAA
30. Old Mutual Public Limited Company
31. Aviva plc
32. Schroders plc
33. Dodge & Cox
34. Lehman Brothers Holdings Inc*
35. Sun Life Financial Inc
36. Standard Life plc
37. CNCE
38. Nomura Holdings Inc
39. The Depository Trust Company
40. Massachusetts Mutual Life Insurance
41. ING Groep NV
42. Brandes Investment Partners LP
43. Unicredito Italiano SPA
44. Deposit Insurance Corporation of Japan
45. Vereniging Aegon
46. BNP Paribas
47. Affiliated Managers Group Inc
48. Resona Holdings Inc
49. Capital Group International Inc
50. China Petrochemical Group Company
* Lehman still existed in the 2007 dataset used
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,(WORLD SOCIALISM) 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
WORLD MARKET RESULTS
http://money.cnn.com/data/world_markets/
CNBC VIDEOS
http://www.cnbc.com/id/15839263/?tabid=15839796&tabheader=false
HALF HOUR DOW RESULTS MON OCTOBER 31,2011
09:30 AM -2.43
10:00 AM -151.07
10:30 AM -136.08
11:00 AM -131.84
11:30 AM -153.60
12:00 PM -154.28
12:30 PM -175.16
01:00 PM -179.60
01:30 PM -170.52
02:00 PM -146.41
02:30 PM -152.81
03:00 PM -172.49
03:30 PM -214.38
04:00 PM -276.10 11,955.01
S&P 500 1253.30 -31.79
NASDAQ 2684.41 -52.74
GOLD 1,717.10 -31.10
OIL 92.49 -0.83
TSE 300 12,252.06 -267.43
CDNX 1614.90 -14.99
S&P/TSX/60 698.04 -16.14
MORNING,NEWS,STATS
YEAR TO DATE PERFORMANCE
Dow -128 points at 4 minutes of trading today.
Dow -181 points at low today.
Dow -1 points at high today so far.
GOLD opens at $1,723.20.OIL opens at $91.78 today.
AFTERNOON,NEWS,STATS
Dow -276 points at low today so far.
Dow -1 points at high today so far.
WRAPUP,NEWS,STATS
Dow -276 points at low today.
Dow -1 points at high today.
GOLD ALLTIME HIGH $1,902.60 (NOT AT CLOSE)
http://www.newscientist.com/article/mg21228354.500-revealed--the-capitalist-network-that-runs-the-world.html
AS PROTESTS against financial power sweep the world this week, science may have confirmed the protesters' worst fears. An analysis of the relationships between 43,000 transnational corporations has identified a relatively small group of companies, mainly banks, with disproportionate power over the global economy.The study's assumptions have attracted some criticism, but complex systems analysts contacted by New Scientist say it is a unique effort to untangle control in the global economy. Pushing the analysis further, they say, could help to identify ways of making global capitalism more stable.The idea that a few bankers control a large chunk of the global economy might not seem like news to New York's Occupy Wall Street movement and protesters elsewhere (see photo). But the study, by a trio of complex systems theorists at the Swiss Federal Institute of Technology in Zurich, is the first to go beyond ideology to empirically identify such a network of power. It combines the mathematics long used to model natural systems with comprehensive corporate data to map ownership among the world's transnational corporations (TNCs).
Reality is so complex, we must move away from dogma, whether it's conspiracy theories or free-market, says James Glattfelder.Our analysis is reality-based.Previous studies have found that a few TNCs own large chunks of the world's economy, but they included only a limited number of companies and omitted indirect ownerships, so could not say how this affected the global economy - whether it made it more or less stable, for instance.The Zurich team can. From Orbis 2007, a database listing 37 million companies and investors worldwide, they pulled out all 43,060 TNCs and the share ownerships linking them. Then they constructed a model of which companies controlled others through shareholding networks, coupled with each company's operating revenues, to map the structure of economic power.The work, to be published in PloS One, revealed a core of 1318 companies with interlocking ownerships (see image). Each of the 1318 had ties to two or more other companies, and on average they were connected to 20. What's more, although they represented 20 per cent of global operating revenues, the 1318 appeared to collectively own through their shares the majority of the world's large blue chip and manufacturing firms - the real economy - representing a further 60 per cent of global revenues.When the team further untangled the web of ownership, it found much of it tracked back to a "super-entity" of 147 even more tightly knit companies - all of their ownership was held by other members of the super-entity - that controlled 40 per cent of the total wealth in the network. In effect, less than 1 per cent of the companies were able to control 40 per cent of the entire network, says Glattfelder. Most were financial institutions. The top 20 included Barclays Bank, JPMorgan Chase & Co, and The Goldman Sachs Group.
John Driffill of the University of London, a macroeconomics expert, says the value of the analysis is not just to see if a small number of people controls the global economy, but rather its insights into economic stability.Concentration of power is not good or bad in itself, says the Zurich team, but the core's tight interconnections could be. As the world learned in 2008, such networks are unstable. If one [company] suffers distress, says Glattfelder, this propagates.It's disconcerting to see how connected things really are, agrees George Sugihara of the Scripps Institution of Oceanography in La Jolla, California, a complex systems expert who has advised Deutsche Bank.Yaneer Bar-Yam, head of the New England Complex Systems Institute (NECSI), warns that the analysis assumes ownership equates to control, which is not always true. Most company shares are held by fund managers who may or may not control what the companies they part-own actually do. The impact of this on the system's behaviour, he says, requires more analysis.Crucially, by identifying the architecture of global economic power, the analysis could help make it more stable. By finding the vulnerable aspects of the system, economists can suggest measures to prevent future collapses spreading through the entire economy. Glattfelder says we may need global anti-trust rules, which now exist only at national level, to limit over-connection among TNCs. Bar-Yam says the analysis suggests one possible solution: firms should be taxed for excess interconnectivity to discourage this risk.One thing won't chime with some of the protesters' claims: the super-entity is unlikely to be the intentional result of a conspiracy to rule the world. Such structures are common in nature, says Sugihara.Newcomers to any network connect preferentially to highly connected members. TNCs buy shares in each other for business reasons, not for world domination. If connectedness clusters, so does wealth, says Dan Braha of NECSI: in similar models, money flows towards the most highly connected members. The Zurich study, says Sugihara, is strong evidence that simple rules governing TNCs give rise spontaneously to highly connected groups. Or as Braha puts it: The Occupy Wall Street claim that 1 per cent of people have most of the wealth reflects a logical phase of the self-organising economy.
So, the super-entity may not result from conspiracy. The real question, says the Zurich team, is whether it can exert concerted political power. Driffill feels 147 is too many to sustain collusion. Braha suspects they will compete in the market but act together on common interests. Resisting changes to the network structure may be one such common interest.
The top 50 of the 147 superconnected companies
1. Barclays plc
2. Capital Group Companies Inc
3. FMR Corporation
4. AXA
5. State Street Corporation
6. JP Morgan Chase & Co
7. Legal & General Group plc
8. Vanguard Group Inc
9. UBS AG
10. Merrill Lynch & Co Inc
11. Wellington Management Co LLP
12. Deutsche Bank AG
13. Franklin Resources Inc
14. Credit Suisse Group
15. Walton Enterprises LLC
16. Bank of New York Mellon Corp
17. Natixis
18. Goldman Sachs Group Inc
19. T Rowe Price Group Inc
20. Legg Mason Inc
21. Morgan Stanley
22. Mitsubishi UFJ Financial Group Inc
23. Northern Trust Corporation
24. Société Générale
25. Bank of America Corporation
26. Lloyds TSB Group plc
27. Invesco plc
28. Allianz SE 29. TIAA
30. Old Mutual Public Limited Company
31. Aviva plc
32. Schroders plc
33. Dodge & Cox
34. Lehman Brothers Holdings Inc*
35. Sun Life Financial Inc
36. Standard Life plc
37. CNCE
38. Nomura Holdings Inc
39. The Depository Trust Company
40. Massachusetts Mutual Life Insurance
41. ING Groep NV
42. Brandes Investment Partners LP
43. Unicredito Italiano SPA
44. Deposit Insurance Corporation of Japan
45. Vereniging Aegon
46. BNP Paribas
47. Affiliated Managers Group Inc
48. Resona Holdings Inc
49. Capital Group International Inc
50. China Petrochemical Group Company
* Lehman still existed in the 2007 dataset used
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,(WORLD SOCIALISM) 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
WORLD MARKET RESULTS
http://money.cnn.com/data/world_markets/
CNBC VIDEOS
http://www.cnbc.com/id/15839263/?tabid=15839796&tabheader=false
HALF HOUR DOW RESULTS MON OCTOBER 31,2011
09:30 AM -2.43
10:00 AM -151.07
10:30 AM -136.08
11:00 AM -131.84
11:30 AM -153.60
12:00 PM -154.28
12:30 PM -175.16
01:00 PM -179.60
01:30 PM -170.52
02:00 PM -146.41
02:30 PM -152.81
03:00 PM -172.49
03:30 PM -214.38
04:00 PM -276.10 11,955.01
S&P 500 1253.30 -31.79
NASDAQ 2684.41 -52.74
GOLD 1,717.10 -31.10
OIL 92.49 -0.83
TSE 300 12,252.06 -267.43
CDNX 1614.90 -14.99
S&P/TSX/60 698.04 -16.14
MORNING,NEWS,STATS
YEAR TO DATE PERFORMANCE
Dow -128 points at 4 minutes of trading today.
Dow -181 points at low today.
Dow -1 points at high today so far.
GOLD opens at $1,723.20.OIL opens at $91.78 today.
AFTERNOON,NEWS,STATS
Dow -276 points at low today so far.
Dow -1 points at high today so far.
WRAPUP,NEWS,STATS
Dow -276 points at low today.
Dow -1 points at high today.
GOLD ALLTIME HIGH $1,902.60 (NOT AT CLOSE)
Sunday, October 30, 2011
THE COMING DERIVATIVES CRISIS-MAYBE
Parshah Lech-Lecha - Genesis 12:1-17:27 OCT 30-NOV 5,11
http://israndjer.blogspot.com/2010/10/parshah-lech-lecha-genesis-121-1727.html
The Coming Derivatives Crisis That Could Destroy The Entire Global Financial System-The Economic Collapse Thursday, October 20, 2011
Most people have no idea that Wall Street has become a gigantic financial casino. The big Wall Street banks are making tens of billions of dollars a year in the derivatives market, and nobody in the financial community wants the party to end.
[FINANCIAL]-The word derivatives sounds complicated and technical, but understanding them is really not that hard. A derivative is essentially a fancy way of saying that a bet has been made. Originally, these bets were designed to hedge risk, but today the derivatives market has mushroomed into a mountain of speculation unlike anything the world has ever seen before. Estimates of the notional value of the worldwide derivatives market go from $600 trillion all the way up to $1.5 quadrillion. Keep in mind that the GDP of the entire world is only somewhere in the neighborhood of $65 trillion. The danger to the global financial system posed by derivatives is so great that Warren Buffet once called them financial weapons of mass destruction. For now, the financial powers that be are trying to keep the casino rolling, but it is inevitable that at some point this entire mess is going to come crashing down. When it does, we are going to be facing a derivatives crisis that really could destroy the entire global financial system.Most people don’t talk much about derivatives because they simply do not understand them.Perhaps a couple of definitions would be helpful.
The following is how a recent Bloomberg article defined derivatives….Derivatives are financial instruments used to hedge risks or for speculation. They’re derived from stocks, bonds, loans, currencies and commodities, or linked to specific events such as changes in the weather or interest rates.The key word there is speculation. Today the folks down on Wall Street are speculating on just about anything that you can imagine.
The following is how Investopedia defines derivatives….A security whose price is dependent upon or derived from one or more underlying assets. The derivative itself is merely a contract between two or more parties. Its value is determined by fluctuations in the underlying asset. The most common underlying assets include stocks, bonds, commodities, currencies, interest rates and market indexes. Most derivatives are characterized by high leverage.A derivative has no underlying value of its own. A derivative is essentially a side bet. Usually these side bets are highly leveraged.At this point, making side bets has totally gotten out of control in the financial world. Side bets are being made on just about anything you can possibly imagine, and the major Wall Street banks are making a ton of money from it. This system is almost entirely unregulated and it is totally dominated by the big international banks.Over the past couple of decades, the derivatives market has multiplied in size. Everything is going to be fine as long as the system stays in balance. But once it gets out of balance we could witness a string of financial crashes that no government on earth will be able to fix.The amount of money that we are talking about is absolutely staggering. Graham Summers of Phoenix Capital Research estimates that the notional value of the global derivatives market is $1.4 quadrillion, and in an article for Seeking Alpha he tried to put that number into perspective….If you add up the value of every stock on the planet, the entire market capitalization would be about $36 trillion. If you do the same process for bonds, you’d get a market capitalization of roughly $72 trillion.The notional value of the derivative market is roughly $1.4 QUADRILLION.
I realize that number sounds like something out of Looney tunes, so I’ll try to put it into perspective.$1.4 Quadrillion is roughly:
-40 TIMES THE WORLD’S STOCK MARKET.
-10 TIMES the value of EVERY STOCK & EVERY BOND ON THE PLANET.
-23 TIMES WORLD GDP.
It is hard to fathom how much money a quadrillion is.If you started counting right now at one dollar per second, it would take 32 million years to count to one quadrillion dollars.Yes, the boys and girls down on Wall Street have gotten completely and totally out of control.In an excellent article that he did on derivatives, Webster Tarpley described the pivotal role that derivatives now play in the global financial system….Far from being some arcane or marginal activity, financial derivatives have come to represent the principal business of the financier oligarchy in Wall Street, the City of London, Frankfurt, and other money centers. A concerted effort has been made by politicians and the news media to hide and camouflage the central role played by derivative speculation in the economic disasters of recent years. Journalists and public relations types have done everything possible to avoid even mentioning derivatives, coining phrases like toxic assets,exotic instruments,and – most notably – troubled assets, as in Troubled Assets Relief Program or TARP, aka the monstrous $800 billion bailout of Wall Street speculators which was enacted in October 2008 with the support of Bush, Henry Paulson, John McCain, Sarah Palin, and the Obama Democrats.Most people do not realize this, but derivatives were at the center of the financial crisis of 2008.They will almost certainly be at the center of the next financial crisis as well.For many, alarm bells went off the other day when it was revealed that Bank of America has moved a big chunk of derivatives from its failing Merrill Lynch investment banking unit to its depository arm.So what does that mean?
An article posted on The Daily Bail the other day explained that it means that U.S. taxpayers could end up holding the bag….This means that the investment bank’s European derivatives exposure is now backstopped by U.S. taxpayers. Bank of America didn’t get regulatory approval to do this, they just did it at the request of frightened counterparties. Now the Fed and the FDIC are fighting as to whether this was sound. The Fed wants to give relief to the bank holding company, which is under heavy pressure.This is a direct transfer of risk to the taxpayer done by the bank without approval by regulators and without public input.So did you hear about this on the news? Probably not.Today, the notional value of all the derivatives held by Bank of America comes to approximately $75 trillion.JPMorgan Chase is holding derivatives with a notional value of about $79 trillion.It is hard to even conceive of such figures.Right now, the banks with the most exposure to derivatives are JPMorgan Chase, Bank of America, Goldman Sachs, Citigroup, Wells Fargo and HSBC Bank USA.Morgan Stanley also has tremendous exposure to derivatives.You may have noticed that these are some of the too big to fail banks.The biggest U.S. banks continue to grow and they continue to get even more power.Back in 2002, the top 10 U.S. banks controlled 55 percent of all U.S. banking assets. Today, the top 10 U.S. banks control 77 percent of all U.S. banking assets.These banks have gotten so big and so powerful that if they collapsed our entire financial system would implode.You would have thought that we would have learned our lesson back in 2008 and would have done something about this, but instead we have allowed the too big to bail banks to become bigger than ever.
And they pretty much do whatever they want.A while back, the New York Times published an article entitled A Secretive Banking Elite Rules Trading in Derivatives. That article exposed the steel-fisted control that the too big to fail banks exert over the trading of derivatives. Just consider the following excerpt from the article….On the third Wednesday of every month, the nine members of an elite Wall Street society gather in Midtown Manhattan.The men share a common goal: to protect the interests of big banks in the vast market for derivatives, one of the most profitable — and controversial — fields in finance. They also share a common secret: The details of their meetings, even their identities, have been strictly confidential.So what institutions are represented at these meetings? Well, according to the New York Times, the following banks are involved: JPMorgan Chase, Goldman Sachs, Morgan Stanley, Bank of America and Citigroup.Why do those same five names seem to keep popping up time after time? Sadly, these five banks keep pouring money into the campaigns of politicians that supported the bailouts in 2008 and that they know will bail them out again when the next financial crisis strikes.Those that defend the wild derivatives trading that is going on today claim that Wall Street has accounted for all of the risks and they assume that the issuing banks will always be able to cover all of the derivative contracts that they write.But that is a faulty assumption. Just look at AIG back in 2008. When the housing market collapsed AIG was on the wrong end of a massive number of derivative contracts and it would have gone bust without gigantic bailouts from the federal government. If the bailouts of AIG had not happened, Goldman Sachs and a whole lot of other people would have been left standing there with a whole bunch of worthless paper.It is inevitable that the same thing is going to happen again. Except next time it may be on a much grander scale.When the house goes bust, everybody loses. The governments of the world could step in and try to bail everyone out, but the reality is that when the derivatives market comes totally crashing down there won’t be any government on earth with enough money to put it back together again.A horrible derivatives crisis is coming.It is only a matter of time.Stay alert for any mention of the word derivatives or the term derivatives crisis in the news. When the derivatives crisis arrives, things will start falling apart very rapidly.
Citigroup to Pay Millions to Close Fraud Complaint
By EDWARD WYATT Published: October 19, 2011
WASHINGTON — As the housing market began its collapse, Wall Street firms and sophisticated investors searched for ways to profit. Some of them found an easy method: Stuff a portfolio with risky mortgage-related investments, sell it to unsuspecting customers and bet against it.Citigroup on Wednesday agreed to pay $285 million to settle a civil complaint by the Securities and Exchange Commission that it had defrauded investors who bought just such a deal. The transaction involved a $1 billion portfolio of mortgage-related investments, many of which were handpicked for the portfolio by Citigroup without telling investors of its role or that it had made bets that the investments would fall in value.In the four years since the housing market began its steady descent, securities regulators have settled only two cases related to the financial crisis for a larger sum of money. This is also the third case brought by the S.E.C. accusing a major Wall Street institution of misleading customers about who was putting together a security and about their motive. Goldman Sachs and JPMorgan Chase & Company both settled similar cases last year.The settlement will refund investors with interest and include a $95 million fine — a relative pittance for a giant like Citigroup. On Monday, the company reported that in the third quarter alone it earned profits of $3.8 billion on revenue of $20.8 billion. The settlement may also have trouble getting approval from Jed S. Rakoff, the federal district judge in New York who must ultimately sign off on the fine and who has taken a hard line on S.E.C. settlements.
Neither the S.E.C. nor the Justice Department would say whether the case raised questions about whether Citigroup had been involved in any criminal wrongdoing. But the case highlights a growing frustration felt by foreclosed homeowners, investors and Wall Street protesters alike that few, if any, senior banking executives have faced criminal charges for losses growing out of the financial crisis.Citigroup has settled one case stemming from the crisis. Last year, it agreed to pay $75 million to settle federal claims that it hid from investors vast holdings of subprime mortgage investments that were losing value during the crisis and that ultimately prompted the federal government to rescue the bank.The securities laws demand that investors receive more care and candor than Citigroup provided to investors in the security, said Robert Khuzami, director of the S.E.C.’s enforcement division, referring to Wednesday’s action. Investors were not informed that Citigroup had decided to bet against them and had helped to choose the assets that would determine who won or lost.The complex amalgamation of investments known as Class V Funding III produced $126 million in profits for Citigroup’s brokerage subsidiary, and another $34 million in fees for putting it together. All of that, including interest and the $95 million fine, will now be going back to the investors; the government will not receive anything.In a statement, Citigroup noted that the S.E.C. did not charge it with intentional or reckless misconduct. Rather, it settled charges that its actions were negligent and misleading to investors. Despite its profits on the current deal, over all Citigroup lost tens of billions of dollars on its holdings of mortgage-related investments.We are pleased to put this matter behind us and are focused on contributing to the economic recovery, serving our clients and growing responsibly, the company said in a statement. Since the crisis, we have bolstered our financial strength, overhauled the risk management function, significantly reduced risk on the balance sheet and returned to the basics of banking.
The S.E.C. on Wednesday also brought a case against Credit Suisse, which played a smaller role in the transaction, and against one individual at each company. But those individuals were midlevel employees in each company’s investment and trading departments; no senior executives at either company were charged.Credit Suisse, which managed the portfolio of mortgage bonds that served as collateral for the deal, agreed to pay $2.5 million, half of it in penalties, to settle the case. The company declined to comment.Samir H. Bhatt, 37, a former portfolio manager at Credit Suisse, also agreed to settle, paying no fine but agreeing to a six-month suspension from association with any investment adviser.Only Brian H. Stoker, 40, a former Citigroup employee who was primarily responsible for putting together the deal, has decided to fight the S.E.C.’s case. He left Citigroup in 2008.There is no basis for the S.E.C. to blame Brian Stoker for these alleged disclosure violations, said Fraser L. Hunter Jr., a lawyer at WilmerHale who is representing Mr. Stoker.He was not responsible for any alleged wrongdoing — he did not control or trade the position, did not prepare the disclosures and did not select the assets. We will vigorously defend this lawsuit.Mr. Stoker joined Citigroup at the height of the housing boom in 2005, and worked as a director on the structured product desk. His job tasks were largely behind the scenes, crunching numbers and assembling deals like Class V Funding III.After the deal closed on Feb. 28, 2007, more than 80 percent of the portfolio was downgraded by credit ratings agencies in less than nine months. The security declared an event of default on Nov. 19, 2007, and investors soon lost hundreds of millions of dollars, the S.E.C. said, while Citigroup gained.
Among the losers was Ambac of New York, which insured financial instruments and was the largest investor in the deal, according to the S.E.C. Ambac’s role in the transaction was to assume the credit risk associated with a $500 million portion of the portfolio. When the value of the portfolio fell, Ambac had to make payments to those who had bet against the bonds, as Citigroup had.In part because of losses tied to the financial crisis, Ambac filed for bankruptcy last year.Criminal prosecutions related to the financial crisis have been few. Two former Credit Suisse brokers were sentenced to jail in their roles for misleading clients about purchases and thus inflating their sales commissions. Six executives at a mortgage company, Taylor, Bean & Whitaker, have pleaded guilty in a scheme to issue false mortgages to obtain federal mortgage money and bank bailout funds. Lee B. Farkas, a former chairman of Taylor Bean, was sentenced to 30 years in prison for his role in the case, which resulted in the demise of Colonial Bank of Montgomery, Ala.Those crimes started long before the financial crisis. A prosecution of two former executives of Bear Stearns, the failed investment bank, ended in acquittals.Eric Dash contributed reporting from New York.
http://israndjer.blogspot.com/2010/10/parshah-lech-lecha-genesis-121-1727.html
The Coming Derivatives Crisis That Could Destroy The Entire Global Financial System-The Economic Collapse Thursday, October 20, 2011
Most people have no idea that Wall Street has become a gigantic financial casino. The big Wall Street banks are making tens of billions of dollars a year in the derivatives market, and nobody in the financial community wants the party to end.
[FINANCIAL]-The word derivatives sounds complicated and technical, but understanding them is really not that hard. A derivative is essentially a fancy way of saying that a bet has been made. Originally, these bets were designed to hedge risk, but today the derivatives market has mushroomed into a mountain of speculation unlike anything the world has ever seen before. Estimates of the notional value of the worldwide derivatives market go from $600 trillion all the way up to $1.5 quadrillion. Keep in mind that the GDP of the entire world is only somewhere in the neighborhood of $65 trillion. The danger to the global financial system posed by derivatives is so great that Warren Buffet once called them financial weapons of mass destruction. For now, the financial powers that be are trying to keep the casino rolling, but it is inevitable that at some point this entire mess is going to come crashing down. When it does, we are going to be facing a derivatives crisis that really could destroy the entire global financial system.Most people don’t talk much about derivatives because they simply do not understand them.Perhaps a couple of definitions would be helpful.
The following is how a recent Bloomberg article defined derivatives….Derivatives are financial instruments used to hedge risks or for speculation. They’re derived from stocks, bonds, loans, currencies and commodities, or linked to specific events such as changes in the weather or interest rates.The key word there is speculation. Today the folks down on Wall Street are speculating on just about anything that you can imagine.
The following is how Investopedia defines derivatives….A security whose price is dependent upon or derived from one or more underlying assets. The derivative itself is merely a contract between two or more parties. Its value is determined by fluctuations in the underlying asset. The most common underlying assets include stocks, bonds, commodities, currencies, interest rates and market indexes. Most derivatives are characterized by high leverage.A derivative has no underlying value of its own. A derivative is essentially a side bet. Usually these side bets are highly leveraged.At this point, making side bets has totally gotten out of control in the financial world. Side bets are being made on just about anything you can possibly imagine, and the major Wall Street banks are making a ton of money from it. This system is almost entirely unregulated and it is totally dominated by the big international banks.Over the past couple of decades, the derivatives market has multiplied in size. Everything is going to be fine as long as the system stays in balance. But once it gets out of balance we could witness a string of financial crashes that no government on earth will be able to fix.The amount of money that we are talking about is absolutely staggering. Graham Summers of Phoenix Capital Research estimates that the notional value of the global derivatives market is $1.4 quadrillion, and in an article for Seeking Alpha he tried to put that number into perspective….If you add up the value of every stock on the planet, the entire market capitalization would be about $36 trillion. If you do the same process for bonds, you’d get a market capitalization of roughly $72 trillion.The notional value of the derivative market is roughly $1.4 QUADRILLION.
I realize that number sounds like something out of Looney tunes, so I’ll try to put it into perspective.$1.4 Quadrillion is roughly:
-40 TIMES THE WORLD’S STOCK MARKET.
-10 TIMES the value of EVERY STOCK & EVERY BOND ON THE PLANET.
-23 TIMES WORLD GDP.
It is hard to fathom how much money a quadrillion is.If you started counting right now at one dollar per second, it would take 32 million years to count to one quadrillion dollars.Yes, the boys and girls down on Wall Street have gotten completely and totally out of control.In an excellent article that he did on derivatives, Webster Tarpley described the pivotal role that derivatives now play in the global financial system….Far from being some arcane or marginal activity, financial derivatives have come to represent the principal business of the financier oligarchy in Wall Street, the City of London, Frankfurt, and other money centers. A concerted effort has been made by politicians and the news media to hide and camouflage the central role played by derivative speculation in the economic disasters of recent years. Journalists and public relations types have done everything possible to avoid even mentioning derivatives, coining phrases like toxic assets,exotic instruments,and – most notably – troubled assets, as in Troubled Assets Relief Program or TARP, aka the monstrous $800 billion bailout of Wall Street speculators which was enacted in October 2008 with the support of Bush, Henry Paulson, John McCain, Sarah Palin, and the Obama Democrats.Most people do not realize this, but derivatives were at the center of the financial crisis of 2008.They will almost certainly be at the center of the next financial crisis as well.For many, alarm bells went off the other day when it was revealed that Bank of America has moved a big chunk of derivatives from its failing Merrill Lynch investment banking unit to its depository arm.So what does that mean?
An article posted on The Daily Bail the other day explained that it means that U.S. taxpayers could end up holding the bag….This means that the investment bank’s European derivatives exposure is now backstopped by U.S. taxpayers. Bank of America didn’t get regulatory approval to do this, they just did it at the request of frightened counterparties. Now the Fed and the FDIC are fighting as to whether this was sound. The Fed wants to give relief to the bank holding company, which is under heavy pressure.This is a direct transfer of risk to the taxpayer done by the bank without approval by regulators and without public input.So did you hear about this on the news? Probably not.Today, the notional value of all the derivatives held by Bank of America comes to approximately $75 trillion.JPMorgan Chase is holding derivatives with a notional value of about $79 trillion.It is hard to even conceive of such figures.Right now, the banks with the most exposure to derivatives are JPMorgan Chase, Bank of America, Goldman Sachs, Citigroup, Wells Fargo and HSBC Bank USA.Morgan Stanley also has tremendous exposure to derivatives.You may have noticed that these are some of the too big to fail banks.The biggest U.S. banks continue to grow and they continue to get even more power.Back in 2002, the top 10 U.S. banks controlled 55 percent of all U.S. banking assets. Today, the top 10 U.S. banks control 77 percent of all U.S. banking assets.These banks have gotten so big and so powerful that if they collapsed our entire financial system would implode.You would have thought that we would have learned our lesson back in 2008 and would have done something about this, but instead we have allowed the too big to bail banks to become bigger than ever.
And they pretty much do whatever they want.A while back, the New York Times published an article entitled A Secretive Banking Elite Rules Trading in Derivatives. That article exposed the steel-fisted control that the too big to fail banks exert over the trading of derivatives. Just consider the following excerpt from the article….On the third Wednesday of every month, the nine members of an elite Wall Street society gather in Midtown Manhattan.The men share a common goal: to protect the interests of big banks in the vast market for derivatives, one of the most profitable — and controversial — fields in finance. They also share a common secret: The details of their meetings, even their identities, have been strictly confidential.So what institutions are represented at these meetings? Well, according to the New York Times, the following banks are involved: JPMorgan Chase, Goldman Sachs, Morgan Stanley, Bank of America and Citigroup.Why do those same five names seem to keep popping up time after time? Sadly, these five banks keep pouring money into the campaigns of politicians that supported the bailouts in 2008 and that they know will bail them out again when the next financial crisis strikes.Those that defend the wild derivatives trading that is going on today claim that Wall Street has accounted for all of the risks and they assume that the issuing banks will always be able to cover all of the derivative contracts that they write.But that is a faulty assumption. Just look at AIG back in 2008. When the housing market collapsed AIG was on the wrong end of a massive number of derivative contracts and it would have gone bust without gigantic bailouts from the federal government. If the bailouts of AIG had not happened, Goldman Sachs and a whole lot of other people would have been left standing there with a whole bunch of worthless paper.It is inevitable that the same thing is going to happen again. Except next time it may be on a much grander scale.When the house goes bust, everybody loses. The governments of the world could step in and try to bail everyone out, but the reality is that when the derivatives market comes totally crashing down there won’t be any government on earth with enough money to put it back together again.A horrible derivatives crisis is coming.It is only a matter of time.Stay alert for any mention of the word derivatives or the term derivatives crisis in the news. When the derivatives crisis arrives, things will start falling apart very rapidly.
Citigroup to Pay Millions to Close Fraud Complaint
By EDWARD WYATT Published: October 19, 2011
WASHINGTON — As the housing market began its collapse, Wall Street firms and sophisticated investors searched for ways to profit. Some of them found an easy method: Stuff a portfolio with risky mortgage-related investments, sell it to unsuspecting customers and bet against it.Citigroup on Wednesday agreed to pay $285 million to settle a civil complaint by the Securities and Exchange Commission that it had defrauded investors who bought just such a deal. The transaction involved a $1 billion portfolio of mortgage-related investments, many of which were handpicked for the portfolio by Citigroup without telling investors of its role or that it had made bets that the investments would fall in value.In the four years since the housing market began its steady descent, securities regulators have settled only two cases related to the financial crisis for a larger sum of money. This is also the third case brought by the S.E.C. accusing a major Wall Street institution of misleading customers about who was putting together a security and about their motive. Goldman Sachs and JPMorgan Chase & Company both settled similar cases last year.The settlement will refund investors with interest and include a $95 million fine — a relative pittance for a giant like Citigroup. On Monday, the company reported that in the third quarter alone it earned profits of $3.8 billion on revenue of $20.8 billion. The settlement may also have trouble getting approval from Jed S. Rakoff, the federal district judge in New York who must ultimately sign off on the fine and who has taken a hard line on S.E.C. settlements.
Neither the S.E.C. nor the Justice Department would say whether the case raised questions about whether Citigroup had been involved in any criminal wrongdoing. But the case highlights a growing frustration felt by foreclosed homeowners, investors and Wall Street protesters alike that few, if any, senior banking executives have faced criminal charges for losses growing out of the financial crisis.Citigroup has settled one case stemming from the crisis. Last year, it agreed to pay $75 million to settle federal claims that it hid from investors vast holdings of subprime mortgage investments that were losing value during the crisis and that ultimately prompted the federal government to rescue the bank.The securities laws demand that investors receive more care and candor than Citigroup provided to investors in the security, said Robert Khuzami, director of the S.E.C.’s enforcement division, referring to Wednesday’s action. Investors were not informed that Citigroup had decided to bet against them and had helped to choose the assets that would determine who won or lost.The complex amalgamation of investments known as Class V Funding III produced $126 million in profits for Citigroup’s brokerage subsidiary, and another $34 million in fees for putting it together. All of that, including interest and the $95 million fine, will now be going back to the investors; the government will not receive anything.In a statement, Citigroup noted that the S.E.C. did not charge it with intentional or reckless misconduct. Rather, it settled charges that its actions were negligent and misleading to investors. Despite its profits on the current deal, over all Citigroup lost tens of billions of dollars on its holdings of mortgage-related investments.We are pleased to put this matter behind us and are focused on contributing to the economic recovery, serving our clients and growing responsibly, the company said in a statement. Since the crisis, we have bolstered our financial strength, overhauled the risk management function, significantly reduced risk on the balance sheet and returned to the basics of banking.
The S.E.C. on Wednesday also brought a case against Credit Suisse, which played a smaller role in the transaction, and against one individual at each company. But those individuals were midlevel employees in each company’s investment and trading departments; no senior executives at either company were charged.Credit Suisse, which managed the portfolio of mortgage bonds that served as collateral for the deal, agreed to pay $2.5 million, half of it in penalties, to settle the case. The company declined to comment.Samir H. Bhatt, 37, a former portfolio manager at Credit Suisse, also agreed to settle, paying no fine but agreeing to a six-month suspension from association with any investment adviser.Only Brian H. Stoker, 40, a former Citigroup employee who was primarily responsible for putting together the deal, has decided to fight the S.E.C.’s case. He left Citigroup in 2008.There is no basis for the S.E.C. to blame Brian Stoker for these alleged disclosure violations, said Fraser L. Hunter Jr., a lawyer at WilmerHale who is representing Mr. Stoker.He was not responsible for any alleged wrongdoing — he did not control or trade the position, did not prepare the disclosures and did not select the assets. We will vigorously defend this lawsuit.Mr. Stoker joined Citigroup at the height of the housing boom in 2005, and worked as a director on the structured product desk. His job tasks were largely behind the scenes, crunching numbers and assembling deals like Class V Funding III.After the deal closed on Feb. 28, 2007, more than 80 percent of the portfolio was downgraded by credit ratings agencies in less than nine months. The security declared an event of default on Nov. 19, 2007, and investors soon lost hundreds of millions of dollars, the S.E.C. said, while Citigroup gained.
Among the losers was Ambac of New York, which insured financial instruments and was the largest investor in the deal, according to the S.E.C. Ambac’s role in the transaction was to assume the credit risk associated with a $500 million portion of the portfolio. When the value of the portfolio fell, Ambac had to make payments to those who had bet against the bonds, as Citigroup had.In part because of losses tied to the financial crisis, Ambac filed for bankruptcy last year.Criminal prosecutions related to the financial crisis have been few. Two former Credit Suisse brokers were sentenced to jail in their roles for misleading clients about purchases and thus inflating their sales commissions. Six executives at a mortgage company, Taylor, Bean & Whitaker, have pleaded guilty in a scheme to issue false mortgages to obtain federal mortgage money and bank bailout funds. Lee B. Farkas, a former chairman of Taylor Bean, was sentenced to 30 years in prison for his role in the case, which resulted in the demise of Colonial Bank of Montgomery, Ala.Those crimes started long before the financial crisis. A prosecution of two former executives of Bear Stearns, the failed investment bank, ended in acquittals.Eric Dash contributed reporting from New York.
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