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Iceland Protesters Seek Resignation Of Prime Minister and Bank Chief Over Banking Crisis

Sunday, November 2, 2008 10:13:33 PM

Prime Minister Geir Haarde And Bank Chief David Oddsson Must Go, Protesters Say
Channel New Asia provides the AFP report from Reykjavik, Iceland that some 1,000 people demonstrated in Reykjavik on Saturday, November 1, 2008, to call for the resignation of Iceland's government and central bank chiefs over the financial crisis.

Demonstrators carried posters showing Prime Minister Geir Haarde with a pig's snout and chanted slogans such as "Geir No More."

This was the third straight Saturday that demonstrators gathered to protest against the crisis that has pushed the country to the brink of bankruptcy, after the government in early October nationalised Iceland's three biggest banks.

The protesters urged the government to step down and called for the governors of the central bank to be replaced, as organisers urged Icelanders to protest every Saturday until their goal was achieved.

A poll published by Capacent Gallup on Thursday showed that 46 percent of Icelanders support the government compared to 51 percent in September and 54 percent in August.

Another survey published by television news channel Stod 2 on Wednesday showed that only 10 percent support the chairman of the central bank's board of governors, David Oddsson.

Haarde has said Iceland, a country of just 320,000 people, needs six billion dollars to pull itself out of the crisis.

Reykjavik has agreed with the International Monetary Fund, IMF, on a loan of 2.1 billion dollars (1.6 billion euros), and hopes to obtain the additional four billion dollars from its Nordic neighbours, the US Federal Reserve and the European Central Bank.

Earlier this week, Haarde said the cost of the banking crisis could be as high as 85 percent of GDP, or 1.1 billion kronur (7.2 billion euros, 9.4 billion dollars).

The country's public debt would increase from 29 percent of gross domestic product (GDP) at the end of 2007 to just over 100 percent of GDP at the end of 2009, he said.

Kondratieff Winter Gets Underway As BoJ Currency Traders Go Short Once Popular Carry Trades

Saturday, November 1, 2008 6:09:03 PM

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Economic expansion collapses as credit dries up
Ben Holland, Laura Cochrane and Balazs Penz in Bloomberg article Panic Strikes East Europe Borrowers as Banks Cut Franc Loans report that Imre Apostagi says the hospital upgrade he's overseeing has stalled because his employer in Budapest Hungary can't get a foreign currency loan.

The company borrows in foreign currencies to avoid domestic interest rates as much as double those linked to dollars, euros and Swiss francs. Now banks are curtailing the loans as investors pull money out of eastern Europe's developing markets and local currencies plunge.

``There's no money out there,'' said Apostagi, a project manager who asked that the medical-equipment seller he works for not be identified to avoid alarming international backers. ``We won't collapse, but everything's slowing to a crawl. The whole world is scared and everyone's going a bit mad.''

Foreign-denominated loans helped fuel eastern European economies including Poland, Romania and Ukraine, funding home purchases and entrepreneurship after the region emerged from communism. The elimination of such lending is magnifying the global credit crunch and threatening to stall the expansion of some of Europe's fastest-growing economies.

``What has been a factor of strength in recent years has now become a social weakness,'' said Tom Fallon, emerging-markets head in Paris at La Francaise des Placements, which manages $11 billion.

German and Austrian banks curtail emerging europe lending
Now banks including Munich-based Bayerische Landesbank and Austria's Raiffeisen International Bank Holding AG are curbing foreign-currency loans in Hungary. In Poland, where 80 percent of mortgages are denominated in Swiss francs, Bank Millennium SA, Getin Bank SA and PKO Bank Polski SA have either boosted fees or stopped lending in the currency.

The east has been the fastest-growing part of Europe, with Romania's economy expanding 9.3 percent in the year through June, Ukraine 6.5 percent and Poland 5.8 percent. The combined economy of the countries sharing the euro grew 1.4 percent in the period.

Governments are seeking to ease the pain as recession concerns sweep across eastern Europe's emerging markets.

Former soviet union countries seek emergency assistance funding from IMF to stay liquid
Ukraine, facing financial meltdown as the hryvnia drops and prices for exports such as steel tumble, on Oct. 26 agreed to a $16.5 billion loan from the IMF.

Hungary on Oct. 28 secured $26 billion in loans from the IMF, the EU and the World Bank. The government forecast a 1 percent economic contraction next year, the first since 1993.

Governments are forced by the IMF to raise interest rates as their currencies are sold short by Bank of Japan 0.5% financed currency traders
The Hungarian central bank raised its benchmark interest rate by 3 percentage points to 11.5 percent on October 22, 2008 to defend the forint.

The same day, Prime Minister Ferenc Gyurcsany said the government was seeking an accord with banks to ``prevent the burdens of debtors from reaching the sky.'' It's considering granting borrowers extended payment periods or the ability to convert foreign-exchange debts into forint.

``Panicked customers are calling to say they're afraid the interest on their mortgages will go up or that they won't be able to secure mortgages,'' said Nikolett Gurubi, director of lending at Otthon Centrum Belvaros, the downtown Budapest branch of a real estate agency.

Project manager Apostagi, 58, said he hopes the crisis will be over in a few months, blaming U.S. banks for creating such distrust between lenders. For now, ``it looks like our signed contracts were for naught,'' he said.

Romanian central bank Governor Mugur Isarescu sounded the alarm in June, saying the growth of foreign-currency loans was ``excessively high and risky,'' especially because Romanians with their communist past aren't used to the discipline of debt.

``It's not that we're bad,'' Isarescu said. ``It's that, culturally, we need to prepare for the moment of repayment.''

At the other end of the spectrum, Turkish consumers have proved more cautious after living through their own currency crises in 2001 and 1994. The government, the IMF's biggest customer in recent years, is resisting new loans from the fund, arguing that its economy can weather the credit crunch and a 22 percent slump in the lira since the start of September.

The unwinding yen carry trade is "The Aramageddon Trade" for the devastation it produces.
Sebastian Becker in DB Research article The Yen Strikes Back For Now - The Unwinding Of JPY Funded Carry Trades writes about the great unwind in the Yen Carry Trade stating: "Carry trade activities built up over the past few years are now being suddenly unwound, thereby giving rear cover to the yen. Although global carry trade activities are difficult to track and the total size is even more demanding to estimate, empirical evidence suggests that JPY funded carry trades have been clearly cut back since the onset of the credit crisis. For instance, Japanese balance-of-payments data indicates that net loan outflows from Japan to the rest of the world have softened since mid-2007. Moreover, non-commercial JPY future positions have been abruptly reversed from net short to net long since July 2007, according to the US Commodity Futures Trading Commission. Furthermore, the amount and percentage share of foreign banks’ borrowing in Japanese money call markets has decreased considerably for more than a year now. Another indicator for carry trades – the amount of foreign assets held by Japanese households – speaks the same language. While the stock of foreign assets skyrocketed over the past few years to a peak of JPY 38 tr in October 2007, it has shrunk since then to below JPY 30 tr (to roughly USD 300 bn) in September 2008. However, it is not clear to what extent this reduction is due to yen appreciation and how much it is driven by net foreign asset selling. Last but not least, another gauge for carry trades is the net foreign claims of BIS reporting Japanese banks to offshore centres where many hedge funds are reported to have their offices. According to this gauge, yen carry trades could have been as large as more than USD 400 bn in Q2 2008 (see chart). Overall, empirical evidence points to an unwinding of yen carry trades.

To sum up, given heightened global risk aversion, the plunge in global asset prices and a reduced interest-rate disadvantage between major economies and Japan, the JPY may trade sideways or even appreciate further over the short to medium term against the USD and EUR even after its recent rally. Although the BoJ trimmed its benchmark rate to 0.3% from an already low 0.5%, the JPY’s interest rate disadvantage should nevertheless shrink further as other major central banks have still more room for monetary easing over the next couple of months."

Amicus provides the monthly chart of the EUR/JPY; it's the chart of the century, as it shows the Armageddon Trade unwinding ... Monthly EURJPY

Yahoo Finance chart shows the end of the age of prosperity and the beginning of the dark era of economic collapse and financial ruin
The Yahoo Finance chart of EWO GUR HYG SPY and FXY shows the rise and fall of carry trade debt facilitated growth that came under the laissez faire, neoliberal, Milton Friedman, capitalism which was based on a floating rate currency exchange, interest rate differential investing, and free trade system ... ewo, gur, hyg, spy, fxy

0% Interest Rates --- The Mother Of All Bailouts

Saturday, November 1, 2008 5:09:58 PM

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Ferguson Oliver relates that zero percent interest rates are on their way. They could be days off in Japan, weeks off in the US and, maybe, months off in the UK.

Earlier this week, former MPC member and extremely illustrious economist, Charles Goodhart, told Channel 4: "Interest rates will go down from now, by how far and how fast nobody knows… They could go to zero. They went to zero in Japan in the 1990s when the Japanese had a recession or depression which went on for a long time and was quite severe."

Then bond marketplace independent of Federal Reserve action declared a defacto interest rate hike: the interest rate on the ten year US Government Note, $TNX, increased to 39.70 ... $TNX

The three month chart of DXKSX, compare to ^tnx, hyg, and iyf reflect the breakdown of trust that occurred between lender and debtor on Septemeber 11, 2008, that is 9-11-2008, when banks discovered they could not sell stock to obtain capital. Clearly a run on the US Treasuries is underway ... DXKSX.

The lack of trust increased even further as the SEC has thrown the fair value rule, and the accountants have withdrawn the mark-to-market standard of FASB 157, and replaced it with mark-to-fantasy assumptions of management: this resulted in a cardiac arrest in lending and a dramatic fall of stock value world wide.

Without trust the worldwide financial system can only breakdown further.

The inevitable world wide financial system collapse when it does occur will be a fulfillment of bible prophecy of Revelation 13:4

Powder River Basin Natural Gas Producer Goes Bust

Saturday, November 1, 2008 12:43:25 PM

Wildcater Amex and TSE listed natural gas producer goes belly up losing 50% of share value in one day
PR Newswire reports from Denver Colorado and Calgary Alberta, on October 31, 2008 that Storm Cat Energy Corporation failed to make its required quarterly interest payment when due on September 30, 2008, and such failure has continued for a period of 30 days, with respect to its Series A and Series B Subordinated Convertible Notes each due March 31, 2012. The failure of Storm Cat to make the required quarterly interest payment prior to the expiration of such 30 day grace period constitutes an "Event of Default" under the terms of each of the respective Note Purchase Agreements.

In connection with Storm Cat's previously reported and continuing defaults under its Credit Agreement, its Lenders notified the noteholders that pursuant to the terms of the Note Purchase Agreements and the Subordination and Intercreditor Agreement previously entered into by the noteholders, that the Lenders were enforcing their rights (1) to prohibit Storm Cat from making any payments to the noteholders, and (2) to require that the noteholders standstill and not accelerate any amounts due under the Notes upon an Event of Default or seek other enforcement or redemption actions otherwise permitted under the Note Purchase Agreements. Additionally, as a result of the Event of Default, the rate of interest on the outstanding principal amount of the Notes as well as any overdue interest will increase from 9 1/4% to 12.0% per annum.

Storm Cat has been in discussions with its Lenders since mid-August in order to seek a waiver or forbearance of the defaults under the Credit Agreement, to amend the Credit Agreement or otherwise restructure the Company and seek a liquidity event. Although Storm Cat intends to pursue in good faith efforts to renegotiate or restructure the terms of the Credit Agreement, there can be no assurance that these efforts will ultimately be successful. In addition, any restructuring plan ultimately agreed upon by Storm Cat and its Lenders may involve implementation through a bankruptcy filing by Storm Cat and/or certain of its subsidiaries. In the event that Storm Cat and its Lenders fail to agree on the terms of a consensual restructuring of the obligations under the Credit Agreement, the Lenders may attempt to effect an acceleration of the obligations under the Credit Agreement. In such event, a material adverse effect on the Company and its results of operations would result.

In connection with the above mentioned defaults under the Credit Agreement, an affiliate of one of the Lenders recently exercised its right to declare a cross-default on Storm Cat's natural gas commodity swap agreements. The swap agreements were terminated and amounts in the aggregate of $9.4 million owing to Storm Cat upon termination of the swap agreements were paid to the Lenders to be set-off and reduce the amounts outstanding under the Company's revolving credit facility. Because Storm Cat remains in default under the Credit Agreement, it may not re-borrow any funds used to pay down the revolving credit facility without the consent of the Lenders in their sole discretion. As a result of the termination of the swap agreements, Storm Cat is now fully exposed to the impact of gas price fluctuations in the commodity markets.

As previously reported, Storm Cat has been exploring since mid-May numerous alternatives to improve liquidity, including raising capital, refinancing outstanding debt or the potential sale of assets. Unfortunately, as a result of falling commodity prices and the global financial crisis Storm Cat has been unsuccessful to date. Nonetheless, in connection with on-going discussions with its Lenders regarding potential restructuring initiatives, Storm Cat has engaged Houston-based Parkman Whaling LLC for the purpose of assisting the Company in exploring strategic business alternatives as well as engaged Alvarez & Marsal, a turnaround and restructuring firm, for the purpose of assisting the Company with its restructuring efforts.

Storm Cat Energy is an independent oil and gas company focused on the exploration, production and development of large unconventional gas reserves from fractured shales, coal beds and tight sand formations and, secondarily, from conventional formations. The Company has producing properties in Wyoming's Powder River Basin and Arkansas' Arkoma Basin and exploration and development acreage in Canada. The Company's shares trade on the American Stock Exchange under the symbol "SCU" and in Canada on the Toronto Stock Exchange under the symbol "SME."

The Yahoo Finance weekly price history of Canada natural gas producer Stormcat Energy, SCU, shows a six month rise and fall in share price from $0.97 to $0.07.

The Yahoo Finance one year chart of Stormcat Energy, SCU, shows the dramatic rise of this North American natural resource producer.

Storm Cat Energy Corporation, employer of 25, is headquarterd on Denver Colrado's Wall Street, at 1125 17th Street, Suite 2310, Denver, CO 80202, Phone: 303-991-5070

Reuters reported on March 7, 2007 that Storm Cats' President and CEO J. Scott Zimmerman took an administrative leave from the Co for personal reasons and that Storm Cat Energy Corporation's Board of Directors appointed the Co's Chief Operating Officer Keith Knapstad as acting President and CEO of Storm Cat.

Bulls And Bears Are Being Replaced By A Beast System, Ruler And Banker

Saturday, November 1, 2008 12:00:05 PM

Cindy Jacobs prayed at the Wall Street Bull Statue.
Wonkette, The DC Gossip, in article 'Jesus People Pray That False Idol Will Save God’s Economy' reports that Cindy Jacobs was at the Wall Street Bull Statue on 'Day of Prayer for the World’s Economies', October 29, 2008, to "ask God to begin a shift from the bull and bear markets to what we feel will be the ‘Lion’s Market,’ or God’s control over the economic systems," she said. And added "While we do not have the full revelation of all this will entail, we do know that without intercession, economies will crumble." Wonkette, provides even more photos and videos of the event.

Cindy Jacobs is prophetic intercessor, with Generals International, which was founded as the Generals of Intercessionl ministry which calls “generals” around the world to start prayer networks in a number of regions such as Central Asia and Turkey.

Cindy appears frequently on the Trinity Broadcasting Network, The 700 Club, and now one can watch her on the God Channel. The television show from her ministry, God Knows, is on nine networks in six languages.

Cindy has authored six books, Possessing the Gates of the Enemy, The Voice of God, Women of Destiny, Deliver Us from Evil, The Supernatural Life, and her newest, The Reformation Manifesto which has been released in February of 2008.

Cindy loves to travel and speak, but one of her favorite past-times is spending time with her husband Mike Jacobs who is co-founder of Generals International with his wife, Cindy.

Joe terms Ms Jacobs: Prosperity Gospeletta

God is replacing the Milton Friedmand free enterprise with a beast system, ruler and banker
I can assure you, that one will never find me at the Wall Street Bronze Bull Statue.

As instructed by the Lord in Luke 21:36, I am watching and praying always, that I might be accounted worthy to escape all the things that will come to pass, and stand before the Son of Man.

The Yahoo Finance chart of EFA, VTI, TLT, GLD, XOM and IYF shows the rise and fall of debt facilitated growth that came under the laissez faire, neoliberal, Milton Friedman, capitalism which was based on a floating rate currency exchange, interest rate differential investing, and free trade system.

I'm conviced that in fulfillment of the bible prophecy of Revelation Chapter 6:1-2, that God has created and commissioned the first of four riders of the Apocalypse, to go forth globally on a white horse, effecting bloodless economic and political coups, by doing such things as nationalizing banking, via the creation of the TARP facility by the Federal Reserve, and the "loans" of monies to insurer AIG, to cover its credit default swap derivatives positions.

And I belive that God is doing away with bulls and bears world wide via the rising of a western world government, as a prelude to the Beast System, foretold in Revelation 13:1-4. Here is an artist's rendition of the seven institution led, world wide oligarchy, that is, beast system. This monster is spread out world wide: it occupies all the ten world regions as proposed by the Club of Rome in February 1974 as documented in the footnote 1. The North American Continent was established as one of these ten regions as documented in footnote 2.

And I belive that God is nurturing and developing a Beast Governor, that is a one world ruler, as held forth in Revelation 13:5-10; his word, will and way will rule the nations; there will be no national sovereignty.

And I belive that God is preparing a Beast Banker, that is, a Seignior, who also acts as world religious leader, as described in Revelation 13:11-17; he will lead a global monetary authority, which will provide unified regulation of banking globally; he will install a global seigniorage wealth and commerce system (footnote 3); he will have the authority to settle payments on all debts and derivatives; as economic conditions worsen all wealth will be rented out to him.

Soon there is coming a total worldwide financial system breakdown, and eventually, once currencies are totally burned out (footnote 4); then the Banker will demand that all take the charagma, meaning mark, or stamp, or tattoo upon, or ethching in, or badge of servitude, (footnote 5), prophesied in Revelation 13:17: "And that no man might buy or sell, save he that had the mark, or the authority of the beast, or the currency of his name."

Footnote 1: The Club of Rome made the call for regional governance in February 1974.
The Club of Rome is the premier think tank comprised of approximately 100 global leaders including scientists, philosophers and political advisors which envisioned totalitarian regional governance and a unifying global ethic --a world consciousness to solve interlocking world problems; and it relates this through published material such as 'Mankind at the Turning Point', and 'The First Global Revolution':

"Therefore we have concentrated out efforts in this report on a number of vital worldwide issues whose mastery we consider essential for man's survival and for an eventual transition into sustainable material and spiritual development of humanity."

"If the human species is to survive, man must develop a sense of identification with future generations and be ready to trade benefits to the next generations for the benefits to himself. If each generation aims at maximum good for itself, Homo Sapiens is as good as doomed."

"In order to achieve balance between regions in global development a more coherent regional outlook must be developed in various parts of the world so that the "preferable solutions" will be arrived at out of necessity rather than out of good will... we are talking about a regional sense of common destiny that will find its expression through appropriate societal, economic concepts and objectives... Such a regional outlook will create a "critical mass" necessary for the practical implementation of new and innovative ways of functioning in cultural, economic, and agricultural areas, especially on the rural level."

Footnote 2: North America is one of of the ten regions of global governance called for.
This region of global governance was announced by George Bush, Vincente Fox and Stephen Harper at Baylor University on March 23, 2005; this triumvirate committed the continent to global principles of security and prosperity as provided in the Security and Prosperity Partnership of North America, the SPP. The leaders called for initiatives of a continental economic congress, and supra regulatory body, that being the North Amrican Competitivenss Council, the NACC, to be supported by Working Groups and Stakeholders who work in harmonizing the institutions and regulations of once formerly sovereign and independent nations into a homeland for the continent's peoples. This North American Union, NAU, is what I call CanMexAmerica.

The Canadian think tank, Frazer Institute, makes a case for The Amero as the North American Continent's Currency relating: "In sum, the alternative methods for creating the benefits of a monetary union have a number of defects and basically are inferior substitutes. If a Canadian consensus emerges that flexible exchange rates are to blame for many of the country's economic ills, monetary union is the preferred alternative institutional arrangement".

Footnote 3: Seigniorage means top dog bank note system.
Seigniorage comes from the Scottish and Bank of England financial system which was devised to maintain the value of currency, The History of Seigniorage Wealth by Elaine Meinel Supkis, February 7, 2008 Money Matters Blog.

Footnote 4: Eventually, there will come an end to paper currencies.
Andy Sutton relates in FinancialSense.com article Anatomy of a Disaster – The Next Stop: "The magnitude of the final quantity of money that must be created is astronomical. From the standpoint of the authorities, it would be best if we continued to go into neverending debt. This way money could be multiplied through the banking system in an ‘orderly’ fashion. The next choices are handouts (think ‘stimulus’ packages), and direct monetization of debt (think outright purchase of new Treasury issues). The multiplier method leads to a ‘slow burn’ inflation such as what we’ve experienced to this point. However, there is an actual moment in time when the population cannot continue to accumulate debt at a level that will perpetuate the fiat system. Then we move to the latter two options which have a much greater likelihood of creating hyperinflation and the eventual end of the paper currency. We have now reached the tipping point where debt accumulation on a meaningful scale cannot continue. Therefore, we are left to watch the remains of the current liquidation of assets then reap the whirlwind of rampant, undisciplined monetary creation".

Footnote 5: Charagma is described by David Deschesne Editor, Fort Fairfield Journal.
The article A Mark in the Right Hand or in their Forehead, Fort Fairfield Journal, July 6, 2005 provides an explanation of Revelation Chapter 13:16-17.

Keywords
currencyofhisname, fulfillment of bible prophecy, end time, last days, events, news, unifiedregulationofbankingglobally, one world government, gma, oneworldgovernment,

Home Building Stocks Off 50% In Last Year

Saturday, November 1, 2008 3:35:13 AM

The ongoing one year Yahoo Finance chart of tol, hov, ctx, nvr, len and itb shows that the homebuilding stocks have fallen 50% in the last yeara.

The Financial Crisis Is Also An Opportunity For Unified World Government, Gordon Brown Communicates

Saturday, November 1, 2008 1:57:36 AM

Gordon Brown writing in Washington Post October 17, 2008 article Out of the Ashes -- The Financial Crisis Is Also an Opportunity To Create New Rules for Our Global Economy said: "Confidence about the future is vital to building confidence for today. We must deal with more than the symptoms of the current crisis. We have to tackle the root causes. So the next stage is to rebuild our fractured international financial system.

This week, European leaders came together to propose the guiding principles that we believe should underpin this new Bretton Woods: transparency, sound banking, responsibility, integrity and global governance. We agreed that urgent decisions implementing these principles should be made to root out the irresponsible and often undisclosed lending at the heart of our problems. To do this, we need cross-border supervision of financial institutions; shared global standards for accounting and regulation; a more responsible approach to executive remuneration that rewards hard work, effort and enterprise but not irresponsible risk-taking; and the renewal of our international institutions to make them effective early-warning systems for the world economy".

Commentary
I believe that God is doing away with sovereign and independent nations, and is rising up a unified world government, as foretold in Revelation 13:1-4. Here is an artist's rendition of the seven institution led, world wide oligarchy, that is, beast system. This monster is spread out world wide: it occupies all the ten world regions as proposed by the Club of Rome in February 1974 as documented in the footnote 1. The North American Continent was established as one of these ten regions as documented in footnote 2.

And I belive that God is nurturing and developing a world governor, as held forth in Revelation 13:5-10; his word, will and way will rule the nations; there will be no national sovereignty.

And I belive that God is preparing a world banker, that is, a seignior, who also acts as world religious leader, as described in Revelation 13:11-17; he will lead a global monetary authority, which will provide unified regulation of banking globally; he will install a global seigniorage wealth and commerce system (footnote 3); he will have the authority to settle payments on all debts and derivatives; as economic conditions worsen all wealth will be rented out to him.

A new Bretton Woods Agreement, will be coming soon as the result of either a November meeting of world economic and political leaders, or as the result of a total worldwide financial system breakdown. Eventually, once currencies are totally burned out then the world banker will demand that all take the charagma, meaning mark, or stamp, or tattoo upon, or ethching in, or badge of servitude, (footnote 4), prophesied in Revelation 13:17: "And that no man might buy or sell, save he that had the mark, or the authority of the beast, or the currency of his name."

Footnote 1: The Club of Rome made the call for regional governance in February 1974.
The Club of Rome is the premier think tank comprised of approximately 100 global leaders including scientists, philosophers and political advisors which envisioned totalitarian regional governance and a unifying global ethic --a world consciousness to solve interlocking world problems; and it relates this through published material such as 'Mankind at the Turning Point', and 'The First Global Revolution':

Footnote 2: North America is one of of the ten regions of global governance called for.
This region of global governance was announced by George Bush, Vincente Fox and Stephen Harper at Baylor University on March 23, 2005; this triumvirate committed the continent to global principles of security and prosperity as provided in the Security and Prosperity Partnership of North America, the SPP. The leaders called for initiatives of a continental economic congress, and supra regulatory body, that being the North Amrican Competitivenss Council, the NACC, to be supported by Working Groups and Stakeholders who work in harmonizing the institutions and regulations of once formerly sovereign and independent nations into a homeland for the continent's peoples. This North American Union, NAU, is what I call CanMexAmerica.

Footnote 3: Seigniorage means top dog bank note system.
Seigniorage comes from the Scottish and Bank of England financial system which was devised to maintain the value of currency, The History of Seigniorage Wealth by Elaine Meinel Supkis, February 7, 2008 Money Matters Blog.

Footnote 4: Charagma is described by David Deschesne Editor, Fort Fairfield Journal.
The article A Mark in the Right Hand or in their Forehead, Fort Fairfield Journal, July 6, 2005 provides an explanation of Revelation Chapter 13:16-17.

Keywords
currencyofhisname, fulfillment of bible prophecy, end time, last days, events, news, unifiedregulationofbankingglobally, one world government, oneworldgovernment,

Another Hospital In Detroit Is Shuttered

Friday, October 31, 2008 10:53:20 PM

North Oakland Medical Centers Shuts Doors: Doctors’ group can’t make a deal to buy it

Patrician Ansteet of the Detroit Free Press reports that Oakland County’s oldest hospital — the 336-bed North Oakland Medical Centers, 461 W Huron St. Pontiac, MI, 48341 — closed Tuesday, after a doctors’ group trying to buy the Pontiac hospital failed to find financing to complete the deal.

The decision shocked the hospital’s 800 workers hoping for a last-minute solution and forced the transfer of several dozen patients to the city’s two other hospitals.

Another issue: What will happen to the large hospital, with 440,000 square feet, at 461 W. Huron St?

“We don’t want to see vacant buildings in Pontiac,” said Jack Weiner, president and CEO of St. Joseph Mercy Oakland, in Pontiac.

Weiner hopes the City of Pontiac or a nonprofit agency would buy the building and convert it into a one-stop health and community center, much like a program that took over the closed Samaritan Hospital in Detroit several years ago.

North Oakland, the second urban hospital to close in two years in metro Detroit, is another example of how urban hospitals struggle against newer, highly competitive hospitals and a growing burden of serving patients without insurance or inadequate coverage. All three Pontiac hospitals have been struggling as the city loses residents and insured patients to other outlying Oakland County communities.

Detroit Riverview Hospital, part of the St. John Health system, closed in 2007 because of failing finances and a growing burden of caring for people without adequate insurance.

Larry Horwitz, president of the Economic Alliance for Michigan, a labor and business coalition, said the closing “makes it even more important for the other two Pontiac hospitals to expand their prior efforts to serve the residents of central Pontiac.”

St. Joseph has reopened a closed hospital wing, with about 30 beds, and is talking about expanding care at a clinic it funds that serves the uninsured and underinsured, Weiner said.

POH Medical Center, renamed after it was bought last year by the Flint-based McLaren Health System, will pick up care of Oakland County prisoners that North Oakland had handled, in a contract with the sheriff’s office, said Pat Lamberti, president and CEO of POH.

North Oakland, founded in 1910, admitted 5,600 patients last year, but averaged only 68 patients a day last year, down from 87 a day in 2006, state hospital occupancy data show.

An additional 34,600 people received care last year at the hospital’s outpatient facilities and another 38,400 people were treated in its emergency department, the hospital said.

Hospital went into bankruptcy

Losing patients over the last decade, the hospital fell behind in more than $2 million in bond payments to the City of Pontiac and filed for Chapter 11 bankruptcy in August. After Pontiac officials declined to forgive nearly $2.3 million in bond debts, North Oakland’s potential buyers, led by Rochester Hills urologist Dr. Anil Kumar, sought more help from McLaren Healthcare of Flint.

McLaren already had given North Oakland $2.75 million earlier this year to keep the hospital open and was considering another $2.25-million contribution, said Kevin Tompkins, vice president of marketing for McLaren. Still, the doctors’ group needed to find other credit to complete the deal and “the economy … created a situation that made it impossible to secure the kind of money it needed,” Lamberti said.

A bigger issue ahead for Pontiac is whether POH stays in Pontiac. McLaren wants to add a hospital to a large medical campus it is building in Clarkston, but would need legislative approval to get around Certificate of Need laws to move POH’s 338 beds to Clarkston. Now, state rules prohibit transfer of those beds more than 2 miles away.

Both Pontiac hospitals, as well as Beaumont Hospitals, Royal Oak, and Crittenton Hospital Medical Center, Rochester Hills, participated in job fairs at North Oakland on Monday and Tuesday. But while there may be jobs for doctors, nurses and other health care professionals, many worried that the hospital’s lowest-paid employees might have a hard time finding a job.

Commentary
The closure of the hospital documents an application of the Liquidation Thesis which holds forth two principles: One, irredeemable debt and unfunded retiree benefits, must be liquidated, that is done away with. Two, government services and payments as well as service sector jobs, of all types, being unsustainable, will be done away with as well.

Recovery Governance Will Last For A 1000 Years

Friday, October 31, 2008 6:33:48 PM

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We are witnessing the end of human prosperity
The Yahoo Finance chart of EFA, VTI, TLT, GLD, XOM and IYF shows the rise and fall of debt facilitated growth that came under the laissez faire, neoliberal, Milton Friedman, capitalism which was based on a floating rate currency exchange, interest rate differential investing, and free trade system.

Stephen Lendman in Global Research article The End Of Prosperity relates that Morgan Stanley's economist and chairman of the company's Asia operations Stephen Roach was extremely critical of Fed policy in an October 27 Financial Times article where he called "the era of excess as much about policy blunders and regulatory negligence as about mistakes by financial institutions." We need a new system and new role for the Fed in his judgment. Explicitly to reference "financial stability", he said.

Britain's Charles Goodhart, a founding member of the Bank of England's Monetary Policy Committee, MPC, and now a professor emeritus of banking and finance at the London School of Economics, says the country "may need 0% interest rate to avoid a depressionist warns."

Some in Tokyo believe the country can do little to reverse the downward trend. According to Credit Suisse's Toyko-based chief equity strategist, Shinichi Ichikawa, "The Japanese government alone can't fix" the nation's export woes or the deepening global crisis. "The factors hurting the market are beyond Japan's control." Japan is heavily export dependent. For most of its economic growth and health. It's hurt by a surging Yen. At a 13 year high against the dollar. In addition, hedge funds and foreign investors are bailing out. The way they're doing everywhere, but it's hurting Japan more than most because it relies so heavily on outside capital.

Mr. Lendman concludes by asking: "Will world leaders seize the challenge and act?"

I can assure you that indeed the world's leaders will seize the moment and establish a new global monetary authority only to see it result in total failure and a worldwide currency system being installed.

True prosperity will come when Jesus Christ returns to govern for a 1,000 years
As the elect of God, I will be governing with the Lord for a thousand years, Revealation 20:4, as there will be at least 2 Billion left over after the Battle of Armageddon, that is the final conflagration on the plain of Megiddo, Revelation 16:16, where the EU US western world Sovereign, Revelation 13:5-10, goes out to battle the tide of 200 million from the East, Revelation 16:12-16, as well as the Bear of the North, Daniel 11:40-44.

Governace - it's only for a day; as a 1,000 years are as a day, 2 Peter 3:8.

The Lord will be governing in Jerusalem from his Temple, Ezekiel 47-48. Ezekiel is emphatic on the orientation of the temple: it faces east Ezekiel 47:1.

The prophet mentions the direction east in other places in his writing as well: Ezekiel 43:1-5 and Exekiel 10:18-19 and Ezekiel 11:22-23 and Ezekiel 8:16.

The Temple will be oriented eastward, that is, in the direction that all sun god worshipers, throught history, have faced.

Cludia Thompson relates: "Because the God of the Freemasons is the Sun God all devotions in their Lodges are made facing East! The Masonic ritual proclaims that: "as the sun rises in the east, to open and govern the day, so rises the Worshipful Master in the east, to open and govern his Lodge, set the craft to work and give them proper instruction." Malcolm Duncan, Duncan's Masonic Ritual Monitor, pg.15 In Ezekiel 8:16, Ezekiel tells us about God showing him what was really going on, in the temple at Jerusalem: "And he brought me into the inner court of the Lord's house, and, behold, at the door of the temple of the Lord, between the porch and the altar, were about five and twenty men, with their backs toward the temple of the Lord, and their faces toward the east; and they worshipped the sun toward the east."

The Robert Jamieson Bible Commentary relates Manessah's reign was wicked and characterised by great idolotry who oriented worship towards the sunrise: "Manasseh was twelve years old when he began to reign. He must have been born three years after his father's recovery; and his minority, spent under the influence of guardians who were hostile to the religious principles and reforming policy of his father, may account in part for the anti-theocratic principles of his reign. The work of religious reformation which Hezekiah had zealously carried on was but partially accomplished. There was little appearance of its influence on the heart and manners of the people at large. On the contrary, the true fear of God had vanished from the mass of the people; corruption and vice increased, and were openly practised (Isa 28:7, &c.) by the degenerate leaders, who, having got the young prince Manasseh into their power, directed his education, trained him up in their views, and seduced him into the open patronage of idolatry. Hence, when he became sovereign, he introduced the worship of idols, the restoration of high places, and the erection of altars or pillars to Baal, and the placing, in the temple of God itself, a graven image of Asherah, the sacred or symbolic tree, which represented "all the host of heaven." This was not idolatry, but pure star-worship, of Chaldaic and Assyrian origin [KEIL]. The sun, as among the Persians, had chariots and horses consecrated to it (2Ki 23:11); and incense was offered to the stars on the housetops (2Ki 23:12; 2Ch 33:5; Jer 19:13; Zep 1:5), and in the temple area with the face turned toward the sunrise (Eze 8:16)".

Egyptians were involved in sun worship and faced east in their worship activities; Wikipedia relates: "The Egyptian God Ra (pronounced Rah) and sometimes as, Rê, is an ancient Egyptian sun god. By the fifth dynasty he became a major deity in ancient Egyptian religion, identified primarily with the mid-day sun, with other deities representing other positions of the sun. Ra changed greatly over time and in one form or another, much later he was said to represent the sun at all times of the day. Obelisk represents the rays of the sun and was worshiped as a home of a solar god. Pyramids, aligned east to west, Falcon; Bull; a cobra commonly seen wrapped around the sun disk, the form of the goddess Wadjet, who often was depicted as an Egyptian cobra, an animal thought only to be female and reproducing through parthenogenesis. Some traditions relate that the first wadjet was created by the goddess Isis who formed it from the dust of the earth and the spittle of Atum. The uraeus was the instrument with which Isis gained the throne of Egypt for her husband Osiris. As the sun, Ra was thought to see everything. Together with Atum, Ra was believed to have fathered Shu and Tefnut who in turn bore Geb and Nut. These in turn were the parents of Osiris, Isis, Set (also known as Seth), and Nephthys. All nine made up the Heliopolitan Ennead".

The Lord will be in his Temple, it will be facing east, and he will be transmitting peace, and the result will be joy and prosperity as Allen Ross reveals.

Related
Ezekiel is what bible historians refer to as a "major prophet", that is one of God's heavyweights. In article Video Documents Orbs At The 08-80-08 Wiltshire Crop Circle Site, I relate the wheels he reported seeing in Ezekiel 10:18-19.

Futures Price Of Gold Falls While Supply In Stores Vanishes

Friday, October 31, 2008 5:30:05 PM

The Resourceful Bear News Service reports that there is something most strange going on: the futures price of gold fell today to $722, while reports abound of simply no gold supply on hand in the coin stores and at jewelers.

Well, the powers that be, may for a while, be able to play trick or treat, in the futures market place, they cannot do so forever.

I believe there is coming a volcanic upward explosion in the price of gold soon; please note this is a complete 180 of the Austrian economists, that is those of the Mises Institute, who hold forth deflationary asset prices.

I recommend that one buy gold and put it far, far away from the current financial system, safe and sound in a guarded vault, like BullionVault and GoldMoney, with an account personally at streetTracks Gold Trust, and in physical possession of gold coins.

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