101314 Gleaning Fear Not Judgment Cometh Obozo’s Islamic State Flight 666 Ebola Bomb Scare Lands In Boston
Without a doubt, the Shemitah year, which kicked off on Sept. 25, has begun with a blast of bad news.
Blood moons, plummeting stock markets and a growing Ebola pandemic dominated the headlines this past week.
“In The Mystery of the Shemitah – I show how the Shemitah has caused financial and economic collapse throughout modern times,” Cahn told WND. “And the phenomenon has been intensifying – with the last two Shemitahs manifesting the phenomenon with uncanny precision.”
The two previous Shemitah years occurred in 2000-2001 and 2007-2008.
On Friday we said “it doesn’t get any scarier than this.” We were wrong: it did..
One of the reasons why the market sold off rapidly in the last hour or so, has been news out of Boston that an Emirates flights has been quarantined at Logan Airport, where as Fox Boston reports, according to the Massachusetts Port Authority, five passengers on an a flight from Dubai were experiencing flu-like symptoms. Crews are on the ground responding to the situation. Those passengers were not in West Africa, according to the agency. FOX 25’s Crystal Haynes reports that family members at Logan Airport who have been in contact with the passengers on the flight are saying that each passenger is being evaluated one-by-one. The passengers, Haynes reports, are being told to be patient. At least one emergency responder in hazmat gear has boarded the flight..
You know the central planners have gone too far…
Last week, markets were under a lot of pressure; over the weekend, the good old plunge protection team, with some new teammates, got back to work; we had Fischer’s comments, bunch of other doves also came out, we are concerned about rest of world, if economy slows, we might raise rates slower; lo and behold, we find stocks bouncing very nicely into the U.S. opening, Bloomberg’s Richard Breslow writes.
But of the lit and semi-lit BBG subscribers listed above, none is more important than the only “green” trader – Yan Chow… formerly of Lehman and Paulson & Co!?
Of the 298 Bloomberg Terminal users that are currently registered with the New York Federal Reserve Board (according to Bloomberg Search), the great majority are “red” today – celebrating Indigenous People’s Day we assume. However, while everyone’s favorite “market intervenor”(sic), Kevin Henry, currently spearheading the NY Fed’s Chicago office, remains “grey”- preferring not to share his status with the world after this – there are a few traders and analysts hard at work maintaining the status quo with “Trader/Analyst” Yan Chow appearing the most capable of holding up US stock markets without the aid of a bond market safety net..
So if we close Green and your paper wealth has been safeguarded today, please think of Chow when Christmas card time comes around.
With no bond-market-police to corral the machines, it is not entirely surprising that – on the heels of AUDJPY – US equity futures have levitated this morning to provide a comfortably green open (as the world held its breath for a black monday – particularly inappropriate on Columbus Day). However, there’s a long way to go in the day and liquidity is – in a word (or two) – non-existent (lowest in at least 18 months). That means intraday volatility will be extreme to say the least…
Just as we warned was likely into the open – no liquidity, means whiplash galore.
Just as we warned, liquidity was incomprehensibly low today (below normal pre-market levels during the peak of the trading day) and the intraday whipsaws were meteoric as a closed cash bond market enabled the slightest twitch in USDJPY to send S&P algos into conniptions. Biotech crashed. Trannies were ripped ridiculously higher at the open – then collapsed into correction (-11% from highs); US Airlines have fallen for 6 straight days, crashing 17% (with today’s 7% plunge – driven by chatter over airborne Ebola – its biggest in over years). Tresury futures implied a notable drop in yields across the curve (10Y -7bps at 2.21%, 30Y 2.97%, and 5Y 1.45%). The USdollar closed -0.33% led by EUR and JPY strength (but AUD surged 1% extending gains after China data). Gold ($1234), Silver, and copper all gained on the day as WTI fell once again (despite some intraday strength in the middle of the day). Stocks “flash-crashed” on very heavy volume in the last 30 mins with VIX breaking above 24 (highest in 16 months). All major equity indices are now below their 200DMA with the worst 3-day loss since late 2011.
At 1532ET today (Columbus Day – with half the market absent), someone – apparently having waited to see if the almost ‘ubiquitous’ 330pm Ramp would occur – decided it was time to dump three-quarters of a billion dollars notional of US equity market exposure in 1 second. The results of this forced liquidation (or utter disregard for fiduciary duty) were as follows…
A complete collapse of all liquidity in the S&P 500 e-mini futures contract – the world’s most liquid equity exposure vehicle…
The Air Force’s space drone, more officially known as the X-37B unmanned mini-shuttle, will be coming back to Earth this week after a mysterious 22 month mission in orbit. This is the third space drone launched, and the longest mission for any of them since they started getting built on contract by United Launch Alliance, the joint Boeing and Lockheed Martin company that works on rockets and space-related craft for the U.S. government.
Unlike the planned space drones recently commissioned by DARPA, the X-37B gets taken into space by another rocket, but can land on its own, much like the Space Shuttles. Unlike the Space Shuttle missions, whatever the X-37B has been up to is classified and not really made clear to the general public. Even when the space drone will land isn’t known, although that’s more to do with equipment and weather uncertainties. It’s expected to land at Vandenberg Air Force base in California.
Earth just missed two very close, near-catastrophic events, involving first an asteroid, shortly followed by a massive solar flare, with very little warning for either. Asteroid 2014RC passed over New Zealand at 2:18 p.m. on Sunday, Sept. 7, 2014, with the only apparent damage from a small rock that broke away, causing an explosion, Earth tremors, and a crater 39-feet across and 25-feet deep in a wooded area next to the international airport in the Nicaraguan capital of Managua. The asteroid was nicknamed “Pitbull” by Slooh, which refers to itself as the “community observatory,” because the asteroid is “small is size, can be ferocious, but rarely bites.”
NASA reported Pitbull’s diameter at 60-feet, another source cited 65-feet, a third source said 88-feet. NASA said that Pitbull passed “25,000 miles away” from Earth. Another source said that the measurement was from the center of the Earth, making Pitbull’s passage only 21,000 miles above the Earth’s surface, therefore well within the orbital parking distance of our geosynchronous communications and weather satellites that orbit at 22,300 miles. There have been no reports of any satellite damage..
The sun threw billions of tons of solar material at Earth, which barely missed when the twin solar flares passed by the planet on Wednesday, Sept. 10, and then again on Thursday, Sept. 11, 2014.
We get little warning when this charged material travels, like it did, at 5-million miles per hour across the 93-million miles that separate the sun from the Earth. These flares arrived in only 19 hours.The first flare was medium sized, the second was a massive X-class, the strongest since the November 2003 flare that knocked out power across Europe, and sent astronauts scurrying for shelter in the International Space Station. Communications devices, GPS systems, and electrical distributions are all sensitive to solar flares. This time, little was affected, but if the full force of an X-class flare were felt, scientists say that we could have been launched back to the stone-age.
And I saw an angel standing in the sun; and he cried with a loud voice, saying to all the fowls that fly in the midst of heaven, Come and gather yourselves together unto the supper of the great God;
Two earthquakes have shaken western Southland tonight.
A “severe” 6.2 magnitude earthquake struck at a depth of 10km, 140km west of Tuatapere, about 6.15pm and was followed by a 4.4 magnitude quake 85km west of Tuatapere 15 minutes later.
Gov’t issues ‘inundation warning’ for Fukushima Daiichi as year’s strongest storm to hit within hours — Tepco bracing for overflows — Officials warn of landslides and torrential rains… ‘ground-loosening’ south of plant — Danger from tornadoes, storm surge, violent waves along coast
When CDC Director Tim Frieden first announced, just a week ago and very erroneously, that he was “confident we will stop Ebola in its tracks here in the United States”, he hardly anticipated facing the double humiliation of not only having the first person-to-person transmission of Ebola on US soil taking place within a week, but that said transmission would impact a supposedly protected healthcare worker. He certainly did not anticipate the violent public reaction that would result when, instead of taking blame for another epic CDC blunder, one which made many wonder if last night’s Walking Dead season premier was in fact non-fiction, he blamed health workers for “not following protocol.”
And yet, while once again casting scapegoating and blame, the CDC sternly refuses to acknowledge something others, and not just tingoil blog sites, are increasingly contemplating as a distinct possibility: namely that Ebola is, contrary to CDC “protocol”, in fact airborne. Or as, an article posted by CIDRAP defines it, “aerosolized.”
Who is CIDRAP? “The Center for Infectious Disease Research and Policy (CIDRAP; “SID-wrap”) is a global leader in addressing public health preparedness and emerging infectious disease response. Founded in 2001, CIDRAP is part of the Academic Health Center at the University of Minnesota.”
The full punchline from the CIDRAP report:
We believe there is scientific and epidemiologic evidence that Ebola virus has the potential to be transmitted via infectious aerosol particles both near and at a distance from infected patients, which means that healthcare workers should be wearing respirators, not facemasks.
In other words, airborne. And now the search for the next LAKE, i.e., a public company maker of powered air-purifying respirator (PAPR), begins.
The World Health Organization says the Ebola outbreak in West Africa is “the most severe, acute health emergency seen in modern times”
So – let’s get this straight – Ebola is a deadly disease but is not easily spread (so don’t panic) but if you are a healthcare worker a slight slip and you are done…
The Yom Kippur atonement ritual was particularly vivid. The sins of the people were pronounced by a priest while he lay his hands on the head of a goat. The goat was then taken out and released into the wilderness. This is where the phrase “scapegoat” comes from, referring to a person or group blamed for the sins of others.
Jesus’ crucifixion is an atoning sacrifice that draws upon the power of the ancient biblical sacrificial rituals — but it expands the notion of atonement dramatically.
The Temple sacrifices described in the Bible were atonement for individuals or for the community living at that time. Jesus’ sacrifice was atonement for the original sin of Adam in disobeying God in the Garden of Eden, as well as for all people born since Adam, or who would ever live in the future. This was a scope of atonement that far exceeded and actually transformed the very notion of atonement in the Bible.
As far as sacrifice in Judaism is concerned, the cessation of animal sacrifices had nothing to do with the crucifixion of Jesus by the Romans. It was solely the result of the destruction of the Temple in Jerusalem in 70 CE by the Romans. After the murder of most of the Jewish priests in charge of the Temple rituals, sacrifices could no longer be offered.
What happened then was almost like the creation of a new religion called rabbinic Judaism. Rabbis replaced the priests as the religious leaders of Judaism. Priests inherited their position from their father’s side of the family. Rabbis were chosen from among Jewish men who’d achieved a high level of learning in the rabbinical academies. Prayers replaced animal and grain sacrifices. The Jewish holidays remained the same in the transition from biblical Judaism to rabbinic Judaism, but their ritual content changed dramatically. The Passover sacrifices were replaced by the Passover Seder ritual.
The synagogue as a place of prayer and study replaced the Temple as a place of sacrifice. The notion of atonement also changed in rabbinic Judaism. According to the rabbis, atonement could no longer be accomplished by slaughtering animals or by the death of any surrogate. Now, the only way to atone for sins committed against another was to ask forgiveness from the person you’d hurt. For ritual sins against God, atonement could be achieved by confessional prayers to God.
That’s where things stand today regarding sacrifices, although a few extreme Jews want to see the Temple in Jerusalem rebuilt, which would entail destroying Muslim holy sites — a violation of Jewish law. Personally, I don’t favor rebuilding the Temple because I’m revolted by animal sacrifice. The idea that my moral shortcomings can be corrected by the death of an innocent creature makes no spiritual sense to me, compared to the hard but necessary work of facing those I’ve hurt and asking them to trust that I won’t hurt them again.
The final lesson about sacrifices is that their transformation over time shows that religions can take even deeply held rituals and change them to meet our new and hopefully more humane understandings of our relationship with God and each other.
These changes must not be made out of whole cloth, however.
In any successful religious innovation, there must be links to the past, as well as an eye to the future. In the case of sacrifices, the dissenting voices were from the prophets, who understood that God wants moral virtue, not dead animals, as a way of atoning for our sins..
If Obama can behave in such a contemptuous manner towards Israel five weeks before congressional elections, one is left with a chilling feeling that we may see even more unfortunate initiatives during the remaining term of office of this president who seeks to distance himself from Israel as he simultaneously engages with rogue states and appears determined to rehabilitate Iran.
The Washington Post is reporting it as one of the most painful 40 seconds of this election cycle. Alison Lundergan Grimes (D) was asked a simple question: did you vote for President Obama. What followed in the clip below was one of the most revealing 40 seconds of how bad this election is becoming for Democrats and how radioactive the President has become. Grimes refuses to answer. She is trying to unseat Senate Minority Leader Mitch McConnell (R) and these mid-term elections tend to reflect the view of the incumbent president as some voters try to either add support or resistance to a president in Congress. Obama’s popularity stands at a dismal 30 percent in Kentucky. The clip is particularly interesting given the recent public statements of the President that this election is about his policies. It was an effort to rally Democrats but candidates who have been increasingly fleeing associations with the unpopular president cringed across the country. Given Obama’s national polling, an election based his policies and Administration would magnify the already great expected losses in November, including the possible loss of both houses. Even long-time ally and former campaign manager David Axelrod said that the President’s framing of the election as a vote on his policies was a huge mistake. The deer in the headlights look of Grimes reflects that point vividly.
Demagogic doublespeak dots his rhetoric. So do mumbo jumbo Big Lies. They systematically drown out truth.
It’s consistent Obama policy. He mocks democratic values. Justifying the unjustifiable. Defending the indefensible. Supporting the unthinkable.
Believing militarism is the be all and end all. Waging permanent wars on humanity. It may not survive on his watch.
Removing him is a moral imperative. An urgent necessity. He presides over a police state apparatus. He institutionalized tyranny. It’s headed toward full-blown.
He’s advancing America’s imperium ruthlessly. He’s a war criminal multiple times over. He’s guilty of high crimes against peace. He risks WW III.
On October 11, he spoke in San Francisco. At a scripted DNC event. Selected guests alone were invited.
He repeated one Big Lie after another. “(N)ews lately has been dominated by what’s taking place overseas,” he said.
He bears full responsibility for what he called “scary to people, and understandably so.”
Syria’s UN envoy has accused Turkey and Saudi Arabia of giving weapons of mass destruction (WMDs) to terrorist groups fighting in the country. The charge precedes reports Kurdish fighters battling ISIS militants have been attacked with chemical weapons.
Bashar Jaafari told a UN committee on Friday that Turkey and Saudi Arabia should examine their own involvement in the Syrian conflict before leveling “null and baseless accusations [against] the Syrian government.”
In comments delivered to the UN’s First Committee on Disarmament and International Security at the UN General Assembly, Jaafari accused Ankara and Riyadh of being “directly involved in providing these terrorist organizations with chemical weapons,” RIA-Novosti cites a source as saying.
We’ve known for a while that the Saudis were lowering their prices. Which is something other OPEC members will be plenty upset about. But now we find out they’re also increasing production, and trying to catch EUropean and Asian customers before other fellow members can. That adds a whole extra dimension to the story:
“They are threatening buyers” to discontinue sales if they don’t agree with the fixed deliveries, another trader said.
What follows from that is that Saudi Arabia more or less unilaterally decides where oil prices are going. Iran and Iraq have already announced price cuts, and the rest has no choice but to follow, no matter how badly they need higher prices. It’s a kind of musical chairs, and quite a few nations will fall be the wayside. Though not necessarily Russia.
Algeria and Kuwait, for whatever reasons, seem to be lined up with the Saud family against the rest of OPEC:
‘There is no room for countries to reduce their production’, says Kuwait. In other words, it’s everybody for themselves. Because supply and demand numbers seem to indicate there’s lots of room to cut production. So that can’t be it. Still, production rises in Saudi Arabia, US, Russia and undoubtedly many other producing nations. What else can they do when prices fall, but try and sell higher volumes to the highest bidder, as demand wanes in a shrinking global economy that’s done blowing bubbles? There’s nothing left but to pump all out and hope for the best.
The 3 easy steps to blow up OPEC are easy indeed. The question may be why now, and why the way it happens. But that it’s happening is clear.
Step 1: raise output
Step 2: lower prices
Step 3: watch member nations’ governments go down like cats in a sack, trying to keep control of their societies.
Step 3a: yank up the US dollar
This is not a purely economic issue, it’s political. The US has a large voice in it in the director’s role, and the House of Saud plays the part of the protagonist. This is a major development in world politics, it’s not just some financial market-driven move.
World power relations are being hugely changed on the fly as we’re all watching and trying to figure what to make of all this. One thing’s for sure: the world will never be the same.
We’ve landed in the next phase of what arguably started in 2007, but what you could place back many years before that, an economic system based on the fantasy that is debt driven growth, inflated by a factor of a trillion, give or take a few zeros.
That system is in the process of dying. And the people who have tried to make you believe, and succeeded, that it would all be fine in the end, are now jockeying for position in the aftermath of the demise of a world built on debt.
And they are the same people who built that world, profited from it to an insane degree, and want to use those profits to hang on to power in a world that will be dramatically different from the one they called the shots in. And that doesn’t bode well; it tells us violent clashes will be on the horizon.
US Supreme Court to Decide Status of Jerusalem
The US Supreme Court will decide the fate on whether to recognize Jerusalem as being a part of Israel as part of several new cases to be taken up during its new term, which opens on Monday.
The nine judges on the high court will hear the case of an American born in Jerusalem who wishes to list his birthplace as Israel on his passport.
The case, Zivotofsky v. Kerry, highlights a major dispute between US congress and the president with complex Middle Eastern politics serving as a background.
The US does not recognize Jerusalem as belonging under any nation’s sovereignty, saying that the status of Jerusalem should be determined via peace agreements. In 2002, Congress passed a law that says American’s born in Jerusalem should be able to list Israel as their birthplace.
The Obama administration maintains that the law would be viewed as a US endorsement of Israeli control over Jerusalem. The executive branch says that the Congressional law interferes with the president’s right to recognize a foreign country.
^^^Ok, this is the worst thing currently on the docket. The moment the 666 Citizen’s United Soulless Supreme Court Beast renders this decision all Hell will break loose on America. The Antichrist NWO 666 Obozo The 911 POTUS clown is now overtaking Bibi as The Antichrist, however, the scriptural description of the Antichrist killing the two witnesses still points to who ever (Bibi) is the Israeli head of State, but …considering the reality of the global Federal Reserve note, AKA mark of the beast, and the scriptures description of the most powerful military force on the planet measured to the scripture ”by peace he shall destroy manny, and considering the Antichrist Sirius ”In (g)od we trust” reality of the usual suspects ”apotheosis” , AKA the raising ceremony of Lucifer conducted in concert with the arrival of their POTUS man Hussein Obozo as the host image to fulfill their Antichrist 2012-2016 New Secular Satanic Order of the end time past age occult prophecy, …well.
The archaeological establishment is scrambling to find some reason to reject and pour scorn on the extraordinary consequences of the excavations now taking place at Gunung Padang in Indonesia.
Since its first exploration by archaeologists in 1914 the site was thought to be a natural hill with 2500 year-old megalithic structures on top of it. But in 2010 geologist Dr Danny Hilman Natawidjaja (who earned his doctorate at Cal Tech) recognized this “hill” as a possible man-made pyramid and began to explore it using ground penetrating radar, seismic tomography, resistivity survey and other remote sensing techniques, as well as some direct excavations and deep core drilling.
The results were immediately intriguing (see this article I wrote in January for background: http://www.grahamhancock.com/forum/HancockG9-Mystery-Lost-Civilization.php) producing evidence of deeply buried man-made chambers and yielding carbon dates going back as far as 26,000 years. This was the last Ice Age when our ancestors are supposed (according to the orthodox archaeological model) to be have been nothing more than primitive hunter gatherers incapable of large-scale construction and engineering feats. Was it possible that geologist Natawidjaja was unearthing the proof of a lost advanced civilization of prehistoric antiquity? Such ideas are heresy to mainstream archaeologists and sure enough the archaeological establishment in Indonesia banded together against Dr Natawidjaja and his team, lobbied the political authorities, agitated locally and succeeded in slowing down, though not completely stopping, the further exploration of Gunung Padang.
Thirteen-year-old Dillyar cannot get the image of his cousin being beheaded out of his mind. The pair were fleeing Kobane and running down a street when Islamic State fighters blocked their exit. Dillyar managed to slip through their grasp but his cousin Mohammed, 20, was seized, and gave a blood-curdling scream as one of the black-clad maniacs drew out a knife.
‘They pushed him to the ground and sawed his head off, shouting ‘Allahu Akbar’,’ the schoolboy told me yesterday. ‘I see it in my dreams every night and every morning I wake up and remember everything.’
A Turkey whose army – with tanks parked idly on a nearby hill – stands accused of turning a blind eye to the atrocity on its doorstep.
Islam’s schism, simmering for fourteen centuries, doesn’t explain all the political, economic, and geostrategic factors involved in these conflicts, but it has become one prism by which to understand the underlying tensions. Two countries that compete for the leadership of Islam, Sunni Saudi Arabia and Shia Iran, have used the sectarian divide to further their ambitions. How their rivalry is settled will likely shape the political balance between Sunnis and Shias and the future of the region, especially in Syria, Iraq, Lebanon, and Bahrain.
Alongside the proxy battle is the renewed fervor of armed militants, motivated by the goals of cleansing the faith or preparing the way for the return of the messiah. Today there are tens of thousands of organized sectarian militants throughout the region capable of triggering a broader conflict. And despite the efforts of many Sunni and Shia clerics to reduce tensions through dialogue and counterviolence measures, many experts express concern that Islam’s divide will lead to escalating violence and a growing threat to international peace and security.
The Eurasian-wide plan of strategic destabilization and state fracturing owes its genesis to Zbigniew Brzezinski and his Eurasian Balkans concept. The US is flexible in practicing this concept, and it does not meet a dead end if the destabilization encounters an obstacle and cannot be advanced. Should this occur, as it has in Ukraine, Syria and Iraq, and possibly soon in the South China Sea, the stratagem evolves into maximizing the chaos within the launch pad states that are positioned on the doorsteps of the Eurasian Powers. The idea is to create ‘black holes’ of absolute disorder in which Moscow, Beijing, and Tehran are “damned if they do, damned if they don’t” intervene. Ideally, the US prefers that its intended targets are sucked into a quagmire that bleeds them dry and destabilizes them at home, per the example of the Soviet-Afghan War which Brzezinski conspired over 30 years ago. Moving away from the expansive Eurasian Balkans and reverting to the roots of ‘Afghan anarchy’ is the nature of the Reverse Brzezinski, and it poses the ultimate dilemma-like trap for the Eurasian Powers.
While President Barack Obama continues to assure the public that he is protecting privacy and the press, his Administration continues to do precisely the opposite in court with comprehensive attacks on civil liberties. A good example is the continued abuse of two-time Pulitzer prize winner and New York Times investigative reporter and author James Risen. Risen continues to be threatened by the Justice Department with arrest because he is protecting the identity of his sources. Risen spoke this weekend and observed simply that “Obama hates the press.”
Chief NBC foreign correspondent Richard Engel said that there were “enormous contradictions in the U.S. strategy” against the Islamic State and that IS (also ISIS or ISIL) was “not degraded at all.”
Engel said the Obama administration’s strategy of suddently “inspiring” the Iraqi army to fundamentally change was “completely unrealistic.”
Richard Engel: ‘Enormous Contradictions’ in U.S. Strategy Against Islamic State <–Obozo Team wants Richard dead.
“The Iraqi army is in no better shape now than when it collapsed,” Engel told Meet the Press host Chuck Todd. “The new government is not instilling confidence in the people. It’s not instilling confidence in the armed forces. The U.S. spent years and years and billions of dollars to build the Iraqi army only to watch it collapse and hand over so many of its weapons.”
Reporting from Irbil, Engel noted that coalition airstrikes forced IS militants to “shift gears” temporarily to focus on Kurdistan, but now the terrorist army is once again marching toward Baghdad as they were in the beginning of the summer of 2014.
“They do not seem to be degraded at all,” Engel said. “Now ISIS is once again focused on Baghdad. [The airstrike campaign] is having an impact in that it has forced ISIS to change their target somewhat, but it’s certainly not slowing down the group.”
Turkey will let U.S. and coalition forces use its bases, including a key installation within 100 miles of the Syrian border, for operations against Islamic State militants in Syria and Iraq, American defense officials said Sunday.
But progress in negotiations with Turkey — including Ankara’s agreement to train several thousand Syrian moderate rebels — may not be enough to stop the massacre of civilians in Syria’s border town of Kobani, where intense fighting continues.
Yet another global stock market has been halted due to a ‘glitch’.
Following notable selling before China’s trade surplus printed considerably lower than expected:
*ASX HAS PLACED ASX 24 MARKET IN HALT UNTIL FURTHER NOTICE
*ASX: TECHNICAL ISSUE PREVENTING UPDATING OF PRICES FOR SOME
*ASX SAYS WORKING TO RESOLVE ISSUE IN FUTURES MARKET ASAP
This is not the first time for the ASX and comes just a few months after the New Zealand exchange was halted twice for the same ‘technical’ reason.
The IMF is worried…
Policymakers and markets need to prepare for structural higher market volatility. Doing so requires strengthening the system’s ability to absorb sudden portfolio adjustments, as well as addressing structural liquidity weaknesses and vulnerabilities.
Advanced economies with financial markets at risk for runs and fire sales may need to put in place mechanisms to unwind funds should they come under substantial pressure that threatens wider financial stability.
Concerns have shifted to the shadow banking system, especially the growing share of illiquid credit in mutual fund portfolios.
Should asset markets come under stress, an adverse feedback loop between outflows and asset performance could develop, moving markets from a low- to a high-volatility state, with negative implications for emerging market economies.
The extended period of monetary accommodation and the accompanying search for yield are leading to credit mispricing and asset price pressures, increasing the chance that financial stability risks could derail the recovery.
Regulators from the United States and the United Kingdom will get together in a war room next week to see if they can cope with any possible fall-out when the next big bank topples over, the two countries said on Friday.
Treasury Secretary Jack Lew and the UK’s Chancellor of the Exchequer, George Osborne, on Monday will run a joint exercise simulating how they would prop up a large bank with operations in both countries that has landed in trouble.
Also taking part are Federal Reserve Chair Janet Yellen and Bank of England Governor Mark Carney, and the heads of a large number of other regulators, in a meeting hosted by the U.S. Federal Deposit Insurance Corporation.
The first would force banks to have more long-term bonds that investors know can lose their value during a crisis, on top of their equity capital, to double their so-called Total Loss-Absorbing Capacity (TLAC).
A second measure, expected to be announced this weekend, will force through a change in derivative contracts, which in their current form protect investors, and complicate the winding down of a bank across borders. (Editing by Matthew Lewis)
Put yourself in their shoes. Isn’t this what you would do, given the dearth of alternatives and the very real risks of implosion? Anyone in their position with the tools at hand would not have any other real option other than to buy stocks in whatever quantity is needed to reverse the selling and blow the shorts out of the water.
If $1 trillion doesn’t do the job, make it $3 trillion, or $5 trillion. At this point, it doesn’t really matter, does it?
Let’s set aside sentiment measures and technical analysis and ask a larger question: will the Fed let the stock market crash before an election? Once again we find two camps among participants. One camp believes markets still obey the basic rules of technical analysis. The Fed and other central banks may intervene at the margins, but their interventions only work on low-volume days. When selling increases, it overwhelms the relatively modest size of central bank intervention and the market then crash.
The other camp holds that all markets are now engineered, and intervention can reach essentially unlimited levels if the Powers That Be deem that necessary. I covered this view in Have We Reached a Financial Singularity? (September 4, 2014)
For context, let’s recall that the Fed conjured up $16 trillion to backstop global banks in the Global Financial Meltdown; (the Levy Institute came up with $29 trillion after poring over all the data):
To put $16 trillion in context, note that entire gross domestic product (GDP) of the U.S. is about $17.3 trillion, and all residential mortgages in the U.S. total about $10 trillion.
Long-time readers know that I see the Federal Reserve as an intrinsically political entity. Though it casts itself as an independent institution that’s above the political fray, this is simply good PR: the Fed is as political as any other institution of the central state.
What would happen to incumbents in the election a few weeks from now if the stock market crashes? The happy story–that all is well and you would be wise to re-elect the incumbents responsible for the economic good news–would be reduced to rubble.
One can only imagine the phone calls being made to Fed governors by politicos of both parties suggesting that it would be a terrible shame if all the hard work of those in power was destroyed by a needlessly destructive market crash.
We can also imagine similar calls being made to officials in the Bank of Japan, the European Central Bank, etc.
We know central banks are openly buying bonds and stocks, either directly or through proxies. What possible reason would the central banks have to suddenly reverse their interventions and stand aside right when the global markets are in meltdown?
Thus we can also imagine some conference calls being made this weekend to coordinate intervention on whatever scale is necessary.
WHEN it was discovered in 2000, the Kashagan oilfield in Kazakhstan’s waters in the northern Caspian Sea was the world’s biggest oil find in three decades. By now it was supposed to be pumping out 1.2m barrels a day (mbd), enough to meet Spain’s entire consumption.
But the project, whose name sounds unfortunately like “cash all gone”, went spectacularly awry. A year ago, when the first trickle of crude briefly flowed, it was already eight years behind schedule. Having cost $43 billion, it was $30 billion over budget. And production lasted only a few weeks before leaks of poisonous gas forced its suspension. Earlier this month a government minister admitted it would not restart until at least 2016.
Our hope is that people both inside and outside prison walls will find grace for forgiveness through the lens of this difficult investigation.
Though the Centers for Disease Control (CDC) refuses to discuss the origin of the current outbreak of Enterovirus D68 (EV-D68), the fact that emergency rooms across the country began seeing infected children around the same time as the nation’s public schools were re-opening for the 2013-2014 school year, should serve as at least a clue as to how the virus made its way here.
Of course, the Obama administration has allowed tens of thousands of children to enter this country illegally over the past several months, and most of them have now been admitted to our public schools.
Between Oct. 1, 2013 and Aug. 31, 2014 there were 66,127 so-called “unaccompanied minors” entered this country along our Southern border and processed by officials, according to U.S. Customs and Border Protection (CBP).
The CBP lists the country of origin for most of those children…
While the evidence seems to point to the recent surge of illegal aliens as the cause of the EV-D68 outbreak, now there is proof…
Oh, please. “Toe-to-toe with health plans.” I guess that’s why Cigna and Aetna are being sued for deceptively selling “consumers” narrow network plans.
“As this organization matures,” [Lee] added, “we will rely less on private contractors.”
Because corruption is only for the immature?
Kathay Feng, executive director of California Common Cause, said she recognized the need to free Covered California from cumbersome contracting rules that could have hampered its ability to meet Affordable Care Act deadlines.
But with tens of millions of taxpayer dollars at issue, “some accountability and transparency is needed, whether through audits or an alternative oversight body,” she said, adding, “To spend $4.2 million on anything, let alone a contract to a friend and former colleague, raises serious questions.”
Ka-ching! And veal pen outfits like Common Cause think Lee’s actions stink.
The no-bid contracts represent nearly $2 of every $10 awarded to outside companies by the agency and were among roughly $1 billion in agreements disclosed to AP that the exchange executed from late 2010 through July, according to the records.
The founder of The Tori Group, Leesa Tori, worked under Lee when she was a senior executive at Pacific Health Advantage, a small business insurance exchange that failed in 2006. Lee was a longtime chief executive of Pacific Business Group on Health, which managed Pacific Health Advantage, and Tori also worked with him at the parent company.
So, wait. The expertise that demanded a no-bid contract came from somebody whose company failed? I mean, I’m all for learning from failure, but doesn’t it make more sense to learn from success? (Assuming success to be possible in the context of health insurnance, of course.)
Remember back when Democrat Congressman Jim Moran, U.S. Representative for Virginia’s 8th congressional district gave an interview where he said that Congress is underpaid at $174,000 a year and needs a raise because Americans need to understand that Congress is “the board of directors for the largest economic entity in the world”?
Well, check out what the “board of directors” has been up to.
According to watchdog groups Legistorm and CREW — Citizens for Responsibility and Ethics in Washington — a total of 297 members of Congress have earmarked $3,776,001,807 for organizations that are connected directly to them or to their family members.
“One should remember that enslaving the families of the kuffar – the infidels – and taking their women as concubines is a firmly established aspect of the Shariah, or Islamic law,” wrote ISIS in the article, reports CNN.
Harrowing reports have surfaced of the endless rape and torture being imposed on Yazidi women and girls, with many opting for mass-suicide after the brutalities.
The article comes out in time for the release of a Human Rights Watch (HRW) report on ISIS crimes against the Yazidis in Iraq, which is based on interview with 76 displaced persons.
“The Islamic State’s litany of horrific crimes against the Yazidis in Iraq only keeps growing,” said HRW special adviser Fred Abrahams. “We heard shocking stories of forced religious conversions, forced marriage, and even sexual assault and slavery – and some of the victims were children.”
In fact, ISIS is not unique in its use of sexual assault and slavery against its enemies.
Deputy to the Chief Mufti (Islamic scholar) of Syria, who is loyal to Syrian President Bashar Assad’s regime that ISIS is fighting against, in early January gave Syrian soldiers religious permission to rape so as to take revenge on Syrian rebels.
Speaking of the phenomenon of ISIS atrocities, Islam expert Prof. Rafi Israeli told Arutz Sheva last month that the acts are based on Islam having a basic disregard for human life: “for them it is not sacred, like it is for us.” He noted the Koran calls for terror against enemies, without specifying or limiting who those enemies are.
So for all those who, rightly, point to the market’s oversold condition, news out of Europe tomorrow could lead to even more selling especially where it really hurts: Europe’s peripheral, and massively mispriced, bonds. A fair warning, just in case anyone is feeling particularly BTFDippy.
If one more person in that chain of circumstance falls ill, Rick Perry will have to ring-fence Dallas faster than you can say Guadalupe Hidalgo and then we’ll be off to the quarantine races in America. It will be interesting to see who’s shorting the airline stocks a few hours from now. I’ve got to pass through Dulles airport tomorrow myself, and then two more foreign hubs after that, and return to freakin’ Newark International at the end of the week when a fullblown ebola panic may be underway.
Welcome to the diminishing returns of the global economy. They’ve been there all along, but none previously were sufficiently vivid or horrifying as ebola. The Chinese FoxConn workers throwing themselves out the factory windows in despair just seemed like some kind of fraternity prank in comparison. Now something has got loose from the Heart of Darkness like the hissing beastie that burst out of John Hurt’s ribcage in Alien and water-skied out of the sick bay into the bowels of the cargo ship Nostromo. Sometimes a metaphor is just a figure of speech and sometimes it’s liable to set your hair on fire..
The ebola melodrama has all the mojo to set the global economy’s hair on fire. And it comes along at a very strange time: just as central bank hoodoo approaches the brink of its own epic fail – as in, accounting fraud, check-kiting, and public relations can only work as a place-holder for authentic economic relations for so long before the ominous shadow of reality sweeps in on black swan wings. The markets were already well into the puking stage of their own hemorrhagic contagion last week. Maybe the S & P starts bleeding from its eyes and ears this week.
There’s certainly blood all over the overburdened back roads of the Bakken play all of a sudden, where $88-a-barrel shale oil doesn’t even allow you to pretend that you’ve got a profitable venture going. The shale oil fairy tale has been at the center of a matrix of lies America has been telling itself about its economic meth buzz. Saudi America and all that malarkey, all in the service of America’s master wish of all wishes: please Lord, let us keep driving to Wal Mart forever.