JEWISH KING JESUS IS COMING AT THE RAPTURE FOR US IN THE CLOUDS-DON'T MISS IT FOR THE WORLD.THE BIBLE TAKEN LITERALLY- WHEN THE PLAIN SENSE MAKES GOOD SENSE-SEEK NO OTHER SENSE-LEST YOU END UP IN NONSENSE.GET SAVED NOW- CALL ON JESUS TODAY.THE ONLY SAVIOR OF THE WHOLE EARTH - NO OTHER.
1 COR 15:23-JESUS THE FIRST FRUITS-CHRISTIANS RAPTURED TO JESUS-FIRST FRUITS OF THE SPIRIT-23 But every man in his own order: Christ the firstfruits; afterward they that are Christ’s at his coming.ROMANS 8:23 And not only they, but ourselves also, which have the firstfruits of the Spirit, even we ourselves groan within ourselves, waiting for the adoption, to wit, the redemption of our body.(THE PRE-TRIB RAPTURE)
HOARDING OF GOLD AND SILVER
JAMES 5:1-3
1 Go to now, ye rich men, weep and howl for your miseries that shall come upon you.
2 Your riches are corrupted, and your garments are motheaten.
3 Your gold and silver is cankered; and the rust of them shall be a witness against you, and shall eat your flesh as it were fire. Ye have heaped treasure together for the last days.
REVELATION 18:10,17,19
10 Standing afar off for the fear of her torment, saying, Alas, alas that great city Babylon, that mighty city! for in one hour is thy judgment come.(IN 1 HR THE STOCK MARKETS WORLDWIDE WILL CRASH)
17 For in one hour so great riches is come to nought. And every shipmaster, and all the company in ships, and sailors, and as many as trade by sea, stood afar off,
19 And they cast dust on their heads, and cried, weeping and wailing, saying, Alas, alas that great city, wherein were made rich all that had ships in the sea by reason of her costliness! for in one hour is she made desolate.
EZEKIEL 7:19
19 They shall cast their silver in the streets, and their gold shall be removed:(CONFISCATED) their silver and their gold shall not be able to deliver them in the day of the wrath of the LORD: they shall not satisfy their souls, neither fill their bowels: because it is the stumblingblock of their iniquity.
LUKE 2:1-3
1 And it came to pass in those days, that there went out a decree from Caesar Augustus, that all the world should be taxed.
2 (And this taxing was first made when Cyrenius was governor of Syria.)
3 And all went to be taxed, every one into his own city.
REVELATION 13:16-18
16 And he(THE FALSE POPE WHO DEFECTED FROM THE CHRISTIAN FAITH) causeth all,(IN THE WORLD ) both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads:(MICROCHIP IMPLANT)
17 And that no man might buy or sell, save he that had the mark,(MICROCHIP IMPLANT) or the name of the beast,(WORLD DICTATORS NAME INGRAVED ON YOUR SKIN OR TATTOOED ON YOU OR IN THE MICROCHIP IMPLANT) or the number of his name.(THE NUMBERS OF HIS NAME INGRAVED IN THE MICROCHIP IMLPLANT)-(ALL THESE WILL TELL THE WORLD DICTATOR THAT YOUR WITH HIM AND AGAINST KING JESUS-GOD)
18 Here is wisdom. Let him that hath understanding count the number of the beast:(WORLD LEADER) for it is the number of a man; and his number is Six hundred threescore and six.(6-6-6) A NUMBER SYSTEM (6006006)OR(60020202006)(SOME KIND OF NUMBER IMPLANTED IN THE MICROCHIP THAT TELLS THE WORLD DICTATOR AND THE NEW WORLD ORDER THAT YOU GIVE YOUR TOTAL ALLIGIENCE TO HIM AND NOT JESUS)(ITS AN ETERNAL DECISION YOU MAKE)(YOU CHOOSE YOUR OWN DESTINY)(YOU TAKE THE DICTATORS NAME OR NUMBER UNDER YOUR SKIN,YOUR DOOMED TO THE LAKE OF FIRE AND TORMENTS FOREVER,NEVER ENDING MEANT ONLY FOR SATAN AND HIS ANGELS,NOT HUMAN BEINGS).OR YOU REFUSE THE MICROCHIP IMPLANT AND GO ON THE SIDE OF KING JESUS AND RULE FOREVER WITH HIM ON EARTH.YOU CHOOSE,ITS YOUR DECISION.
REVELATION 6:5-6
5 And when he had opened the third seal, I heard the third beast say, Come and see. And I beheld, and lo a black horse; and he that sat on him had a pair of balances in his hand.
6 And I heard a voice in the midst of the four beasts say, A measure of wheat for a penny, and three measures of barley for a penny; and see thou hurt not the oil and the wine.(A DAYS WAGES FOR A LOAF OF BREAD)
DOCTOR DOCTORIAN FROM ANGEL OF GOD
then the angel said, Financial crisis will come to Asia. I will shake the world.
The Shemitah is coming true.Do people not get it? There is a economic crash every 7 years.
1980: Recession
1987: Stock market crash
1994: Bond market crash
2001: 9/11, dot com, recession
2008: Housing crash
2015: See if something will happen-The central banks will be the death of us. Get ready and embrace yourself for the economic collapse.
UPDATE-AUGUST 28,2015-12:00AM
CENTRAL BANKERS LENDER-BIS
https://www.bis.org/
FED CENTRAL BANKERS MEETING - JACKSON HOLE
https://www.kansascityfed.org/publications/research/escp/symposiums/escp-2015
https://www.kansascityfed.org/publications/research/escp
IMF
http://www.imf.org/external/index.htm
WORLD BANK
http://www.worldbank.org/
BANKING UNION BEFORE EURO ADOPTION
http://blog-imfdirect.imf.org/2015/08/19/banking-union-before-euro-adoption-flak-jacket-or-straitjacket/
REVIEW SDR -RESERVE IMF CURRENCY
http://www.imf.org/external/np/exr/facts/sdrcb.htm
http://www.imf.org/external/pubs/ft/survey/so/2015/POL080415A.htm
http://www.imf.org/external/np/exr/faq/sdrallocfaqs.htm
http://www.imf.org/external/pp/longres.aspx?id=4975
http://www.imf.org/external/np/sec/pr/2015/pr15384.htm
http://www.imf.org/external/pp/longres.aspx?id=4978
http://www.imf.org/external/np/tre/sdr/proposal/2009/0709.htm
DOW MARKET FRIDAY-AUG 28,2015
09:30AM-63.43-
10:00AM-49.58-
10:30AM-43.50-
11:00AM-70.76-
11:30AM-6.62-
12:00PM-66.58-
12:30PM-30.74-
01:00PM-35.18-
01:30PM-54.69-
02:00PM-45.74-
02:30PM-82.28-
03:00PM-50.70-
03:30PM-85.02-
04:00PM-11.76- 16,643.01
HIGH +27 LOW -108
TSX +98.40 13,865.07 - GOLD +11.20 $1,133.80 - OIL +2.79 $45.35
U.S. stocks end turbulent week with modest gains-Published: Aug 28, 2015 4:05 p.m. ET-market watch By Anora Mahmudova Reporter
U.S. stocks ended the most tumultuous week in memory with modest gains after closing virtually unchanged on Friday. The main indexes spent most of Friday's session diving in and out of negative territory, as investors seemed undecided on how to interpret comments from Federal Reserve officials. Fed Vice Chairman Stanley Fischer indicated the central bank is keen on raising rates this year, but provided little clarity on whether it will be in September. The Dow Jones Industrial Average DJIA, -0.07% which suffered a 1,000 point loss in a matter of minutes on Monday, traded in a relatively tight range on Friday, closing off 11.83 points, or 0.1% at 16,642.94. The blue-chip index gained 1.1% over the week. The S&P 500 SPX, +0.06% closed a point higher at 1,988.85 and recorded a 0.9% weekly gain. The Nasdaq Composite COMP, +0.32% ended the day up 15.62 points, or 0.3% at 4,828.32 and rose 2.6% over the week.
Opinion: Be happy stocks suffered a correction, but be worried if you overreacted-Published: Aug 28, 2015 4:23 p.m. ET By Jonathan Burton-market watch-Asst. commentary editor
Rattled investors now know the inconvenient truth about stocks that Wall Street consistently avoids. But can you handle the truth? The truth is that a stock doesn’t know you own it and doesn’t care whether you make money or not.You can’t count on your stocks for consistency and contentment, as the past week’s action has made clear. Markets that rise and fall several percentage points in a single trading day are not exactly pillars of stability.And now that you’re seeing the Dow Jones Industrial Average DJIA, -0.07% S&P 500 SPX, +0.06% and Nasdaq COMP, +0.32% all attempt to crawl out of the ditch, it’s important that you don’t lose sight of the fact that the recent correction has been a much-needed wake-up call. Or as Sam Stovall, U.S. equity strategist at S&P Capital IQ, has aptly observed: “Market action during the past week has reminded investors that advances typically take the stairs, while declines take the elevator.”There had been too much certainty lately; too much money chasing too few stocks; too many market pundits and investment professionals confusing brains with a bull market. There’s a fault line under Wall Street — the fault is our greed, overconfidence, self-deception. Investments are sold, not bought — ultimately a bullish case is made so many times and becomes so widely believed, and the foundation quakes.Be happy that stocks suffered a correction. Sigh in relief that global markets blew off their froth. Now we’re seeing a recovery attempt. Rebounds are reassuring. That’s what people do after an upheaval to their lives; they take steps to rebuild. Stock markets, governed by our emotions, are no different.Yet recovery frequently is marked by relapse, so you can expect global markets to seesaw and even slip back into correction territory — a 10% or worse decline — until stock prices align with expected economic growth and corporate earnings.Be happy as well that you survived the hit and didn’t panic. Or did you? If you invest for the long term and hastily dumped stocks during this correction, you should worry. Be concerned not that you sold too soon, given the rebound, but that you sold at all. You reacted today to something that likely will be long forgotten when you need your money. Time in the market, not market-timing, brings success.For individual investors, the market's slide presents an opportunity. Namely, it's a chance to review your portfolio's diversified exposure to stocks. If the percentage is high, trim back to the asset-allocation range for stocks that you’ve set — even if you've missed selling at the top. This way you’ll have cash on hand to keep you calm and provide the capital to scoop up bargains from your wish list. (Be sure to have a wish list.) And if your allocation to stocks is too low, then cheaper prices are an invitation to increase your equity exposure.Remember, the market’s trend may be your friend, but Mr. Market isn’t. So finding a comfort level with how Mr. Market is feeling today can come only from one source: you.Here’s a solid guide for you to make portfolio course corrections when Mr. Market is upset: The 10 “Market Rules to Remember” that respected market technician Bob Farrell published some years ago are straightforward and honest, and will help keep you in the boat during inevitable market storms.For example, consider Farrell’s Rule No. 6: “Fear and greed are stronger than long-term resolve.” That’s especially timely now. Investors are their own worst enemy. To counter fear and greed, practice self-control. Be proactive, not reactive. Sell before you have to, and buy when others are selling.Look, this advice to stay cool and collected is nothing new. You can hear this now or a decade from now, and the refrain will be familiar. Only the techniques and technology used to buy and sell goods in a marketplace have changed over time. But human behavior? Not so much. We’d best get used to it — and get on with it.
Oil Surges for a Second Day as Some Calm Returns to Equities-Oliver Renick Stephen Kirkland-Updated on August 28, 2015 — 4:03 PM EDT-bloomberg
Oil surged, capping the best two-day rally since 2009, while U.S. equity investors found some relative calm in a turbulent week as Federal Reserve officials meet at Jackson Hole.The Standard & Poor’s 500 Index was little changed after the U.S. benchmark’s biggest rebound since the beginning of the bull market in 2009. Equities trading has been whipsawed by gains and losses this week as markets remain subject to sudden shifts in investor sentiment. Oil climbed more than 6 percent after a 10 percent rally on Thursday.“The market just may be tired. We had an awful lot of actions,” Cam Albright, head of investment strategy at Wilmington Trust in Baltimore, said by phone. The firm oversees $76 billion. “There has been a lot of price action in both directions, perhaps traders just make a chance to catch their breath.”Global equities lost as much as $8.4 trillion in value after China’s unexpected devaluation of the yuan on Aug. 11 spurred concern the world’s second-biggest economy was on the brink of a deeper slowdown, damping demand for raw materials and spurring a selloff in developing economies.The S&P 500 rose less than 0.1 percent at 4 p.m. in New York, trading in the narrowest range in almost two weeks. The index’s 0.9 percent gain for the week masks a volatile period in which the S&P 500 plunged the most since 2011 to enter a correction, only to rally more than 6 percent over two days. The gauge is down 5.5 percent for the month, the most since May 2012.The Stoxx Europe 600 Index advanced 0.3 percent, after surging 3.5 percent on Thursday. The yield on 10-year Treasuries was little changed at 2.19 percent.“We need to see a bit of consolidation given the recent rally,” said Gunther Westen, who helps oversee about $28 billion as head of asset allocation and fund management at Meriten Investment Management GmbH in Dusseldorf, Germany. “There’s still insecurity. The Fed is still looming over the markets.”J-ackson Hole-Fed officials gathered in Jackson Hole, Wyoming, are weighing when to begin raising interest rates for the first time since 2006. Markets rebounded after a report yesterday showed U.S. economic growth accelerated more than analysts forecast.The Cleveland Fed’s Loretta Mester told Bloomberg Television Friday that “the economy can sustain an increase in interest rates.” St. Louis Fed President James Bullard said in a separate interview that market volatility shouldn’t affect the Fed’s forecast for the economy. Neither Bullard nor Mester expressed a preference for raising rates at a specific meeting.Fed Vice Chairman Stanley Fischer, speaking on CNBC, said the central bank hadn’t decided on whether to raise its target at the next meeting.Reports today showed Americans kept spending in July, and sentiment barely wavered this month as stocks plunged, keeping intact prospects that consumers will continue to drive growth. Purchases climbed 0.3 percent, the same as in June, according to Commerce Department figures. The University of Michigan consumer sentiment index fell to 91.9 in August from 93.1 the prior month.Treasuries had their biggest weekly decline since June, after the most volatile trading period in six months. While yields on the 10-year note were little changed today, they were up 14 basis points for the week.-Volatility Gauge-The Chicago Board Options Exchange Volatility Index rose 6.4 percent to 27.76 Friday, rising for the first time in four sessions. The gauge jumped the most on record during intraday trading Monday.Stock markets will be subject to higher volatility for weeks, according to a note Thursday from JPMorgan Chase & Co. derivatives strategist Marko Kolanovic. He cited quantitative traders whose funds are tuned to price trends and volatility.Bigger moves are likely at the beginning and end of sessions as those investors seek to tweak holdings to take into account this month’s correction, Kolanovic said. Such institutions may need to sell $300 billion of stock, all told, he wrote.“Capitulation has happened but we’re not done with all the volatility in equities,” Andrew Brenner, the head of international fixed income for National Alliance Capital Markets, said by phone. “I think the worst is over, but are we out of the woods yet -- no -- we’re still going to have a lot of volatility.”The Stoxx 600 has had moves of at least 1.7 percent for seven straight days, ending the week little changed. It’s fallen 8.4 percent this month, the most in four years.-China Stocks-While the Shanghai Composite Index jumped 4.8 percent, capping a 10 percent gain across two days, the Hang Seng China Enterprises Index dropped 1.1 percent in the final hour of trading in Hong Kong.China intervened to shore up its volatile equity market late Thursday, according to people familiar with the matter, while a commentary in the official Xinhua News Agency said developed-nation monetary policies were to blame for global financial-market volatility.Policy makers are said to be trying to end a stock rout before a Sept. 3 military parade that will celebrate the 70th anniversary of the World War II victory over Japan.“China wants to save face as the parade approaches,” said Daniel Chan, a Hong Kong-based analyst at Brilliant & Bright Investment Consultancy Ltd.Oil sustained a rebound above $40 a barrel amid signs of a strengthening economy in the U.S., the world’s biggest crude-consuming country. West Texas Intermediate rose 6.3 percent to $45.22 a barrel. Prices climbed 12 percent this week, the biggest advance since February 2011, though they are still down 15 percent for the year on concern a supply glut will persist.
A Currency Drop is Inflationary, Right?-Harvard's Gopinath Upends Conventional Wisdom at Jackson Hole-Jeff Black Jennifer Ryan-Benchmark-August 28, 2015 — 12:32 PM EDT-bloomberg
The central banker's task of keeping inflation just right has become a permanent tussle with the global currency markets. Too weak a currency equals too rapid price gains. Too strong, and disinflation looms.That's the well-worn argument under the microscope Friday at the Jackson Hole Symposium, the U.S. Federal Reserve's annual policy getaway. Gita Gopinath, a scholar at Harvard University, says that it just isn't that simple."The greater the fraction of a country's imports invoiced in a foreign currency, the greater its inflation sensitivity to exchange rate fluctuations at both short and long horizons,'' she says. Because the dollar is by far the dominant currency in world trade, "U.S. inflation is consequently more insulated from exchange rate shocks, while other countries are highly sensitive to it.''Her work in this area been cited by the European Central Bank, the prime example of an institution hoping that a weaker currency will spur inflation.Here's what Gopinath's research means for ECB Governing Council members: since Ireland has to pay for more of its imports in a foreign currency than France, a weaker euro will have a much bigger inflationary impact on Irish consumer prices than French. Officials, who will make their next policy decision on Thursday in Frankfurt, are struggling to end a bout of near-stagnant price growth.There's another implication, this time of interest to Fed watchers, for whom the question of a September rate increase has become more uncertain. It's that the dominance of the U.S. dollar insulates the world's largest economy from a major price impact through currency swings.So how does that play out for the monetary guardians gathered at Jackson Hole? The greenback has gained against all but one of its Group of 10 peers this year."There's a lot of talk about the dollar appreciation and the consequences of that for inflation,'' Gopinath told her audience on Friday. "What all of this evidence basically tells you is these effects are going to be small. This is not a major impact for a country like the U.S."
Fischer Praises Economy, Straddles FOMC Liftoff Date Camps-Craig Torres Jeanna Smialek-Updated on August 28, 2015 — 2:58 PM EDT-bloomberg
Federal Reserve Vice Chairman Stanley Fischer left open the option of an interest-rate increase next month, walking a line between officials who want to delay due to market turmoil and those who say the economy is strong enough to handle a move.Fischer said reports on the U.S. economy’s tempo have “been impressive, and the economy is returning to normal,” in an interview with CNBC from the Kansas City Fed’s annual retreat in Jackson Hole, Wyoming.“I think it’s early to tell, the change in the circumstances which began with the Chinese devaluation is relatively new and we’re still watching how it unfolds,” he said. “I wouldn’t want to go ahead and decide right now what the case is, more compelling, less compelling,” for a September liftoff.On Wednesday, New York Fed President William C. Dudley said market turbulence made the case for a September move “less compelling to me than it was a few weeks ago.”Fischer’s remarks place himself between two camps on the Federal Open Market Committee. Officials such as Fed presidents James Bullard of St. Louis and Loretta Mester of Cleveland say the economy’s cumulative gains have been strong and they expect them to continue, and put varying weight on recent market movements.“My view so far in looking at all of the factors is that the economy can sustain an increase in interest rates,” Mester said in an interview Friday with Bloomberg Television at Jackson Hole.-Less Compelling-Another camp is signaling there is little reason to rush and appears to prefer to hold off and determine if there is fallout from market volatility, a slowing Chinese economy and the devaluation of the yuan on Aug. 11.Fed officials next meet Sept. 16-17. “We’ve got a little over two weeks before we have to make a decision, and we’ve got time to wait and see the incoming data,” Fischer said.“We haven’t made a decision yet and I don’t think that we should make a decision,” he said. “We’re dealing with something which happened about 10 days ago, particularly the change in the circumstances.”Officials had been “anxious to get going” with getting rates off zero but now need to figure out if market events have blown them off course, said Atlanta Fed President Dennis Lockhart, who is a voting FOMC member this year. The Fed has held rates near zero since 2008.“The fundamentals of the economy are really solid,” he told Bloomberg Television Friday at Jackson Hole. “I weigh both the distance that we have traveled as well as the current outlook for the economy. Both of those to me I think would suggest that we’re close. The timing is close.”-Stocks Whipsawed-Equities around the world have been whipsawed this week, indicating markets remain subject to sudden shifts in investor sentiment. The Standard & Poor’s 500 Index fell 0.2 percent as of 2:53 p.m. in New York Friday after the U.S. stock benchmark’s biggest two-day gain since the beginning of the bull market in 2009. The yield on 10-year Treasuries was 2.18 percent, little changed from Thursday.“If you don’t understand the market volatility,” Fischer said, “yes, it does effect the timing of a decision you might want to make. But I think they could settle fairly quickly, there is that possibility.”Investors have increased the probability of a move at the FOMC meeting on Oct. 27-28 to 49 percent from 40 percent on Thursday. They see a 38 percent chance the Fed will move next month. The Fed last raised rates in 2006.-Close Call-“If markets behave themselves and we get a decent jobs number on Friday we are back to a very close call” on a September interest rate increase, said Michael Feroli, chief U.S. economist at JPMorgan Securities LLC in New York.Monthly job gains have averaged 211,000 so far this year, and economists expect a 220,000 gain when August data is reported on Sept. 4.Bullard raised the possibility of delaying a move until October if market turmoil persists.“The committee does not like to move when there’s volatility,” he said in remarks to reporters Friday after an interview with Bloomberg Television in Jackson Hole. “If we had the meeting this week, people would probably say let’s wait.”He added, “but the meeting is not this week, it’s Sept. 16 and 17.” Bullard said he would support scheduling a press conference following the Oct. 27-28 FOMC meeting if the committee doesn’t raise rates next month. That would make it easier for the Fed to explain a liftoff in October.Bullard and Mester next year will move into two of four rotating voting seats on the FOMC reserved for regional Fed presidents.“The big takeaway is that Fed officials sound pretty uncertain, amidst a pretty uncertain environment,” said Omair Sharif, a rates sales strategist at Societe Generale in New York. “With this much uncertainty, and the cautious tone that they’ve all adopted, at this point I have to think that odds of September are lower -- that they’ll probably skip September.”
Dow heads lower; U.S. stocks up for the week-Published: Aug 28, 2015 11:55 a.m. By-Anora Mahmudova-Reporter-Barbara Kollmeyer-Markets reporter
The Dow was struggling to find direction in late-morning trade Friday as Federal Reserve Vice Chairman Stanley Fischer on CNBC said the economy is “working pretty well,” and indicated that the central bank is moving toward raising rates.The Dow briefly ticked higher, joining the S&P 500 and Nasdaq in positive territory, after the Fed No. 2’s comments, but slipped lower later as the official continued to talk. The S&P 500 also slipped into the red.Hand-wringing around when the Fed will hike rates has been one of the driving forces of stock-market uncertainty, along with China’s troubled economy.Still, stocks look to end one of the most tumultuous weeks in recent memory with modest gains. They are in negative territory for the year after a plunge on Monday sent them into correction territory.“The magnitude of the drop on Monday caught a lot of investors off guard and they are still struggling to find what the fair value is for stocks, which is why we are continuing to see heightened volatility,” said Channing Smith, portfolio manager at Capital Advisors.The S&P 500 SPX, -0.24% dipped in and out of negative territory, trading virtually flat at 1,986. Most of the 10 main sectors were lower, but losses were modest. The energy sector rallied following a big jump in oil prices. The Dow Jones Industrial Average DJIA, -0.39% dipped 45 points, or 0.3%, to 16,609. The Nasdaq Composite COMP, -0.15% edged higher, adding 3 points, or 0.1%, to 4,815. The Russell 2000 also edged higher, climbing 8 points, or 0.7%, to 1,161.Earlier in the session, market reaction to consumer spending and inflation, both of which ticked up less than expected, was largely muted. Inflation, which has remained below the Federal Reserve’s target, is likely to influence policy makers’s decision over the rate increases this year.Investors will look to take their cues from Federal Reserve officials, who are attending the closely watched Jackson Hole summit.Opinion: A surefire strategy to keep calm and make some money in this crazy marketThe sharp rebound on Wall Street over the previous two sessions came as investors took comfort from signs China was trying to stabilize its economy and market, and from upbeat U.S. growth data.“Current markets can be described as ‘no man’s land’, where volatility is uncomfortable and credit spreads have widened. We expect volatility to continue for the next six weeks or so, but we are not seeing conditions for a bear market,” said Smith.Investors also kept a close eye on crude prices Friday, which jumped more than 4%. WTI crude for October CLV5, +5.69% swung between gains and losses after surging more than 10% on Thursday, driven higher by a report that Venezuela asked the Organization of the Petroleum Exporting Countries to hold an emergency meeting.Jackson Hole summit: Another potential reason for investor caution is the Jackson Hole central bankers’ summit in Wyoming on Friday and Saturday, where key Federal Reserve speakers are due to appear: Fed Vice Chairman Stanley Fischer will talk about inflation developments on Saturday, with Atlanta Fed President Dennis Lockhart and St. Louis Fed President James Bullard to follow later. Here’s a schedule of the speakers.The meeting comes after days of financial-market turmoil have driven some investors to shift their expectations for a U.S. interest-rate hike to December from September.Opinion: Stocks climbing strongest ‘wall of worry’ in five years-Economic data: Core inflation moderated in July, the government reported Friday, giving the Federal Reserve another reason to hold short-term interest rates steady at their September policy meeting.Stocks to watch: Share of Freeport-McMoRan Inc. FCX, +3.34% jumped 7.5%. Billionaire investor Carl Icahn disclosed a stake in the miner late Thursday, saying the company’s shares are undervalued, according to a filing.GameStop Corp. GME, -6.23% shares plunged 8% following a very bearish analyst note and downgrade on the company’s stock by Benchmark.Chinese gains tempered: The Shanghai Composite Index SHCOMP, +4.82% which has been heavily influential at times for global equities this week, climbed 5.4%. Analysts voiced suspicions on Friday the government was buying stocks to boost the index, which ended a roller-coaster week down 8%.European stocks SXXP, +0.28% wavered on Friday, with the Stoxx Europe 600 index down 0.4% and set for a small loss to end the week. Gold prices GCV5, +0.72% rose marginally, while the dollar DXY, +0.55% held largely steady.
Fed’s Bullard Says Volatility Isn’t Changing Economic Outlook-eanna Smialek Christopher Condon-August 28, 2015 — 8:12 AM EDT-bloomberg
St. Louis Federal Reserve President James Bullard said that while world financial markets are volatile, U.S. fundamentals are good and the interest rate-setting Federal Open Market Committee shouldn’t alter its forecast for the economy.“The key question for the committee is -- how much would you want to change the outlook based on the volatility that we’ve seen over the last 10 days, and I think the answer to that is going to be: not very much,” Bullard told Bloomberg Television in an interview Friday at the Kansas City Fed’s annual conference in Jackson Hole, Wyoming.“You’ve really got the same trajectory that the committee will be looking at that we were looking at before, so why would we change strategy, which was basically to lift off at some point,” said Bullard, who votes on the FOMC next year.Fed officials are weighing when to begin lifting interest rates for the first time since 2006. While the U.S. is growing at a solid clip, inflation is too low and the global outlook has been dimmed by a Chinese slowdown that is driving down commodity prices and spurring equity market turbulence.“I actually think we’re OK on the inflation front,” Bullard said. “I’ve been arguing that we should get going, because interest rates -- it’s not that we’re a little bit below normal, we’re all the way down at zero, so you’ve got to think about: How is this going to play out over the next two to three years.”Bullard’s comments come after Cleveland Fed President Loretta Mester, who also votes on the FOMC next year, told the Wall Street Journal that market turmoil had not so far altered her view that the U.S. economy “is solid and it could support an increase in interest rates.”
Drop in Stock Futures Signal Halt to S&P 500's Relief Rally-Roxana Zega-Updated on August 28, 2015 — 8:35 AM EDT-bloomberg
U.S. stock-index futures fell amid a slide in most global stocks, with equities poised to put an end to a two-day relief rally.Contracts on the S&P 500 expiring in September lost 0.6 percent to 1,977.25 at 8:33 a.m. in New York, after the underlying index posted its best back-to-back advance since March 2009.“We need to see a bit of consolidation given the recent rally,” said Gunther Westen, who helps oversee about $28 billion as head of asset allocation and fund management at Meriten Investment Management GmbH in Dusseldorf, Germany. “There’s still insecurity in the markets, investors are still licking their wounds and analyzing the environment to check how much it has changed. The Fed is still looming over the markets so there will be a slow process to recovery.”Data today showed consumer purchases climbed in July as incomes grew, showing the biggest part of the U.S. economy was off to a good start to the quarter. The 0.3 percent advance matched the prior month’s gain, according to the Commerce Department. The median forecast in a Bloomberg survey of economists called for a 0.4 percent increase. Wages rose by the most this year.The S&P 500 yesterday capped its best two-day rally since the beginning of the bull market in 2009, helped by data showing stronger-than-expected U.S. economic growth. The Dow had its strongest back-to-back advance since December 2008. Global equities had lost as much as $8.4 trillion in value after China’s unexpected devaluation of the yuan earlier this month spurred concern the world’s second-biggest economy was on the brink of a deeper slowdown. The S&P 500 is on track for its worst month in three years.Inflation is the theme at an annual symposium in Jackson Hole, Wyoming this week where Federal Reserve officials and economists have also been discussing market fallout from China’s slowdown that has cast doubt on whether the Fed will raise rates next month. Traders are now pricing in a 30 percent chance the central bank will act in September, down from almost even odds before China’s surprise move to devalue its currency earlier this month.
China Will Respond Too Late to Avoid Recession, Citigroup Says-Sangwon Yoon-August 27, 2015 — 6:31 PM EDT-bloomberg
China is sliding into recession and the leadership will not act quickly enough to avoid a major slowdown by implementing large-scale fiscal policies to stimulate demand, Citigroup Inc.’s top economist Willem Buiter said.The only thing to stop a Chinese recession, which the former external member of the Bank of England defines as 4 percent growth on “the mendacious official data” for a year, is a consumption-oriented fiscal stimulus program funded by the central government and monetized by the People’s Bank of China, Buiter said.“Despite the economy crying out for it, the Chinese leadership is not ready for this,” Buiter, chief economist at Citigroup, said in a media call hosted Thursday by the Council on Foreign Relations in New York. “It’s an economy that’s sliding into recession.”Premier Li Keqiang is seeking to defend a 7 percent economic growth goal at a time when concern over slowing demand in China is fueling volatility in global markets. The true rate of expansion “is probably something closer to 4.5 percent or less,” Buiter said.Li has repeatedly pledged to avoid stimulus similar to the one following the global financial crisis in 2008 that led to a surge in debt for local governments and corporations.-Data Accuracy-Some economists and investors have long questioned the accuracy of China’s official growth data. When Li was party secretary of Liaoning province in 2007, he said that figures for gross domestic product were “man-made” and therefore unreliable, according to a diplomatic cable published by WikiLeaks in 2010. The median estimate of 11 economists surveyed by Bloomberg earlier this month put China’s first-half GDP growth rate at 6.3 percent, compared with the official figure of 7 percent.“They will respond but they will respond too late to avoid a recession, which is likely to drag the global economy with it down to a global growth rate below 2 percent -- which is in my definition a global recession,” said Buiter.The global economy will expand by 3 percent this year, while China’s is forecast to grow 6.9 percent, the slowest pace in a quarter century, according to economists surveyed by Bloomberg.The boom and bust in the Shanghai Composite Index, which more than doubled in about a year before a selloff erased $5 trillion in market value in two months, is raising questions about “the competence of the Chinese authorities as managers of the macro economy,” Buiter said.The authorities first cheered the stock market rally “because quite a few of the local pundits believed that this was a great of deleveraging way without paying for the corporate sector to have a stock market bubble,” he said. “And then of course the rather panic and incompetent reaction ensued in response,” Buiter added in reference to the unprecedented government intervention to support share prices.
Tsipras launches risky election campaign By Eric Maurice-aug 27,15-euobserver
BRUSSELS, Today, 09:30-Greek prime minister Alexis Tsipras launched his election campaign with a TV interview on Wednesday (26 August), with president Prokopis Pavlopoulos expected to dissolve parliament on Friday and call a general election on 20 September.Faced with deep divisions in his Syriza party, Tsipras defended his resignation and the bailout deal reached earlier this month."I feel comfortable giving people a reason to judge me for all those things I accomplished and those I didn’t,” he told Alpha TV..He said he fought as hard as he could to defend Greece's interests in talks with its lenders, the EU, the European Central Bank (ECB) and the International Monetary Fund (IMF)."The No to a bad deal, I turned it into a Yes to a deal which has problems, but provides potential," he said, adding that the bailout agreed on 11 August gives Greece "fiscal space to repay the debt".Tsipras replied to his leftist critics by saying a euro exit to the drachma was not an attractive option. “The battle must be fought within Europe," he said.The prime minister also said he would not govern with opposition parties after the upcoming election."I will not become prime minister in a coalition government" with the conservative New Democracy, the socialist Pasok, or the center-left To Potami, he said."I think that all three parties essentially express the old political system."He did not exclude altogether the possibility of a national unity government, but he said he would not lead it.Tsipras, who resigned in the wake of the agreement with Greece's lenders for a €86 billion bailout, is looking for a fresh mandate from Greek voters with an absolute majority.Split-A recent opinion poll showed that 61 percent of Greeks hold a positive opinion of Tsipras. But this personal popularity could prove difficult to translate into a majority for Syriza. The party is faced with the creation of a dissident party, Popular Unity, led by former energy minister Panagiotis Lafazanis.Fifty-three of the 201 members of Syriza's central committee resigned on Wednesday. Many of them have joined Popular Unity.In a letter, they said they could not support the memorandum of understanding signed by Tsipras' government with the lenders in exchange for the bailout funds."Tsipras gave up all the substantive and fundamental programmatic commitments of Syriza," Panagiotis Lafazanis, one of the Syriza rebels, told CNBC TV channel."Popular Unity wants to continue the best programmatic traditions of Syriza. We want to stick to more radical commitments."Tsipras is also under attack by the parliament's speaker, Zoe Konstantopoulou, who could also set up her own party. Konstantopoulou voted against the bailout agreement and accused Tsipras of calling snap elections "on the sly".Tsipras' office reacted last week saying she was "acting like a dictator" and was "the wrong choice" for the speaker post.If she launches her own party, which she said would work closely with Lafazanis' Popular Unity, Konstantopoulou could be supported by Syriza figure Manolis Glezos.Glezos, who is 91, is highly respected in Greece as the man who took down the Nazi flag from the Acropolis in 1941.-Varoufakis-Though he does not plan to run for the election, Tsipras' former finance minister Yanis Varoufakis is another critical voice in the campaign.Varoufakis, who voted no to the bailout, accuses Tsipras of reneging on his previous commitments."The party that I served and the leader that I served has decided to change course completely and to espouse an economic policy that makes absolutely no sense, which was imposed upon us", Varoufakis told US ABC TV channel.Varoufakis now wants to foster a European network against austerity.In his TV interview on Wednesday, Tsipras said that although Varoufakis gave momentum to negotiations with the lenders, he "had lost his credibility with his interlocutors".At a meeting with EU, ECB and IMF leaders on 25 June, Tsipras said, Varoufakis "was talking and they paid no attention to him. They had switched off," Tsipras said.
Greece offers 'war relief' to Greek-origin Ukrainians By Andrew Rettman-aug 27,15-euobserver
BRUSSELS, 26. Aug, 18:00-Greece has said it would give special treatment to Greek-origin Ukrainians on the front line who want to resettle in the EU.Its foreign ministry told EUobserver on Tuesday (25 August), that the 90,000 or so Greek-origin people who live in the Mariupol region in Ukraine would be treated as “returnees” instead of ordinary refugees or asylum seekers.“Greek Ukranians (not possessing Greek citizenship) who would choose to resettle to Greece would get a special status - as was the case with people of Greek origin emigrating to Greece after the split-up of the former Soviet Union”, Anastasia Christof ilopoulou, a Greek spokeswoman, said.“At that time, there were special provisions facilitating citizenship-acquisition and granting of professional/social rights. In a similar case, similar measures would probably apply”.-Targeted village-Sartana, a majority-Greek village near Mariupol, was, on 16 August, shelled by pro-Russia forces for 25 minutes, killing three people and damaging 170 homes.It’s the fifth time it’s been targeted.A Russian Grad rocket attack on Sartana last October killed seven people. A Grad attack on the city of Mariupol, where most diaspora Greeks live, in January, killed 30 people.Christofilopoulou said even if violence escalates, the “scenario of the whole community resettling in Greece is highly improbable” .But if there is a large exodus, it would put further strain on a country already struggling with a financial crisis and with mass-scale migration from the Middle East.Christofilopoulou noted that while the official number of Greek-origin people in Mariupol is 91,000, the Federation of Greek Communities of Mariupol, an NGO, estimates that the real number is “much higher”.Meanwhile, Greece, on Monday, began flying 191 Greek-origin children and elderly people from Kiev to Rhodes, a Greek island.They first drove the 780km from Mariupol to Kiev because the conflict has closed Mariupol’s airport.They are to stay in Rhodes until 12 September to get “relief from the war”, the foreign ministry said, and to learn about Greek culture.-Nerves-But in a sign of nerves, some Ukraine-watchers claimed on social media Greece had begun a full-scale evacuation.The Minsk ceasefire accord, signed by Russia, Ukraine, France, and Germany in February, has not stopped fighting.“If we get just 20 or 30 minutes of shelling a day, that’s considered a normal day”, Mustafa Nayyem, a Ukrainian MP, told EUobserver at Globsec, a security seminar in Slovakia in June.The Sartana shelling prompted snap meetings of EU and Ukraine leaders in a bid to stop escalation. But international monitors, the OSCE, in their latest report, on Tuesday, said “ceasefire violations were recorded in numerous locations”.They noted 32 explosions and small-arms fire in the Donetsk city area and 41explosions in an area north-east of Donetsk.A senior EU diplomat told this website there’s no indication pro-Russia forces are planning to stage an assault on Mariupol.But with the city located at a strategic point, which separates Russia-occupied east Ukraine from Russia-annexed Crimea, he added that Moscow "is keeping all options on the table”.Some Greek communities in Ukraine date back to Byzantine times. But the majority settled there in the 18th century.Christofilopoulou noted that they can’t vote in Greece. But she said they have some special rights, including on access to Greek universities.
Kosovo agreement clears Serbia's EU path By Eric Maurice-aug 27,15-euobserver
BRUSSELS, Today, 09:21-The agreement reached Tuesday (25 August) between Serbia and Kosovo lifted the main obstacle to opening membership negotiations between Serbia and the EU. But no formal decision will be taken soon.The accord, which establishes an association of Serb-majority municipalities in Kosovo and deals with energy and telecommunications, "leads to the opening of negotiating chapters with the EU", Serbian PM Aleksandar Vucic said in a statement.While Serbia's accession process was officially launched in January 2014, talks have not started yet.Some EU member states, including Germany, said Serbia would first need to implement the 2013 Brussels pact that was a first step in the normalisation of the country's relations with Kosovo.They also said that the first chapter of negotiations to be opened would be chapter 35, dealing with Kosovo relations.Tuesday's agreement "is obviously a step in the right direction", an EU source told the website.But the source said the EU would first wait for the publication of the annual progress report in October before any formal decision to start talks is taken."Serbia agreed to everything the EU asked", a diplomat said.Discussions at a technical level will be held at the EU Council - representing member states - next week, while the European Commission and the EU external action service are preparing a report on chapter 35.If the report is positive, it will be to the member states' ambassadors and then to EU ministers to decide whether to start accession talks.European perspective-Serbian authorities expect the decision to be taken before the end of this year, with the negotiation process ending in 2018. Such a calendar would allow Serbia to enter the EU in 2020.But amid economic crisis and enlargement fatigue in member states, and with a still volatile situation in Serbia and the Western Balkans, the process could drag on for years.Meanwhile, with Kosovo still lagging behind on EU standards and facing non-recognition by five EU states, the question of whether Serbia and Kosovo should be admitted at the same time could also dog Belgrade's application." There will be no enlargement in the next five years", commission president Jean-Claude Juncker said when he came to office last year.He also noted that the "Balkans needed a European perspective" and that "ongoing negotiations [would] continue", however.In a visit to the region in July, German chancellor Angela Merkel said she "clearly supported the European perspectives of all the countries in the region", especially Serbia.With the ongoing financial crisis in Greece and the growing migrant crisis in the region, anchoring Serbia to the EU has become a geopolitical issue.Russia's attempts to gain more influence in the region are also playing a part in the EU's interest in stabilising Serbia and its neighbours.
CHINA DEVALUES CURRENCY FOR AMERICAN INTEREST RATE RISE SPECULATION
http://israndjer.blogspot.ca/2015/08/after-619-point-rise-yesterday-see-what.html
http://israndjer.blogspot.ca/2015/08/yesterday-dow-was-up-440-points-and.html
http://israndjer.blogspot.ca/2015/08/i-believe-this-china-devaluing-of-its.html
http://israndjer.blogspot.ca/2015/08/see-how-stock-markets-fare-today-at-ok.html
http://israndjer.blogspot.ca/2015/08/asian-stock-markets-crash-badly-to.html
http://israndjer.blogspot.ca/2015/08/stock-market-crash-was-inevitable-and.html
http://israndjer.blogspot.ca/2015/08/imf-its-premature-to-say-china-is.html
http://israndjer.blogspot.ca/2015/08/10-currencies-that-may-follow.html
http://israndjer.blogspot.ca/2015/08/11-chinese-banks-ask-for-bailouts.html
http://israndjer.blogspot.ca/2015/08/north-korea-threatens-us-what-china.html
http://israndjer.blogspot.ca/2015/08/what-kinda-story-is-this-america-used.html
http://israndjer.blogspot.ca/2015/08/112-now-dead-722-injured-in-china-port.html
http://israndjer.blogspot.ca/2015/08/china-devalues-currency-for-3rd-day.html
http://israndjer.blogspot.ca/2015/08/china-currency-wars-angers.html
http://israndjer.blogspot.ca/2015/08/china-devalues-currency-for-second-day.html
http://israndjer.blogspot.ca/2015/08/china-devalues-its-currency-stocks-fall.html
GREECE NEWS
http://israndjer.blogspot.ca/2015/08/typhoons-fires-koreas-talk-planned.html
http://israndjer.blogspot.ca/2015/08/tsipras-resigns-for-greece-elections.html
http://israndjer.blogspot.ca/2015/08/china-says-it-arrested-15000-people-for.html
http://israndjer.blogspot.ca/2015/08/russia-and-nato-rehearsing-for-war.html
http://israndjer.blogspot.ca/2015/08/at-least-56-dead-720-injured-in-chinese.html
http://israndjer.blogspot.ca/2015/08/greece-lenders-clinch-bailout-deal.html
HOARDING OF GOLD AND SILVER
JAMES 5:1-3
1 Go to now, ye rich men, weep and howl for your miseries that shall come upon you.
2 Your riches are corrupted, and your garments are motheaten.
3 Your gold and silver is cankered; and the rust of them shall be a witness against you, and shall eat your flesh as it were fire. Ye have heaped treasure together for the last days.
REVELATION 18:10,17,19
10 Standing afar off for the fear of her torment, saying, Alas, alas that great city Babylon, that mighty city! for in one hour is thy judgment come.(IN 1 HR THE STOCK MARKETS WORLDWIDE WILL CRASH)
17 For in one hour so great riches is come to nought. And every shipmaster, and all the company in ships, and sailors, and as many as trade by sea, stood afar off,
19 And they cast dust on their heads, and cried, weeping and wailing, saying, Alas, alas that great city, wherein were made rich all that had ships in the sea by reason of her costliness! for in one hour is she made desolate.
EZEKIEL 7:19
19 They shall cast their silver in the streets, and their gold shall be removed:(CONFISCATED) their silver and their gold shall not be able to deliver them in the day of the wrath of the LORD: they shall not satisfy their souls, neither fill their bowels: because it is the stumblingblock of their iniquity.
LUKE 2:1-3
1 And it came to pass in those days, that there went out a decree from Caesar Augustus, that all the world should be taxed.
2 (And this taxing was first made when Cyrenius was governor of Syria.)
3 And all went to be taxed, every one into his own city.
REVELATION 13:16-18
16 And he(THE FALSE POPE WHO DEFECTED FROM THE CHRISTIAN FAITH) causeth all,(IN THE WORLD ) both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads:(MICROCHIP IMPLANT)
17 And that no man might buy or sell, save he that had the mark,(MICROCHIP IMPLANT) or the name of the beast,(WORLD DICTATORS NAME INGRAVED ON YOUR SKIN OR TATTOOED ON YOU OR IN THE MICROCHIP IMPLANT) or the number of his name.(THE NUMBERS OF HIS NAME INGRAVED IN THE MICROCHIP IMLPLANT)-(ALL THESE WILL TELL THE WORLD DICTATOR THAT YOUR WITH HIM AND AGAINST KING JESUS-GOD)
18 Here is wisdom. Let him that hath understanding count the number of the beast:(WORLD LEADER) for it is the number of a man; and his number is Six hundred threescore and six.(6-6-6) A NUMBER SYSTEM (6006006)OR(60020202006)(SOME KIND OF NUMBER IMPLANTED IN THE MICROCHIP THAT TELLS THE WORLD DICTATOR AND THE NEW WORLD ORDER THAT YOU GIVE YOUR TOTAL ALLIGIENCE TO HIM AND NOT JESUS)(ITS AN ETERNAL DECISION YOU MAKE)(YOU CHOOSE YOUR OWN DESTINY)(YOU TAKE THE DICTATORS NAME OR NUMBER UNDER YOUR SKIN,YOUR DOOMED TO THE LAKE OF FIRE AND TORMENTS FOREVER,NEVER ENDING MEANT ONLY FOR SATAN AND HIS ANGELS,NOT HUMAN BEINGS).OR YOU REFUSE THE MICROCHIP IMPLANT AND GO ON THE SIDE OF KING JESUS AND RULE FOREVER WITH HIM ON EARTH.YOU CHOOSE,ITS YOUR DECISION.
REVELATION 6:5-6
5 And when he had opened the third seal, I heard the third beast say, Come and see. And I beheld, and lo a black horse; and he that sat on him had a pair of balances in his hand.
6 And I heard a voice in the midst of the four beasts say, A measure of wheat for a penny, and three measures of barley for a penny; and see thou hurt not the oil and the wine.(A DAYS WAGES FOR A LOAF OF BREAD)
DOCTOR DOCTORIAN FROM ANGEL OF GOD
then the angel said, Financial crisis will come to Asia. I will shake the world.
The Shemitah is coming true.Do people not get it? There is a economic crash every 7 years.
1980: Recession
1987: Stock market crash
1994: Bond market crash
2001: 9/11, dot com, recession
2008: Housing crash
2015: See if something will happen-The central banks will be the death of us. Get ready and embrace yourself for the economic collapse.
UPDATE-AUGUST 28,2015-12:00AM
CENTRAL BANKERS LENDER-BIS
https://www.bis.org/
FED CENTRAL BANKERS MEETING - JACKSON HOLE
https://www.kansascityfed.org/publications/research/escp/symposiums/escp-2015
https://www.kansascityfed.org/publications/research/escp
IMF
http://www.imf.org/external/index.htm
WORLD BANK
http://www.worldbank.org/
BANKING UNION BEFORE EURO ADOPTION
http://blog-imfdirect.imf.org/2015/08/19/banking-union-before-euro-adoption-flak-jacket-or-straitjacket/
REVIEW SDR -RESERVE IMF CURRENCY
http://www.imf.org/external/np/exr/facts/sdrcb.htm
http://www.imf.org/external/pubs/ft/survey/so/2015/POL080415A.htm
http://www.imf.org/external/np/exr/faq/sdrallocfaqs.htm
http://www.imf.org/external/pp/longres.aspx?id=4975
http://www.imf.org/external/np/sec/pr/2015/pr15384.htm
http://www.imf.org/external/pp/longres.aspx?id=4978
http://www.imf.org/external/np/tre/sdr/proposal/2009/0709.htm
DOW MARKET FRIDAY-AUG 28,2015
09:30AM-63.43-
10:00AM-49.58-
10:30AM-43.50-
11:00AM-70.76-
11:30AM-6.62-
12:00PM-66.58-
12:30PM-30.74-
01:00PM-35.18-
01:30PM-54.69-
02:00PM-45.74-
02:30PM-82.28-
03:00PM-50.70-
03:30PM-85.02-
04:00PM-11.76- 16,643.01
HIGH +27 LOW -108
TSX +98.40 13,865.07 - GOLD +11.20 $1,133.80 - OIL +2.79 $45.35
U.S. stocks end turbulent week with modest gains-Published: Aug 28, 2015 4:05 p.m. ET-market watch By Anora Mahmudova Reporter
U.S. stocks ended the most tumultuous week in memory with modest gains after closing virtually unchanged on Friday. The main indexes spent most of Friday's session diving in and out of negative territory, as investors seemed undecided on how to interpret comments from Federal Reserve officials. Fed Vice Chairman Stanley Fischer indicated the central bank is keen on raising rates this year, but provided little clarity on whether it will be in September. The Dow Jones Industrial Average DJIA, -0.07% which suffered a 1,000 point loss in a matter of minutes on Monday, traded in a relatively tight range on Friday, closing off 11.83 points, or 0.1% at 16,642.94. The blue-chip index gained 1.1% over the week. The S&P 500 SPX, +0.06% closed a point higher at 1,988.85 and recorded a 0.9% weekly gain. The Nasdaq Composite COMP, +0.32% ended the day up 15.62 points, or 0.3% at 4,828.32 and rose 2.6% over the week.
Opinion: Be happy stocks suffered a correction, but be worried if you overreacted-Published: Aug 28, 2015 4:23 p.m. ET By Jonathan Burton-market watch-Asst. commentary editor
Rattled investors now know the inconvenient truth about stocks that Wall Street consistently avoids. But can you handle the truth? The truth is that a stock doesn’t know you own it and doesn’t care whether you make money or not.You can’t count on your stocks for consistency and contentment, as the past week’s action has made clear. Markets that rise and fall several percentage points in a single trading day are not exactly pillars of stability.And now that you’re seeing the Dow Jones Industrial Average DJIA, -0.07% S&P 500 SPX, +0.06% and Nasdaq COMP, +0.32% all attempt to crawl out of the ditch, it’s important that you don’t lose sight of the fact that the recent correction has been a much-needed wake-up call. Or as Sam Stovall, U.S. equity strategist at S&P Capital IQ, has aptly observed: “Market action during the past week has reminded investors that advances typically take the stairs, while declines take the elevator.”There had been too much certainty lately; too much money chasing too few stocks; too many market pundits and investment professionals confusing brains with a bull market. There’s a fault line under Wall Street — the fault is our greed, overconfidence, self-deception. Investments are sold, not bought — ultimately a bullish case is made so many times and becomes so widely believed, and the foundation quakes.Be happy that stocks suffered a correction. Sigh in relief that global markets blew off their froth. Now we’re seeing a recovery attempt. Rebounds are reassuring. That’s what people do after an upheaval to their lives; they take steps to rebuild. Stock markets, governed by our emotions, are no different.Yet recovery frequently is marked by relapse, so you can expect global markets to seesaw and even slip back into correction territory — a 10% or worse decline — until stock prices align with expected economic growth and corporate earnings.Be happy as well that you survived the hit and didn’t panic. Or did you? If you invest for the long term and hastily dumped stocks during this correction, you should worry. Be concerned not that you sold too soon, given the rebound, but that you sold at all. You reacted today to something that likely will be long forgotten when you need your money. Time in the market, not market-timing, brings success.For individual investors, the market's slide presents an opportunity. Namely, it's a chance to review your portfolio's diversified exposure to stocks. If the percentage is high, trim back to the asset-allocation range for stocks that you’ve set — even if you've missed selling at the top. This way you’ll have cash on hand to keep you calm and provide the capital to scoop up bargains from your wish list. (Be sure to have a wish list.) And if your allocation to stocks is too low, then cheaper prices are an invitation to increase your equity exposure.Remember, the market’s trend may be your friend, but Mr. Market isn’t. So finding a comfort level with how Mr. Market is feeling today can come only from one source: you.Here’s a solid guide for you to make portfolio course corrections when Mr. Market is upset: The 10 “Market Rules to Remember” that respected market technician Bob Farrell published some years ago are straightforward and honest, and will help keep you in the boat during inevitable market storms.For example, consider Farrell’s Rule No. 6: “Fear and greed are stronger than long-term resolve.” That’s especially timely now. Investors are their own worst enemy. To counter fear and greed, practice self-control. Be proactive, not reactive. Sell before you have to, and buy when others are selling.Look, this advice to stay cool and collected is nothing new. You can hear this now or a decade from now, and the refrain will be familiar. Only the techniques and technology used to buy and sell goods in a marketplace have changed over time. But human behavior? Not so much. We’d best get used to it — and get on with it.
Oil Surges for a Second Day as Some Calm Returns to Equities-Oliver Renick Stephen Kirkland-Updated on August 28, 2015 — 4:03 PM EDT-bloomberg
Oil surged, capping the best two-day rally since 2009, while U.S. equity investors found some relative calm in a turbulent week as Federal Reserve officials meet at Jackson Hole.The Standard & Poor’s 500 Index was little changed after the U.S. benchmark’s biggest rebound since the beginning of the bull market in 2009. Equities trading has been whipsawed by gains and losses this week as markets remain subject to sudden shifts in investor sentiment. Oil climbed more than 6 percent after a 10 percent rally on Thursday.“The market just may be tired. We had an awful lot of actions,” Cam Albright, head of investment strategy at Wilmington Trust in Baltimore, said by phone. The firm oversees $76 billion. “There has been a lot of price action in both directions, perhaps traders just make a chance to catch their breath.”Global equities lost as much as $8.4 trillion in value after China’s unexpected devaluation of the yuan on Aug. 11 spurred concern the world’s second-biggest economy was on the brink of a deeper slowdown, damping demand for raw materials and spurring a selloff in developing economies.The S&P 500 rose less than 0.1 percent at 4 p.m. in New York, trading in the narrowest range in almost two weeks. The index’s 0.9 percent gain for the week masks a volatile period in which the S&P 500 plunged the most since 2011 to enter a correction, only to rally more than 6 percent over two days. The gauge is down 5.5 percent for the month, the most since May 2012.The Stoxx Europe 600 Index advanced 0.3 percent, after surging 3.5 percent on Thursday. The yield on 10-year Treasuries was little changed at 2.19 percent.“We need to see a bit of consolidation given the recent rally,” said Gunther Westen, who helps oversee about $28 billion as head of asset allocation and fund management at Meriten Investment Management GmbH in Dusseldorf, Germany. “There’s still insecurity. The Fed is still looming over the markets.”J-ackson Hole-Fed officials gathered in Jackson Hole, Wyoming, are weighing when to begin raising interest rates for the first time since 2006. Markets rebounded after a report yesterday showed U.S. economic growth accelerated more than analysts forecast.The Cleveland Fed’s Loretta Mester told Bloomberg Television Friday that “the economy can sustain an increase in interest rates.” St. Louis Fed President James Bullard said in a separate interview that market volatility shouldn’t affect the Fed’s forecast for the economy. Neither Bullard nor Mester expressed a preference for raising rates at a specific meeting.Fed Vice Chairman Stanley Fischer, speaking on CNBC, said the central bank hadn’t decided on whether to raise its target at the next meeting.Reports today showed Americans kept spending in July, and sentiment barely wavered this month as stocks plunged, keeping intact prospects that consumers will continue to drive growth. Purchases climbed 0.3 percent, the same as in June, according to Commerce Department figures. The University of Michigan consumer sentiment index fell to 91.9 in August from 93.1 the prior month.Treasuries had their biggest weekly decline since June, after the most volatile trading period in six months. While yields on the 10-year note were little changed today, they were up 14 basis points for the week.-Volatility Gauge-The Chicago Board Options Exchange Volatility Index rose 6.4 percent to 27.76 Friday, rising for the first time in four sessions. The gauge jumped the most on record during intraday trading Monday.Stock markets will be subject to higher volatility for weeks, according to a note Thursday from JPMorgan Chase & Co. derivatives strategist Marko Kolanovic. He cited quantitative traders whose funds are tuned to price trends and volatility.Bigger moves are likely at the beginning and end of sessions as those investors seek to tweak holdings to take into account this month’s correction, Kolanovic said. Such institutions may need to sell $300 billion of stock, all told, he wrote.“Capitulation has happened but we’re not done with all the volatility in equities,” Andrew Brenner, the head of international fixed income for National Alliance Capital Markets, said by phone. “I think the worst is over, but are we out of the woods yet -- no -- we’re still going to have a lot of volatility.”The Stoxx 600 has had moves of at least 1.7 percent for seven straight days, ending the week little changed. It’s fallen 8.4 percent this month, the most in four years.-China Stocks-While the Shanghai Composite Index jumped 4.8 percent, capping a 10 percent gain across two days, the Hang Seng China Enterprises Index dropped 1.1 percent in the final hour of trading in Hong Kong.China intervened to shore up its volatile equity market late Thursday, according to people familiar with the matter, while a commentary in the official Xinhua News Agency said developed-nation monetary policies were to blame for global financial-market volatility.Policy makers are said to be trying to end a stock rout before a Sept. 3 military parade that will celebrate the 70th anniversary of the World War II victory over Japan.“China wants to save face as the parade approaches,” said Daniel Chan, a Hong Kong-based analyst at Brilliant & Bright Investment Consultancy Ltd.Oil sustained a rebound above $40 a barrel amid signs of a strengthening economy in the U.S., the world’s biggest crude-consuming country. West Texas Intermediate rose 6.3 percent to $45.22 a barrel. Prices climbed 12 percent this week, the biggest advance since February 2011, though they are still down 15 percent for the year on concern a supply glut will persist.
A Currency Drop is Inflationary, Right?-Harvard's Gopinath Upends Conventional Wisdom at Jackson Hole-Jeff Black Jennifer Ryan-Benchmark-August 28, 2015 — 12:32 PM EDT-bloomberg
The central banker's task of keeping inflation just right has become a permanent tussle with the global currency markets. Too weak a currency equals too rapid price gains. Too strong, and disinflation looms.That's the well-worn argument under the microscope Friday at the Jackson Hole Symposium, the U.S. Federal Reserve's annual policy getaway. Gita Gopinath, a scholar at Harvard University, says that it just isn't that simple."The greater the fraction of a country's imports invoiced in a foreign currency, the greater its inflation sensitivity to exchange rate fluctuations at both short and long horizons,'' she says. Because the dollar is by far the dominant currency in world trade, "U.S. inflation is consequently more insulated from exchange rate shocks, while other countries are highly sensitive to it.''Her work in this area been cited by the European Central Bank, the prime example of an institution hoping that a weaker currency will spur inflation.Here's what Gopinath's research means for ECB Governing Council members: since Ireland has to pay for more of its imports in a foreign currency than France, a weaker euro will have a much bigger inflationary impact on Irish consumer prices than French. Officials, who will make their next policy decision on Thursday in Frankfurt, are struggling to end a bout of near-stagnant price growth.There's another implication, this time of interest to Fed watchers, for whom the question of a September rate increase has become more uncertain. It's that the dominance of the U.S. dollar insulates the world's largest economy from a major price impact through currency swings.So how does that play out for the monetary guardians gathered at Jackson Hole? The greenback has gained against all but one of its Group of 10 peers this year."There's a lot of talk about the dollar appreciation and the consequences of that for inflation,'' Gopinath told her audience on Friday. "What all of this evidence basically tells you is these effects are going to be small. This is not a major impact for a country like the U.S."
Fischer Praises Economy, Straddles FOMC Liftoff Date Camps-Craig Torres Jeanna Smialek-Updated on August 28, 2015 — 2:58 PM EDT-bloomberg
Federal Reserve Vice Chairman Stanley Fischer left open the option of an interest-rate increase next month, walking a line between officials who want to delay due to market turmoil and those who say the economy is strong enough to handle a move.Fischer said reports on the U.S. economy’s tempo have “been impressive, and the economy is returning to normal,” in an interview with CNBC from the Kansas City Fed’s annual retreat in Jackson Hole, Wyoming.“I think it’s early to tell, the change in the circumstances which began with the Chinese devaluation is relatively new and we’re still watching how it unfolds,” he said. “I wouldn’t want to go ahead and decide right now what the case is, more compelling, less compelling,” for a September liftoff.On Wednesday, New York Fed President William C. Dudley said market turbulence made the case for a September move “less compelling to me than it was a few weeks ago.”Fischer’s remarks place himself between two camps on the Federal Open Market Committee. Officials such as Fed presidents James Bullard of St. Louis and Loretta Mester of Cleveland say the economy’s cumulative gains have been strong and they expect them to continue, and put varying weight on recent market movements.“My view so far in looking at all of the factors is that the economy can sustain an increase in interest rates,” Mester said in an interview Friday with Bloomberg Television at Jackson Hole.-Less Compelling-Another camp is signaling there is little reason to rush and appears to prefer to hold off and determine if there is fallout from market volatility, a slowing Chinese economy and the devaluation of the yuan on Aug. 11.Fed officials next meet Sept. 16-17. “We’ve got a little over two weeks before we have to make a decision, and we’ve got time to wait and see the incoming data,” Fischer said.“We haven’t made a decision yet and I don’t think that we should make a decision,” he said. “We’re dealing with something which happened about 10 days ago, particularly the change in the circumstances.”Officials had been “anxious to get going” with getting rates off zero but now need to figure out if market events have blown them off course, said Atlanta Fed President Dennis Lockhart, who is a voting FOMC member this year. The Fed has held rates near zero since 2008.“The fundamentals of the economy are really solid,” he told Bloomberg Television Friday at Jackson Hole. “I weigh both the distance that we have traveled as well as the current outlook for the economy. Both of those to me I think would suggest that we’re close. The timing is close.”-Stocks Whipsawed-Equities around the world have been whipsawed this week, indicating markets remain subject to sudden shifts in investor sentiment. The Standard & Poor’s 500 Index fell 0.2 percent as of 2:53 p.m. in New York Friday after the U.S. stock benchmark’s biggest two-day gain since the beginning of the bull market in 2009. The yield on 10-year Treasuries was 2.18 percent, little changed from Thursday.“If you don’t understand the market volatility,” Fischer said, “yes, it does effect the timing of a decision you might want to make. But I think they could settle fairly quickly, there is that possibility.”Investors have increased the probability of a move at the FOMC meeting on Oct. 27-28 to 49 percent from 40 percent on Thursday. They see a 38 percent chance the Fed will move next month. The Fed last raised rates in 2006.-Close Call-“If markets behave themselves and we get a decent jobs number on Friday we are back to a very close call” on a September interest rate increase, said Michael Feroli, chief U.S. economist at JPMorgan Securities LLC in New York.Monthly job gains have averaged 211,000 so far this year, and economists expect a 220,000 gain when August data is reported on Sept. 4.Bullard raised the possibility of delaying a move until October if market turmoil persists.“The committee does not like to move when there’s volatility,” he said in remarks to reporters Friday after an interview with Bloomberg Television in Jackson Hole. “If we had the meeting this week, people would probably say let’s wait.”He added, “but the meeting is not this week, it’s Sept. 16 and 17.” Bullard said he would support scheduling a press conference following the Oct. 27-28 FOMC meeting if the committee doesn’t raise rates next month. That would make it easier for the Fed to explain a liftoff in October.Bullard and Mester next year will move into two of four rotating voting seats on the FOMC reserved for regional Fed presidents.“The big takeaway is that Fed officials sound pretty uncertain, amidst a pretty uncertain environment,” said Omair Sharif, a rates sales strategist at Societe Generale in New York. “With this much uncertainty, and the cautious tone that they’ve all adopted, at this point I have to think that odds of September are lower -- that they’ll probably skip September.”
Dow heads lower; U.S. stocks up for the week-Published: Aug 28, 2015 11:55 a.m. By-Anora Mahmudova-Reporter-Barbara Kollmeyer-Markets reporter
The Dow was struggling to find direction in late-morning trade Friday as Federal Reserve Vice Chairman Stanley Fischer on CNBC said the economy is “working pretty well,” and indicated that the central bank is moving toward raising rates.The Dow briefly ticked higher, joining the S&P 500 and Nasdaq in positive territory, after the Fed No. 2’s comments, but slipped lower later as the official continued to talk. The S&P 500 also slipped into the red.Hand-wringing around when the Fed will hike rates has been one of the driving forces of stock-market uncertainty, along with China’s troubled economy.Still, stocks look to end one of the most tumultuous weeks in recent memory with modest gains. They are in negative territory for the year after a plunge on Monday sent them into correction territory.“The magnitude of the drop on Monday caught a lot of investors off guard and they are still struggling to find what the fair value is for stocks, which is why we are continuing to see heightened volatility,” said Channing Smith, portfolio manager at Capital Advisors.The S&P 500 SPX, -0.24% dipped in and out of negative territory, trading virtually flat at 1,986. Most of the 10 main sectors were lower, but losses were modest. The energy sector rallied following a big jump in oil prices. The Dow Jones Industrial Average DJIA, -0.39% dipped 45 points, or 0.3%, to 16,609. The Nasdaq Composite COMP, -0.15% edged higher, adding 3 points, or 0.1%, to 4,815. The Russell 2000 also edged higher, climbing 8 points, or 0.7%, to 1,161.Earlier in the session, market reaction to consumer spending and inflation, both of which ticked up less than expected, was largely muted. Inflation, which has remained below the Federal Reserve’s target, is likely to influence policy makers’s decision over the rate increases this year.Investors will look to take their cues from Federal Reserve officials, who are attending the closely watched Jackson Hole summit.Opinion: A surefire strategy to keep calm and make some money in this crazy marketThe sharp rebound on Wall Street over the previous two sessions came as investors took comfort from signs China was trying to stabilize its economy and market, and from upbeat U.S. growth data.“Current markets can be described as ‘no man’s land’, where volatility is uncomfortable and credit spreads have widened. We expect volatility to continue for the next six weeks or so, but we are not seeing conditions for a bear market,” said Smith.Investors also kept a close eye on crude prices Friday, which jumped more than 4%. WTI crude for October CLV5, +5.69% swung between gains and losses after surging more than 10% on Thursday, driven higher by a report that Venezuela asked the Organization of the Petroleum Exporting Countries to hold an emergency meeting.Jackson Hole summit: Another potential reason for investor caution is the Jackson Hole central bankers’ summit in Wyoming on Friday and Saturday, where key Federal Reserve speakers are due to appear: Fed Vice Chairman Stanley Fischer will talk about inflation developments on Saturday, with Atlanta Fed President Dennis Lockhart and St. Louis Fed President James Bullard to follow later. Here’s a schedule of the speakers.The meeting comes after days of financial-market turmoil have driven some investors to shift their expectations for a U.S. interest-rate hike to December from September.Opinion: Stocks climbing strongest ‘wall of worry’ in five years-Economic data: Core inflation moderated in July, the government reported Friday, giving the Federal Reserve another reason to hold short-term interest rates steady at their September policy meeting.Stocks to watch: Share of Freeport-McMoRan Inc. FCX, +3.34% jumped 7.5%. Billionaire investor Carl Icahn disclosed a stake in the miner late Thursday, saying the company’s shares are undervalued, according to a filing.GameStop Corp. GME, -6.23% shares plunged 8% following a very bearish analyst note and downgrade on the company’s stock by Benchmark.Chinese gains tempered: The Shanghai Composite Index SHCOMP, +4.82% which has been heavily influential at times for global equities this week, climbed 5.4%. Analysts voiced suspicions on Friday the government was buying stocks to boost the index, which ended a roller-coaster week down 8%.European stocks SXXP, +0.28% wavered on Friday, with the Stoxx Europe 600 index down 0.4% and set for a small loss to end the week. Gold prices GCV5, +0.72% rose marginally, while the dollar DXY, +0.55% held largely steady.
Fed’s Bullard Says Volatility Isn’t Changing Economic Outlook-eanna Smialek Christopher Condon-August 28, 2015 — 8:12 AM EDT-bloomberg
St. Louis Federal Reserve President James Bullard said that while world financial markets are volatile, U.S. fundamentals are good and the interest rate-setting Federal Open Market Committee shouldn’t alter its forecast for the economy.“The key question for the committee is -- how much would you want to change the outlook based on the volatility that we’ve seen over the last 10 days, and I think the answer to that is going to be: not very much,” Bullard told Bloomberg Television in an interview Friday at the Kansas City Fed’s annual conference in Jackson Hole, Wyoming.“You’ve really got the same trajectory that the committee will be looking at that we were looking at before, so why would we change strategy, which was basically to lift off at some point,” said Bullard, who votes on the FOMC next year.Fed officials are weighing when to begin lifting interest rates for the first time since 2006. While the U.S. is growing at a solid clip, inflation is too low and the global outlook has been dimmed by a Chinese slowdown that is driving down commodity prices and spurring equity market turbulence.“I actually think we’re OK on the inflation front,” Bullard said. “I’ve been arguing that we should get going, because interest rates -- it’s not that we’re a little bit below normal, we’re all the way down at zero, so you’ve got to think about: How is this going to play out over the next two to three years.”Bullard’s comments come after Cleveland Fed President Loretta Mester, who also votes on the FOMC next year, told the Wall Street Journal that market turmoil had not so far altered her view that the U.S. economy “is solid and it could support an increase in interest rates.”
Drop in Stock Futures Signal Halt to S&P 500's Relief Rally-Roxana Zega-Updated on August 28, 2015 — 8:35 AM EDT-bloomberg
U.S. stock-index futures fell amid a slide in most global stocks, with equities poised to put an end to a two-day relief rally.Contracts on the S&P 500 expiring in September lost 0.6 percent to 1,977.25 at 8:33 a.m. in New York, after the underlying index posted its best back-to-back advance since March 2009.“We need to see a bit of consolidation given the recent rally,” said Gunther Westen, who helps oversee about $28 billion as head of asset allocation and fund management at Meriten Investment Management GmbH in Dusseldorf, Germany. “There’s still insecurity in the markets, investors are still licking their wounds and analyzing the environment to check how much it has changed. The Fed is still looming over the markets so there will be a slow process to recovery.”Data today showed consumer purchases climbed in July as incomes grew, showing the biggest part of the U.S. economy was off to a good start to the quarter. The 0.3 percent advance matched the prior month’s gain, according to the Commerce Department. The median forecast in a Bloomberg survey of economists called for a 0.4 percent increase. Wages rose by the most this year.The S&P 500 yesterday capped its best two-day rally since the beginning of the bull market in 2009, helped by data showing stronger-than-expected U.S. economic growth. The Dow had its strongest back-to-back advance since December 2008. Global equities had lost as much as $8.4 trillion in value after China’s unexpected devaluation of the yuan earlier this month spurred concern the world’s second-biggest economy was on the brink of a deeper slowdown. The S&P 500 is on track for its worst month in three years.Inflation is the theme at an annual symposium in Jackson Hole, Wyoming this week where Federal Reserve officials and economists have also been discussing market fallout from China’s slowdown that has cast doubt on whether the Fed will raise rates next month. Traders are now pricing in a 30 percent chance the central bank will act in September, down from almost even odds before China’s surprise move to devalue its currency earlier this month.
China Will Respond Too Late to Avoid Recession, Citigroup Says-Sangwon Yoon-August 27, 2015 — 6:31 PM EDT-bloomberg
China is sliding into recession and the leadership will not act quickly enough to avoid a major slowdown by implementing large-scale fiscal policies to stimulate demand, Citigroup Inc.’s top economist Willem Buiter said.The only thing to stop a Chinese recession, which the former external member of the Bank of England defines as 4 percent growth on “the mendacious official data” for a year, is a consumption-oriented fiscal stimulus program funded by the central government and monetized by the People’s Bank of China, Buiter said.“Despite the economy crying out for it, the Chinese leadership is not ready for this,” Buiter, chief economist at Citigroup, said in a media call hosted Thursday by the Council on Foreign Relations in New York. “It’s an economy that’s sliding into recession.”Premier Li Keqiang is seeking to defend a 7 percent economic growth goal at a time when concern over slowing demand in China is fueling volatility in global markets. The true rate of expansion “is probably something closer to 4.5 percent or less,” Buiter said.Li has repeatedly pledged to avoid stimulus similar to the one following the global financial crisis in 2008 that led to a surge in debt for local governments and corporations.-Data Accuracy-Some economists and investors have long questioned the accuracy of China’s official growth data. When Li was party secretary of Liaoning province in 2007, he said that figures for gross domestic product were “man-made” and therefore unreliable, according to a diplomatic cable published by WikiLeaks in 2010. The median estimate of 11 economists surveyed by Bloomberg earlier this month put China’s first-half GDP growth rate at 6.3 percent, compared with the official figure of 7 percent.“They will respond but they will respond too late to avoid a recession, which is likely to drag the global economy with it down to a global growth rate below 2 percent -- which is in my definition a global recession,” said Buiter.The global economy will expand by 3 percent this year, while China’s is forecast to grow 6.9 percent, the slowest pace in a quarter century, according to economists surveyed by Bloomberg.The boom and bust in the Shanghai Composite Index, which more than doubled in about a year before a selloff erased $5 trillion in market value in two months, is raising questions about “the competence of the Chinese authorities as managers of the macro economy,” Buiter said.The authorities first cheered the stock market rally “because quite a few of the local pundits believed that this was a great of deleveraging way without paying for the corporate sector to have a stock market bubble,” he said. “And then of course the rather panic and incompetent reaction ensued in response,” Buiter added in reference to the unprecedented government intervention to support share prices.
Tsipras launches risky election campaign By Eric Maurice-aug 27,15-euobserver
BRUSSELS, Today, 09:30-Greek prime minister Alexis Tsipras launched his election campaign with a TV interview on Wednesday (26 August), with president Prokopis Pavlopoulos expected to dissolve parliament on Friday and call a general election on 20 September.Faced with deep divisions in his Syriza party, Tsipras defended his resignation and the bailout deal reached earlier this month."I feel comfortable giving people a reason to judge me for all those things I accomplished and those I didn’t,” he told Alpha TV..He said he fought as hard as he could to defend Greece's interests in talks with its lenders, the EU, the European Central Bank (ECB) and the International Monetary Fund (IMF)."The No to a bad deal, I turned it into a Yes to a deal which has problems, but provides potential," he said, adding that the bailout agreed on 11 August gives Greece "fiscal space to repay the debt".Tsipras replied to his leftist critics by saying a euro exit to the drachma was not an attractive option. “The battle must be fought within Europe," he said.The prime minister also said he would not govern with opposition parties after the upcoming election."I will not become prime minister in a coalition government" with the conservative New Democracy, the socialist Pasok, or the center-left To Potami, he said."I think that all three parties essentially express the old political system."He did not exclude altogether the possibility of a national unity government, but he said he would not lead it.Tsipras, who resigned in the wake of the agreement with Greece's lenders for a €86 billion bailout, is looking for a fresh mandate from Greek voters with an absolute majority.Split-A recent opinion poll showed that 61 percent of Greeks hold a positive opinion of Tsipras. But this personal popularity could prove difficult to translate into a majority for Syriza. The party is faced with the creation of a dissident party, Popular Unity, led by former energy minister Panagiotis Lafazanis.Fifty-three of the 201 members of Syriza's central committee resigned on Wednesday. Many of them have joined Popular Unity.In a letter, they said they could not support the memorandum of understanding signed by Tsipras' government with the lenders in exchange for the bailout funds."Tsipras gave up all the substantive and fundamental programmatic commitments of Syriza," Panagiotis Lafazanis, one of the Syriza rebels, told CNBC TV channel."Popular Unity wants to continue the best programmatic traditions of Syriza. We want to stick to more radical commitments."Tsipras is also under attack by the parliament's speaker, Zoe Konstantopoulou, who could also set up her own party. Konstantopoulou voted against the bailout agreement and accused Tsipras of calling snap elections "on the sly".Tsipras' office reacted last week saying she was "acting like a dictator" and was "the wrong choice" for the speaker post.If she launches her own party, which she said would work closely with Lafazanis' Popular Unity, Konstantopoulou could be supported by Syriza figure Manolis Glezos.Glezos, who is 91, is highly respected in Greece as the man who took down the Nazi flag from the Acropolis in 1941.-Varoufakis-Though he does not plan to run for the election, Tsipras' former finance minister Yanis Varoufakis is another critical voice in the campaign.Varoufakis, who voted no to the bailout, accuses Tsipras of reneging on his previous commitments."The party that I served and the leader that I served has decided to change course completely and to espouse an economic policy that makes absolutely no sense, which was imposed upon us", Varoufakis told US ABC TV channel.Varoufakis now wants to foster a European network against austerity.In his TV interview on Wednesday, Tsipras said that although Varoufakis gave momentum to negotiations with the lenders, he "had lost his credibility with his interlocutors".At a meeting with EU, ECB and IMF leaders on 25 June, Tsipras said, Varoufakis "was talking and they paid no attention to him. They had switched off," Tsipras said.
Greece offers 'war relief' to Greek-origin Ukrainians By Andrew Rettman-aug 27,15-euobserver
BRUSSELS, 26. Aug, 18:00-Greece has said it would give special treatment to Greek-origin Ukrainians on the front line who want to resettle in the EU.Its foreign ministry told EUobserver on Tuesday (25 August), that the 90,000 or so Greek-origin people who live in the Mariupol region in Ukraine would be treated as “returnees” instead of ordinary refugees or asylum seekers.“Greek Ukranians (not possessing Greek citizenship) who would choose to resettle to Greece would get a special status - as was the case with people of Greek origin emigrating to Greece after the split-up of the former Soviet Union”, Anastasia Christof ilopoulou, a Greek spokeswoman, said.“At that time, there were special provisions facilitating citizenship-acquisition and granting of professional/social rights. In a similar case, similar measures would probably apply”.-Targeted village-Sartana, a majority-Greek village near Mariupol, was, on 16 August, shelled by pro-Russia forces for 25 minutes, killing three people and damaging 170 homes.It’s the fifth time it’s been targeted.A Russian Grad rocket attack on Sartana last October killed seven people. A Grad attack on the city of Mariupol, where most diaspora Greeks live, in January, killed 30 people.Christofilopoulou said even if violence escalates, the “scenario of the whole community resettling in Greece is highly improbable” .But if there is a large exodus, it would put further strain on a country already struggling with a financial crisis and with mass-scale migration from the Middle East.Christofilopoulou noted that while the official number of Greek-origin people in Mariupol is 91,000, the Federation of Greek Communities of Mariupol, an NGO, estimates that the real number is “much higher”.Meanwhile, Greece, on Monday, began flying 191 Greek-origin children and elderly people from Kiev to Rhodes, a Greek island.They first drove the 780km from Mariupol to Kiev because the conflict has closed Mariupol’s airport.They are to stay in Rhodes until 12 September to get “relief from the war”, the foreign ministry said, and to learn about Greek culture.-Nerves-But in a sign of nerves, some Ukraine-watchers claimed on social media Greece had begun a full-scale evacuation.The Minsk ceasefire accord, signed by Russia, Ukraine, France, and Germany in February, has not stopped fighting.“If we get just 20 or 30 minutes of shelling a day, that’s considered a normal day”, Mustafa Nayyem, a Ukrainian MP, told EUobserver at Globsec, a security seminar in Slovakia in June.The Sartana shelling prompted snap meetings of EU and Ukraine leaders in a bid to stop escalation. But international monitors, the OSCE, in their latest report, on Tuesday, said “ceasefire violations were recorded in numerous locations”.They noted 32 explosions and small-arms fire in the Donetsk city area and 41explosions in an area north-east of Donetsk.A senior EU diplomat told this website there’s no indication pro-Russia forces are planning to stage an assault on Mariupol.But with the city located at a strategic point, which separates Russia-occupied east Ukraine from Russia-annexed Crimea, he added that Moscow "is keeping all options on the table”.Some Greek communities in Ukraine date back to Byzantine times. But the majority settled there in the 18th century.Christofilopoulou noted that they can’t vote in Greece. But she said they have some special rights, including on access to Greek universities.
Kosovo agreement clears Serbia's EU path By Eric Maurice-aug 27,15-euobserver
BRUSSELS, Today, 09:21-The agreement reached Tuesday (25 August) between Serbia and Kosovo lifted the main obstacle to opening membership negotiations between Serbia and the EU. But no formal decision will be taken soon.The accord, which establishes an association of Serb-majority municipalities in Kosovo and deals with energy and telecommunications, "leads to the opening of negotiating chapters with the EU", Serbian PM Aleksandar Vucic said in a statement.While Serbia's accession process was officially launched in January 2014, talks have not started yet.Some EU member states, including Germany, said Serbia would first need to implement the 2013 Brussels pact that was a first step in the normalisation of the country's relations with Kosovo.They also said that the first chapter of negotiations to be opened would be chapter 35, dealing with Kosovo relations.Tuesday's agreement "is obviously a step in the right direction", an EU source told the website.But the source said the EU would first wait for the publication of the annual progress report in October before any formal decision to start talks is taken."Serbia agreed to everything the EU asked", a diplomat said.Discussions at a technical level will be held at the EU Council - representing member states - next week, while the European Commission and the EU external action service are preparing a report on chapter 35.If the report is positive, it will be to the member states' ambassadors and then to EU ministers to decide whether to start accession talks.European perspective-Serbian authorities expect the decision to be taken before the end of this year, with the negotiation process ending in 2018. Such a calendar would allow Serbia to enter the EU in 2020.But amid economic crisis and enlargement fatigue in member states, and with a still volatile situation in Serbia and the Western Balkans, the process could drag on for years.Meanwhile, with Kosovo still lagging behind on EU standards and facing non-recognition by five EU states, the question of whether Serbia and Kosovo should be admitted at the same time could also dog Belgrade's application." There will be no enlargement in the next five years", commission president Jean-Claude Juncker said when he came to office last year.He also noted that the "Balkans needed a European perspective" and that "ongoing negotiations [would] continue", however.In a visit to the region in July, German chancellor Angela Merkel said she "clearly supported the European perspectives of all the countries in the region", especially Serbia.With the ongoing financial crisis in Greece and the growing migrant crisis in the region, anchoring Serbia to the EU has become a geopolitical issue.Russia's attempts to gain more influence in the region are also playing a part in the EU's interest in stabilising Serbia and its neighbours.
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Rabbi Chaim Kanievsky -pic-thecooljew.com