"Flee out of Babylon and let every man deliver his own soul; do not be cut off because of her lawlessness. For this is the time of the Lord’s vengeance; he will render to her recompense.
Babylon has been a GOLDEN CUP in the Lord’s hand, which has made all the earth drunk with wine; Therefore, the nations rage. Babylon falls suddenly and is destroyed. Howl for her. Give her balm if she may be healed.
We would have healed Babylon, but she is not healed. Forsake her and let us go every man to his own country; for her judgement is lifted up to the skies." - Jer. 51:6-9
New York Times Jobless Rate Rises Sharply, to 4.9%; Bush Vows to Act
By DAVID LEONHARDT
September 8, 2001
"The nation's unemployment rate jumped sharply in August to 4.9 percent from 4.5 percent in July, the biggest one-month rise since the spring of 1995, dashing hopes that the bleak economic climate was starting to improve. The 4.9 percent jobless rate in August, according to the government's Bureau of Labor Statistics, was the highest since mid-1997.
Businesses eliminated more than 100,000 jobs last month, suggesting that the economy remained at risk of falling into a recession. And companies, in an effort to halt steep profit declines, made more cuts this summer in the hours their employees worked.
"The economy is facing bigger threats than we had thought," said Jim Glassman, a senior economist at J. P. Morgan Chase. "It's a very weak picture." ...The job figures prompted a broad sell-off on Wall Street, and the Standard & Poor's 500-stock index fell to its lowest level in almost three years.
The Dollar dropped against the Euro, and economists said that the Federal Reserve was now likely to keep cutting interest rates until signs of a rebound emerge. ...
"Today's unemployment numbers are obviously higher than expected," Elaine L. Chao, the secretary of labor, said. "It's disappointing and sobering."
...Since early last summer, factories have cut more than one million jobs, or 5.4 percent of their payrolls, and fewer people now work in a manufacturing plant than at any time since 1964.
"The South and the Midwest have been hardest hit by the manufacturing slump. ...risks remain, chief among them the continued decline in corporate profits that could cause companies to make even deeper jobs cuts.
Last month, for example, the Ford Motor Company, in its second major cost-cutting attempt this year, said it would eliminate 5,000 of its 50,000 jobs.
More job reductions could cause consumers to spend less money and leave the economy in a more severe slump... ...
"The average workweek stayed at 34.1 hours, its lowest to-month average since the government began keeping the statistic almost 40 years ago.
"Companies that had been trying to avoid layoffs are doing it anyway," Mr. Glassman, the Morgan Chase analyst, said. "And despite the cutting they've done, they're not getting ahead of the curve." ...the situation is far different from the previous five years, when the economy, on average, added 2.8 million jobs a year.
"...In the second quarter, the United States economy grew at an annual rate of just 0.2 percent, according to the Commerce Department's most recent estimate. Many people consider a recession to consist of two consecutive quarters of contraction.
Analysts said it was still too early to tell whether the second and third quarters of this year would fall into that category once the government updates its statistics, but yesterday's jobs report increased the chances of that.
...factories cut another 141,000 jobs, their biggest reduction since July 1998.
"...Already, virtually every measure of the labor market has wakened. The average length of unemployment rose to 13.3 weeks, from 12.5 in July. The unemployment rate for teenagers increased to 16.1 percent, from 14.8 percent in July.
And the unemployment rates for blacks, 9.1 percent; Hispanics, 6.3 percent; and whites, 4.3 percent, all rose. More people stopped looking for work last month than in July...
COLLAPSE OF THE STOCK MARKET
April 18, 2001, 10:15 a.m. PT
"Microsoft's stock decline has left many of its employees facing financial problems related to hefty tax bills incurred when their stock options were exercised, The New York Times reported.
"Some workers' financial problems may have been exacerbated by Salomon Smith Barney, a unit of Citigroup, which is identified as Microsoft's "preferred broker" in the software maker's company documents and which advised many company workers on how to handle their stock options, the newspaper said.
"Some Microsoft workers turned their options into stock and then borrowed against the shares to pay taxes, often on the advice of Salomon Smith Barney.
The high-risk practice, known as a margin loan, is more often a tool of speculators aiming to buy additional stock without additional money. As the stock fell, the workers' shares were sold, leaving them broke.
"This summer, we saw signs of the coming economic recession. And that tragic day in September hastened the process.
Since September 11, more than 420,000 people have been laid off and initial jobless claims jumped to more than 520,000. That's the highest level since July 1992. Without a doubt, the longest expansion in U.S.history is over!
Consumer confidence has tumbled and billions of dollars worth of business has been lost. And thousands, if not hundreds of thousands more will become economic losers.
UCLA FORECASTERS PREDICT RECESSION
LOS ANGELES --Economists with the UCLA Anderson Business Forecast see even more clear indicators of a recession for the nation in 2001 and project a 90 percent chance that the nation's longest economic expansion will come to an end no later than the first quarter of 2002.
"The year 2001 is a transition year that will take the U.S. economy from the Internet Rush of 1996-2000 to a lower level of sustainable economic growth in 2002," said Edward Leamer, "getting from here to there will involve some painful adjustments," he warns, and "monetary medicine" from the Fed won't stop the pain this time…
Economist, Dean Baker, from the Center for Economic and Policy Research, in his well-documented abstract, Double Bubble, writes;
…there is no plausible scenario in which the stock market can provide anything close to its historic returns, given its current price to earnings ratio and plausible projections of future growth. There is only one way for the stock market to restore the historic relationship between stock returns and the returns on other financial assets:there must be a plunge in stock prices.
…The decline in the stock market will have dramatic demand and supply-side effects. On the demand side, a decline in stock prices would mean a loss of wealth of approximately $9 trillion, or more than $30,000 for every person in the country. Using standard estimates of the size of the wealth effect, this implies a reduction in annual consumption of between $270-360 billion a year.
SENATOR RON PAUL’ SPEECH ON FIAT CURRENCY
"Mr. Speaker, the world's politicians, special interests, government bureaucrats, and financiers all love fiat money- because they all benefit from it. But freedom loving, hard working, ethical, and thrifty individuals suffer.
Fiat money is paper money that gets its value from a government edict and compulsory legal tender laws. Honest money, something of real value, like a precious metal, gets its value from the market and through voluntary exchange.
"The world today is awash in fiat money like never before. And we face a financial crisis like never before, conceived many decades before the 9/11 crisis hit.
"Fiat money works as long as trust in the currency lasts. But eventually trust is always withdrawn from paper money. Fiat money evolves out of sound money, which always originates in the market. But paper money inevitably fails know matter how hard the beneficiaries try to perpetuate the fraud.
"We are now witnessing the early stages of the demise of a world-wide financial system built on the fiction that wealth can come out of printing press or a computer at our central banks.
"Japan, failing to understand this, has tried for more than a decade to stimulate its economy and boost its stock market by printing money and increasing government spending - and it hasn't worked.
"Argentina, even with the hopes placed in its currency board is nevertheless facing default on its foreign debt and a crisis in confidence. More bailouts from the IMF and the US dollar may temper the crisis for a short time, but ultimately it will only hurt the dollar and US taxpayers.
"We cannot expect to continually bail out others with expansion of the dollar money supply, as we have with the crises in Turkey, Argentina, and countries of southeast Asia. This policy has its limits and confidence in the dollar is the determining factor. Even
though up until now confidence has reigned, encouraged by our political and economic strength, this era is coming to an end. Our homeland has been attacked, our enemies are not easily subdued, our commitments abroad are unsustainable, and our economy is fast slipping into chaos.
"Printing money is not an answer. Yet that is all that is offered.
"The clamor for low interest rates by all those who benefit from fiat money has prompted the Fed to create new money out of thin air like never before. Driving the federal funds rates down from 6 2 percent to 2 2 percent, a level below the price inflation rate, represents nothing short of panic- and has done nothing to recharge the economy.
But as one would expect, confidence in the dollar is waning. I'm sure, due to the crisis, the faith in fiat, and a failure to understand the business cycle, the Fed will continue with the only thing it knows to do- credit creation and manipulation of interest rates.
This policy reflects the central bank's complete ignorance as to the cause of the problem- credit creation and manipulation of interest rates.
"Since the Federal Reserve first panicked in early January, it has created $830 billion of fiat money out of thin air.
The country is no richer, the economy is weaker, the stock market has continued downward, and unemployment has skyrocketed. Returning to deficit spending, as we already have, will not help us any more than it has helped Japan, which continues to sink into economic morass.
"Nothing can correct the problems we face if we do not give up on the foolishness of fiat. Mr. Speaker, a dollar crisis is quickly approaching. We should prepare ourselves".- End quotation.
HOW MUCH IS THE ALMIGHTY DOLLAR WORTH?
If we accept the Dollar of 1987 as our base and what it would have purchased at that time and compare it with the purchasing power of the Dollar today, it will be observed that it has lost 81% of it’s purchasing power! So much for the ‘almighty dollar’!!!
More than 50% of Americans have less than $10,000 saved for retirement, according to the Social Security Adminitration.
Kenneth Gervino, former chairman of the American Economic Council, says, "Historically, the United States has been a hard money country. Only since 1913 has the United States operated on a fiat money system. During this period, paper money has depreciated over 87%.
During the preceding 140 year period, the hard currency of the United States had actually maintained its value. Wholesale prices in 1913 were very similar to what they were in 1787" ! ! !
Robert Hemphill, Credit manager of Federal Reserve Bank in Atlanta relates; "This is a staggering thought. We are completely dependent on the commercial Banks. Someone has to borrow every dollar we have in circulation, cash or credit.
If the Banks create ample synthetic money we are prosperous; if not, we starve. We are absolutely without a permanent money system. When one gets a complete grasp of the picture, the tragic absurdity of our hopeless position is almost incredible, but there it is.
It is the most important subject intelligent persons can investigate and reflect upon. It is so important that our present civilization may collapse unless it becomes widely understood and the defects remedied very soon."
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Friends, how about a little diversion to take our minds off Rome burning. How about a little War on Terrorism. Benjamin Franklin warned us years ago, "They that can give up essential liberty, to obtain a little temporary safety deserve neither liberty nor safety."
ANTI-TERROR BILL SENT TO BUSH
By JESSE J. HOLLAND, Associated Press Writer
"Police are about to get wide-ranging new anti-terrorism powers to search people's homes and business records secretly and to eavesdrop on telephone and computer conversations. The Senate on Thursday sent President Bush a package of anti-terror measures, which the president says he will sign "so that we can combat terrorism and prevent future attacks."
"A White House signing ceremony was scheduled for Friday. The legislation, while somewhat weakened from the administration's original proposal, expands the FBI's wiretapping and electronic surveillance authority and imposes stronger penalties for harboring or financing terrorists. It also expands the number of crimes considered terrorist acts and increases the punishment for committing them.
"Attorney General John Ashcroft said the Justice Department will begin using the new powers immediately. "Upon the president's signature, I will direct investigators and prosecutors to begin immediately seeking court orders to intercept communications related to an expanded list of crimes under the legislation," he said.
"Lawmakers, worried about possible abuse of the new wiretapping and surveillance powers, decided to place a four-year cap on that part of the legislation. (Really? editor)
"It gives us the time to investigate whether there were any outrageous abuses," Sen. Dianne Feinstein, D-Calif., said.
The House and Senate approved Bush's anti-terrorism package in less than two months, skipping much of the normal committee process in their haste. Lawmakers say they still came up with a good bill. "The gestation period has been a few weeks. But it's a heck of a lot better than to have given birth to a monster, and we didn't do that," said Senate Judiciary Chairman Patrick Leahy, D-Vt.
Critics disagreed. "It is still dangerous legislation, and unfortunately there are still too many weaknesses in the bill that could end up curbing and infringing fundamental civil rights and liberties," said Ralph Neas, president of the liberal People For the American Way.
Russ Feingold, D-Wis., was the only senator to vote against the package. "This bill does not strike the right balance between empowering law enforcement and protecting civil liberties," Feingold said. Utah Sen. Orrin Hatch, the senior Republican on the Judiciary Committee, retorted: "I don't know anybody in this country who's afraid of their law enforcement people at this time. They're afraid of terrorism." ???
The new legislation allows nationwide jurisdiction for search warrants and electronic surveillance devices, including legal expansion of those devices to e-mail and the Internet. It also authorizes the use of roving wiretaps, in which officials get orders that allow them to tap whatever telephone a person uses instead of one telephone at a time.
Senators also insisted on tacking money-laundering stipulations into the bill to thwart the flow of money to terrorist groups and protect the U.S. banking system from illicit money.
The House inserted an expiration date for the new wiretapping and electronic surveillance powers. Under the bill, Congress has to renew the anti-terrorism legislation before Dec. 31, 2005, or the eavesdropping sections expire. Ashcroft and Bush fought strongly against that provision, but Republican leaders in the House told them the bill
could not muster a majority without it. - The bill number is H.R. 3162.
Beloved, The Euro was pushed forward ahead of schedule to find out where the smart Europeans had stashed their hard earned savings. The effective date for honoring the old currency expired, causing people all over Europe to bring out their savings from Off-Shore savings accounts, so they could convert it into Euros. Now, they want to go after Canadian and U. S. citizen’s savings.
Offshore accounts face scrutiny Brokers gather details
October 30, 2001
Securities dealers will today begin reviewing their records to determine how many of their clients have accounts based in secret offshore locations. Provincial securities regulators are sending a formal request for the information through the Investment Dealers Association of Canada.
The inquiries are the first step in a possible crackdown by securities commissions in British Columbia, Alberta, Ontario and Quebec on the use of offshore brokerage accounts. The initiative was first reported this month in the Financial Post. The regulators have also asked each firm to outline, in detail, how they deal with offshore accounts, and what steps they take to determine the identities of those who have a financial interest in those accounts.
Among other questions, regulators are asking securities dealers: "Does your firm question offshore clients regarding the source of their funds and under what circumstances would your firm make independent inquiries regarding the origins of an offshore client's funds?"
(To find out which Off Shore havens are still protecting their investor’s savings, go to our Member’s Area. J. B.)
Canadian Official Says Innocent Citizens Will Be Caught In Money Laundering Dragnet, by Carla Johnson, Investors Offshore.com
29 October 2001
Following the announcement made last week that the Financial Transactions and Reports Analysis Center of Canada (Fintrac) will be receiving a $10 million cash injection in order to assist it in the fight against terrorist money laundering, a top Canadian official has admitted that innocent Canadian citizens are likely to suffer as a result of new initiatives.
Jim Peterson, Secretary of State in charge of international financial institutions, explaining the role of Fintrac within the regulatory system, told a news conference that evidence provided by the banks on suspicious transactions would be monitored by the analysis center, and then handed over to the Solicitor General, who would order a seizure of assets.
However, Mr Peterson admitted that there were bound to be mistakes made, and somewhat alarmingly pointed to the fact that 'there's so many people with the same name in this country' as a possible stumbling point.
He said that the government had not yet decided how innocent Canadians whose bank accounts were wrongly raided will be compensated for lost interest and revenues, but added that they would have the option of challenging the solicitor general over the seizure, and recourse to the Federal Court if they are unhappy with the outcome of the initial appeal.
National ID Card System Failing to Attract Supporters
LA Times, October 24, 2001
Calls for a national system of identification cards sparked by the Sept. 11 attacks on the World Trade Center and the Pentagon have gained little traction, failing to win endorsements from the Bush administration or congressional leaders.
Bush spokesman Jimmy Orr said the administration wasn't considering a mandatory ID program, and Feinstein is backing away from reports of her support.
Feinstein said Tuesday that she is preparing legislation that would call for mandatory IDs with fingerprints and other biometric data only for non citizens entering the U.S., along with a new database that would allow immigration authorities to check information from the CIA as well as state criminal files and other records."It's just for people coming into the country," Feinstein said. "I think this is where we should start." Some other improvements in the nation's patchwork identity system are probable, such as the expanded use of "smart cards" for military and law enforcement personnel.
Senator Feinstein is not put off by the rejection of a national ID system by the Bush White House, and fellow legislators. The Senator knows that legislation is somewhat like geology -- it is simply a matter of time and pressure. For now, it is not politic to refer to her national ID card as a national ID card, so now it will euphemistically referred to as a "smart card'" system.October 18, 2001
Beyond Carnivore: FBI Eyes Packet Taps Expect the FBI to expand its Internet wiretapping program, says a source familiar with the plan.
Stewart Baker, a partner with law firm Steptoe & Johnson, is a former general counsel to the National Security Agency. He says the FBI has spent the last two years developinga new surveillance architecture that would concentrate Internet traffic in several key locations where all packets, not just e-mail, could be wiretapped. It is now planning to begin implementing this architecture using the powers it has under existing wiretapping laws. The FBI has acknowledged a program called Carnivore, which sniffs e-mail messages, but the new program is more extensive, Baker says. ISPs, Web hosts, vendors and other firms handling critical Internet infrastructure should expect the FBI trying to schedule meetings to deliver the details of their offering, and show the document containing the technical specifications, Baker said. The new architecture is different from Carnivore because it would likely ask for certain types of data communications to be centralized he said.
This kind of packet surveillance now being implemented by the FBI offers the government the cornerstone it needs in order to build a towards the possibility of building a truly secure national ID system.
U.S. ARMY MARCHES INTO SMART-CARD ERA
October 26, 2001, 5:50 a.m. PT
The U.S. military is spearheading a switch to "smart" identity cards that could open up a new growth market as the world becomes obsessed with security after last month's hijack attacks.
The Defense Department has ordered chip-based ID cards for 4.3 million military personnel over the next 18 months to tighten security on access to buildings, including the Pentagon, and to computer networks, including access to encrypted e-mail and online transactions.
That may sound like a drop in the ocean for an industry that shipped some 600 million chip cards last year, mostly bank cards and mobile phone cards. But ID cards may eventually go to more of the 23 million names on the Defense Department's database, including family members, retired servicemen and contractors.
The plastic cards look like credit cards, but they combine a magnetic stripe and a bar code with a fingernail-sized embedded digital chip. They are well protected from hackers, given that a thousand hours hacking might at best give access to the information on one card, rather than a whole network.
U.S. smart card technology company ActivCard, which provides the software, could see its sales balloon if the market takes off. It has reported a flood of fresh interest from governments worldwide since the Sept. 11 attacks on the Pentagon and the World Trade Center.
The U.S. deal also could herald a new source of demand for card makers such as Gemplus, Oberthur and Schlumberger, whose sales have been stifled by a yearlong slowdown in growth of mobile phone sales and the slow takeoff of chip-based bank cards in the United States.
"This is extremely important, not only to us, but to the whole smart card industry. It's the biggest Java-based smart card order yet," ActivCard Senior Vice President Tom Arthur told Reuters at the annual chip card congress, Cartes 2001.
"The level of interest has clearly accelerated since the attacks," Arthur said. "Before, we had about a dozen interested parties. Now we have a dozen government projects in the pipeline from Europe, Asia and the Middle East, a dozen more from U.S. federal agencies and state departments and a handful of projects from European and Asian militaries."
Beloved, those who seek to destroy the Christian civilization, which has ruled more or le for the past 2,000 years, do not really have anything better to put in it’s place. But God, in his wisdom has his plans. He has placed it in the hearts of rulers to do his biding. The Rock carved out of the Mountain shall grind them to pieces.
I am reminded of a quote from Richard A. Falk, "The existing order is breaking down at a very rapid rate, and the main uncertainty is whether mankind can exert a positive role in shaping a new world order or is doomed to await collapse in a passive posture. We believe a new order will be born no later than early in the next century and that the death throes of the old and the birth pangs of the new will be a testing time for the human species." - from an article entitled "Toward a New World Order: Modest Methods and Drastic Visions," in his book "On the Creation of a Just World Order" (1975)
May God bless you, I remain your friend and companion, Jeffrey Brackeen
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