If “work set you free” in the Nazi concentration camps of WWII, then it appears in this consequence-less society in which we live, stealing is the new normal. As CBS reports, 5 years after a Swedish neo-Nazi was found gulity of stealing the symbolic concentration camp sign from Auschwitz; a wrought-iron gate bearing the Nazis’ cynical slogan “Arbeit macht frei,” or “Work sets you free,” has been stolen from the former Dachau concentration camp, police said Sunday. “The theft of such a symbolic object is an offensive attack on the memory of the Holocaust,” said Israel’s Yad Vashem Holocaust memorial.
how do ye not understand that I did not speak to you of bread — to take heed of the leaven of the Pharisees and Sadducees?’
12 Then they understood that he did not say to take heed of the leaven of the bread, but of the teaching, of the Pharisees and Sadducees. 13 And Jesus, having come to the parts of Cesarea Philippi, was asking his disciples, saying, `Who do men say me to be — the Son of Man?’ 14 and they said, `Some, John the Baptist, and others, Elijah, and others, Jeremiah, or one of the prophets.’ 15 He saith to them, `And ye — who do ye say me to be?’ 16 and Simon Peter answering said, `Thou art the Christ, the Son of the living God.’ 17 And Jesus answering said to him, `Happy art thou, Simon Bar-Jona, because flesh and blood did not reveal [it] to thee, but my Father who is in the heavens. 18 `And I also say to thee, that thou art a rock, and upon this rock I will build my assembly, and gates of Hades shall not prevail against it; 19 and I will give to thee the keys of the reign of the heavens, and whatever thou mayest bind upon the earth shall be having been bound in the heavens, and whatever thou mayest loose upon the earth shall be having been loosed in the heavens.’
20 Then did he charge his disciples that they may say to no one that he is Jesus the Christ.
21 From that time began Jesus to shew to his disciples that it is necessary for him to go away to Jerusalem, and to suffer many things from the elders, and chief priests, and scribes, and to be put to death, and the third day to rise.
22 And having taken him aside, Peter began to rebuke him, saying, `Be kind to thyself, sir; this shall not be to thee;’
23 and he having turned, said to Peter, `Get thee behind me, adversary! thou art a stumbling-block to me, for thou dost not mind the things of God, but the things of men.’.
And this is the testimony of John, when the Jews sent out of Jerusalem priests and Levites, that they might question him, `Who art thou?’ 20 and he confessed and did not deny, and confessed — `I am not the Christ.’ 21 And they questioned him, `What then? Elijah art thou?’ and he saith, `I am not.’ — `The prophet art thou?’ and he answered, `No.’
22 They said then to him, `Who art thou, that we may give an answer to those sending us? what dost thou say concerning thyself?’ 23 He said, `I [am] a voice of one crying in the wilderness: Make straight the way of the Lord, as said Isaiah the prophet.’
24 And those sent were of the Pharisees, 25 and they questioned him and said to him, `Why, then, dost thou baptize, if thou art not the Christ, nor Elijah, nor the prophet?’ 26 John answered them, saying, `I baptize with water, but in midst of you he hath stood whom ye have not known, this one it is who is coming after me, who hath been before me, 27 of whom I am not worthy that I may loose the cord of his sandal.’ 28 These things came to pass in Bethabara, beyond the Jordan, where John was baptizing,
29 on the morrow John seeth Jesus coming unto him, and saith, `Lo, the Lamb of God, who is taking away the sin of the world;
30 this is he concerning whom I said, After me doth come a man, who hath come before me, because he was before me: 31 and I knew him not, but, that he might be manifested to Israel, because of this I came with the water baptizing.
32 And John testified, saying — `I have seen the Spirit coming down, as a dove, out of heaven, and it remained on him;
33 and I did not know him, but he who sent me to baptize with water, He said to me, On whomsoever thou mayst see the Spirit coming down, and remaining on him, this is he who is baptizing with the Holy Spirit;
34 and I have seen, and have testified, that this is the Son of God.’
`I indeed do baptize you with water to reformation, but he who after me is coming is mightier than I, of whom I am not worthy to bear the sandals, he shall baptize you with the Holy Spirit and with fire,
12 whose fan [is] in his hand, and he will thoroughly cleanse his floor, and will gather his wheat to the storehouse, but the chaff he will burn with fire unquenchable.’
When Presidents, CEO’s, and evil bastards like David Gergen, proclaim their fraternal joy upon the fiery altar of the ”Prince Of All Mortal Wisdom”, AKA LUCIFER, consider the word(s) of one crying in the wilderness.
Then Nebuchadnezzar came as close as he could to the door of the flaming furnace and shouted: “Shadrach, Meshach, and Abednego, servants of the Most High God, come out! Come here!”
So Shadrach, Meshach, and Abednego stepped out of the fire. 27 Then the high officers, officials, governors, and advisers crowded around them and saw that the fire had not touched them. Not a hair on their heads was singed, and their clothing was not scorched. They didn’t even smell of smoke!
28 Then Nebuchadnezzar said, “Praise to the God of Shadrach, Meshach, and Abednego! He sent his angel to rescue his servants who trusted in him. They defied the king’s command and were willing to die rather than serve or worship any god except their own God.
And the fourth messenger did pour out his vial upon the sun, and there was given to him to scorch men with fire,
9 and men were scorched with great heat, and they did speak evil of the name of God, who hath authority over these plagues, and they did not reform — to give to Him glory.
10 And the fifth messenger did pour out his vial upon the throne of the beast, and his kingdom did become darkened, and they were gnawing their tongues from the pain, 11 and they did speak evil of the God of the heaven, from their pains, and from their sores, and they did not reform from their works. 12 And the sixth messenger did pour out his vial upon the great river, the Euphrates, and dried up was its water, that the way of the kings who are from the rising of the sun may be made ready;
13 and I saw [come] out of the mouth of the dragon, and out of the mouth of the beast, and out of the mouth of the false prophet, three unclean spirits like frogs — 14 for they are spirits of demons, doing signs — which go forth unto the kings of the earth, and of the whole world, to bring them together to the battle of that great day of God the Almighty; — 15 `lo, I do come as a thief; happy [is] he who is watching, and keeping his garments, that he may not walk naked, and they may see his unseemliness,’ —
16 and they did bring them together to the place that is called in Hebrew Armageddon.
17 And the seventh messenger did pour out his vial to the air, and there came forth a great voice from the sanctuary of the heaven, from the throne, saying, `It hath come!’ 18 and there came voices, and thunders, and lightnings; and a great earthquake came, such as came not since men came upon the earth, so mighty an earthquake — so great! 19 And it came — the great city — into three parts, and the cities of the nations did fall, and Babylon the great was remembered before God, to give to her the cup of the wine of the wrath of His anger, 20 and every island did flee away, and mountains were not found, 21 and great hail (as of talent weight) doth come down out of the heaven upon men, and men did speak evil of God because of the plague of the hail, because its plague is very great.
The fundamental problems that caused the financial crisis of 2008 have not been fixed. In fact, most of our long-term economic problems have gotten even worse.
But most Americans have such short attention spans these days. In a world where we are accustomed to getting everything instantly, news cycles only last for 48 hours and 2008 might as well be an eternity ago.
In the United States today, our entire economic system is based on debt, also known as THE 666 MARK OF THE BEAST TAX.
This will be the 6th year in a row, when courtesy of central planning, the average hedge fund has barely generated any alpha, and certainly underperformed the S&P 500.
Expect many more Calpers-es to pull out their cash of the hedge fund industry, in turn leading to even more systemic leverage within the shadow banking sector.
Oregon will soon be the first state in the nation to charge drivers by the mile for maintaining the state’s roads in a test to begin next year.
The fee — 1.5 cents a mile — will roll out July 1, 2015 through 5,000 volunteer participants. ODOT and the volunteers will see how it works, and then the Oregon legislature will decide when it will be expanded to the rest of the state’s drivers.
Is the current strain of Ebola virus more contagious than previous strains? What is up with the CDC’s baffling behavior in response to this crisis? What about rumors that illegal immigrants with severe respiratory diseases apprehended in Texas were “disappeared” by government agents?
Mr. Zachery Taylor, chairman of National Association of Former Border Patrol Officers, tells Rick that hundreds of Africans are crossing the border along the Rio Grande.
Dirty Rotten liar Barack Obozo is again playing political games with our health insurance industry and has turned in another underhanded move against it by forcing insurance carriers, brokers and agents to withhold their 2015 prices until after the 2014 midterm elections are over all so that the news of higher prices won’t hurt Democrats on Election Day.
millions of new cancellations will be hitting on January 1, 2015. Much of this news has gone under the radar as Democrats and their lapdog media are keeping this as quiet as possible.
There is also something different with these cancellations, something that has never happened before in the healthcare insurance industry. Past practice has always been that the next year’s new rates are released 60 days before the first day of the next year. But Obama has mandated that companies hold back on that normal practice so that he can shield Democrats at the polls.
This is once again proof that healthcare is not about health for this most corrupt president in American history. It is politics all the way through for this man. Your health doesn’t matter to Barack Obama. He cares only about what political benefit he can get from taking over our healthcare industry. It is also proof that the health of Americans does not interest the news media, either. All they care about is how they can help Democrats.
But this is just a small example of what happens when you allow government to take over an industry like this. It stops being about what ever the industry is supposed to be about and becomes a mere political tool. Finally, let us point out something else that is glaringly obvious. The GOP is in on this game. After all, you haven’t heard a word about this from any GOP candidate have you? They are clearly running interference for Obama on this by staying silent.
British faith schools are to be forced to teach equality and respect for gay rights or face closure, in a move backed by Education Secretary Nicky Morgan. The orders come following 40 snap inspections of faith schools, including Christian and Jewish schools, in the wake of the Trojan Horse plot in Birmingham in which radical Islamists were found to have infiltrated between four and eight schools to promote hard-line Salafist Islam.
“These killings are taking place on a daily basis now in the areas under the control of the ISIS group and they will continue unless the terrorist group in stopped,” Faleh al-Issawi, another council leader in Anbar, told AP.
President Obozo recently announced a scheme, run by the U.S., Turkey and other allies to train and equip 5,000 Syrian rebels to fight ISIS. But rigorous procedures to vet and train Syrian candidates mean it will be up to a year before they have a force ready to fight.
Meanwhile, a lack of weapons supplies have rendered moderate groups on the ground largely irrelevant. Past efforts to build a force that could fight the regime of President Bashar Al-Assad collapsed in skirmishes between the rebels over the limited weapons supplies.
The effort was also hampered by nations backing the opposition, including Saudi Arabia and Qatar, which would circumvent the military council established to supply arms and directly back the rebel groups they believed were most loyal to them, creating further divisions.
Tropical Storm “Nuri” formed in the Philippine Sea on Friday, October 31, intensified into a typhoon the next day and started its rapid intensification phase. It became the sixth super typhoon of 2014 yesterday and is now located northeast of Philippines and south of Japan, heading north-northeastward toward Japan.
Nikkei 225 futures are up over 1600 points since QE ended and topped 17,000 in a quiet Asian holiday session. USDJPY topped 113, up a stunning 5 big figures since QE ended. But it’s not all hyperinflationary ponies and rainbows as The Wall Street Journal stuns its readership by admitting “although economic theory says a falling yen should make Japanese goods more competitive overseas and boost exports, that didn’t happen.” Of course, that merely means moar is needed and therein lies the problem as opposition (internal and external) to Kuroda’s policies are growing.
“Opposition within the BOJ looks likely to continue,” said a former board member who has close ties to some current members. Another person familiar with the board’s views said the gap between Mr. Kuroda and other members was growing and represented the “biggest problem” for the central-bank chief.
What a joke!! 1600 points and 5 big figures… NKY tops 17,000 and USDJPY tops 113
Just as we ‘forecast’ this morning, on no news whatsoever, as once again the meme of underperforming hedge funds (HFRX Global Hedge Fund Index down by ~0.5% YTD versus S&P 500 up 9.2%) needing to chase performance is trotted out as an excuse to front-run the highest beta idiot-maker stocks into the open…
Of course, by now everyone knows that the traditional pattern is weakness at the US open, ramping into Europe close, then ramping some orem to preserve faith in central planning. Today should be no different.
Merkel has stressed that her support for UK membership could be reversed, if Cameron pursues migration reform.
Cameron has extended the EU laws “to their limits,” trying to turn away unemployed migrants and seeking deportation of those unable to make ends meet after three months, according to the report.
However, the UK’s Minister for Finance was not worried about the German Chancellor’s comments.
“I think it’s a little bit thin,” George Osborne said of the report in Der Spiegel, saying conversations with the German government had shown Berlin understood British public disquiet about unemployed EU migrants claiming welfare benefits. “The British public want this addressed. We are going to do this in a calm, rational way,” he told the BBC.
“The non-respect of tariff commitments raises also a systemic concern as it constitutes a violation of one of the key WTO principles,” it added. Speaking on Friday (31 October), a Commission trade spokesman said that the new case bore “no relation” to the ongoing Russian ban on the import of EU food. “We’ve been trying to reach an agreement (with Russia) for months,” he added. Officials now have 60 days to seek to thrash out a compromise. However, past experience suggests that the two-month window is unlikely to produce an agreement, with an impasse likely to lead the EU to demand a WTO arbitration panel to rule on the case.
Russia joined the Geneva-based WTO, which arbitrates on world trade, in August 2012 but has since faced a string of complaints from the EU, the US and Japan for imposing illegal tariffs on their goods.
For its part, Moscow has also filed WTO complaints against the EU’s energy rules and levies on steel and fertiliser products in the past twelve months. The EU’s trade relations with Moscow have deteriorated from frosty to almost non-existent during recent months. This summer an EU ban on bond sales to some Russian banks and on sales of high-end technology to Russian oil firms, in response to Russia’s role in the Ukraine crisis, prompted Moscow to hit back by imposing a ban on all imports of all EU agricultural produce. The commission forecasts that the respective trade bans will knock between 0.2 and 0.3 percent off the EU’s economic output this year and next, but expects that the Russian economy will be hit harder, seeing its growth rate cut by 0.6 percent and 1.1 percent in 2014 and 2015 respectively.
After initially jerking higher after Saudi Arabia released its new ‘lower-prices-for-the-US’ strategy, it appears the market began to realize that in fact – as we warned – Saudi Arabia may be willing to accept prices “lower for longer.” WTI futures are trading below $78.50 – the lowest since June 2012 (and its dragging Trannies lower today)…
And sure enough, this has certainly been taking place, as first Russia and China, together with Iran, and ever more developing nations, have transacted among each other, bypassing the USD entirely, instead engaging in bilateral trade arrangements, leading to, among other thing, such discussions as, in today’s FT, why China’s Renminbi offshore market has gone from nothing to billions in a short space of time.
And yet, few would have believed that the Petrodollar did indeed quietly die, although ironically, without much input from either Russia or China, and paradoxically, mostly as a result of the actions of none other than the Fed itself, with its strong dollar policy, and to a lesser extent Saudi Arabia too, which by glutting the world with crude, first intended to crush Putin, and subsequently, to take out the US crude cost-curve, may have Plaxico’ed both itself, and its closest Petrodollar trading partner, the US of A.
This decline follows years of windfalls for oil exporters such as Russia, Angola, Saudi Arabia and Nigeria. Much of that money found its way into financial markets, helping to boost asset prices and keep the cost of borrowing down, through so-called petrodollar recycling.
But no more: “this year the oil producers will effectively import capital amounting to $7.6 billion. By comparison, they exported $60 billion in 2013 and $248 billion in 2012, according to the following graphic based on BNP Paribas calculations.”
In short, the Petrodollar may not have died per se, at least not yet since the USD is still holding on to the reserve currency title if only for just a little longer, but it has managed to price itself into irrelevance, which from a USD-recycling standpoint, is essentially the same thing.
According to BNP, Petrodollar recycling peaked at $511 billion in 2006, or just about the time crude prices were preparing to go to $200, per Goldman Sachs. It is also the time when capital markets hit all time highs, only without the artificial crutches of every single central bank propping up the S&P ponzi house of cards on a daily basis. What happened after is known to all…
“At its peak, about $500 billion a year was being recycled back into financial markets. This will be the first year in a long time that energy exporters will be sucking capital out,” said David Spegel, global head of emerging market sovereign and corporate Research at BNP.
Spegel acknowledged that the net withdrawal was small. But he added: “What is interesting is they are draining rather than providing capital that is moving global liquidity. If oil prices fall further in coming years, energy producers will need more capital even if just to repay bonds.”
In other words, oil exporters are now pulling liquidity out of financial markets rather than putting money in. That could result in higher borrowing costs for governments, companies, and ultimately, consumers as money becomes scarcer.
Which is hardly great news: because in a world in which central banks are actively soaking up high-quality collateral, at a pace that is unprecedented in history, and led to the world’s allegedly most liquid bond market to suffer a 10-sigma move on October 15, the last thing the market needs is even less liquidity, and even sharper moves on ever less volume, until finally the next big sell order crushes the entire market or at least force the [NYSE|Nasdaq|BATS|Sigma X] to shut down indefinitely until further notice.
So what happens next, now that the primary USD-recycling mechanism of the past 2 decades is no longer applicable? Well, nothing good.
to summarize, here are the key points once more:
The stronger US dollar is having an inverse impact on dollar-denominated commodity prices, including oil. This will affect emerging market (EM) credit quality in various ways.
The implications of reduced recycled petrodollars has significant ramifications for financial markets, loan markets and Treasury yields. In fact, EM energy exporters will post their first net drain on global capital (USD8bn) in eighteen years.
Oil and gas exporting EMs account for 26% of total EM GDP and 21% of external bonds. For these economies, the impact will be on lost fiscal revenue, lost GDP growth and the contribution to reserves of oil and gas-related export receipts. Together, these will have a significant effect on sustainability and liquidity ratios and as a consequence are negative for dollar debt-servicing risks and credit ratings.
“People of privilege will always risk their complete destruction rather than surrender any material part of their advantage.”This describes Japan’s Status Quo of cartels and central state technocrats perfectly. Unfortunately, everybody else gets destroyed along with the Elites when the system implodes.
Trying to “fix” a sclerotic, inefficient state-cartel economy by boosting inflation–the ultimate goal of Japan’s Monetary Pearl Harbor– is a self-liquidating path to destruction.
The Bank of Japan’s surprise expansion of financial stimulus strikes me as the monetary equivalent of Pearl Harbor –not in the sense of launching a pre-emptive war (though the move does raise the odds of a global currency war), but in the sense of a leadership pursuing a Grand Strategy to the point of self-destruction because they have no alternative within their intellectual and political framework.
In the years before Japan’s December 7, 1941 attack on Pearl Harbor, the Imperial government’s Grand Strategy was simple: bring the entire Asian-Pacific region under the control of the Japanese Empire.
That this Imperial Project would necessarily lead to conflict with the United States was baked into the project from the moment of its inception.
The Japanese military had embraced the notion of the Decisive Battle as its core war-fighting doctrine. The goal is to draw the opponent’s main force into a battle where that force could be decisively destroyed. With their military power shattered, the opponent would be forced to sue for peace.
Just as the logic of Imperial expansion made the attack on Pearl Harbor inevitable, the logic of the Decisive Battle led to the crushing defeats at the Battle of Midway and Leyte Gulf.
It is this stubborn allegiance to a self-destructive strategy that reminds me of Imperial Japan’s devotion to expansion. In the 25 years since the 1989 apex of Japanese credit-bubble triumphalism, these same policies–monetary easing, zero interest rates and fiscal deficits to fund Bridges to Nowhere–have only exacerbated the stagnation of Japan’s economy and social adaptability.
If this massive expansion of debt is the Decisive Monetary Battle that is supposed to defeat deflation and stagnation, it will inevitably result in defeat and capitulation.
Now the Bank of Japan is pursuing its own self-destructive tragedy, and all the world can do is watch from afar and hope the eventual collapse of this Grand Strategy doesn’t take the entire global financial system down with it.
And I heard another voice out of the heaven, saying, `Come forth out of her, My people, that ye may not partake with her sins, and that ye may not receive of her plagues, 5 because her sins did follow — unto the heaven, and God did remember her unrighteousness. 6 Render to her as also she did render to you, and double to her doubles according to her works; in the cup that she did mingle mingle to her double. 7 `As much as she did glorify herself and did revel, so much torment and sorrow give to her, because in her heart she saith, I sit a queen, and a widow I am not, and sorrow I shall not see; 8 because of this, in one day, shall come her plagues, death, and sorrow, and famine; and in fire she shall be utterly burned, because strong [is] the Lord God who is judging her; 9 and weep over her, and smite themselves for her, shall the kings of the earth, who with her did commit whoredom and did revel, when they may see the smoke of her burning,10 from afar having stood because of the fear of her torment, saying, Wo, wo, the great city! Babylon, the strong city! because in one hour did come thy judgment.