9415 Gleaning The Last Weekend Before 911 Sabbath Sunset Market Close End Of Super Shemitah Feast Of Trumpets Finds The American Government Is Antichrist And Become The NWO 666 Sealed Prophetic Enemy Beast Seeking To Devour All (and) Saints Of Our Father In Christ _NOW IT IS TIME FOR TRIBULATION TO BEGIN TO FALL UPON ANTICHRIST AMERICA AS WITH ALL NATIONS_
I’ll make this very brief, for it’s not that complicated. Rowan County, Kentucky clerk Kim Davis broke no laws. In fact, she kept to her oath of office and upheld the Kentucky state Constitution by refusing to issue marriage licenses to homosexual couples. Setting aside her Christian beliefs here, I ask anyone to show me the codified law of Rowan County or the state statute in which she has allegedly violated. It does not exist.
The “dirty little secret” that the Marxists, Communists and Fabian Socialists who have captured our nation desperately don’t want you to know is that Kim Davis executed her duties exactly as she was elected to do, for there is no law that permits Kim Davis or anyone in her office to issue marriage licenses to homosexual couples. None! The Supreme Court opinion of June 26, 2015 does not trump the laws of the state or county and is not the law of the land – period.
Simply because political leaders and media pundits claim that the SCOTUS decision in the Obergefell case claim that “homosexual marriage” is “the law of the land” does not make it so, regardless how many times the lie is repeated in the captured corporate media.
Through judicial activism by black-robed terrorist federal judges, Kim Davis has been unlawfully imprisoned in the state of Kentucky. It is therefore incumbent upon that state’s highest elected official, the Governor of the state of Kentucky, to order her release immediately. Failure to do so constitutes a violation of his oath to uphold his duties by enforcing the laws in his state.
Kim Davis stands firm and at war against the Antichrist American Government on same-sex marriage; the Kentucky clerk stays in jail proving the Antichrist American Government is now the the prophetic evil Whore and NWO 666 Babylon standing sealed In Contempt. The Antichrist American Government is the enemy of Heaven and all Saints on Earth
37 As were the days of Noah, so will be the coming of the Son of Man.
38 For just as in those days before the flood they were eating and drinking, [men] marrying and [women] being given in marriage, until the [very] day when Noah went into the ark,
39 And they did not know or understand until the flood came and swept them all away—so will be the coming of the Son of Man..
The arrival of Quantitative Tightening will provide years’ worth of monetary headwinds. Of course the only tool that the Fed will be able to use to combat international QT will be a fresh dose of domestic QE. That means the Fed will not only have to shelve its plan to allow its balance sheet to run down (a plan I never thought remotely feasible from the moment it was announced), but to launch QE4, and watch its balance sheet swell towards $10 trillion. Of course, these monetary crosscurrents should finally be enough to capsize the U.S. dollar.
Remember last Friday? The Dow screamed 140 points higher in the last hour of the day to “prove” everything was awesome into the weekend. It wasn’t! With The Dow down 300 points today, it is now 600 points below those panic-buying highs just a week ago…
It seems the idea of Antichrist Communist China being open and US closed on Sunday night/Monday is making more than a few nervous.
The Dow is now down 10% for the year and Nasdaq is back in the red…
Why would Israel wait for the Antichrist Iran deal to be sealed and legally binding before they strike? Lol. The Antichrist Sanhedrin certainly does confirm their pre-emptive strike against Antichrist NWO 666 Obozo The 911 Homosexual Climate Change Clown and The Petrus Romanus Two State Final Solution Crypto Fascist United Nation Global Mark Of The Beast Agenda measured and perfectly timed with the 911 end of the Super Shemitah Harbinger Blood Moon Jubilee Tribulation Era.
The simple, and obvious answer is ”they wouldn’t”. We shall see of course, and obviously VERY VERY SHORTLY!
The most important piece of news announced today was also, as usually happens, the most underreported: it had nothing to do with US jobs, with the Fed’s hiking intentions, with Antichrist Communist China, or even the ongoing “1998-style” carnage in emerging markets. Instead, it was the admission by ECB governing council member Ewald Nowotny that what we said about the ECB hitting a supply brick wall, was right. Specifically, earlier today Bloomberg quoted the Austrian central banker that the ECB asset-backed securities purchasing program “hasn’t been as successful as we’d hoped.”
Why? “It’s simply because they are running out. There are simply too few of these structured products out there.”
So six months later, the ECB begrudgingly admitted what we said in March 2015, in “A Complete Preview Of Q€ — And Why It Will Fail“, was correct. Namely this:
… the ECB is monetizing over half of gross issuance (and more than twice net issuance) and a cool 12% of eurozone GDP. The latter figure there could easily rise if GDP contracts and Q€ is expanded, a scenario which should certainly not be ruled out given Europe’s fragile economic situation and expectations for the ECB to remain accommodative for the foreseeable future. In fact, the market is already talking about the likelihood that the program will be expanded/extended.
… while we hate to beat a dead horse, the sheer lunacy of a bond buying program that is only constrained by the fact that there simply aren’t enough bonds to buy, cannot possibly be overstated.
Among the program’s many inherent absurdities are the glaring disparity between the size of the program and the amount of net euro fixed income issuance and the more nuanced fact that the effects of previous ECB easing efforts virtually ensure that Q€ cannot succeed.
(Actually, we said all of the above first all the way back in 2012, but that’s irrelevant.)
So aside from the ECB officially admitting that it has become supply*constrained even with security prices at near all time highs, why is this so critical?
Readers will recall that just yesterday we explained why “Suddenly The Bank Of Japan Has An Unexpected Problem On Its Hands” in which we quoted BofA a rates strategist who said that “now that GPIF’s selling has finished, the focus will be on who else is going to sell. Unless Japan Post Bank sells JGBs, the BOJ won’t be able to continue its monetary stimulus operations.”
We also said this:
“in 6-9 months, following the next major market swoon when everyone is demanding more action from the BOJ, “suddenly” pundits will have discovered the biggest glitch in the ongoing QE monetization regime, namely that the BOJ simply can not continue its current QE program, let along boost QE as many are increasingly demanding, unless it finds willing sellers, and having already bought everything the single biggest holder of JGBs, the GPIF, had to sell, the BOJ will next shakedown the Post Bank, whose sales of JPY45 trillion in JGBs are critical to keep Japan’s QQE going.
The sale of that amount, however, by the second largest holder of JGBs, will only last the BOJ for the next 3 months. What next? Which other pension fund will have the massive holdings required to keep the BOJ’s going not only in 2016 but also 2017 and onward. The answer: less and less.
Once again to be accurate, the first time we warned about the biggest nightmare on deck for the BOJ (and ECB, and Fed, and every other monetizing central bank) was back in October 2014, when we cautioned that the biggest rish was a lack of monetizable supply.
We cited Takuji Okubo, chief economist at Japan Macro Advisors in Tokyo, who said that at the scale of its current debt monetization, the BOJ could end up owning half of the JGB market by as early as in 2018. He added that “The BOJ is basically declaring that Japan will need to fix its long-term problems by 2018, or risk becoming a failed nation.”
This was our summary:
The BOJ will not boost QE, and if anything will have no choice but to start tapering it down – just like the Fed did when its interventions created the current illiquidity in the US govt market – especially since liquidity in the Japanese government market is now non-existant and getting worse by the day. All that would take for a massive VaR shock scenario to play out in Japan is one exogenous JGB event for the market to realize just how little actual natural buyers and sellers exist.
That said, our conclusion, which was not to “expect the media to grasp the profound implications of this analysis not only for the BOJ but for all other central banks: we expect this to be summer of 2016’s business” may have been a tad premature.
The reason: overnight the IMF released a working paper written by Serkan Arslanalp and Dennis Botman (which was originally authored in August), which confirmed everything we said yesterday… and then some.
Here is Bloomberg’s summary of the paper:
The Bank of Japan may need to reduce the pace of its bond purchases in a few years due to a shortage of sellers, said economists at the International Monetary Fund.
There is likely to be a “minimum” level of demand for Japanese government bonds from banks, pension funds, and insurance companies due to collateral needs, asset allocation targets, and asset-liability management requirements, said IMF economists Serkan Arslanalp and Dennis Botman.
Here are the excerpts from the paper:
We construct a realistic rebalancing scenario, which suggests that the BoJ may need to taper its JGB purchases in 2017 or 2018, given collateral needs of banks, asset-liability management constraints of insurers, and announced asset allocation targets of major pension funds.
… there is likely to be a “minimum” level of demand for JGBs from banks, pension funds, and insurance companies due to collateral needs, asset allocation targets, and asset-liability management (ALM) requirements. As such, the sustainability of the BoJ’s current pace of JGB purchases may become an issue.
Back to Bloomberg:
While Governor Haruhiko Kuroda said in May that he expects no obstacles in buying government bonds, the IMF analysts join Nomura Securities Co. and BNP Paribas SA in questioning the sustainability of the unprecedented debt purchases.
Who in turn merely joined Zero Hedge who warned about precisely this in October of last year.
Back to the IMF paper, which notes that in Japan, where there is a limited securitization market, the only “high quality collateral” assets are JGBs, and as a result of the large scale JGB purchases by the JGB, “a supply-demand imbalance can emerge, which could limit the central bank’s ability to achieve its monetary base targets. Such limits may already be reflected in exceptionally low (and sometimes negative) yields on JGBs, amid a large negative term premium, and signs of reduced JGB market liquidity.”
To the extent markets anticipate limits, the rise in inflation expectations could be contained, which may mitigate incentives for portfolio rebalancing and create a self-fulfilling cycle that undermines the BoJ’s objectives.
For those surprised by the IMF’s stark warning and curious how it is possible that the BOJ could have put itself in such a position, here is the explanation:
So far, the BoJ’s share of the government bond market is similar to those of the Federal Reserve and still below the Bank of England (BOE) at the height of their QE programs. Indeed, the BoE held close to 40 percent of the conventional gilt market at one point without causing significant market impairment. Japan is not there yet, as the BoJ held about a quarter of the market at end-2014. But, at the current pace, it will hold about 40 percent of the market by end-2016 and close to 60 percent by end-2018. In other words, beyond 2016, the BoJ’s dominant position in the government bond market will be unprecedented among major advanced economies.
As we expanded yesterday, the biggest issue for the BOJ is not that it has problems buying paper, but that there are simply not enough sellers: “under QQE1, only around 5 percent of BoJ’s net JGB purchases from the market came from institutional investors. In contrast, under QQE2, close to 40 percent of net purchases have come from institutional investors between October 2014 and March 2015.”
This is where things get back for the BOJ, because now that the BOJ is buying everything official institutions have to sell, the countdown has begun:
given the pace of BoJ purchases under QQE2 and projected debt issuance by the government (based on April 2015 IMF WEO projections of the fiscal deficit), we estimate that Japanese investors could shed some ¥220 trillion of JGBs until end-2018 (Table 2, Figure 4). In particular, Japanese insurance companies and pension funds could reduce their government bond holdings by ¥44 trillion, while banks could sell another ¥176 trillion by end-2018, which would bring their JGB holdings down to 5 percent of total assets. At that point, the BoJ may have to taper its JGB purchases.
Then there are the liquidity issues:
As the BoJ ascends to being a dominant player in the JGB market, liquidity is likely to be affected, implying that economic surprises may trigger larger volatility in JGB yields with potential financial stability implications. As noted in IMF (2012), demand-supply imbalances in safe assets could lead to deteriorating collateral quality in funding markets, more short-term volatility jumps, herding, and cliff effects. In an environment of persistent low interest rates and heightened financial market uncertainty, these imbalances can raise the frequency of volatility spikes and potentially lead to large swings in asset prices.
This, too, is precisely what we warned yesterday would be the outcome: “the BOJ will not boost QE, and if anything will have no choice but to start tapering it down – just like the Fed did when its interventions created the current illiquidity in the US govt market – especially since liquidity in the Japanese government market is now non-existant and getting worse by the day.”
The IMF is quick to note that the BOJ does have a way out: it can simply shift its monetization to longer-dated paper, expand collateral availability using tthe BOJ’s Securited Lending Facility (which basically is a circular check kiting scheme, where the BOJ lends banks the securities it will then repurchase from them), or simply shift from bonds to other assets: “the authorities could expand the purchase of private assets. At the moment, Japan has a relatively limited corporate bond market (text chart). Hence, this would require jumpstarting the securitization market for mortgages and bank loans to small and medium-sized enterprises which could generate more private assets for BoJ purchases.”
But the biggest risk is not what else the BOJ could monetize – surely the Japanese government can always create “monetizable” kitchen sinks… but what happens when the regime shifts from the current buying phase to its inverse:
As this limit approaches and once the BoJ starts to exit, the market could move from a situation of shortage to one with excess supply. The term premium could jump depending on whether the BoJ shrinks its balance sheet and on the fiscal deficit over the medium term.
When considering that by 2018 the BOJ market will have become the world’s most illiquid (as the BOJ will hold 60% or more of all issues), the IMF’s final warning is that “such a change in market conditions could trigger the potential for abrupt jumps in yields.”
At that moment the BOJ will finally lose control. In other words, the long-overdue Kyle Bass scenario will finally take place in about 2-3 years, tops.
But ignoring the endgame for Japan, and recall that BofA triangulated just this when it said that “the BOJ is basically declaring that Japan will need to fix its long-term problems by 2018, or risk becoming a failed nation”, what’s worse for Abe is that the countdown until his program loses all credibility has begun.
What happens then? As BNP wrote in an August 28-dated report, “Once foreign investors lose faith in Abenomics, foreign outflows are likely to trigger a Japanese equities meltdown similar to the one observed during 2007-09.”
And from there, the contagion will spread to the entire world, whose central banks incidentally, will be faced with precisely the same question: who will be responsible for the next round of monetization and desperately kicking the can one more time.
But before we get to the QE endgame, we first need to get the interim point: the one where first the markets and then the media realizes that the BOJ – the one central banks whose bank monetization is keeping the world’s asset levels afloat now that the ECB has admitted it is having “problems” finding sellers – will have no choice but to taper, with all the associated downstream effects on domestic and global asset prices.
It’s all downhill from there, and not just for Japan but all other “safe collateral” monetizing central banks, which explains the real reason the Fed is in a rush to hike: so it can at least engage in some more QE when every other central bank fails.
But there’s no rush: remember to give the market and the media the usual 6-9 month head start to grasp the significance of all of the above.
Antichrist ISIS did not exist when Skull&Bones George 911 W. Bush left the White House. Antichrist ISIS did not exist in the first few years of Antichrist NWO 666 Barack Obozo The 911 Homosexual Climate Change Clown’s time in the White House. Antichrist ISIS only became a thing when the White House, out of pride and arrogance, decided it was better to placate the left by withdrawing all troops from Iraq rather than help the Iraqis maintain their stability.
A young boy has died, washed up on the shores of Europe. His picture has shocked the world and his death is direct result of Antichrist NWO 666 Barack Obozo The 911 Homosexual Climate Change Clown fleeing the Antichrist Middle East, tail tucked between his leg, so he could pridefully say he ended a war he never wanted.
The boy is dead because Antichrist NWO 666 Barack Obozo The 911 Homosexual Climate Change Clown chose to abdicate American leadership in the world.
To be sure, the direct blame lies with those who failed to see the boy to safety. And blame lies with Antichrist ISIS for creating a situation where people had to flee.
But none of that would have happened if Antichrist NWO 666 Barack Obozo The 911 Homosexual Climate Change Clown had kept Americans in Iraq to see the country through to stability. We know, from Iraqi leaders and American personnel, that they all knew Iraq would destabilize without us there. We know that Antichrist NWO 666 Barack Obozo The 911 Homosexual Climate Change Clown and his Administration worked very hard to create a situation where he could say we had to leave Iraq.
That little boy would not have died had Antichrist NWO 666 Barack Obozo The 911 Homosexual Climate Change Clown stood strong in Iraq. Crisis and war were all predicted when Antichrist NWO 666 Barack Obozo The 911 Homosexual Climate Change Clown decided to flee Iraq. All the predictions came true and the humanitarian crisis is a direct result of what he did.
That dead child is Antichrist NWO 666 Barack Obozo The 911 Homosexual Climate Change Clown’s fault
“This President has allowed these folks to be slaughtered,” Christie said during a campaign stop Thursday in New Hampshire. “I frankly can’t imagine as president of the United States how you could permit this to happen on this scale, and now we’re seeing those results. And it’s much different when you read about it, and when you see it — it becomes even more powerful.”
A storm with characteristics of both the ‘shamal’ – long lived and wide reaching dust storm – and ‘haboob’ – storm fronts that appear as walls of sand and dust – moved across Iraq, Iran and the Persian Gulf region in early September 2015.
The storm appears to have been triggered by a surface low-pressure system that moved from northwest to southeast during the week, NASA’s Earth Observatory reports.
Much of northern Iraq is in a state of exceptional drought, EO continues… “Anecdotal evidence and media reports suggest that dust storms have become more common in Iraq and Iran in recent years, a result of that drought and of the shrinking wetlands in the Tigris-Euphrates watersheds. More study is needed to determine if there is a real trend.”
The dust event first appeared in NASA’s satellite imagery along the Iraq–Syria border on August 31:
By the next day, the storm took on the cyclonic shape:
By September 2, it reached the Persian Gulf and by September 3 it had spread out across the entire basin:
Weather data from ground stations in Baghdad, Khormor, and Al Asad confirm the wind circulation pattern. But the overall movement of the system from the northwest toward the Persian Gulf suggests late-summer shamal winds.
Wind gusts were reaching up to 80 km/h (50 mph) in Iran during the event, according to news reports. There were reports of road closures, flight cancellations, and fears of agricultural damage.
If Republicans in Washington will not stop this and defund Antichrist Planned Parenthood, Republican voters should take any and all action to destroy the party at the ballot box. If this party will not fight this evil, it will fight no evil and should itself die.
…and every last one of the bastard shall perish because they have accepted the Antichrist NWO 666 mark of the beast, which is DEATH! Hell awaits them all, they are about to be confirmed sealed very very extremely shortly.
Author Tom Horn points out that Father Malachi Martin predicted in his book “The Jesuits: The Society of Jesus and the Betrayal of the Roman Catholic Church,” what might happen if a Jesuit ever gets control of the Vatican. As a Jesuit himself and a longtime Vatican insider, Martin, who died in 1999, had hoped that what he predicted would never come to pass, but it is becoming apparent that his predictions are playing out exactly as he feared they would, Horn said in a recent commentary on SkyWatch TV. “He said there was a secret war between the Jesuits and the other Catholic priests to take control of the Roman Catholic Church and the Vatican in particular,” Horn said. Traditionalists such as Cardinal Raymond Burke have been demoted by Francis. Horn believes the pope’s recent encyclical on climate change and the reshuffling of key Vatican leaders may have something to do with what’s about to occur on the global stage. “Malachi (Martin) said the Jesuits would use the Vatican, because it’s not like any other Christian denomination,” Horn said. “It’s got 90 ambassadors parked there on any day. It’s got political relationships with most of the nations of the world, and Malachi said that’s why the Jesuits wanted to seize control of the Vatican, so they could use it as a machine. He said that would give assistance to the rise of a New World Order, and he very specifically said they would use it to do the things that Pope Francis is doing now – a New World Order based on socialism, Marxism – and that they would work in tandem ultimately with the rise of the antichrist for the implementation of the objectives of the antichrist.”
Just Like Tom Horn Predicted On Radio Months Ago: Agenda 21 Resurrected With Pope’s Help—Now, WND Wants To Know If Tom Thinks The Pope’s U.S. Visit This Month Converges With Prophecy, The End Of Shemitah, Jade Helm, Blood Moon
Some big moves this week…
Dow Industrials lowest weekly close since April 2014
Dow Transports lowest weekly close since May 2014
S&P 500 lowest weekly close since Oct 2014’s Bullard lows
Nikkei dumped over 7% this week – worst week since April 2014
Utilities collapsed 5.1% this week – worst week since March 2009
Financials lowest weekly close since Oct 2014’s Bullard lows
Biotechs lowest weekly close since Feb 2015
Investment Grade Corporate Bond Spreads worst since June 2013
Treasury Curve (2s30s) flattened 6bps today – biggest drop in 2 weeks.
JPY strengthened 2.4% on week against the USD – strongest week since August 2013 (up 4.5% in 3 weeks) – major carry unwind!
AUD plunged 3.5% on week against the USD – worst week since January 2015 and worst 4-weeks since Oct 2014 – Antichrist Communist China proxy
So before we start, Japan was really ugly…
A quiet Friday before Labor Day weekend provided no juice for momo ignition and apart from a brief algo-driven pop on payrolls, stocks were a one-way-street lower…until the late-day VIX-smash ramp which closed ugly…
And Futures show an ugly night turned even uglier…
On the week, evereything is red…
Dow Futures give us some context for the last 2 week’s moves. Bounce dies at Fib61.8% retracement, breaks through 50% and makes lower high as today tested post Black-Monday lows…
Utilities had their worst week since March 2009..
Just as we saw lasty Friday, VIX was smashed lower in the last hour… which makes perfect sense given Monday is a holiday and Antichrist Communist China reopens after 3 days of being closed during extreme moves in EM FX and global equity markets…
Just like in 1929, The Dow just dropped 13%, bounced, and is retesting the lows… as all the ‘experts’ comfort a restless investor crowd
Reading for September 5, 2015 ~ Elul 21, 5775
Deut. 26:1-29:8 ~ Is. 60:1-22 ~ Acts 16-18