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Posts Tagged ‘Debt Crisis’

Occupy Wall Street protests weighing on U.S. future

October 17, 2011 Comments off

China will demand confirmation of the U.S. Gold being held up as collateral for the foreign debt owed to China. An audit of Ft. Knox with independent testing of the claimed gold the U.S. purports to have on demand will send shock waves through the world just as if it was struck by an earthquake. It will leave the U.S. and its debtors reeling in its aftershocks that will bring down much of the world’s economic structure. “Lie about the gold, and what else have you been lying about?” The U.S. will become the most despised nation on earth.

CHICAGO, Oct. 16 (Xinhua) — The distrust and resentment manifested by Occupy Wall Street protesters towards the U.S. financial system could bear precarious consequences on the future of the United States, experts have told Xinhua.

Although the protesters account for only a small percentage of the national population, their frustration with the current economy and some of the government’s policies are shared by many, they said, citing similar rallies in dozens of other U.S. cities as evidence.

“America is in the midst of a massive ideological debate about the future of the country — what its economy will look like, and the role of capitalism and big government in America,” Richard Wottrich, a senior managing director at the McLean Group, told Xinhua.

Though it is still too early to tell what would be the legacy of the protests, the ongoing social movement may prove influential in determining the future course of the country at this difficult hour in its history, Wottrich said.

Luigi Zingales, a professor of entrepreneurship and finance at the University of Chicago Booth School of Business, echoed that the protests are “an indication of all the underlying forces that lead to some form of popular revolt or popular dissatisfaction.”

“The question is how this will be channeled politically. And depending on how it will be channeled, we might have completely different outcomes,” the professor added.

The Occupy Wall Street protests, Zingales noted, incorporate some forms of populism, namely movements by the common people against those they see as elites, which has been associated with both exploitative pandering and constructive change in history.

The broadly-shared sentiment behind the protests would potentially make the movement fairly easy to recruit support and expand influence, said the professor, who predicted in a 2009 article that populism would grow in the United States following the 2008 financial crisis.

Together with colleagues from the Kellogg School of Management at Northwestern University, Zingales has developed a financial trust index that measures changes in the U.S. public’s trust towards the financial system and private institutions.

The most recent research on the index, Zingales told Xinhua, showed a markedly decline in public trust towards banks.

The professor added that behind the protesters’ choice of Wall Street as their major target is their increasing hostility towards the cooperation between the government and big corporations, although the public-private partnership is central to the U.S. economic system.

“The public-private partnership is designed to have the efficiency of the private sector and the goals of the public sector, and I fear it ends up being the efficiency of the public sector and the goals of the private sector,” Zingales said.

“What happens is basically taxpayers are subsidizing private profits… That is not what these people from Occupy Wall Street want,” he said.

Although the United States has adopted legislation such as the Dodd-Frank Wall Street Reform and Consumer Protection Act to regulate financial services, many U.S. citizens accuse the present measures of being insufficient and call for more action. – Xinhua.net

G20 tells euro zone to fix debt crisis in eight days

October 15, 2011 Comments off

Satan is now faced with shifting his attention to the European Union as his new chair of authority, or, whatever his devious and cunning mind might try to surprise us with. Either way, the United States is on its last leg. The intended domino effect is underway by the LOZ and will continue on the course Yahweh has set.

Satan will lose this throne and gain another in the his installment to that of the European Union whom will issue the World currency that will soon come into existence.

You are each watching the pieces of the jigsaw puzzle fall into place.

The world’s jigsaw puzzle, involving all of the intelligent creations, and with France whom is a dominate military power for the New Roman Empire – consisting of the European Union’s family making up the New Rome – and the United States being in the background and backing the New Rome as the Beast that is falling from power, you can piece the jigsaw puzzle together as things are now taking or falling into place piece by piece.

Know this: All things, including headlines, spoken words, numbers, sounds – regardless of what makes them, they are all part of the puzzle that brings forth the answers to what is happening. Everything presently going on in the visible material realm is an intricate piece of the puzzle that ties in and fits in to what is the over all picture of the rise and fall of Dawn Lucifer Satan the Devil’s adventures over the last 6000 years of his rule. He is copying the LOZ by forming a joint alliance that prospers his rising power in quest of world dominance. All things reflect other things. Each county that is rioting against their rulers and wanting change of government reflects the individual fall of each nation on this planet as Christ’s kingdom draws ever near to coming into full power.

(Reuters) – The world’s leading economies pressed Europe on Saturday to act decisively within eight days to resolve the euro zone’s sovereign debt crisis which is endangering the world economy.

In unusually direct language, finance ministers and central bankers of the Group of 20 major economies said they expected an October 23 European Union summit to “decisively address the current challenges through a comprehensive plan”.

French Finance Minister Francois Baroin, who chaired the meeting, said Berlin and Paris, the leading euro zone powers, were well on the way to agreeing a plan to reduce Greece’s debt, stop contagion and protect Europe’s banks.

Non-euro countries highlighted the damage the European crisis was already doing to their economies and underlined the urgent need for action by the 17-nation single currency area.

“Europe needs to get its act together because unless the crisis is put to an end, it will start to affect emerging economies which have enjoyed strong growth,” Japanese Finance Minister Jun Azumi said.

His Canadian counterpart, Jim Flaherty, said the risk of a global recession would be dramatically higher if next Sunday’s European summit failed to deliver.

British finance minister George Osborne told reporters his continental euro zone colleagues “will have left Paris under no misunderstanding that there is a huge amount of pressure on them to deliver a solution to the crisis”.

Treasury Secretary Timothy Geithner told reporters he was encouraged that the latest EU moves toward an overall strategy to tackle the two-year-old crisis contained the right elements, notably a recapitalization of European banks.

“They clearly have more work to do on the strategy and the details, but when France and Germany agree on a plan together and decide to act, big things are possible,” Geithner said.

“I am encouraged by the speed and direction in which they are moving.”

The communique urged the euro zone “to maximize the impact of the EFSF (bailout fund) in order to address contagion”. EU officials said the most likely option was to use the 440 billion euro fund to offer partial loss insurance to buyers of stressed member states’ bonds in a bid to stabilize the market.

Efforts by some countries to increase the IMF’s warchest to fight the crisis ran into resistance from the United States and others on Friday, burying the idea for now and putting the onus firmly back on Europe.

Geither said the IMF already had very substantial financial firepower and Washington would support committing more of the existing resources to supplement a well-designed European strategy with more euro zone funding.

As the G20 finance ministers and central bankers met in Paris, anti-capitalist protesters rallied around the world, shouting their rage against bankers and politicians accused of ruining economies and condemning millions to hardship through greed and bad government.

Many of the protests, galvanized by the Occupy Wall Street movement, were small and peaceful. But in Rome hundreds of hooded rioters burned cars and smashed shop and bank windows in some of the worst violence in the Italian capital for years.

RESISTANCE FROM BANKS

Germany and France are trying to put flesh on the bones of a crisis resolution plan in time for the EU summit.

It will involve plans to recapitalize banks, make Greek’s debt mountain more sustainable and ramp up the firepower of the bloc’s rescue fund.

For once in the long-running crisis, the timetable is ambitious. But analysts see risks that forcing banks, the main source of business investment in Europe, to raise more capital could doom the region’s faltering growth, and that the reduction in Greek debt may be too small to avoid a default.

There were growing signs that Athens’ creditor banks will fight any attempt to make them shoulder a bigger burden in restructuring Greece’s debts. The lead negotiator of the banking lobby representing private bondholders said there were no grounds to impose bigger “voluntary” losses on their debt than the 21 percent agreed in July, which looks insufficient.

“We do not see that a compelling case has been made to reopen the (July) deal. A deal is a deal,” Charles Dallara, managing director of the Institute of International Finance (IIF) told the Financial Times.

The G20 statement pledged to ensure banks are adequately capitalized and have sufficient access to funding, and said central banks would continue to provide liquidity to banks as required.

Fears of a Greek default have undermined confidence on volatile markets since late July, with global stocks falling 17 percent from their 2011 high in May.

But they have picked up since the leaders of France and Germany set an end-October deadline for comprehensive action.

NO CHANGE ON YUAN, FOREX LANGUAGE

While the European crisis was the main focus, Washington and Beijing continued to spar over China’s currency.

Geithner said China should let the yuan rise more rapidly to benefit global growth.

Chinese Premier Wen Jiabao rebuffed U.S. pressure for a more rapid appreciation, assuring exporters at the Canton Fair in Guangzhou on Saturday that China’s exchange rate would remain “basically stable” to protect them.

Chinese negotiators prevented the G20 from going beyond wording issued at their last meeting in Washington on the need for emerging market nations’ currencies to be more flexible.

Ministers agreed that advanced economies would cut deficits while emerging economies would continue their move toward greater exchange rate flexibility and boost domestic consumption.

French President Nicolas Sarkozy wants progress on bigger goals such as setting parameters to measure global imbalances and reining in speculative capital flows at a November 3-4 summit in Cannes, where France passes the G20 baton to Mexico. – Reuters

The millions of Americans living in long-stay motels

September 5, 2011 Comments off

They are known as the last resort. Millions of Americans are staying in budget long-stay motels as the country’s economic problems get worse.

The grisly rooms are seen as the lowest of the U.S. housing ladder, only just above a cardboard box.

In tiny rooms with paper-thin walls and nylon sheets, vulnerable Americans are making their homes for a few hundred bucks a month.

Many of the people taking advantage of the rock-bottom charges have been made redundant during the recession.

The motels have strict rules. Drugs are banned, but alcohol is allowed.

Rent must be paid on time, but every 28 days guest must clear everything out of their rooms and check in again so as not break hotel licensing rules.

There is no room service and guests have to clean their rooms and wash their own sheets.

But the popularity of what should be temporary accommodation is apparently causing problems for police.

Officers in Dickson, Tennessee, said there are motels there that have had the same people living in them for years.Police said the city’s two live-in motels are keeping them very busy and they have responded to almost 250 emergency calls between them in the past year.911 calls have included reports of assault, meth labs and recently even murder.

‘I’m sure it is the economy. A lot of people can’t afford their homes no more,’ Detective Sergeant James Lyell of the Dickson Police Department told local station News Channel 5.

Chief Ricky Chandler believes the motel population is creating an unsafe environment.

‘It’s not like a regular motel where someone stops overnight and then leaves,’ he told the local station.

‘This brings in people, friends, relatives, etc.  And when you bring those in, that potentially increases the problem.’ – Mail Online

In order to make the international currency acceptable, the Bilderberger Group knows that you must push the masses to the edge so that they are willing to accept anything that might bring relief.

Under Obama US National Debt Growing By $3MILLION DOLLARS A MINUTE

August 23, 2011 3 comments

Swallow all liquids in your mouth before reading any further. Updated numbers for the national debt are just out: It’s now $14,639,000,000,000. When Barack Obama took the oath of office twice on Jan. 20, 2009, CBS’ amazing number cruncher Mark Knoller reports, the national debt was $10,626,000,000,000.

That means the debt that our federal government owes a whole lot of somebodies including China has increased $4,247,000,000,000 in just 945 days. That’s the fastest increase under any president ever.

Remember the day the Democrat promised to close the embarrassing Guantanamo Bay Detention Facility within one year? That day the national debt increased $4,247,000,000. And each day since that the facility hasn’t been closed.

Same for the day in 2009 when Obama flew all the way out to Denver to sign the $787 billion stimulus bill that was going to hold national unemployment beneath 8% instead of the 9.1% we got today anyway? Another $4,247,000,000 that day. And every day since, even Obama golfing and vacation days.

Same sum for the day Obama flew Air Force One nearly four hours roundtrip to Columbus, Ohio for a 10-minute speech about how well the stimulus was working in the politically crucial Buckeye state. Ohio’s unemployment rate just jumped to 9% from 8.8% anyway.

Numbers with that many digits are hard to grasp, even for a Harvard head. So, let’s put it another way:

One billion seconds ago Bill Clinton was nearing the end of his two terms and George W. Bush’s baseball collection was still on the shelves in the Austin governor’s office.

The nation’s debt increased $4.9 trillion under President Bush too, btw. But it took him 2,648 days to do it. Obama will surpass that sum during this term.

Now, how to portray a trillion, or 1,000 billions. One trillion seconds ago much of North America was still covered by ice sheets hundreds of feet thick. And the land was dotted by only a few dozen Starbuck’s.

Obama is saying yes, we can get control of the national debt. But ominously every time he says that he adds that trillions of dollars in infrastructure repairs are badly needed across the country. And with interest rates so low, according to the thinking on Obama’s planet, now is an excellent time to borrow even more money.

So, it looks like not too long before Americans learn what comes after 1,000 trillions. It’s quadrillion. But for Bernanke’s sake, please don’t tell anyone in Washington. source – LA Times

“The only way the United States could be salvaged, is to become a Protectionist State. That move would eliminate all outside the borders of the Country. The U.S. possesses everything they need from within its own borders. The expansion policy to become intertwined with other nations in worldwide trade is what has caused a part of the United States internal breakdown. The other, is that of giving away the United States wealth in foreign aid, and becoming dependent upon fossil fuel outside its own borders. Yet, the United States never needed to become a spoke in a wheel of many spokes. The repeal of strict pollution laws – because in reality – a single volcano plumes out more pollution than all of the fossil fuel powered vehicles, and the so-called pollution factories such as the old steel mills that made America strong in its hay day. Brininging back what once worked was the real key to healing the United States. But the United States government over the past years has been motivated by greed and power – power to control the other nations by either feeding them money, or the threat of nuclear destruction or military action. If mankind followed natures cycles, volcanoes would not produce something contrary to mankind’s needs. What is considered as pollution to the present day structure of Society on earth would be beneficial, because it is part of the natural cycle. But mankind has altered its path from the original Divine Plan. Satan’s quest to satellite the United States democracy around the globe has backfired, and now even the liberty of the United States is at stake. Satan has proven his inability to buy off or threaten nations into submission. This is the end result of Satan and mankind trying to guide their own footsteps.

However, the truth is this: The world is destined for a one-world currency – one world rule. What that foreshadows is this: When this system of Satan’s is done away with, you that survive will have those things under the Righteous Rule of Christ Jesus and our Mother Israel. Satan will have his one try at making things work in a distorted mirrored reflection of what is soon to become a reality outside of his influence, because try as he might, no matter how diligent or hard he might, he will fail, and mankind cannot survive even itself without our Mother’s beneficial guidance. Don’t cling to what is destined to pass away. Look to the Kingdom of Christ Jesus. If you do, know that your desires – worldly desires – must change to reflect a new inheritance. “1 John 2:17
And the world with its lust is passing away, but the one who does God’s will remains forever.” What is the “lust”? It is for wealth, immoral sex, and a list of other things that are also contrary to what benefits your true existence that could be in harmony with our Mother’s Coming Divine Plan of the Ages and on into eternity. Will you be there – because the hourglass has almost emptied – or will you be a casualty of Satan’s dying world?” — Archangel Michael

WRAPUP 7-China tells US “good old days” of borrowing are over

August 6, 2011 Comments off

NEW YORK/SHANGHAI, Aug 6 (Reuters) – China bluntly criticised the United States on Saturday one day after the superpower’s credit rating was downgraded, saying the “good old days” of borrowing were over.

Standard & Poor’s cut the U.S. long-term credit rating from top-tier AAA by a notch to AA-plus on Friday over concerns about the nation’s budget deficits and climbing debt burden.

China — the United States’ biggest creditor — said Washington only had itself to blame for its plight and called for a new stable global reserve currency.

“The U.S. government has to come to terms with the painful fact that the good old days when it could just borrow its way out of messes of its own making are finally gone,” China’s official Xinhua news agency said in a commentary.

After a week which saw $2.5 trillion wiped off global markets, the move deepened investors’ concerns of an impending recession in the United States and over the euro zone crisis.

Finance ministers and central bankers of the Group of Seven major industrialised nations will confer by telephone later on Saturday or on Sunday, a senior European diplomatic source said.

The source said the credit rating downgrade had added a global dimension on top of the euro zone debt issue, raising the need for international coordination.

“The G7 will confer by telephone. It’s not yet confirmed whether it will be in one stage or in two stages, tonight and tomorrow,” the source said.

French Finance Minister Francois Baroin, who would chair such a meeting under France’s G7 and G20 presidency, said it was too early to say whether there would be an early G7 gathering.

In the Xinhua commentary, China scorned the United States for its “debt addiction” and “short sighted” political wrangling.

“China, the largest creditor of the world’s sole superpower, has every right now to demand the United States address its structural debt problems and ensure the safety of China’s dollar assets,” it said.

It urged the United States to cut military and social welfare expenditure. Further credit downgrades would very likely undermine the world economic recovery and trigger new rounds of financial turmoil, it said.

“International supervision over the issue of U.S. dollars should be introduced and a new, stable and secured global reserve currency may also be an option to avert a catastrophe caused by any single country,” Xinhua said. – Reuters

A revolt is coming, and as the United States takes more and more away from its own people while continuing to squander their future earnings in a massive collection of debt owed to its lenders, Satan’s throne will eventually collapse. China has a right as one of the U.S. largest lenders to inspect its gold reserve. Not if, but when that happens, the real truth of this country being bankrupt will come to the light.

Food stamp use rises to record 45.8 million

August 5, 2011 Comments off

NEW YORK (CNNMoney) — Nearly 15% of the U.S. population relied on food stamps in May, according to the United States Department of Agriculture.

The number of Americans using the government’s Supplemental Nutrition Assistance Program (SNAP) — more commonly referred to as food stamps — shot to an all-time high of 45.8 million in May, the USDA reported. That’s up 12% from a year ago, and 34% higher than two years ago.

The program provides monthly benefits to low-income individuals and families, which they can use at stores that accept SNAP benefits.

To qualify for food stamps, an individual’s income can’t exceed $1,174 a month or $14,088 a year — an amount that is 130% of the national poverty level.

The average food stamp benefit was $133.80 per person and $283.65 per household in May.

The highest concentration of food stamp users were in California, Florida, New York and Texas — where more than 3 million residents in each state received food stamps in May.

he rise in food stamp use comes as the U.S. job market continues to sputter, and food pricesacross the country climb.

Unemployment Benefits at Risk

But a spike in food stamp users in Alabama may have been responsible for pushing total usage unusually higher in May. Following a series of devastating storms, many residents received disaster assistance under the Disaster Supplemental Nutrition Assistance Program, the USDA said. Food stamp use in the state surged from 868,813 in April to 1,762,481 in May. – CNN Money

Shared with our Ministry by the Holy Family in 2007 in regards to the coming economic collapse: Satan sees all of these things about to give birth, yet he’s powerless to get his world rulers in synch. He seeks to do the opposite of what Father has laid forth in prophecy of the Word. In a last ditch effort to try and save his kingdom, he’ll walk straight into Father’s plan for the anti-Christ. Satan will take steps to try and rectify the world economy, but he’ll fail miserably.

Isaiah 17:12 “[ Judgment against the Nations ] Ah! The roar of many peoples— they roar like the roaring of the seas. The raging of the nations— they rage like the raging of mighty waters.”

Isaiah 5:30 “On that day they will roar over it, like the roaring of the sea. When one looks at the land, there will be darkness and distress; light will be obscured by clouds.”

Proverbs 20:2 “A king’s terrible wrath is like the roaring of a lion; anyone who provokes him endangers himself.”

Revelation 10:3 “and he cried out with a loud voice like a roaring lion. When he cried out, the seven thunders spoke with their voices.”

Isaiah 44:6 [ No God Other Than Yahweh ] This is what the LORD, the King of Israel and its Redeemer, the LORD of Hosts, says: I am the first and I am the last. There is no God but Me.”

1 Corinthians 15:58 “Therefore, my dear brothers, be steadfast, immovable, always excelling in the Lord’s work, knowing that your labor in the Lord is not in vain.”

Genesis 22:17 “I will indeed bless you and make your offspring as numerous as the stars in the sky and the sand on the seashore. Your offspring will possess the gates of their enemies.”

“America Will Lose Its Sovereignty”

July 30, 2011 1 comment

Reported by our Ministry in January, 2011: The United States mirrors Satan’s own rebellion with our Mother Yahweh. Satan broke away from a kingdom ruled by Royalty. 13 States represented the imperfection that was the number of Satan’s own imperfect start to try and lay a new foundation in creation that was not consistent with the Plan Yahweh has instituted at the beginning of Michael’s works. The United States sought to become a State unto itself. All countries are States. The mixture of territories taken in by the USA is why it is called the United States. This reflects Satan’s world empire of all combined counties that make up the statehood or empirical foundation he has laid within this world of his design. The breakaway from the Royal Realm’s control. and his quest to regain more power after having been stripped of much of his past abilities through the deliverance to mankind of knowledge that has molded and shaped the United States into the world’s dominating power is just a part of what is revealed in the mirror effect of his chosen Country, and that of his lessor children that make up the other Countries within his own family of misguided followers. The United Nations, though imperfect, reflects Satan’s copying of the Seraphic Order that is at the top of the list and is used to keep creations in subjection to Yahweh by following governed law. Satan uses his proxy as a threat to rogue nations that do not follow established protocol. When necessary, he uses his other pawns to bring punishment to bear against those that resist his guidelines laid out for trying to keep his family in harmony. The USA serving as his guidepost for what he would like the world of other governments to resemble, is why the USA tries to impose its “rights” and “laws” upon other nations that do not act in accordance of what is expected. When counties lose wars to Satan’s prototype, and they are reorganized, such as Japan and Germany, Satan models them closely to his own brand of or “way” of life that reflects his prized child – the USA. Since Satan’s demons serve as princes over his different kingdom States, they are expected to try and help bring them into harmony with his prototype. But Yahweh will not permit harmony, and this is why the variations of beliefs and ruler-ships exist within Satan’s kingdom. Yahweh will permit no successful foundation to rule except that of Christ Jesus. Since Satan will not give way to that truth, Yahweh knows that eventually they all must be crushed and put asunder.

Chinese Media Slams U.S. Debt Crisis

July 29, 2011 Comments off

NEW YORK (TheStreet) — A mouthpiece for the Chinese government has published a scathing attack Thursday on the U.S. over its failure to raise the national debt ceiling just days ahead of the Aug. 2 deadline, describing Washington’s politics as “dangerously irresponsible.”

China is the largest holder of U.S. Treasuries.

Published by the official state news wire, Xinhua, the commentary said countries across the world had been “kidnapped by U.S. domestic politics,” and warned that a U.S. default could push the world economy into a “much nastier” recession than the one brought on by the financial crisis.

“The ugliest part of the saga is that the well-being of many other countries is also in the impact zone when the donkey and the elephant fight,” wrote Xinhua journalist Deng Yushan, who also criticized the U.S. for its over-reliance on debt. “It is time for Washington to revisit the time-tested common sense that one should live within one’s means,” Deng added.

The Fed has said $900 billion in maturities and interest payments will fall due in August, although reports yesterday suggested a contingency plan to pay bond holders ahead of meeting other federal financial obligations had been agreed between Democrats and Republicans.

An estimated 60% to 70% of China’s $3,200bn foreign exchange reserves is invested in US assets, according to the FT. – TheStreet

A revolt is coming, and as the United States takes more and more away from its own people while continuing to squander their future earnings in a massive collection of debt owed to its lenders, Satan’s throne will eventually collapse. China has a right as one of the U.S. largest lenders to inspect its gold reserve. Not if, but when that happens, the real truth of this country being bankrupt will come to the light.

China, behind closed doors, working out a  colossal plan that is an invasion of the United States. It includes the millions of Chinese troops that are presently stationed in Central and South America, including Cuba and other of their allies.

This is a case of Satan’s human element not following his lead. They – the Chinese want to end the United States colonialism and their deceptive tactics that are for gaining the world oil reserves. War is again on the horizon.

This is effecting the chess war board. The holy side is making some kind of new moves to adapt to the latest development.

Return of the gold standard as world order unravels

July 15, 2011 2 comments

As the twin pillars of international monetary system threaten to come tumbling down in unison, gold has reclaimed its ancient status as the anchor of stability. The spot price surged to an all-time high of $1,594 an ounce in London, lifting silver to $39 in its train. On one side of the Atlantic, the eurozone debt crisis has spread to the countries that may be too big to save – Spain and Italy – though RBS thinks a €3.5 trillion rescue fund would ensure survival of Europe’s currency union. On the other side, the recovery has sputtered out and the printing presses are being oiled again. Brinkmanship between the Congress and the White House over the US debt ceiling has compelled Moody’s to warn of a “very small but rising risk” that the world’s paramount power may default within two weeks. “The unthinkable is now thinkable,” said Ross Norman, director of thebulliondesk.com.  Fed chair Ben Bernanke confessed to Congress that growth has failed to gain traction. “Deflationary risks might re-emerge, implying a need for additional policy support,” he said. The bar to QE3 – yet more bond purchases – is even lower than markets had thought. The new intake of hard-money men on the voting committee has not shifted Fed thinking, despite global anger at dollar debasement under QE2. Fuelling the blaze, the emerging powers of Asia are almost all running uber-loose monetary policies. Most have negative real interest rates that push citizens out of bank accounts and into gold, or property. China is an arch-inflater. Prices are rising at 6.4pc, yet the one-year deposit rate is just 3.5pc. India’s central bank is far behind the curve. It is very scary: the flight to gold is accelerating at a faster and faster speed,” said Peter Hambro, chairman of Britain’s biggest pure gold listing Petropavlovsk. “One of the big US banks texted me today to say that if QE3 actually happens, we could see gold at $5,000 and silver at $1,000. I feel terribly sorry for anybody on fixed incomes tied to a fiat currency because they are not going to be able to buy things with that paper money.” China, Russia, Brazil, India, the Mid-East petro-powers have diversified their $7 trillion reserves into Euros over the last decade to limit dollar exposure. As Europe’s monetary union itself faces an existential crisis, there is no other safe-haven currency able to absorb the flows. The Swiss franc, Canada’s loonie, the Aussie, and Korea’s won are too small.

Source

“They will throw their silver into the streets, and their gold will seem like something filthy. Their silver and gold will be unable to save them in the day of the Lord’s wrath. They will not satisfy their appetites or fill their stomachs, for these were the stumbling blocks that brought about their iniquity.” Ezekiel 7:19 (HCSB)

“Their silver and their gold will not be able to rescue them on the day of the Lord’s wrath. The whole earth will be consumed by the fire of His jealousy. For He will make a complete, yes, a horrifying end of all the inhabitants of the earth.” Zephaniah 1:18 (HCSB)

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