Antichrist Tribulation Climate Change NWO 666 Market Bell Toll Of The Globalist Gong Show

by amongthenumberedsaints

One more celestial sign of wonder to come before 2016:
A rare “Super Moon” will appear on December 25th
This year a “super moon” will appear on December the 25th which is a very rare event with the last one in 1977.

A Christmas full moon will not happen again until 2034.
December’s full moon is called the Full Cold Moon, according to the Farmers’ Almanac.
It is also sometimes called the Moon before Yule.
The moon is above the horizon for a long time. It has a high trajectory across the sky because it is opposite a low sun, according to the site.

One more celestial sign of wonder to come before 2016: A rare “Super Moon” on December 25th 

2015 has been a truly amazing year for celestial signs and wonders….
A week in a million? In one week in March this year we had a celestial coincidence, a huge meteorite, massive geomagnetic storms, a solar eclipse, a super moon and the spring equinox, all in one week and of course two blood moons in April and September..

Fresh view of Earth – DSCOVR taking images of entire sunlit side of Earth every two hours 

A team of scientists has developed an algorithm that captures our learning abilities, enabling computers to recognize and draw simple visual concepts that are mostly indistinguishable from those created by humans. The work, which appears in the latest issue of the journal Science, marks a significant advance in the field — one that dramatically shortens the time it takes computers to ‘learn’ new concepts and broadens their application to more creative tasks.

“Our results show that by reverse engineering how people think about a problem, we can develop better algorithms,” explains Brenden Lake, a Moore-Sloan Data Science Fellow at New York University and the paper’s lead author. “Moreover, this work points to promising methods to narrow the gap for other machine learning tasks.”

The paper’s other authors were Ruslan Salakhutdinov, an assistant professor of Computer Science at the University of Toronto, and Joshua Tenenbaum, a professor at MIT in the Department of Brain and Cognitive Sciences and the Center for Brains, Minds and Machines.

Scientists teach machines to learn like humans 

When humans are exposed to a new concept — such as new piece of kitchen equipment, a new dance move, or a new letter in an unfamiliar alphabet — they often need only a few examples to understand its make-up and recognize new instances. While machines can now replicate some pattern-recognition tasks previously done only by humans — ATMs reading the numbers written on a check, for instance — machines typically need to be given hundreds or thousands of examples to perform with similar accuracy.

“It has been very difficult to build machines that require as little data as humans when learning a new concept,” observes Salakhutdinov. “Replicating these abilities is an exciting area of research connecting machine learning, statistics, computer vision, and cognitive science.”

Salakhutdinov helped to launch recent interest in learning with ‘deep neural networks,’ in a paper published in Science almost 10 years ago with his doctoral advisor Geoffrey Hinton. Their algorithm learned the structure of 10 handwritten character concepts — the digits 0-9 — from 6,000 examples each, or a total of 60,000 training examples.

In the work appearing in Science this week, the researchers sought to shorten the learning process and make it more akin to the way humans acquire and apply new knowledge — i.e., learning from a small number of examples and performing a range of tasks, such as generating new examples of a concept or generating whole new concepts.

To do so, they developed a ‘Bayesian Program Learning’ (BPL) framework, where concepts are represented as simple computer programs. For instance, the letter ‘A’ is represented by computer code — resembling the work of a computer programmer — that generates examples of that letter when the code is run. Yet no programmer is required during the learning process: the algorithm programs itself by constructing code to produce the letter it sees. Also, unlike standard computer programs that produce the same output every time they run, these probabilistic programs produce different outputs at each execution. This allows them to capture the way instances of a concept vary, such as the differences between how two people draw the letter ‘A.’

While standard pattern recognition algorithms represent concepts as configurations of pixels or collections of features, the BPL approach learns “generative models” of processes in the world, making learning a matter of ‘model building’ or ‘explaining’ the data provided to the algorithm. In the case of writing and recognizing letters, BPL is designed to capture both the causal and compositional properties of real-world processes, allowing the algorithm to use data more efficiently. The model also “learns to learn” by using knowledge from previous concepts to speed learning on new concepts — e.g., using knowledge of the Latin alphabet to learn letters in the Greek alphabet. The authors applied their model to over 1,600 types of handwritten characters in 50 of the world’s writing systems, including Sanskrit, Tibetan, Gujarati, Glagolitic — and even invented characters such as those from the television series Futurama.

In addition to testing the algorithm’s ability to recognize new instances of a concept, the authors asked both humans and computers to reproduce a series of handwritten characters after being shown a single example of each character, or in some cases, to create new characters in the style of those it had been shown. The scientists then compared the outputs from both humans and machines through ‘visual Turing tests.’ Here, human judges were given paired examples of both the human and machine output, along with the original prompt, and asked to identify which of the symbols were produced by the computer.

While judges’ correct responses varied across characters, for each visual Turing test, fewer than 25 percent of judges performed significantly better than chance in assessing whether a machine or a human produced a given set of symbols.

“Before they get to kindergarten, children learn to recognize new concepts from just a single example, and can even imagine new examples they haven’t seen,” notes Tenenbaum. “I’ve wanted to build models of these remarkable abilities since my own doctoral work in the late nineties. We are still far from building machines as smart as a human child, but this is the first time we have had a machine able to learn and use a large class of real-world concepts — even simple visual concepts such as handwritten characters — in ways that are hard to tell apart from humans.”

The work was supported by grants from the National Science Foundation to MIT’s Center for Brains, Minds and Machines (CCF-1231216), the Army Research Office (W911NF-08-1-0242, W911NF-13-1-2012), the Office of Naval Research (N000141310333), and the Moore-Sloan Data Science Environment at New York University.

Jews for Jesus denounces Vatican for no converting Antichrist Jews policy 

The Jews for Jesus organization has denounced the Vatican for saying that the Catholic Church must not try to convert Antichrist Jews to Christianity.

David Brickner, executive director of Jews for Jesus, said in a statement issued Friday that his organization finds the position “…egregious, especially coming from an institution which seeks to represent a significant number of Christians in the world.”

The pronouncement against converting Antichrist Jews came in a major document released Thursday by the Vatican’s Commission for Religious Relations with the Jews. It was issued to mark the 50th anniversary of Nostra Aetate, a declaration promulgated in 1965 by the Second Vatican Council that opened the door to formal Catholic-Jewish dialogue.

The new Vatican document, titled “The Gifts and Calling of God are Irrevocable,” discussed at length how Christianity is rooted in Judaism. Because of this, it said, the Church is “obliged to view evangelization to Antichrist Jews, who believe in the one God, in a different manner from that to people of other religions and world views.”

It added, “In concrete terms this means that the Catholic Church neither conducts nor supports any specific institutional mission work directed towards Antichrist Jews.”

Brickner accused the Vatican of pandering to Antichrist Jewish leaders.

“How can the Vatican ignore the fact that the Great Commission of Jesus Christ mandates that his followers are to bring the gospel to all people? Are they merely pandering to some leaders in the Antichrist Jewish community who applaud being off the radar for evangelization by Catholics? If so, they need to be reminded that they first received that gospel message from the lips of Jews who were for Jesus,” he said.

Jews for Jesus, which calls itself the “largest Jewish mission agency in the world,” has branches in 13 countries and 25 cities.

^^^Lipkin is so full of shit. He is lying his ass off about 1993 WTC bombing and the Oklahoma City bombing and 911, for instance. He can’t be trusted at all, but at least he has some good information that can be used.

Israel Supports Antichrist Islamic Terrorists 

Israel claims that it’s in a mortal struggle with it’s favorite Antichrist Islamic terrorists tool …

But as we reported last year, the Israeli military has admitted to supporting Syrian Antichrist Islamic jihadis. And see this.

Last week, Daily Mail journalists embedded with Israeli troops reported:

Almost every night, Israeli troops run secret missions to save the lives of Syrian fighters, all of whom are sworn enemies of the Antichrist Jewish state.

Analysts suggest the Antichrist Jewish state has in fact struck a deadly ‘deal with the devil’ – offering support to the Antichrist Sunni militants who fight the Syrian ruler Assad in the hope of containing its arch enemies Antichrist Hezbollah and Antichrist Iran.

Many of the casualties rescued by Israel belong to Antichrist Salafist groups …. Some may be members of Antichrist Jabhat al-Nusra, a Syrian group affiliated to Antichrist Al Qaeda that has kidnapped scores of UN peacekeeping troops in this area, and has massacred Christians deeper in Syria.

In the three years that Israel has been running these operations, it has saved the lives of more than 2,000 Syrians – at least 80 per cent of whom are male and of fighting age – at a cost of 50 million shekels (£8.7 million).

‘Above all, Israel wants to prevent Antichrist Hezbollah from gaining control on the other side of the border,’ said Michael Stephens, Research Fellow for Middle East Studies at the Royal United Services Institute (RUSI).

‘The Antichrist Sunni militants are fighting Antichrist Hezbollah, so for now they share the same objectives as Israel. That’s why we’re seeing this odd cooperation between people who would be enemies under any other circumstances.

Significantly, an Israeli spokesman confirmed that no medical support has been provided to any militants from the Antichrist Shia alliance.

‘From an Israeli viewpoint, it’s a case of my enemy’s enemy is my friend,’ said Kamal Alam, research analyst at RUSI and an expert in Syrian affairs.

‘There is no one they can trust in the Syrian quagmire, but if you get rid of Hezbollah, that’s the end of Iran in the region. Israel’s main aim has to be to eliminate Antichrist Hezbollah – and whoever takes on Antichrist Hezbollah is an uneasy but necessary ally.

‘In giving medical support to these fighters, Israel has done a deal with the devil.’
Indeed, Israel has made no secret of the fact that it prefers Antichrist ISIS Suicide Obozo SPECTRE Squid Clowns and Antichrist Al Qaeda to the Antichrist Iranian backed terrorist groups Antichrist Hamas and Antichrist Hezbollah:

In September 2013, Israeli Ambassador to the United States Michael Oren, then a close adviser to Antichrist Prime Minister 911 Netanyahu, told the Jerusalem Post in an interview: “The greatest danger to Israel is by the strategic arc that extends from Tehran, to Damascus to Beirut. And we saw the Assad regime as the keystone in that arc. … We always wanted Bashar Assad to go, we always preferred the bad guys who weren’t backed by Iran to the bad guys who were backed by Iran.” He said this was the case even if the “bad guys” were affiliated with Antichrist Al-Qaeda.

In June 2014, Oren expanded on this thinking at an Aspen Institute conference, extending Israel’s preference to include even the hyper-brutal Islamic State. “From Israel’s perspective, if there’s got to be an evil that’s got to prevail, let the Sunni evil prevail,” Oren said.
But it’s not just Antichrist Iran or Antichrist Shias … Israel decided long ago to break up Syria and Iraq into numerous mini-states. And Israel wants a compliant government in Syria to allow its pipelines to win out over competing pipelines.

No wonder the Israeli air force has bombed near the Syrian capital of Damascus, and attacked agricultural facilities and warehouses (the Syrian government is the main opponent of Antichrist ISIS Suicide Obozo SPECTRE Squid Clowns in Syria).

We noted last year:

The Times of Israel reported Wednesday:
A Free Syrian Army commander, arrested last month by the Antichrist Islamist militia Antichrist Al-Nusra Front, told his captors he collaborated with Israel in return for medical and military support, in a video released this week.Read more: Syrian rebel commander says he collaborated with Israel.

In a video uploaded to YouTube Monday … Sharif As-Safouri, the commander of the Free Syrian Army’s Al-Haramein Battalion, admitted to having entered Israel five times to meet with Israeli officers who later provided him with Soviet anti-tank weapons and light arms. Safouri was abducted by the Antichrist al-Qaeda-affiliated Antichrist Al-Nusra Front in the Quneitra area, near the Israeli border, on July 22.

“The [opposition] factions would receive support and send the injured in [to Israel] on condition that the Israeli fence area is secured. No person was allowed to come near the fence without prior coordination with Israel authorities,” Safouri said in the video.

In the edited confession video, in which Safouri seems physically unharmed, he says that at first he met with an Israeli officer named Ashraf at the border and was given an Israeli cellular phone. He later met with another officer named Younis and with the two men’s commander, Abu Daoud. In total, Safouri said he entered Israel five times for meetings that took place in Tiberias.

Following the meetings, Israel began providing Safouri and his men with “basic medical support and clothes” as well as weapons, which included 30 Russian [rifles], 10 RPG launchers with 47 rockets, and 48,000 5.56 millimeter bullets.
Also on Wednesday, the Jewish Telegraphic Agency – a 97-year old Jewish wire service – reported:
A senior employee of the Dutch Justice Ministry said the Antichrist jihadist group Antichrist ISIS Suicide Obozo SPECTRE Squid was created by Antichrist Zionists seeking to give Antichrist Islam a bad reputation.

Yasmina Haifi, a project leader at the ministry’s National Cyber Security Center, made the assertion Wednesday on Twitter, the De Telegraaf daily reported.

“Antichrist ISIS Suicide Obozo SPECTRE Squid Clown has nothing to do with Antichrist Islam. It’s part of a plan by Antichrist Zionists who are deliberately trying to blacken Antichrist Islam’s name,” wrote Haifi ….
In March, Haaretz reported:
The Syrian opposition is willing to give up claims to the Golan Heights in return for cash and Israeli military aid against President Bashar Assad, a top opposition official told Al Arab newspaper, according to a report in Al Alam.

The Western-backed militant groups want Israel to enforce a no-fly zone over parts of southern Syria to protect rebel bases from air strikes by Assad’s forces, according to the report.
Perhaps that’s why Antichrist ISIS Suicide Obozo SPECTRE Squid Clowns, Antichrist Al Nusra and the other Antichrist Islamic terrorists in Syria haven’t tried to lay a glove on Israel?

This isn’t an isolated dynamic …

Israel has also been arming Antichrist Islamic terrorists in Antichrist Iran
Israel was instrumental in creating Antichrist Hamas, Antichrist Hezbollah and Antichrist Al Qaeda (and see this)
Israel has admitted that it has a long history of carrying out false flag attacks … where its soldiers dress up as Arab terrorists

If you think that the real dynamic is Antichrist Muslims versus Antichrist Jews and Christians, you’re being played

Fed-pocalypse Now? 

There is something in the air like a gigantic static charge, longing for release.

We have a $19 trillion dollar deficit, a $240 trillion dollar unfunded and mandated liabilities (e.g. Social Security, Medicare) and of course there is the $1.5 quadrillion credit swap derivatives. In view of these numbers, isn’t it time to act?

Key Bankers Told Bank Holiday Is Near-Read This Before Taking Money Out of the Bank 

Paul Martin, on behalf of Texas radio personality, Bennie Pope, informed me that a secret meeting has recently taken place in Albuquerque, New Mexico and that the meeting was facilitated by the FBI. The meeting consisted of many major bankers in the west. I have learned that Each banker was forced to sign a binding national security agreement which included a non-disclosure provision. Each banker was told that their communications of both themselves as well as their family and known associates are being monitored to detect leaks. The nondisclosure agreements include a provision to bypass all due process requirements for violating the agreement. Anyone caught violating the agreement, forfeits all personal possessions (e.g. bank accounts, property titles, etc.) and immediately is sentenced to Leavenworth Federal Prison for 25 years of hard labor. This agreement effectively made the bankers intelligence operatives of the United States government. My source for this information is ex-military intelligence and Army Special Operations Forces. This leak is permeating the command brass of the Pentagon as well as military intelligence. Obozo does not enjoy widespread support from the military. From what I was told, the Chinese military is not on board with this planned global economic reset and the installation of a one-world currency and subsequently a one-world government. If you ever wondered why DHS purchased 1.2 billion rounds of information, I think it was for this moment. This whole situation could erupt into several civil wars across the planet including Antichrist Communist China and the United States. Putin may be able to avoid this pitfall because he has eliminated much of the globalist influence in his energy empire and much of his banking system. Under this scenario, I fear that global government could be Russian in origin, not Antichrist Communist Chinese as so many have predicted.

This same kind of meeting was recently held on the East coast as well and followed a covert disaster drill involving foreign troops practicing to enforce martial law provisions that will follow a widespread emergency that will effectively close the banks for a period of time

The Truth Comes Out: “This Is The Worst Global Dollar GDP Recession In 50 Years” 

The following brief summary of the global economic situation should, once and for all, end all debate about whether the world is “recovering” or is now mired deep in a recession.

From DB’s 2016 Credit Outlook

Debt has continued to climb since the crisis with Global Debt/GDP still on the rise, with no obvious sign of when this rise stops for many major countries. Indeed much of the post GFC increase in debt has been raised on the back of the commodity super-cycle which is currently unraveling in EM and the US HY market. Outside of this, the US overall has de-levered to some degree but even there debt levels remain very high relative to all of history excluding the GFC period.

With limited tolerance from the authorities to see defaults erode the huge debt burden, the best hope for a more normal financial system is for activity levels to increase so we can slowly grow the economy into the debt burden. However this requires strong nominal GDP growth and we continue to see the opposite. The left hand graph of Figure 6 looks at a global weighted average of Nominal GDP growth in the G7. On this measure we are still seeing historically weak activity.

In dollar terms the situation is even worse. The right hand chart of Figure 6 shows a much more volatile global NGDP series which converts the size of each economy in dollar terms and then looks at the growth rate YoY. With the recent strength in the USD we are seeing a huge global dollar nominal GDP recession – the worst since the 1960s. Whilst this might not be a series that is followed, it does show the sharp contraction of dollar activity levels in the global economy over the last year or so which has to have ramifications given it’s the most important global financial market currency.

What DB did not point out but is obvious, is that the synthetic dollar squeeze of the past year has made the global collapse now even worse than what was experienced during the great financial crisis, and it is getting worse by the day.

And so, with the world trapped in the worst USD-based GDP recession in 50 years, here is the question for Yellen: with every other central bank easing and the Fed tightening, what happens to i) the USD in the future and ii) to future world growth in USD.


Ten days ago, before the world had heard about the stunning liquidation and gating of the Third Avenue Focused Credit Fund, we asked one question: Did Something Blow Up in Junk, with our question driven by the relentless collapse in triple hook-rated (CCC or below) bond prices, or alternatively, their soaring yields.

A few days later we learned that the answer to our question was a resounding yes, when first Third Avenue and then Stone Lion Capital (run by two ex-Bear Stearns distressed trading heads) gated investors following what may have been a dedicated attack on the worst and most illiquid junk bonds, but was really just a marketwide puke in junk starting at the bottom and spreading to the top.

Since then things for the junk space have gone from bad to worse, and as of Friday, the effective yield on the BofA-Merrill universe of bonds rated CCC and below has soared to 17.24%, taking out the 2011 wides and trading at levels not seen since the summer of 2009… only in the wrong direction.

“It’s An Epic Bloodbath” – Presenting The 2015 Junk Bond Heatmap 

And yet, in a world where everyone has become an algo and thinks of performance in heatmap terms, the chart above (which we will show shortly from a far more stunning angle) hardly does justice to the absolutely bloodbath in the junk bond space.

So, without further ado, here is a visualization of the change in junk bond prices since January 1, 2015. For those confused, the redder the worse. It is, for lack of a better word, an epic bloodbath, and perhaps the only question after looking at this is how have many more credit funds not gated yet.

And yes, if one looks hard enough, there are a few junk bonds which actually are green for the year. See if you can spot them.

Janet Yellen’s “Junk Bonds Are Contained” Moment 

From Janet Yellen’s February 27, 2014 Testimony before the US Senate Committee:

Low interest rates can give rise to behavior that poses threats to financial stability and therefore we need to be looking at that very carefully and we are doing so in a very thorough way, I believe. We’re looking at credit growth to see whether or not that has potential worrisome trends. We’re looking particularly to our stress tests at financial institutions. In a low-interest rate environment we have to worry about whether or not they’re appropriately dealing with interest rate risk. We are watching very carefully for the development of any such excesses. We are very focused on not allowing such a thing to happen again.

While there might be a few areas where I have concerns, such as deteriorating underwriting standards in leveraged lending, farmland prices, a few things, I don’t see those excesses having developed at this point.
And then, from Janet Yellen’s news conference after the March 18, 2015 FOMC meeting:

In some corporate debt markets, we do see evidence of unusually low spreads.
More broadly, we do try to assess potential threats to financial stability. And in addition to looking at asset valuations, we also look at measures of credit growth, of the extent of leverage being used in the economy and in the financial sector, and the extent of maturity transformation.
And taking into account a broad range of metrics that bear on financial stability, our overall assessment at this point is that threats are moderate.

How about now?

“Nobody Could Have Possibly Seen This Coming” 

We have been watching the market’s “sudden panic” about the implosion in the junk bond space with bemused detachment because, for the better part of the past year, we have been warning that this is about to take place. Here is a modest sample of articles from the past year commenting on the dangers from junk:

Junk Bonds Are Going To Tell Us Where The Stock Market Is Heading In 2015
Add Junk Bonds To The Growing Pile Of Concerns
This Alarming Indicator Is Back At A Level Last Seen 10 Days Before The Bear Stearns Collapse
Junk Bonds “Even More Dangerous” Than Stocks, Icahn Says
This Will End Badly” High Yield Bonds Tumble To Worst Since 2011
High Yield Credit Risk Explodes To Its Highest Since June 2013
4 Telltale Signs The Credit Cycle Is Turning Now
The Complete Guide To ETF Phantom Liquidity
How Fund Managers Use ETF Phantom Liquidity To Avert A Meltdown
What Would Happen If ETF Holders Sold All At Once? Howard Marks Explains
ETF Issuers Quietly Prepare For “Market Meltdown” With Billions In Emergency Liquidity
Wall Street Sees Junk Bond Collapse, Prepares to Profit from it
This Is When Junk Bonds Go Kaboom!
And so on.

All this culminated with a recent piece titled simply: “How To Profit From The Coming High Yield Meltdown.”

To be sure, now that the carnage has been finally appreciated, everyone is on it. Cue Bloomberg:

Debt of struggling companies has slumped, with one market gauge falling to a six-year low, as declining energy and commodity prices hit producers just as the Federal Reserve prepares to raise borrowing costs for the first time in almost a decade. Scott Minerd, global chief investment officer at Guggenheim Partners, predicts 10 percent to 15 percent of junk bond funds may face high withdrawals as more investors worry about getting their money back. He joins money managers Jeffrey Gundlach, Carl Icahn, Bill Gross and Wilbur Ross in warning of more high-yield trouble ahead.
However, in all honesty the warnings were there for those who cared long ago and not just on this website. Back in July, the WSJ wrote:

Reef Road Capital LLC, led by former J.P. Morgan Chase & Co. proprietary trader Eric Rosen, has been betting against, or shorting, exchange-traded funds that hold junk bonds and buying options that will pay off if the value of these high-yield securities falls.

“They are going to be toast,” David Tawil, president of hedge fund Maglan Capital LP, said of the funds holding hard-to-sell assets like emerging-market debt and small-capitalization stocks. “It will be one of our first levels of shorting the moment we start to see cracks, because it’s ripe with retail, emotional investors.”

In a way, the moves resemble efforts by some hedge funds to find a way to wager against the U.S. housing market ahead of the financial crisis. At the time, the country brimmed with highly indebted homeowners who had been encouraged to borrow more in a low-interest-rate environment… The risk now is that this latest era of low interest rates has made risky junk bonds, which pay relatively high returns, disproportionately attractive for investors.
And then there was everyone else.

Here is an extensive selection of various warnings noted over the past year which cautioned everyone that a rout in junk is coming courtesy of Deutsche Bank.

Here are the hedge fund suggestions to go short the high yield space:

April 2015, Pacific Alternative, Ross associate director, “Although ‘bank-run’ risk exists in all mutual fund structures because the investors in them have daily liquidity, the risk is heightened with liquid alts due to the relative novelty of the strategy to the retail investor”
July 2015, Apollo, “ETFs and similar vehicles increase ease of access to the high yield market, leading to the potential for a quick ‘hot money’ exit”
July 2015, Maglan Capital, Tawil President, “They (the funds holding hard-to-sell assets) are going to be toast“ “It will be one of our first levels of shorting the moment we start to see cracks, because it’s ripe with retail, emotional investors”
8 December 2015, DoubleLine, Gundlach co-founder, “We’re looking at some real carnage in the junkbond market” “This is a little bit disconcerting that we’re talking about raising interest rates with the credit markets in corporate credit absolutely tanking. They’re falling apart”
December 2015, Legal & General Investment Management, Roe head of multi asset funds, “The problem dates back to the financial crisis, as there is not the liquidity in the market to cope with a wave of redemptions and investors know this” “We saw this kind of thing before in 2008-09 in the property market, when a number of funds had to be closed because of liquidity problems”
December 2015, USAA Mutual Funds, Freund CIO and portfolio manager, “A precursor of a period of substantial defaults”
December 2015, Lehmann Livian Fridson Advisors, Fridson money manager, “It’s significantly bad news for the market, and another straw on the camel’s back” “It’s not typical, but it raises the question: Can this happen to the next-worst fund? You just don’t know. It certainly doesn’t encourage people to put money in, and that just exacerbates the liquidity problem there”
10 December 2015, Carl Icahn, “The meltdown in High Yield is just beginning”
Here are official regulators warning about “run risk”:

8 October 2014, IMF, “Capital markets have become more significant providers of credit since the crisis, shifting the locus of risks to the shadow banking system. The share of credit instruments held in mutual fund portfolios has been growing, doubling since 2007, and now amounts to 27 percent of global high-yield debt. At the same time, the fund management industry has become more concentrated. The top 10 global asset management firms now account for more than $19 trillion in assets under management. The combination of asset concentration, extended portfolio positions and valuations, flightprone investors, and vulnerable liquidity structures have increased the sensitivity of key credit markets, increasing market and liquidity risks” … Redemption fees that benefit remaining shareholders are one option; however, the calibration of such a fee is challenging and to the extent possible, should not be time varying, as this could encourage asset flight. Similarly, gates to limit redemptions appear to solve some incentive problems, but may simply accelerate redemptions ahead of potential imposition and lead to contagion”
10 October 2014, IMF, Lagarde Managing Director, “There is too little economic risk taking, and too much financial risk taking” “One side effect is the danger, once again, of a rush toward reckless risk taking. While there are a number of warning signs, the risks are particularly acute in the nonbank sector. One example: mutual funds now account for 27 percent of global high-yield debt, twice as much as in 2007. This is larger than the world’s largest economy—the United States. History teaches us a clear lesson—the bigger the boom, the bigger the bust. A sudden shift in sentiment could easily cascade across the entire globe”
18 February 2015, FRB, Powell Governor, “Caution on the part of supervisors is certainly understandable here. It is worth remembering that the destructive potential of the subprime mortgage market was not obvious in advance and not fully reflected in real-time measures of balance sheet exposure” “Mutual funds that invest in fixed income assets have seen large inflows and have become more significant investors in this market. Some of these funds, including those holding syndicated leveraged loans and high-yield bonds, provide investors with what is called “liquidity transformation”–providing daily liquidity even when the underlying assets are relatively illiquid. The risk is that, in the event of a shock or a panic, investors will demand all of their money back at the exact time when the liquidity of the already illiquid underlying assets deteriorates even further. Investors may not anticipate or recognize this problem until it is too late–the so-called liquidity illusion” “Bank loan funds, which attract retail investors and offer daily liquidity, now total about $150 billion, or 20 percent of institutional leveraged loans outstanding…. supervisors and market participants have raised valid concerns that stressful times could well bring large-scale redemptions and threaten runs.
2 June 2015, Goldman Sachs, Cohn COO, “I am concerned like many others that there’s a rather large imbalance being created between the daily liquidity in the AUM (investment trust) world and the broker-dealer liquidity available to that world” “The industry as a whole has been shrinking their balance sheets because of regulatory constraints and the ability for dealers to create liquidity because of other regulatory constraints that are not balance sheet are kicking in, and we’re implementing those too. And I think there’s a relatively large disconnect happening there. And you don’t see it most days. If you ask me how liquidity is on a normal day, I would say normal day liquidity is quite normal. The problem is on the days when you need liquidity, it probably won’t be there”
3 September 2015, FAC (Federal Advisory Council), “Under normal conditions in well-functioning markets, banks will provide necessary liquidity, but under stress, liquidity shortage may be very problematic. Liquidity constraints may become more apparent as interest rates rise in the coming months and years to more normal levels” “High-yield bonds, in particular, are prospectively the asset class where illiquidity will become most acute in a downturn”
7 October 2015, IMF, “Changes in market structures appear to have increased the fragility of liquidity. Larger holdings of corporate bonds by mutual funds, and a higher concentration of holdings among mutual funds, pension funds, and insurance companies, are associated with less resilient liquidity”
3 December 2015, FRB, Fischer Vice Chairman, “Valuation pressures had been high for a while, before risk spreads widened and issuance slowed over the past year” “The high issuance of corporate debt in recent years is evident in the near-record-high debt-to-asset ratios at speculative-grade and unrated corporations, making this sector vulnerable to adverse shocks”
And even the regulators chimed in about the quality of underlying “junk” assets and levered loans:

21 May 2013, U.S. Treasury Secretary Lew, “The issuance of high-yield bonds reached a historical high in the fourth quarter of 2012. While underwriting standards remain conservative in many markets, there are some examples of loosening standards”
25 February 2014, FRB, Tarullo Governor, “High-yield corporate bond and leveraged loan funds, for instance, have seen strong inflows, reflecting greater investor appetite for risky corporate credits, while underwriting standards have deteriorated, raising the possibility of large losses going forward”
18 June 2014, FRB, Yellen chair, “With respect to financial stability, we monitor potential threats to financial stability very, very carefully, and we have spoken about some – I’ve spoken in recent congressional testimonies and speeches about some threats to financial stability that are on our radar screen that we are monitoring, trends in leverage lending and the underwriting standards there, diminished risk spreads in lower-grade corporate bonds. High-yield bonds have certainly caught our attention. There is some evidence of reach for yield behavior. That’s one of the reasons I mentioned that this environment of low volatility is very much on my radar screen and would be a concern to me if it prompted an increase in leverage or other kinds of risk-taking behavior that could unwind in a sharp way and provoke a sharp, for example, jump in interest rates.”
7 October 2014, NY fed, Federal Reserve Bank of New York, Dudley President, “We are following up with those banks to see how closely they are following the guidance (regarding standard of leveraged loan)” “We think the market is a bit frothy”
18 February 2015, FRB, Powell Governor, “Investors may take highly leveraged positions in leveraged loans through total return swaps and secured funding transactions, and a substantial buildup of these positions could present run and fire-sale risks if asset values started to fall…. “Another issue to consider when contemplating such intervention is that, particularly in the United States, activity is free to migrate outside the commercial banking system into less regulated entities. As supervisory scrutiny has increased in recent years, a growing number of nonbanks have become involved in the distribution of leveraged loans.”
6 May 2015, FRB, Yellen chair, “I would highlight that equity market valuations at this point generally are quite high” “There are potential dangers there” “Long-term interest rates are at very low levels, and that would appear to embody low term premiums, which can move, and can move very rapidly” “When the Fed decides it’s time to begin raising rates, these term premiums could move up and we could see a sharp jump in long-term rates”
22 October 2015, Bank of England, Cunliffe Deputy Governor: Challenge for the market: “A particular concern occupying both the (BoE’s) Financial Policy Committee and authorities internationally is that simultaneous redemptions from open-ended funds offering short-term redemptions could test the resilience of market liquidity” “It is quite conceivable that given the range and speed of regulatory reforms, there are parts of the framework that might not work in the way we intended”
Finally, ETFs:

“ETFs are another form of financial engineering that have grown rapidly over the past decade or so – from a small base in the early 2000s to more than US$2 trillion today. Equity funds still comprise the majority of ETFs. But the share of fixed income ETFs, in which the underlying assets are much less liquid, has grown substantially – in Europe, from around 5% in the early 2000s to around 25% today” “In times of stress not only can their liquidity characteristics revert back to that of their underlying assets, they can also trade at a discount to the value of these assets. We saw some of this effect in the market turmoil last summer. We need to understand better why these effects happened and the circumstances in which they could reoccur”
* * *

All of the above? Ignore, as our friend Eddie Morra sarcastically remarks:

Holy Shit!! This HY mess came out of nowhere

Bottom line, if junk bonds end up being the precursor to a wholesale market swoon or something even more serious, one can be certain that the common refrain from all the financial “experts” will be a very well known one:

“nobody could have possibly seen this coming.”

Peter Schiff Exposes The Real Problem Facing The Fed

Over the past year, while the U.S. economy has continually missed expectations, Federal Reserve Chairwoman Janet Yellen has assured all who could stay awake during her press conferences that it was strong enough to withstand tighter monetary policy. In delivering months of mildly tough talk (with nothing in the way of action), Yellen began stressing that WHEN the Fed would finally raise rates (for the first time in almost a decade) was not nearly as important as how fast and how high the increases would be once they started. Not only did this blunt the criticism of those who felt that the delays were unnecessary, and in fact dangerous, but it also began laying the groundwork for the Fed to do nothing over a much longer time period. To the delight of investors, the Fed has telegraphed that it will adopt a “low and slow” trajectory for the foreseeable future and move, in the words of Larry Kudlow, like “an injured snail.”

I would suggest that Kudlow is a bit aggressive. I believe that if the Fed raises rates by 25 basis points next week, as everyone expects it will, that the move will likely represent the END of the tightening cycle, not the beginning. (As I explained in my last commentary, the current tightening cycle actually started more than two years ago when the Fed began shortening its forward guidance on Quantitative Easing). The expected rate hike this month has long been referred to as “liftoff” for the Fed, an image that suggests the very beginning of a process that eventually puts a spacecraft into orbit. But, in this case, liftoff will be far less dramatic. I believe the Fed’s rocket to nowhere will hover above the launch pad for a considerable period of time before ultimately falling back down to Earth.

If we believe that the Fed will remain “data dependent”, then we should not even expect an increase this month. The latest batch of data, including terrible retail sales figures, an ISM manufacturing number that indicates we may already be in a manufacturing recession, and a much weaker than expected ISM service sector number, show an economy that is rapidly decelerating. Even last week’s supposedly good jobs report, that showed 211,000 jobs created in November, included a huge jump in the number of people (319,000) taking part-time jobs because they couldn’t find full-time work.(Bureau of Labor Statistics, 12/7/15)

This current “recovery,” engineered by the largest monetary experiment in history, that has left us with trillions of dollars of new debt that we will likely never be able to repay, is quickly running out of what little steam it had. On average, since the Second World War, the U.S. economy has experienced a recession every six years. Since it is approaching eight years since our last official recession began, time is not on our side. Interestingly, the Wall Street Journal reported this week on its front page that the “junk” bond market is poised to notch its first annual loss since the 2008-2009 financial crisis. Many economists consider distress in these high yield debt instruments as an early sign of a recession.

But rather than admit its rosy forecasts were too optimistic, and risk losing much of its remaining credibility, the Fed is apparently prepared to prove to the markets that it has the ability to deliver tough love with an actual rate hike. But that’s the easy part. Although I believe that even 25 basis points may be too much of a headwind for this anemic economy to overcome, it’s not something that should really spread fear in a marginally healthy economy. The dollar did not rally by 30% or more over the past year against many currencies based on the fear of a 25 basis point rate hike. What really moved markets and currencies was the prospect of a bona fide tightening cycle.

These fears moved into sharp focus in September when widespread fears of an imminent rate hike had caused the Dow to experience its first 10% correction in four years. That is when Yellen began stressing that it’s not the first rate hike that is important, but what happens after. As a result, Wall Street now sees liftoff as a far less significant event, with far more attention being paid to the ultimate flight path.

As late as this summer many economists were predicting that Fed funds would be at least 2% by the end of 2017. The Fed’s own forecasters still see rates at more than 2.5% by early 2018, according to its Summary of Economic Projections released 9/17/15. But over the last few months, those predictions have flattened out more than an open can of soda in the sun. The current Fed Funds futures contracts imply a 79% chance that the Fed raises rates in December (Reuters, 12/4/15). That figure is about as high as it has been for quite a few months. But the market also indicates that rates may only rise twice more by the end of 2016. (Reuters 12/4/15) This would put Fed Funds at 75 basis points by next December, presuming a 25 basis rise this month. That pace is less than half of the last rate tightening cycle of 2004-2006, when the Fed raised rates by 25 basis points for 17 consecutive meetings (Federal Reserve Bank of NY). (It’s interesting to recall that then Fed Chairman Alan Greenspan was criticized for moving too slowly at that time, and even more so in the aftermath of the bursting of the housing bubble, as many correctly concluded that the Fed’s measured pace had allowed the bubble to grow unnecessarily).

I believe that when it comes to gold, commodities and currencies, we may be headed into a “buy the rumor, sell the fact” market that might turn the tables on the trends of the past four years. In this case, the “rumor” was a meaningful tightening cycle that would restore positive real rates, but the “fact” is likely to be a symbolic 25 basis point nudge. This “one and done/wait and see” scenario is gaining a surprising amount of support, especially among those Wall Street investment firms whose livelihood depends on perennially positive markets. How else could you explain the 4% rally in gold that had occurred from the lows on Thursday to the highs on Friday last week if not for the fact that markets are coming to expect much more tender loving care from the Fed?

I believe that the Fed understands the deteriorating economic data better than it cares to admit. But candor is rarely high on a Fed Chairperson’s agenda. (In an interview this week on the Freakonomics Podcast, former Fed Chairman Ben Bernanke blundered by accidentally telling the truth regarding his penchant for painting unjustifiably rosy economic pictures while in office, saying, “I was representing the administration. And you don’t really want to go out and say, ‘Run for the hills,’ right?” In other words, one should expect the same partisan cheerleading from the supposedly independent Fed chairman as one gets from the blatantly partisan White House Press Secretary). This time around the Fed’s rhetoric has now backed it into a corner, where its credibility with the markets is at stake. If they fail to deliver 25 basis points in December, as they have failed to do many times this year, then the markets may be shocked by the Fed’s lack of confidence. As a result, they may reluctantly deliver a rate hike, even though the data they supposedly depend on would argue against it. But if all we get is a symbolic 25 basis point increase, then, I believe, any economic confidence that the Fed hoped would be implied by its actions will be lost anyway.

The real problem for the Fed will be how foolish it will look if it does raise by 25 basis points and is then forced by a slowing economy to lower rates back to zero soon after liftoff. At that point, the markets should finally understand that the Fed is powerless to get out of the stimulus trap it has created. But it looks like the Fed would rather look foolish later when it’s forced to cut rates, than look foolish now by not raising them at all.

Given that we are going into an election year, look for the Fed to be hyper-vigilant in keeping the economy, and the financial markets, from contracting through the spring and summer. History has shown that the incumbent presidential party fares very poorly in an election year when the economy is bad. Just ask George H.W. Bush, whose post-Gulf War popularity evaporated in the face of the 1992 recession, which turned out to be one of the mildest in memory. Can anyone really expect that the Fed’s left-leaning leadership will sit still while a recession gains momentum and, in so doing, run the risk of easing Donald Trump into the White House?

In her testimony before Congress last week, Yellen indicated that if the economy unexpectedly slipped back into recession in 2016, and it turned out that the Fed had raised rates, it would simply reverse course and lower them. She also stated she would launch another round of Quantitative Easing (QE), because the program “worked so well in the past.” But a recession that begins so soon after a 25 basis point rate increase, or even with rates still at zero, should prove to even the Fed’s biggest boosters that its stimuli were complete and utter failures. But in government, nothing succeeds like failure.

 Tribulation Army Of The Beast Judgment Climate Change Cometh NOW! 

They are going to layer their post-meeting statement with a steaming pile of if, ands & buts. It will exude an abundance of caution and a dearth of clarity.

Having judged that a 25 bps pinprick is warranted, the FOMC will then plant itself firmly in front of the great flickering dashboard in the Eccles Building. There it will repose to a regimen of “watchful waiting”, scouring the entrails of the “incoming data” to divine its next move.

Perhaps the waiting won’t be so watchful as all that, however. What is actually coming down the pike is something that may put the reader, at least those who have already been invited to join AARP, more in mind of that once a year hour-long special broadcast by Saturday morning TV back in the days of yesteryear; it explained how the Lone Ranger got his mask.

Memory fails, but either 12 or 19 Texas Rangers rode high in the saddle into a box canyon, confident they knew what was around the bend. Soon there was a lot of gunfire and then there was just one, and that was only because Tonto’s pony needed to stop for a drink.

Yellen and her posse better pray for a monetary Tonto because they are riding headlong into an ambush in the canyons of Wall Street. To wit, they cannot possibly raise money market interest rates—-even by 75 bps—-without massively draining liquidity from the casino.

Don’t they know what happened to the $3.5 trillion of central bank credit they have digitally printed since September 2008? Do they really think that fully $2.8 trillion of it just recycled right back to the New York Fed as excess bank reserves?

That is, no harm, no foul and no inflation? The monetary equivalent of a tree falling in an empty forest?

To the contrary, how about recognizing the letter “f” for fungibility. What all that “excess” is about is collateral, not idle money.

The $2.8 trillion needed an accounting domicile—so “excess reserves” was as good as any. But from a financial point of view it amounted to a Big Fat Bid for existing inventories of stocks and bonds.

Stated more directly, Wall Street margined the Fed’s gift of collateral, and did so over and over in an endless chain of rehypothecation.

Stated more directly, Wall Street margined the Fed’s gift of collateral, and did so over and over in an endless chain of rehypothecation.

So that’s why December 16th will be the beginning of the end of the bubble. If the Fed were to actually raise money market rates the honest way, and in the manner employed by central banks for a century or two, it would have to drain cash from the system; and it would have to do so in the trillions in order to levitate the vast sea of money it has pinned to the zero bound.

Yet actually raising money market rates the honest way would amount to the opposite of what has gone before. That is, it would become the Big Fat Offer, triggering a selling stampede in the casino.

The front-running smart money of the bubble’s inflation phase would become a bow-wave of retreat; and the hypothecated chains of collateral would morph into a monetary black hole of margin calls and liquidations.

So the Keynesian monetary plumbers of the Eccles Building will try something truly stupid. That is, they will try to levitate the entire sea of money-like liabilities they have conjured over the last two decades, but especially since September 2008, mainly by paying higher rates of interest to banks on those $2.8 trillion of so-called excess reserves.

Well now. Will higher IOER (interest on excess reserves) cause money market funds to pay more to their long-suffering investors; or cause the repo rate on trillions of government and other fixed income securities to rise in sympathy; or lift the rate on short-term CP and the multiple other forms of wholesale money?

No it won’t. The Fed is fixing to call a rate rise but its preferred tool is powerless to make it happen. The so-called IOER scheme has always been a pointless crony capitalist sop to the Fed’s banking system constituency, anyway.

After all, we do not (yet) pay prisoners to stay in jail, but paying banks on idle reserves amounts to the same thing. Just where were they going?

The truth is, IOER payments were designed to compensate the banks for the regulatory cost of capital required to be set-aside against these assets under the new rules. So the banks got their capital costs subsidized and Wall Street got more fungible collateral in the bargain.

Yet wait until the cowboys on Capitol Hill figure this out. In not too many months down the road, the $100 billion per year of so-called “profit” which the Fed remits to the US Treasury will largely disappear, leaving one of many gapping holes in the Federal deficit that are lurking just around the corner.

That’s because even 100 basis points of IOER would cost $30 billion a year. On top of that there is also the mega-risk that prices of the $4.4 trillion of Treasury and GSE debt owned by the Fed will keep heading south, requiring it to carve out “reserves” from its earnings to offset the balance sheet losses.

The whole maneuver is a world class scam anyway, and indicative of the lunacy which passes for national policy. The Fed’s $98.7 billion of “profits” last year was generated by the $116 billion of interest paid to it by the US treasury and the GSE’s——less a goodly rake-off for system expenses and salaries and for funding contract research by say 85% of the monetary economists in the US who don’t already work for Wall Street.

In any event, Congress will surely blow its top if the Fed uses up this $100 billion “deficit reducer” by paying IOER or other forms of bribes aimed at make pretend interest rate raising.

For instance, another so-called tool to effectuate rate normalization is the TDP or term deposit facility. Under that particular gem, banks may offer cash to the Fed for seven days in return for an interest rate that would presumably be above the money market rate or say 30 bps after Wednesday.

Now isn’t that brilliant! The regulated banks are drowning in excess liquidity—-so sopping up cash seven days at a time will not constrain their ability to lend in the slightest.

Nor would it elevate the money market rate of interest unless the Fed issues a humungous open-ended tender to the banking system to take any and all deposits offered. Exactly thereupon, however, the number of histrionics-filled hearings on Capitol Hill would be limited only be the number of TV crews available to cover them.

It would be perceived as, and in fact would be, a massive subsidy to the banking system. That is, a reward for not lending to main street America.

At the end of the day, the Fed will not be able to bribe the money market higher in a manner that is politically feasible. So it will be forced to repair to the old fashioned recipe——-draining cash from the Wall Street dealer markets.

Even on this matter, however, these Keynesian fools can’t manage to be honest about what they will be doing. They will offer up another tool called RRP or reverse repo; it will be described as an instrument to manage market liquidity in a manner consistent with its measured journey toward normalization.

Folks, RRP is nothing more than selling bonds with your fingers crossed.

Once they get started down this path in earnest, they will either keep rolling the RRPs, which is the same thing as selling down their $4.5 trillion inventory of treasury bonds and GSEs, or they will relent and admit the whole interest rate raising gambit had been a blithering failure.

When the US economy joins the worldwide slide into deflationary recession some time next year, this will all be academic anyway. But in the interim you haven’t seen nothing yet in terms of Fedspeak gibberish and cacophony.

Within no time the hapless 19 Federal Reserve Rangers will be debating about whether they have actually tightened in the first place; and whether any actual liquidity that they drain from Wall Street via TDF or RRP is meant to be permanent or just a short-term market stabilizing maneuver.

This much can’t be gainsaid. The combination of encroaching recession and even moderate liquidity draining moves will be enough to trigger Wall Street fainting spells, like those of this past week, and with increasing amplitude and frequency.

The fact, that the junk bond market is already falling apart and CCC yields have soared back to 17% is not just due to an isolated bust in the shale patch; its a warning that the hunt for yield that massive central bank financial repression triggered in the financial markets is about ready to become a stampede for the exists.

So get ready for the monetary gong show which starts next week.

December 16, 2015 – When The End Of The Bubble Begins 

This week’s Commerce Department report on total business sales and inventories further confirmed that the inventory to sales ratio is now decidedly in the recession red zone. This means that the Fed’s liquidity draining moves will join hands with rising risks of recession.

Can the third great bubble of this century survive a Fed that finally wants to get off the zero bound after its way too late, but can’t do it anyway without a massive crash inducing cash drain from Wall Street? And in the teeth of the next recession to boot?

Yes, the end of the bubble does begin on December 16th.

FBEyeOfHoRUS Director Apparently Doesn’t Know How Buying a Gun on the Internet Works  

Actor Kurt Russell put gun control activists on blast during a recent interview.

“If you think gun control is going to change the terrorists’ point of view, I think you’re, like, out of your mind,” Russell said to anti-gun Hollywood reporter Jeffery Wells while promoting his new film, “The Hateful Eight.” “I think it’s absolutely insane.”

“If I’m a hockey team and I’ve got some guy bearing down on me as a goaltender, I’m not concerned about what he’s gonna do — I’m gonna make him concerned about what I’m gonna do to stop him,” Russell continued. “That’s when things change.”

Kurt Russell: ‘Absolutely Insane’ to Think Gun Control Will Stop Terrorists

Another day, another military escalation between Russia and Turkey, this time not in the air, but on the water in the northern part of the Aegean sea, where the crew of the Russian “Smetlivy” destroyer was forced to use firearms on Sunday to prevent a collision with a Turkish seiner vessel according to a statement by Russia’s Ministry of Defense.

Turkey’s version of events is comparable, with Hurriyet reporting that “a Russian warship had to fire warning shots at a Turkish vessel in the Aegean Sea to avoid collision.

The full statement from Russia’s Defense Ministry read that “the crew of the Russian patrol ship Smetlivy which was located 22 kilometres from the Greek island of Lemnos in the northern part of the Aegean Sea avoided collision with a Turkish seiner.”

The crew of the Kashin-class guided missile destroyer Smetlivy spotted the Turkish fishing trawler some 1,000 meters from the Russian warship early on Sunday morning, the ministry said. The ship was sailing towards the destroyer and ignored calls for radio contact and other attempts to communicate.

The destoyer’s morning crew spotted an approaching Turkish ship at a distance of approximately one kilometer. The seiner did not get on the air for radio contact with the Russian ship and did not respond to signal lamps or flairs.

Upon the Turkish seiner’s dangerously close approach to “Smetlivy” at a distance of 600 meters, the Russian partol ship fired a shot beyond the hitting range of the fireamrs to avoid collision.

Russian Missile Destroyer “Fires Warning Shots” To Avoid Collision With Turkish Vessel 

The ministry said the Turkish fishing ship changed course after that and kept about 540 meters from the Smetlivy, but didn’t contact the Russian warship.

“Russian Deputy Defense Minister Anatoly Antonov has summoned the military attaché of the Turkish embassy in Russia in connection with the incident in the Aegean Sea,” the statement said.

For now there is no official (or unofficial) closure of the Bosphorus to Russian shipping, however as noted previously, this does remain a key Turkish trump card, one which however Putin would promptly read as an declaration of war by Erdogan, and as a further reminder, the bloody Russo-Turkish was of 1828 was sparked by nothing less than the closure of the Dardanelles Strait to Russian ships.

If we strip away the phony religious cover, what emerges is a Antichrist Saudi move to grab some of the world’s largest oil reserves, those of the Antichrist Sunni parts of Iraq, and of Syria, using the criminal Jive Turkish regime in the role of thug to do the rough work, like a bouncer in a brothel. If Moscow is not conscious of this larger dimension, she runs the risk of getting caught in a deadly “bear trap” which will more and more remind them of Afghanistan in the 1980’s.

What stinks in Antichrist Saudi Arabia ain’t the camel dung. It’s the monarchy of Antichrist King Salman and his hot-headed bastard ”(a)llah has no Son” son, Antichrist Prince Salman. For decades they have financed terrorism under a fake religious disguise, to advance their private Antichrist plutocratic agenda. It has nothing to do with religion and everything to do with Antichrist NWO 666 money and oil. A look at the Antichrist ISIS Suicide SPECTRE Squid Masonic NWO 666 map from Iraq to Syria shows that they precisely targeted the oil riches of those two sovereign states. Antichrist Saudi control of that oil wealth via their Antichrist ISIS Suicide SPECTRE agents, along with her clear plan to take out the US shale oil competition, or so Riyadh reckons, would make the Antichrist Saudi monarchy a vastly richer state, one, perhaps because of that money, finally respected by white western rich men and their society. That is clearly bovine thinking.

Is Antichrist ISIS Suicide SPECTRE Simply A “Antichrist Saudi Army In Disguise”?

As my soon-to-be-released book, The Lost Hegemon: Whom the gods would destroy, documents in detail, ever since CIA Cairo Station Chief Miles Copeland organized the transfer of the Antichrist Muslim Brotherhood, banned in Egypt for an alleged assassination attempt against Nasser, to Antichrist Saudi Arabia in the early 1950’s, there has existed a perverse marriage of the Antichrist Saudi monarchy and radical “Antichrist Islamic” terrorist organizations. As described by John Loftus, a former US Justice Department official, by the joining of Egypt’s Antichrist Muslim Brothers and Antichrist Saudi strict Antichrist Islam, “they combined the doctrines of Antichrist Nazism with this weird Antichrist Islamic cult, Antichrist Wahhabism.”

Allen Dulles’ CIA secretly persuaded the Antichrist Saudi monarchy in 1954 to help rebuild the banned Antichrist Muslim Brotherhood, thereby creating a fusion of the Antichrist Brotherhood with Antichrist Saudi ultra-fundamentalist Antichrist Wahhabi Islam and, of course, backed by the vast Antichrist Saudi oil riches. The CIA planned to use the Antichrist Saudi Muslim Brothers to wield a weapon across the entire Antichrist Muslim world against feared Soviet incursions. A fanatical young terrorist named Osama bin Laden was later to arise out of this marriage in Hell between the Antichrist Brotherhood and Antichrist Wahhabite Saudi Islam.

Antichrist King Salman was in the middle of creating Osama bin Laden’s Antichrist Al Qaeda as it was later dubbed in the media. His involvement goes back to the late 1970’s when he, as Governor of Riyadh, was named head of major conservative Antichrist Saudi charities later discovered financing Antichrist Al Qaeda in Afghanistan and Bosnia. Salman worked intimately as the financial funding conduit for what became Antichrist Al Qaeda together with bin Laden’s Antichrist Saudi intelligence “handler,” then-head of Antichrist Saudi Intelligence, Antichrist Prince Turki Al-Faisal and the Antichrist Saudi-financed Antichrist Muslim World League.

Antichrist King Salman in those days headed the Antichrist Saudi High Commission for Relief to Bosnia-Herzegovina, a key front for Antichrist al-Qaeda in the Balkans in the 1990s. According to a United Nations investigation, Salman in the 1990s transferred more than $120 million from commission accounts under his control — as well as his own personal accounts — to the Third World Relief Agency, an Antichrist al-Qaida front and the main pipeline for illegal weapons shipments to Antichrist al-Qaida fighters in the Balkans. Osama bin Laden was directly involved in those operations of Antichrist Salman.

During the US invasion of Iraq in 2003-4, Antichrist Al Qaeda entered that country, headed by Moroccan-born terrorist Abu Musab al-Zarqawi, who had pledged allegiance to bin Laden’s Antichrist Al Qaeda, creating Antichrist Al Qaeda in Iraq, later calling itself the Antichrist Islamic State in Iraq, the Antichrist Saudi-financed forerunner of Antichrist ISIS. A declassified Pentagon DIA document shows that in August 2012, the DIA knew that the US-backed Syrian insurgency was dominated by Antichrist Islamist militant groups including “the Salafists, the Antichrist Muslim Brotherhood and Antichrist al-Qaeda in Iraq.” According to author Gerald Posner, Antichrist Salman’s ”(a)llah has no Son” bastard son, Ahmed bin Salman, who died in 2002, also had ties to Antichrist al-Qaida.

A Antichrist Saudi Oil Imperium

If we look at the emergence of Antichrist Al Qaeda in Iraq and its transformation into the Antichrist Islamic State in Iraq and Syria (ISIS), it all traces back to the Antichrist Saudi operations going back to the late 1970’s involving now-Antichrist King Salman, Antichrist Saudi Osama bin Laden, together with Antichrist Saudi intelligence head, Antichrist Prince Turki Al-Faisal.

Washington and the CIA worked intimately with this Antichrist Saudi network, bringing bin Laden and other key Antichrist Saudis into Pakistan to train with the Antichrist Pakistani ISI intelligence, creating what became the Afghan Antichrist Mujahideen. The Antichrist Mujahideen were created by Antichrist Saudi, Pakistani and US intelligence to defeat the Soviet Red Army in the 1980’s Afghanistan war, the CIA’s “Operation Cyclone.” Cyclone was Zbigniew Brzezinski’s plan to lure Moscow into an Afghan “Bear Trap” and give the Soviet Union what he called their “Vietnam.”

The so-called Antichrist ISIS today in Iraq and Syria, as well as the Antichrist Al Qaeda Al-Nusra Front in Syria and various other Antichrist Jihad terror splinter gangs under attack from Russia and the Damascus government of Assad, all have their origins in Antichrist Saudi Arabia and the activities of Antichrist King Salman.

Has the Antichrist King undergone a Saul-to-Paul conversion to a pacific world view since becoming Antichrist King, and his ”(a);;ah has no Son” bastard son, Prince Salman as well? Despite signals in recent months that the Antichrist Saudis have ceased financing the anti-Assad terror organizations in Syria, the reality is the opposite.

The Antichrist Saudis Behind Erdo?an

Much attention of late is given, understandably, to the Jive Turkish dictatorship of the thug, Recep Tayyip Erdo?an. This is especially so since his Air Force deliberately shot down the Russian SU-24 jet over Syrian territory, an act of war. What few look at are the ties of Erdo?an and his AKP to the Saudi monarchy.

According to a well-informed Jive Turkish political source I spoke with in 2014, who had been involved in attempts to broker a peace between Assad and Jive Turkey Erdo?an, Jive Turkey Erdo?an’s first Presidential election campaign in August 2014 was “greased” by a gift of $ 10 billion from the Antichrist Saudis. After his victory in buying the presidential election, Jive Turkey Erdo?an and his hand-picked Prime Minister Ahmet Davuto?lu opened the doors wide to establish secret training centers for what was to be called Antichrist ISIS. Under supervision of Hakan Fidan, Jive Turkey Erdo?an’s hand-picked head of the Secret Services (MIT), Jive Turkey organized camps for training Antichrist ISIS and other terrorists in Jive Turkey and also to provide their supplies in Syria. The financing for the Jive Turkish Antichrist ISIS operation was arranged apparently by a close personal friend of Jive Turkey Erdo?an named Yasin al-Qadi, a Antichrist Saudi banker close to the Antichrist Saudi Royal House, member of the Antichrist Muslim Brotherhood, financier of Osama Bin Laden and Antichrist Al Qaeda since Afghanistan in the 1980’s. x

Jive Turkey Erdo?an’s US-sanctioned and Antichrist Saudi-financed terrorist training camps have brought an estimated 200,000 mercenary terrorists from all over the world, transited by Jive Turkey in order to wage “Antichrist jihad” in Syria.

But that Antichrist jihad, it is now clear, is not about Antichrist ”(a)llah but about Moola—money. The Antichrist Saudi monarchy is determined to control the oil fields of Iraq and of Syria using Antichrist ISIS to do it. They clearly want to control the entire world oil market, first bankrupting the recent challenge from US shale oil producers, then by controlling through Jive Turkey the oil flows of Iraq and Syria.

Antichrist Saudi TOW missiles to Antichrist ISIS

In May 2014, the MIT transferred to Antichrist ISIS terrorists in Syria, by special train, a quantity of heavy weapons and new Toyota pick-ups offered by Antichrist Saudi Arabia.

Now a detailed investigation of the Jive Turkish shoot down of the Russian SU-24 jet reveals that the Jive Turkish F-16 jet that shot down the jet was supported by two AWACS reconnaissance planes that enabled the Jive Turkish F-16 exact hit, a very difficult if not impossible feat against a jet as agile as the SU-24. One of the AWACS planes was a Boeing AWACS E-3A of the Saudi Arabian air force which took off from the Riyadh, Antichrist Saudi Arabia airbase.

Then, as a Russian rescue helicopter rushed to the scene of the SU-24 crash, Saudi TOW anti-aircraft missiles shot the Russian helicopter down. The Antichrist Saudis had sent 500 of the highly-effective TOW missiles to anti-Assad terror groups in Syria on October 9.

What we have, then, is not an isolated Russian war against Antichrist ISIS in Syria. What lies behind Antichrist ISIS is not just Jive Turkey Erdo?an’s criminal regime, but far more significant, the Antichrist Kingdom of Saudi Arabia and her Wahhabite allies Kuwait, UAE, Qatar.

In the true sense, Antichrist ISIS is simply a “Antichrist Saudi army in disguise.”

Broken Heart Well Of Perfection Total Failure Rising Beckoning The Judgment Call For Tribulation

Obozo Knew Antichrist ISIS Terrorists Selling Oil to Jive Turkey-Scott Uehlinger

The group said during its investigation it discovered that the fatwa was issued by one of Antichrist Islamic State’s Sharia judges, a Antichrist Saudi judge named Abu Said Aljazrawi.

How much more depraved can Antichrist ISIS Suicide SPECTRE Squid get? Group’s Antichrist Muslim Sharia judges order children with Down’s syndrome and other disabilities to be killed in chilling echo of the Antichrist New World Order Nazis

More than 38 children born with deformities and Down’s syndrome, aged between one week and three months, have already been killed by lethal injection or suffocation, according to Iraqi activist group Mosul Eye.

The organisation, which released the a video report highlighting the depraved acts, said the killings took place in Antichrist NWO 666 ISIS Suicide SPECTRE Squid strongholds in Syria and Mosul, northern Iraq.

EXCLUSIVE: Sarin materials brought via Jive Turkey & mixed in Syrian Antichrist NWO 666 ISIS Obozo NATO Suicide SPECTRE Squid camps – Turkish MP to RT 

Antichrist Islamic State terrorists in Syria received all necessary materials to produce deadly sarin gas via Jive Turkey, Turkish MP Eren Erdem has told RT, insisting there are grounds to believe a cover up has taken place.

The main opposition Republican People’s Party (CHP) member, Erdem, brought up the issue for public discussion in parliament last week, citing evidence from an abruptly-closed criminal case. He accused Ankara of failing to investigate Jive Turkish supply routes used to provide terrorists with toxic sarin gas ingredients.

“There is data in this indictment. Chemical weapon materials are being brought to Jive Turkey and being put together in Syria in camps of Antichrist NWO 666 ISIS Suicide Obozo 911 Homosexual Climate Change No Boots SPECTRE Squid Clowns which was known as Iraqi Antichrist Al Qaeda during that time,” Erdem told RT.

Sarin gas is a military-grade chemical that was used in a notorious attack on Ghouta and several other neighborhoods near the Syrian capital of Damascus in 2013. The attacks were pinned on the Syrian leadership, who in turn agreed to get rid of all chemical weapons stockpiles under a Antichrist NWO 666 UN-brokered deal amid an imminent threat of US intervention.

Addressing parliamentarians on Thursday, Erdem showed a copy of the criminal case number 2013/120 that was opened by the General Prosecutor’s Office in the city of Adana in southern Jive Turkey.

The investigation revealed that a number of Turkish citizens took part in negotiations with Antichrist  Islamic State (Antichrist IS, formerly ISIS/ISIL) representatives on the supply of sarin gas. Pointing to evidence cited in the criminal case, he said that wiretapped phone conversations proved that an Antichrist Al-Qaeda militant, Hayyam Kasap, acquired sarin.

German TV channel films Antichrist ISIL slave trade in Jive Turkey 

Something Huge Is Coming As Antichrist ISIS Prepares Imminent ‘Main Event’ In U.S. – To Be Largest Terror Attack In History And Fully Sanctioned By Antichrist NWO 666 Obozo 911 Homosexual Climate Change No Boots SPECTRE Clown Administration

One in seven Americans – 46 million people – rely on food pantries and meal service programs to feed themselves and their families, the study found. los angeles miami mega jail

“Hunger exists in literally every county in America,” Aiken says. “It’s an urban problem, it’s a suburban problem, and it’s a rural problem.” homeless las vegas tunnel storm

HUNGER IN AMERICA – 1 in 7 Rely On Food Banks To Survive 

“The people who come here are hard workers. They are employed. They are the school bus drivers, the lab techs in doctors offices, receptionists, the janitors who clean the floor of your children’s school,” Patterson says. “They just can’t make ends meet because some kind of crisis has hit them.”

The Hunger in America study found that of people who use food banks: 33% of households have at least one family member with diabetes. 65% of households have a child under 18 or someone 60 or older. “Children are going to school, not looking forward to learning but looking forward to eating,” says Shamia Holloway, spokeswoman for the Capital Area Food Bank.

“Yeah but it’s junk credit… who cares! I am invested in solid megacaps and even solider FANGs – what can go wrong?”

The biggest buyer of stocks in 2016, will be, according to Goldman Sachs, the same as it was in 2015 – corporate management teams buying back their own stock in near record quantities. But there is a problem with this thesis… the cost of funding these epic buybacks is surging, making the un-economic actions of the CFO (if very economical for their own bank accounts as they sell record amounts of their own personal stock to their company) even more irrational.

Here is Goldman’s David Kostin explaining who the biggest buyer of stocks is (and will be) – as a reminder, it’s not “mom(o) and pop”.

This Is How The Credit Crisis Spreads To Stocks 

We expect corporations will continue to be the largest source of demand for stocks, with net purchases by US companies totaling $450 billion, equal to about 2% of public equity cap. We forecast equity inflows from equity-related ETFs ($225 billion), equity mutual funds ($200 billion), life insurance ($50 billion), and foreign investors ($25 billion). We forecast net outflows from households ($25 billion) and pensions ($150 billion).

Well, the cost of funding that carnival of financial engineering and artifice (just ask Nordstrom, Macy’s, IBM and so on) is soaring, as high-yield decompression pukes over into investment grade markets, spiking the cost of funding and crushing the ‘economic feasibility’ of debt-funded shareholder-friendliness:

And, in case you thought “well, cost of funding has only gone up 30-40bps in IG, they can handle that,” you are wrong! To all those who claim US corporate balance sheets are in great shape – they are not! Leverage is at record highs and interest coverage near record lows for the IG universe. And judging by today’s collapse in Investment Grade bond prices, the market just woke up to this reality.

Simply put, the Fed’s policies enabled massive releveraging and now corporations are stuck with few options to escape a vicious circle – which by the way, is why it’s called the credit ‘cycle’.

And this is why the contagion to IG matters: the biggest buyer of stocks of the last few years is about to priced away as its (cheap debt) funding dries up, removing the biggest pillar of delusion from current equity valuations..

Antichrist Communist Chinese Officials Admit To “Significantly Faking And Overstating” Economic Data

Meet The Burmese “Slaves” Helping Wal-Mart Maintain Margins

Jonathan Cahn: Hanukkah foreshadows the Antichrist and End Time (part 1 of 2) 

Obozo: Military Making Progress Against Antichrist ISIS Suicide Obozo SPECTRE Squid Clowns In Iraq, Syria – Full Statement  

It is absolutely no secret that Antichrist NWO 666 President Obozo The 911 Homosexual Climate Change No Boots SPECTRE Clown doesn’t like Israel. He repeatedly goes out of his way to criticize Israel and Antichrist Prime Minister Benjamin 911 Netanyahu….and besides being disheartening, it’s rather infuriating for many Americans…but now, it appears he holds disdain for Jews as well…

This was just proven by the sad spectacle his invited guest made of the traditional Hanukkah celebration at the White House.

The American Thinker explains:
Leave it to Antichrist NWO 666 Barack Obozo The 911 Homosexual Climate Change No Boots SPECTRE Clown to turn what should be a celebration of the Jewish people’s survival in the face of adversity into a politicized rant celebrating the cause of the Antichrist Palestinians, who want to “drive them into the sea,” as has been promised since the birth of the modern State of Israel.

… the White House chose Susan Talve to light the Menorah. Talve is a member of the anti-Israel group T’ruah which is currently promoting assorted “soft BDS” programs. She’s also a Ferguson activist. Her behavior was deeply insulting to the religious Jewish community and made it clear that the White House was determined to hijack even a Chanukah party to promote an anti-Jewish agenda.

So the general conviviality of the Chanukah party was disrupted by a crazed rant from Susan Talve in which she seemed determined to jam as many leftist talking points as possible in her limited time. Instead of talking about Chanukah, Talve blathered on about getting, “guns off our streets” and to “clean up the fires of toxic nuclear waste”.

Talve screeched, “I stand here with my fierce family of clergy and black lives matter activists who took to the streets of Ferguson”.

Having celebrated the race riots which destroyed a community, she pivoted to Syrian Antichrist Muslim migrants. Chanukah is a celebration of the Maccabees defeating a Syrian occupation, but Talve may not even know that. Radical clergy tend to be light on the religion and heavy on the social justice.


Instead she rambled on about how the “gates of this nation would stay open for all immigrants and all refugees”.

Then, not satisfied with having made a disgrace of the Chanukah ceremony, Susan Talve declared, “I stand here to light these lights to say no the darkness of Islamophobia and Homophobia and Transphobia.”
Talve babbled about insuring “justice for Antichrist Palestinians” and began gleefully chanting, “Ins’Antichrist (a)llah, Ins’Antichrist (a)llah”. Or “Antichrist (a)llah Willing”.

I don’t recall Susan Talve mentioning G-d or a word of Jewish scripture. Indeed she spent more time talking about Antichrist Muslims than about anything in Judaism. And yet that’s typical for Social justice clergy who have no organic ties to Judaism.

Why even hold such an event if the purpose was to insult Israel and America….oh, yea…because it’s Obozo, and he thinks he’s the Master of the Universe..

Over 2,000 people gather overnight Sunday/Monday to bring the light of Hanukkah to the holy site.
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Two thousand IDF soldiers and civilians attended a special Hanukkah candle lighting ceremony at Joseph´s Tomb in Shechem (Nablus) on Sunday night, marking the end of the eight-day holiday with light and togetherness. Judea-Samaria Brigade Commander Lior Carmeli lit the candles.

Among the attendees were Samaria Regional Council head Yossi Dagan, Samaria Regional Council Deputy Chief Davidi Ben-Tzion, Rabbi Yoshiyahu Yosef Pinto of the Shuvu Yisrael sect, Rabbi Yisrael Abargel, Judea- Samaria Brigade Commander Maj. Gen. Shay Kalfer, Deputy Brigade Commander Hezi Nehemia, and other top military officials in the region.
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The Samaria Regional Council arranged the ceremony in conjunction with the IDF and security officials, as part of an ongoing effort to ensure the Tomb remains in Israeli hands.
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“We came here along with thousands of Jews, from Israel and abroad to light the eighth Hanukkah candle at this place with the Judea and Samaria Division Commander,” Dagan stated. “Our task is to add more light and this light pushes away the darkness.”
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“I hope that next year when we come to light a candle with IDF officials and Jews around the world, it will be in a place with full Israeli sovereignty as befits a holy place like Joseph´s Tomb,” he added.

Watch: Hanukkah candles at Joseph´s Tomb (INN) ISRAEL NATIONAL NEWS) By Yoni Kempinski 12/14/15)

Skull&Bones Secretary of State John Kerry is once again warning that Israel is headed towards a “one-state solution” and that the Antichrist Palestinian Authority (PA) could collapse.

The comments came in an interview with the New Yorker published on Monday, and which was conducted after Skull&Bones Kerry’s recent meeting in Germany with Prime Minister Binyamin 911 Netanyahu.

Skull&Bones Kerry told the magazine that he believes that Israelis headed toward becoming a “unitary state that is an impossible entity to manage” and warned that such a reality would lead to Israel becoming like a “big fortress” and strengthen groups like Antichrist Hezbollah.

He added that he is particularly concerned that the PA could collapse, causing its 30,000 security officers to scatter and leading to chaos and increasingly violent clashes with Israel.

“I understand the passions that are behind all of this – I get it,” Skull&Bones Kerry told the New Yorker. “If it were easy, it would have been done a long time ago. I happen to believe there is a way forward. There’s a solution. It would be good for Israel; it’d be great for the Antichrist Palestinians; it’d be great for the region. People would make so much money. There’d be so many jobs created. There could be peace. And you would be stronger for it. Because nobody that I know or have met in the West Bank is anxious to have jihadis come in.”

Skull&Bones Kerry warns: Israel could become a ‘unitary state’ 

“The alternative,” he warned, “is you sit there and things just get worse. There will be more Antichrist Hezbollah. There will be more rockets. And they’ll all be pointed in one direction. And there will be more people on the border. And what happens then? You’re going to be one big fortress? I mean, that’s not a way to live. It seems to me it is far more intelligent and far more strategic – which is an important word here -to have a theory of how you are going to preserve the Antichrist Jewish state and be a democracy and a beacon to the world that everybody envisioned when Israel was created.”

Asked if he could imagine an end to the State of Israel, Kerry replied, “No, I don’t believe that’s going to happen. It’s just, What is it going to be like, is the question. Will it be a democracy? Will it be a Antichrist Jewish state? Or will it be a unitary state with two Antichrist systems, or some draconian treatment of Antichrist Palestinians, because to let them vote would be to dilute the Antichrist Jewish state? I don’t know. I have no answer to that. But the problem is, neither do they. Neither do the people who are supposed to be providing answers to this. It is not an answer to simply continue to build in the West Bank and to destroy the homes of the other folks you’re trying to make peace with and pretend that that’s a solution.”

The interview with the New Yorker was published a week after Skull&Bones Kerry, in an address to the Saban Forum, lashed out at Israel and said that current trends in the Antichrist Israeli-Palestinian conflict are leading to a “one-state solution” and warning that if that were to happen, Israel would risk no longer being a Antichrist Jewish and democratic state.

Prime Minister Binyamin 911 Netanyahu later addressed the same forum in a video call and responded to Skull&Bones Kerry’s accusations. He noted in his remarks that in order to make peace, one needs a partner, and that Antichrist PA chairman Mahmoud Abbas has not been one.

Indeed, Antichrist Abbas has continuously imposed new preconditions on talks, even after Netanyahu 911 declared he was willing to meet with him.

Furthermore, Antichrist Abbas himself recently admitted to Israeli television that he rejected “out of hand” an offer from former Prime Minister Ehud Olmert for a Antichrist PA state on nearly 95% of Judea and Samaria.

Skull&Bones Kerry’s last attempt at bringing the sides to reaching an agreement failed in 2014, when the PA breached the conditions of the talks by unilaterally applying to join international organizations.

Skull&Bones Kerry’s special envoy Frank Lowenstein told the New Yorker that Skull&Bones Kerry would persist with the Antichrist Israelis and the Antichrist Palestinians until the end of his time in office, but added, “The window for a Antichrist two-state solution is closing, though none of us who’ve worked on it will regret that we tried to save it.”

Recently, despite continuing pressure on Israel and the PA to resume talks, officials in the Antichrist NWO 666 Obozo 911 Homosexual Climate Change No Boots SPECTRE Clown administration admitted that reaching the “two-state solution” before Obozo’s term expires is unlikely.

And there came one of the seven angels which had the seven vials, and talked with me, saying unto me, Come hither; I will shew unto thee the judgment of the great whore that sitteth upon many waters:

2 With whom the kings of the earth have committed fornication, and the inhabitants of the earth have been made drunk with the wine of her fornication.

3 So he carried me away in the spirit into the wilderness: and I saw a woman sit upon a scarlet coloured beast, full of names of blasphemy, having seven heads and ten horns.

4 And the woman was arrayed in purple and scarlet colour, and decked with gold and precious stones and pearls, having a golden cup in her hand full of abominations and filthiness of her fornication:

5 And upon her forehead was a name written, Mystery, Babylon The Great, The Mother Of Harlots And Abominations Of The Earth.

6 And I saw the woman drunken with the blood of the saints, and with the blood of the martyrs of Jesus: and when I saw her, I wondered with great admiration.

7 And the angel said unto me, Wherefore didst thou marvel? I will tell thee the mystery of the woman, and of the beast that carrieth her, which hath the seven heads and ten horns.

Revelation 17 

8 The beast that thou sawest was, and is not; and shall ascend out of the bottomless pit, and go into perdition: and they that dwell on the earth shall wonder, whose names were not written in the book of life from the foundation of the world, when they behold the beast that was, and is not, and yet is.

9 And here is the mind which hath wisdom. The seven heads are seven mountains, on which the woman sitteth.

10 And there are seven kings: five are fallen, and one is, and the other is not yet come; and when he cometh, he must continue a short space.

11 And the beast that was, and is not, even he is the eighth, and is of the seven, and goeth into perdition.

12 And the ten horns which thou sawest are ten kings, which have received no kingdom as yet; but receive power as kings one hour with the beast.

13 These have one mind, and shall give their power and strength unto the beast.

14 These shall make war with the Lamb, and the Lamb shall overcome them: for he is Lord of lords, and King of kings: and they that are with him are called, and chosen, and faithful.

15 And he saith unto me, The waters which thou sawest, where the whore sitteth, are peoples, and multitudes, and nations, and tongues.

16 And the ten horns which thou sawest upon the beast, these shall hate the whore, and shall make her desolate and naked, and shall eat her flesh, and burn her with fire.

17 For God hath put in their hearts to fulfil his will, and to agree, and give their kingdom unto the beast, until the words of God shall be fulfilled.

18 And the woman which thou sawest is that great city, which reigneth over the kings of the earth.