Financial Market Report for the week ending March 2, 2012
World stocks, VT, VSS, traded lower today on competitive currency devaluation, as investor’s started to loose faith in the world central banks’ capability to sustain the global debt trade. Competitive currency devaluation means that there is no safe sovereign, and that there is no safe investment anywhere outside of gold.
Many are skeptical of gold, yet I recommend, that one start to dollar cost average into it at this time and take physical possession of it, keep it secured in a safe, and insure it with the insurance company, as well as buy it and store it in an Internet trading vault, as competitive currency devaluation is likely to devalue most all investments, with the exception of this hard asset. The Finviz weekly chart of Gold, GLD, shows a 1.3% rise, while the weekly chart of World Stocks, ACWI, shows a 0.1% rise. An investment demand for gold will arise as people seek a safe haven investment out of depreciating fiat assets.
Fiat money has expanded to its full potential. The global debt trade is starting to exhaust with the result that stocks traded lower as following:
RZV 2.3% This, along with the decrease in the Citi Economic Surprise Index, is the canary in the stock market coal mine is warning investors to get out.
Johan Carlstrom of Bloomberg reports “Sweden’s reliance on exports to Europe has turned Scandinavia’s erstwhile strongest economy into the region’s laggard as job losses undermine demand. ‘It will get worse before it gets better,’ said Andreas Jonsson, an economist at Nordea Bank. ‘We will see rising unemployment during most of 2012.’ Jonsson said there is a risk the largest Nordic economy will contract this year, versus the central bank’s forecast for 0.7% growth.”
IYT 1.1% Transports show the way is down; and IYJ Transports traded 0.6% lower.
US Infrastructure, PKB, trading lower included, ARII, MTW, ETH, EXP, MAS, URS, GBX, TBI, TRN. Semiconductors, XSD, trading lower included, IDTI, VSH, ONNN, NXPI, SIM, STM, AVGO, FSL, ATML, LSI. Small Cap Industrial, PSCI, trading lower included ROLL. And Small Cap Technology, PSCT, trading lower included DIOD, FEIC.
The strong downturn in US Infrastructure Stocks, and a trade lower in US Stocks, VTI, communicates that the seigniorage. that is the moneyness, of central bank authority is failing. A new moneyness, the seigniorage of diktat is rising to rule economics as political capital replaces investment capital as the dynamos of growth and profit that have driven capitalism are winding down, and the dynamos of regional security, stability and sustainability are powering up regional global governance.
All of this Finviz Screener listing of “projected fastest fallers”, with the exception of PFF, fell lower, including EUFN, PFF, RZV, PKB, COPX, ITB, EWX, PSP, GREK, XBI. Individual emerging economies, especially India, and Brazil, will experience a negative growth shock as euro-area banks deleverage, this will be reflected in the emerging market leaders EWX, rapidly loosing value.
Currency deflation has commenced, this being seen in the major world currencies, DBV, and emerging market currencies, CEW, trading lower. Currencies such as FXE, FXM, FXC, ICN, FXB, FXS, SZR, FXF, BZF, FXA, seen in this Finviz Screener, that is
, traded lower today, and the US Dollar, $USD, UUP, traded strongly up.
Doug Noland reports The dollar index rallied 1.3% this week (down 1.0% y-t-d). On the upside, the Mexican peso increased 1.1%, the South African rand 1.0%, the Canadian dollar 1.0%, the South Korean won 0.9%, the Taiwanese dollar 0.5%, the Singapore dollar 0.3%, the Russian ruble 0.3%, the Australian dollar, 0.2%. On the downside, Swiss franc declined 2.0%, the euro 1.9%, the Danish krone 1.9%, the Swedish krona 1.8%, the Brazilian real 1.2%, the New Zealand dollar 0.8%, the Japanese yen 0.8%, the Norwegian krone 0.6%, the Indian rupe 0.6%, and the British pound 0.3%.
Risk appetite is turning to risk avoidance, with the result being, derisking out of stocks, ACWI, and deleveraging out of commodities, DBC. The fastest deleveraging will come out of Timber, CUT, as it has risen faster than base metals, DBB. Timber has been drawn up by LTRO financing of US Infrastructure stocks such as International Paper, IP, and Neenah Paper, NP.
Someone would have to be nuts to buy “loonies”, FXC, or Canadian Energy Shares, ENY, or the risk asset Junior Gold Mining Stocks, GDXJ, at the current time, as all fiat wealth, stocks, bonds, and currencies are headed into the pit of financial abandon, while the hard asset gold, GLD, will be retaining its value as a safe haven investment from debt contagion. I encourage that one buy gold bullion; and store it in a safe at home; and insure it; and also buy bold at Internet vaults like Gold Is Money and Bullion Vault … Here is more looneyness for you, Tyler Durden writes Iceland wants to adopt the Dollar… No, not that one, the other one. Not the US Dollar of course: why would the only country to successfully overthrow the chains of banker tyranny and default in their face want to ever have anything to do with the USD, the source of all the world’s problems. No, the dollar in question is that of Canada. According to the Globe and Mail tiny Iceland, “is looking longingly to the loonie as the salvation from wild economic gyrations and suffocating capital controls. And for the first time, the Canadian government says it’s open to discussing idea.
Of note, there was a credit collapse yesterday, as reflected in Bonds, BND, breaking sharply lower; these recovered today, but the chart shows them rising in an ascending wedge; prices usually tumble dramatically out of such formations. World Government Treasuries, BWX, broke sharply lower today, while Emerging Market Bond, EMB, continued strongly higher. I believe next week’s chart will show this to be a type of evening star pattern, effecting a sharp reversal. International Corporate Bonds, PICB, traded higher on with bonds, despite currencies trading lower. Junk Bonds, JNK, manifested a hammer in an ascending wedge, suggesting that its rise is complete. Nicole Bullock of FT reports “Sales of junk bonds are running at a record pace this year as investors pour money into risky assets in an effort to increase returns amid very low interest rates. In the first two months of 2012 companies around the world have sold more than $73bn of low-rated debt, the fastest start to the year since Dealogic began tracking this data in 1995. Most of that amount, more than $62bn, has been from the US market, where sales are also running at a record rate.”
The ongoing Yahoo Finance chart of the Interest Rate on the 10 Year US Government Note, ^TNX, rose this week, causing the 10 Year US Government Bonds, TLT, and the 30 Year US Government Bonds, EDV, to trade lower as well. The 10 30 US Sovereign Debt Yield Curve, $TNX:$TYX, has been moving higher in an Elliott Wave 3 Up since February 2012, continually destroying US Treasury value.
SoberLook relates The EIB now wants to be senior like the ECB; private bond holders don’t stand a chance in subordination circus. Sovereign bond investors don’t stand a chance going forward. With ESM in place and numerous other public EU institutions buying this debt, the Eurozone debt is now basically a CDO with a senior and a junior tranche.
The ECB subordination of other investors in swapping out debt effectively terminates the debt sovereignty of Euro zone nations, and creates the ECB as a sovereign entity. The ECB’s Greek debt swap has effected a monetary coup d etat in the Euro zone, whereby the baton of sovereign authority has passed from former sovereign nation states to the ECB, and has effectively created the ECB as the Euro’s Bank. The ECB’s Greek debt swap is a strong action in reorganization of monetary power: the ECB’s debt swap has effectively created a Euro zone monetary union, with the ECB established as the banking authority for a soon to emerge Federal Europe. John Glover and Abigail Moses of Bloomberg report “The European Central Bank’s willingness to ride roughshod over bondholder rights risks pushing up borrowing costs for indebted governments by making investors less willing to lend. The ECB swapped about 50 billion euros ($67bn) of Greek bonds for new securities, identical to the old ones in every way save for identification numbers. The switch makes the ECB senior to other investors, exempting it from the largest sovereign restructuring in history as Greece rewrites the terms of its notes to ensure lenders forgive 53.5% of the debt. ‘Bondholders are effectively being subordinated every time the ECB gets involved — not legally, but economically,’ said Saul Doctor, a credit strategist at JPMorgan. ‘Foreign investors are going to be less willing to buy sovereign bonds when the ECB can exert itself.’”
The ECB’s Greek debt swap has effectively terminated the ability of countries to issue debt in a legitimate way: the only buyers of country debt will be European banks using LTRO funds. The ECB’s Greek debt swap provides both the liquidity and authority for the rise of diktat to replace choice in economic transactions in the Euro zone. The ECB’s Greek debt swap utterly terminates the Milton Friedman Free to Choose Script that has underwritten Neoliberalism for the last 40 years. The New Script of ECB policy announcements and EU Leaders agreements, both formal and behind the scenes, underwrites and establishes Neoauthoritarianism. Clearly capitalism is being replaced by regional global governance.
The ECB’s LTROs have effectively created the ECB as a singular EU banking institution. Liam Vaughan, Gavin Finch and Svenja O’Donnell of Bloomberg report: “European Central Bank President Mario Draghi’s success in quelling a bond-market rout across the euro region’s periphery masks a failure by the region’s banks to bolster their capital. ‘The worry is it may act to keep afloat institutions that aren’t exactly viable,’ said Stewart Robertson, chief European economist at Aviva Investors, which manages more than $425 billion. ‘This buys time for banks, but does it really provide them with an incentive to sort out their books? The worry is it doesn’t.’”
The Golden Rule coming through the recently approved Fiscal Compact is an attempt to deal with the issue of sovereign debt sustainability.
Keynes has taken us to the end of the age of sovereign nation states; other luminaries now show the way forward will be regional global governance. On December 30, 2011 Doug Noland wrote “Bubbles are complex and forever tricky. I believe the European debt crisis created major fissures in the “Global Government Finance Bubble”. World Government Treasuries, BWX, broke sharply lower today, piercing the sovereign debt trade that has underwritten capitalism and provided seigniorage, that is moneyness for the current sovereigns, that is nation states, to rule. In a debt deleveraged world, new sovereigns will rise to power as investment capital is replaced by political capital. One new sovereign is the EU ECB IMF Troika that is effecting a Euro zone wide coup d etat to become the sovereign authority in Europe.
The debt burden of countries has grown so huge, via financialization of securites by Wall Street, and Investment Bankers, like Dexia, that it is unsustainable, and cannot be managed through the Golden Rule of the recently adopted Fiscal Compact.
The hegemony of the US, and the UK and EU, will fail, and in its place regional global governance will rise to rule he world’s ten regions, thus forming the ten toed kingdom of regional global governance, as called for by the 300 elite of the Club of Rome in 1974, and as called for by Angela Merkel and Nicolas Sarkozy in their August 2011 Joint Comminique for a “true European economic government”.
Sovereign debt unsustainability is ushering in the age of regional global governance and the diktat monetary system, to replace democracy and the fiat monetary system. Choice is an epitaph on the gravestone of Neoliberalism. There will be no choice as in making investment decisions and there will be no choice as to who will govern. Furthermore, Libertarianism, with its Freedom, Free Enterprise, and Free Monetary System, is a mirage on the Neoauthoritarian Desert Of The Real.
Negative growth shocks will amplify debt unsustainability and require leaders to meet in further summits and waive sovereignty, perhaps as Herman Van Rompuy says pool sovereignty, for the security, stability and sustainability needs of the EU. Fiscal compacts and economic compacts will complement the current monetary union and banking union that has developed and bring forth a Federal Europe, that is a complete One Euro Government. These leaders agreements will call appointment of monetary cardinals, who will provide diktat for both money and credit, and who will announce structural reforms which optimize the factors of production for the regional benefit.
Seamus Coffey writes in Irish Economy article IMF Fifth Review, The fifth review of the Extended Arrangement with Ireland can be read here. The debt sustainability analysis on pages 35-40 shows little changes from that provided in the Fourth Review. The Baseline Scenario is identical and extends to a projected gross debt ratio of 109% of GDP in 2017 (net debt 101% of GDP). The growth shock shows that if annual growth is close to zero (0.1% per annum) the debt would be 138% of GDP in 2016 and still rising. Joseph Ryan comments, “Re the growth shock, I think it is worth quoting the report on that piece: A negative shock to growth (stemming, for instance from a prolonged recession in trading partner countries) could put debt on an unsustainable path.” And Gavin Kostik comments on Item 43 on page 23. “However, Ireland faces greater challenges than envisaged at the outset of the program, as the effects of the euro area crisis are magnified by domestic debt burdens. The growth outlook has deteriorated as export prospects are dampened by the recession projected for the euro area and by lower growth projections for Ireland’s other trading partners. Moreover, deleveraging by European banks increases the risk of curtailing already low domestic bank lending and of more costly deposits, undermining prospects for restoring bank viability and for economic recovery. The vulnerability of household and SME balance sheets could increase the impact of such shocks on Ireland’s recovery, and a more lasting period of low growth would further increase the difficulty of the medium-term fiscal consolidation and threaten debt sustainability.”
Macro Economist Edward Hugh writes in EconoMonitor For Whom the Bailout Tolls. The reality of “bail-out II” means that, if the situation becomes critical, there will be a bail-out III. Sushil Wadhwani, writing in the Financial Times. The objective of 120% for Greek debt in GDP is totally unrealistic, not only because it won’t be attained (it won’t), but because even if it were the country would still be in an unsustainable situation in 2020 .At the end of the day the Greek bailout is not for the Greeks at all. Certainly they will see very little of the money, and there will be none whatsoever to help restart their withering economy.The Greek bailout is to protect the rest. It is a vain attempt to let Greece go its course (or even die) while preventing the contagious smell from reaching Spain or Italy. The only real creditors now are the official sector.
Perhaps the best simple summary of what just happened was written by Annika Breidthardt and Jan Strupczewski in their Reuters report: “The complex deal wrought in overnight negotiations buys time to stabilize the 17-nation currency bloc and strengthen its financial firewalls, but it leaves deep doubts about Greece’s ability to recover and avoid default in the longer term”. We have just bought some time for the rest of us, while Greece is sent off to default and beyond. The Troika representatives didn’t “sign off” on the new deal, they effectively washed their hands of the whole messy situation. Naturally Greece won’t be able to comply with the conditions, and at the next review, or the one after, the country will be face to face with the inevitable.
MSN Money reports Fiscal Compact for budget discipline signed by 25 EU states. Tyler Durden relates Sentiment turns south. The treaty puts tighter restrictions on spending. A test of Europe’s commitment to austerity will come when the region debates whether to ease the deficit-reduction target for Spain, which is part of the downbeat mood in stocks after Rajoy announced that the deficit target for the coming year is 5.8% of GDP and the 4.4% deficit goal is unattainable. And Conservative MP John Redwood, writes Euro friendly commentators agree that the intergovernmental Treaty is unlikely to do much for the Eurozone. It is widely seen as a fig leaf for German public opinion. It is not widely wanted or liked by other weaker members of the Eurozone, and it is difficult to see how it delivers the desired goal of lower budget deficits, more cuts and higher taxes all at the same time.
Reuters reports Greek debt ruling dangerous precedent, PIMCO’s Gross says.
I encourage one to purchase a daily email subscription to Euro Intelligence as their daily briefing has the keenest insights one of which is The big story of yesterday’s EU summit is that the fiscal treaty is already collapsing. You don’t find this story in the summit declaration, but in the desperate and futile attempt by Mariano Rajoy, the Spanish prime minister, to persuade his colleagues to move the Spanish deficit target, which he cannot conceivably meet, without destroying his country’s economy. Rajoy faces the choice between breaking the target, and leading Spain onto a trajectory that is not consistent with monetary union.
Notice that Euro Intelligence used the phrase monetary union; they could have used the phrase currency union, but events have moved quickly like dominoes falling one upon another to establish a monetary union. I’ve written many times that the fiat monetary system is collapsing, and that the diktat monetary system is emerging, where ten regions of global governance will form through the creative destruction of capitalism.
Regionalization was the 1974 Clarion Call of the 300 elite of the Club of Rome. Its clear, ringing and trumpeting message has been heard and heeded by Angela Merkel and the EU ECB IMF Troika. Fate is producing a monetary union in the Euro zone; totalitarian collectivism is the EU’s future.
The Economist relates the details of Angela Merkel’s shrew leadership. “ To begin with, Greece has more obstacles to overcome before securing the vital second rescue package it has been promised. Whether it can implement all the budget cuts and reforms it has promised is the subject of great doubt. But for now the mood is to push the rescue through; talk of forcing Greece into an early default has died away. So has the invective against Antonis Samaras, the leader of Greece’s New Democracy party, who has often questioned the EU-IMF conditions imposed on his country. Just before the summit, Mr Samaras had a long private meeting with Angela Merkel, the German chancellor. Both sides said it had gone well. Germany said it was reassured that Mr Samaras would stick with the programme if elected in Greece’s general election, expected in April. He said he had voted in favour of it and “paid with the blood of my party” after 21 members were expelled for opposing the EU/IMF demands.”
At the appropriate time, fate will open the curtains, and on to Europe’s stage will step the most credible leader. He will be the Sovereign, and will be accompanied by a monetary pope, the Seignior, who will have monetary cardinals, who will provide diktat for the money and credit need of Euroland, as well as provide structural reforms for economic sustainability. Budget commissioners will be appointed to provide technocratic government enforcing fiscal austerity. These Eurocrats will work for the security, stability, and sustainability needs of the European continent. The Economist relates that Mario Monti, the Italian prime minister, says that as well as a “fiscal compact” the EU needs an “economic compact”. Fate will bring these to pass, as it works in ever increasing regionalization.
All the pieces for a Federal Europe are falling in place, a monetary union has formed, and once leaders meet in summits and announce framework agreements, that is a fiscal compact and an economic compact, then a One Euro Government will rule supreme in the Eurozone. And fate will provide a leader, and a banker, for its political and economic leadership.
Reuters reports Herman Van Rompuy confirmed for 2nd term as EU Council president. This was also related by Open Europe as being covered in EUobserver European Voice Le Monde And was also related by Granhlaw
Reuters reports Euro zone likely to decide on firewall at end-March. Herman van Rompuy, who chaired the summit, confirmed the decision could be left to finance ministers. “We will reassess, as we decided in December, the ceiling of the EFSF and the ESM in March, and it can be done by the finance ministers,”
Paulo Santos writes in Seeking Alpha Economic Surprise Index breaks down. I comment that this portends economic contraction, and down trending exports, which in turn means reducing corporate profitability, and a fall in corporate share price. This along with the 2.3% trade lower seen in weekly chart of Small Cap Value, RZV, is the canary in sthe stock market coal mine warning investors to get out.
Reuters reports Wall Street, Fed face off over physical commodities.
Bloomberg reports Nokia Siemens cuts 3,500 more jobs in Brazil contract exit
Reuters reports Kodak sells online business to Shutterfly, patent sale pending.
Bloomberg reports Spain foreclosures stymied … debt investors become skittish. With Spain’s economy set to contract in 2012 for the third year out of five and unemployment at 23 percent, banks are increasingly easing terms for customers who are missing payments on mortgages underwritten during the country’s decade-long housing boom. Pressure to renegotiate debt and delays in repossessions are raising doubts that default rates on Spain’s 613 billion euros ($817 billion) of mortgages have stabilized. “It probably is going to be worse than people expect, even though the banks say it’s not a problem,” said Daragh Quinn, an analyst at Nomura International Plc in Madrid, on the outlook for mortgage arrears. “The more they kick the can down the road, the less visibility we have on what is really happening with asset quality. (Hat Tip To Between The Hedges)
Bloomberg reports China to stop local governments’ property easing. China will stem any new property easing by local governments as the central authority is determined to maintain curbs on housing, Shanghai Securities News reported today. The central government will “absolutely” not allow local authorities to “sing a different tune” on property control policies, the newspaper affiliated with state-run Xinhua news agency said, citing an unidentified director at the country’s housing ministry. Tensions between the two levels of authority will be on show next week as officials gather in Beijing for the annual National People’s Congress starting March 5. China’s local governments have attempted to ease property tightening policies with little success, while Premier Wen Jiabao has maintained that he won’t waver on real estate controls and efforts to bring prices down to a reasonable level. “The central government will not relax its property tightening this year,” Jeffrey Gao, a Shanghai-based analyst at Macquarie Capital Securities, said in a phone interview today. China’s February home prices posted the biggest decline in 19 months as the government pledged to maintain curbs on property, SouFun Holdings Ltd, SFUN, the nation’s biggest real-estate website owner, said yesterday. (Hat Tip To Between The Hedges)
Markus Salzmann writes in WSWS EU and IMF increase pressure on Hungary.
Brazil Financials, BRAF, have been a hot money destination from LTRO financing, having 30% year to date as seen in this Google Finance chart. Matthew Bristow of Bloomberg reports “The biggest surge in consumer defaults since 2002 is causing Brazilian banks to charge more for loans, undermining policy makers’ bid to revive growth by cutting benchmark rates. The default rate on consumer loans rose to 7.6% from 5.7% a year earlier. The average interest rate on the loans rose to 45.1% in January from 43.8 the previous month.”
In conclusion of financial reporting, fiat money has expanded to its full potential and competitive currency devaluation has starting with the Euro FXE, the Brazilian Real, BZF, and the Indian Rupe, ICN, trading lower in value, causing the US Dollar, UUP, to rise. The global debt trade is starting to exhaust as is seen in Small Cap Pure Value, RZV, US Infrastructure, PKB, Small Cap Industrial, PSCI, Small Cap Technology, PSCT, Coal, KOL, Semiconductors, XSD, Leveraged Buyouts, PSP, trading lower. The Two Hundred Percent Volatility, TVIX and Volatility, VIXY, are bottoming out, providing further evidence that a market turn is at hand. The decrease in the Citi Economic Surprise Index from 37 to 32 indicates that global growth has turned from economic contraction, with the result that corporate earnings cannot be sustained.
An inquiring mind asks, was Andrew Breitbart was a psychopath; he died of a heart attach in the early morning hours after a confrontational series of Twitter postings. I do not Twitter and never will.
Elaine Meinel Supkis writes in Hacker Collective Anonymous Drives Breitbart To Early Death. Here is what Rauhauser is referring to in the tweets: The True History Of Andrew Breitbart’s Hatred For Neal Rauhauser. Evidently, Breitbart was threatening Rauhauser’s consultation business by running dirty stories about his personal relatives. Bart’s last tweet was 2:25 am. The man was stressing himself out, big time. Probably literally foaming at the mouth as he ran on and on his last night on earth. He died by his own blogging sword, this guy. One thing I try to do is laugh at even unhappy things. So many people love to torment themselves online. This guy loved tormenting other people and he was pure dirt. He didn’t battle on clean ideological grounds, he went straight for the garbage dump to dig up trash. He was a dumpster (I wrote ‘dumbster’ first!) diver from hell. Well, about his premature death caused by him freaking out due to talking to people he abused in the past and of course, the Anonymous crew that specializes in computer dumpster diving…the guy died by falling into a trap he devised long ago to get others. Word of warning to all bloggers: eat well, exercise a lot and laugh more. Your health will suffer, otherwise. I work outdoors most of the day, most of the year (except for this winter, being stuck inside). I spend more than 6 hours a day outside, working.
Some connect with Goddesses to develop conscience. Sirona Knight Body, in Mind & Spirit on page 144, writes on Maat and Libra. “The important thing is to keep balance in your life and not let one aspect get out of balance. You can use affirmations to keep that in balance. Part of being with at peace with yourself is being true to who you are; otherwise you are rubbing up against the grain in frustration and stress. Try to keep your head about you when everyone else is losing theirs. Connecting with the Goddess can empower you, and help you stay sane in the modern world.”
I think along the lines of John McArthur who writes in The Conscience Revisited. “Take time each day to inform your conscience by reading God’s Word. Never train yourself to ignore your conscience, but respond quickly to its warnings. And then cleanse your conscience through consistent confession as you seek forgiveness from those you’ve sinned against–whether God or others. Those things will strengthen your conscience so that you can enjoy the freedom and blessings of a clear conscience before God.”
Psychopaths can be wealthy or poor, married or single. Yet many do live in poverty in low income neighborhoods. Being low income, and living in the inner city, many psychopaths run into me; they are busy bodies in other people’s business, particularly my affairs. They are people who have a sin nature of confrontation, they come that way from the womb, or become that way as they do not have psychologically and emotionally nurturing parents. Lacking intimacy in early childhood, and discipline and boundaries in childhood, they go on to eat of the tree of knowledge of good and evil, and not the tree of life. They have no true or genuine sense of right and wrong. They have no Libra, they become Arete, that is they define right or wrong subjectively and then operate in a neighborhood or realm as the social sheriff, that is the community overlord, continually confronting and being rude, as this is the energizing dynamic in their life. They are people who have no rest from the anger inside until the police visit them so many times that they restrain themselves, or die, or are incarcerated for their anti social behavior.
I am sure another confrontational and rude person will rise to take his place. I must turn away, and do turn away, that is withdraw, from such individuals because they do not know the way of peace.
I conclude by stating that regional global governance is rising to replace capitalism. Soon, there will be no place to live free, except in the conscience of one’s mind. A good conscience, a sound faith, abiding virtue, persistent goodness, ongoing brotherly kindness, and genuine love for all comes at a cost. ”Soon we must all face the choice between what is right and what is easy.” – Albus Dumbledore.
After the Great Tribulation, Jesus is going to establish not only a land, but also an entire world, free of debt, and also sin. He is coming to abolish the double entry bookkeeping system. With the government on his shoulders, there will be global harmony, and complete freedom to enjoy his graciousness.
I anticipate ruling and reigning with the Lord for a thousand years; my time here is simply a management training program to serve in his administration. There will be no lucrative pay system like there is in the EU where Open Europe reports Writing in FAZ, Hendrik Kafsack argues that the inability of the EU to exercise restraint when it comes to the salaries of its 45,000 officials “hurts not only the credibility of all savings claims, but the reputation of the EU as a whole”. El País: Reding WSJ: Fidler Irish Independent: Quinn Economist Economist 2 Economist 3 Times: Clark FAZ: Kafsack
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