Technology, Precious Metal Mining, And Regional Banks Lead World Stocks Lower As Angela Merkel Assures Greece Of Continued Seigniorage Aid ….. Bible Prophecy Foretells That A World Wide Ten Toed Kingdom Of Regional Governance Will Rise To Replace Capitalism And European Socialism

Financial Market Report for the week ending October 12, 2012

1) … Semiconductors, XSD, Steel, SLX, Homebuilding, ITB, Technology, MLK, PSCT, IPK, Precious Metal MIning, SIL, SSRI, GDX, GDXJ, Biotechnology, XBI, IBB, Regional Banks, KRE, led World Stocks, ACWI, lower.
Bespoke Investment Group chart article shows the S&P, SPY, entering a Elliott Wave 3 Down falling 7.9% from its 2007 high relating Netting out those three monster moves, the S&P 500 is currently 85.6% higher today than it was ten years ago; annualizing that gain over ten years works out to 6.38% per year.  For all the talk that the market hasn’t done anything over the last decade, 6.38% is a lot better than many of the options faced by investors today. And Angela Merkel spoke reassuringly that she desires to “make it clear that we members of the eurozone can solve our problems.” “This is all about Spain,” said Mats Persson from Open Europe. “They concluded that it would be too risky to kick Greece out now: contagion would spread to Spain and lead to a euro break-up.”

Mortgage REITS, REM, such as Starwood Property Trust, STWD, and Annaly Capital Management, NLY, traded lower, traded lower on lower Mortgage Backed Bonds, MBB. leading Small Cap Revenue, RWJ, lower. Keycorp, KEY, PNC Financial Services, PNC, Suntrust Banks, STI, and Wells Fargo, WFC, led Money Center Banks, lower as CNBC reports Wells Fargo Shares Drop as Revenue Comes in Light.

City National, CYN, Bank South, BXS, Pinnacle Financial Partners, PNFP, New York Community Bank, NYB, Glacier Bancorp, GBCI, Prosperity Bankshares, PB, FNB Corp, FNB, First Horizon National, FHN, Regions Financial, RF,  BOK Financial, BOKF, UMB Financial, UMBF, Zions Bacorp, ZION, BB&T, BBT, Synovus Financial, SNV, State Street, STT, M&T Bancorp, MTB, Webster Financial, WBS, led Regional Banks, Banks, KRE, as well as Broker Dealers, IAI, led the credit dependent Russell 2000, IWM, lower.

Rare Earth Mining, REMX, Uranium Miners, URA, Aluminum Miners, ALUM, Small Cap Industrial, PSCI, Semiconductors, XSD, and Consumer Services, IYC, traded lower.

Banco Santander, STD, Spain, EWP, Italy, EWI, Germany, EWG, Europe, VGK, Poland, EPOL, PLND, Austria,,EWO,

IRE, led Ireland, EIRL, lower.

BMA, BBVA, GGAL, BFR, led Argentina, ARGT, lower.

ITUB, BBD, BSBR, led Brazil, EWZ, lower.

WF, KB, led South Korea, EWY, lower.

IBN, ITUB, led India Earnings, EPI, and India, INDY, lower

BSBR, and BBD, led Brazil Financials, BRAF, lower

NMR, MTU, MFG, SMFG, led Japan, EWJ, lower.

Home Building, ITB, Biotechnology, XBI, IBB, Semiconductor, XSD, Internet Retailers, FDN, Nanotechnology, PXN, Cloud Computing, SKYY, Smartfone, FONE, Networking, IGN, Technology, MTK, IPK, Small Cap Technology, PSCT,  and US Infrastructure, PKB, traded lower as Market Watch reports Intel falls to 52-week low, leading tech retreat.  Reuters reports AMD Warns Of Revenue Drop As PC Demand Crumbles. Chipmaker Advanced Micro Devices Inc said on Thursday its third-quarter revenue likely fell 10 percent from the previous quarter as a weak global economy and growing preference for tablets slams the PC industry. AMD’s preannouncement is the latest warning about the PC industry. It follows Intel’s warning in September that its quarterly revenue would be much lower than expected

Energy, XLE, traded lower on Chevron, CVX, Sasol of South Africa, SSL, and Exxon Mobil, XOM. CNBC reports Chevron Forecasts Lower Profit Ahead. Chevron, the second-largest U.S. oil company, said on Tuesday that its third-quarter profit would be substantially lower than the previous quarter as a weak performance from its oil and gas production arm got no help from the refining side.

International Utilities, IPU, and International Telecom, IST, traded lower.

India Infrastructure, INXX, India Small Caps, SCIN, India Earnings, EPI, traded lower. Russia, RSX, ERUS, Italy, EWI, Spain, EWP, Poland, EPOL, South Korea, EWY, Taiwan, EWT, traded lower. The dollar carry in Small Cap Country, VSS, Phillippines, EPHE, finally ended as Reuters reports Philippine August Exports Drop -9.0%, Steepest Drop in 8 Months.

Large Cap Growth, JKE, diversified industrial equipment manufacturer, Cummins, CMI, fell strongly lower as Reuters reports Cummins Lowers Sales Forecast, To Cut Up To 1500 jobs. U.S. engine maker Cummins Inc lowered its 2012 forecast for the second time this year, citing delays in customer spending due to a weakening global economy, and said it would cut up to 1500 jobs. Cummins now expects full-year sales of $17 billion, down $1 billion from its prior view. “Investors expected a guidance cut from Cummins this quarter but this does look to be a bit more than expected,” William Blair & Company analyst Lawrence De Maria said. Chief Executive Tom Linebarger said Cummins had lowered its full-year revenue forecast for several markets, with the most significant changes made in the North America heavy duty truck and the international power generation markets. “Demand in China has weakened in most end markets and we have also lowered our forecast for global mining revenues,” Linebarger said.

Small Cap Value, RZV, traded lower more than its Small Cap Growth, RZG, companion, on the rise of  the US Dollar, $USD, UUP, and the fall of the Silver Miners, SIL, SSRI, and Gold Miners, GDX, GDXJ. Small Cap shares falling strongly include Consumer Discretionary, CALL, Credit Services, HPY, GCA, Paper Manufacturer, NP, Apparel Store, GCO, MW, CROX, ASNA, SHOO, and Global Service Company, ITN.

2) … In the news
Mike Mish Shedlock writes Venetian protestors demand independence from Rome.  And Financial Times reports Hostile reception for Merkel in Athens. Angela Merkel flew in to a hostile reception from angry Greeks on Tuesday as security forces took tough measures to restrict or eliminate protests in central Athens, firing tear gas at demonstrators who tried to break through a police barrier. Ms Merkel was given the red carpet treatment and full military honours at Athens airport. But on the streets it was a different matter, with more than 7,000 police officers deployed to keep demonstrators away from the German leader. Sections of the capital were cordoned off and public gatherings in certain areas, including outside the German embassy, were banned. Thousands of Greeks gathered in Syntagma Square in central Athens as Ms Merkel arrived. The demonstration – while vocal – was mostly peaceful but the mood was angry.
Giant banners declared: “Angela, you are not welcome,” and “Out with the Fourth Reich”. One caricature showed the chancellor in a swastika armband, being kicked from behind by Karagiozis, a Greek puppet representing the country’s impoverished past. Public sector unionists holding their second demonstration against the visit in as many days voiced resentment of what many Greeks see as excessive austerity policies imposed by Germany. “She [Ms Merkel] came to tell us that we have to swallow more measures. It’s unacceptable, she has no idea at all what Greeks are going through,” said Lakis Papazoglou, a former local government worker unemployed since his contract ended this year. “She has no idea at all what Greeks are going through” A jeep carrying men dressed in full Nazi regalia, and giving the familiar salute, drew huge cheers when it rolled down Stadiou Street towards the main square. Alexis Tsipras, leader of the radical leftwing Syriza coalition, the main parliamentary opposition, spoke to the defiant mood in Syntagma Square, saying: “The democratic tradition of Europe won’t allow a European people, the Greeks, to become a guinea pig [for harsh reforms] and a giant graveyard.”

Christoph Dreier of WSWS writes Former German foreign minister Joschka Fischer urges dictatorial powers for the EU. Green Party veteran leader Fischer is advocating German domination in Europe and the removal of all democratic constraints over budget policy in the euro zone.

Ambrose Evans Pritchard reports Angela Merkel recoils from Greek showdown on Spain contagion fears.
Angela Merkel, the German chancellor, has stamped her seal of approval on Greece’s austerity plan and vowed to stand by the country as “partner and friend”, signalling almost certain approval for the next tranche of EU-IMF Troika aid.

The Telegraph provides pictures Riot police clash with protesters during Angela Merkel’s Athens visit.  Hat Tip to Gary of Between The Hedges.

Reuters reports Single euro-zone budget gains momentum ahead of summit

Bible prophecy foretells that the two current global empires, ruling with iron hegemony, the UK and the US, will fail and give way to a ten toed kingdom of regional governance, comprised of partly iron diktat and clay democracy, Daniel 2:30-33. Eventually a singular king will conquer three world regions and rise to govern all of the world’s ten regions from Jerusalem, Daniel 7:24, and Daniel 9:24-27, and Revelation 17:12. In Europe, Germany will rise to be preeminent over vassal periphery states, that is the PIIGS.

Matthew Feeney in Reason writes in Reason Greece used to be an economic miracle, then the socialists got in.  I am lucky enough to be writing from the Cato Institute, which is holding a conference on the euro-crisis and the European welfare state today. One of the speakers, Aristides Hatzis, is a Greek lawyer who helps run the blog, which is well worth a visit. During his time to speak Hatzis laid out how extraordinary Greece’s economic achievements were in the years up to and following the brutal Nazi occupation. A copy of the arguments made can be found here. From 1929 to 1980 the Greek economy’s average growth rate was 5.2 percent. In that time period Greece experienced dictatorships, occupation, civil war, and a military junta. It was only in 1974 that Greece began to resemble something like a liberal democracy. Some years later Greece was accepted into the European Community, as Hatzis explains:
Seven years after embracing constitutional democracy the nine (then) members of the European Community (EC) accepted Greece as its tenth member (even before Spain and Portugal). Why? It was mostly a political decision but it was also based on decades of economic growth, despite all the setbacks and obstacles. When Greece entered the EC, the country’s public debt stood at 28 percent of GDP; the budget deficit was less than 3 percent of GDP; and the unemployment rate was 2–3 percent. In 2011 Greece’s public debt reached 165.4 percent of GDP, the budget deficit was 9.1 percent of GDP, and the unemployment rate was 17.7 percent. What happened?

Matina Stevis and Gabriele Steinhauser of Dow Jones reports “Greece’s public debt may be even higher than previously feared in 2020, three senior European officials said.  The officials said debt could be as high as 150% of gross domestic product by 2020 under a distressed economic scenario, up from a projection of 146% GDP in March and way above the 120% GDP mark described as ‘sustainable’ according the International Monetary Fund’s analysis.  The IMF has revised its projections of the crucial figure upwards following a worse-than-expected recession in Greece and despite a EUR100 billion ($130bn) restructuring of Greece’s privately held debt earlier this year. The IMF can’t, by statute, continue funding a program if a country’s debt isn’t deemed ‘sustainable’ based on macroeconomic analysis.”
James G. Neuger and Stephanie Bodoni of Bloomberg report  “European governments set up a full-time 500 billion-euro ($648bn) fund to aid debt-swamped countries and, not for the first time in the three-year crisis, expressed confidence that the extra financial muscle won’t be needed anytime soon.  Finance ministers from the 17 euro countries declared the European Stability Mechanism operational, while saying that Spain, its biggest potential near-term customer, isn’t on the verge of tapping it. Decisions were also put off on Greece’s next aid payment and on an assistance program for Cyprus.  Creation of the ESM ‘makes the strategy of member states credible and equips the euro area with much better tools to appropriately respond to future crises,’ Luxembourg Prime Minister Jean-Claude Juncker told reporters. The ESM will replace the temporary European Financial Stability Facility, which has spent 192 billion euros of its 440 billion euros on loans to Ireland, Portugal and Greece. The two funds will run in parallel until the EFSF is phased out in mid-2013.”

Christoph Drier of WSWS writes Former German foreign minister Joschka Fischer urges dictatorial powers for the EU.  Green Party veteran leader Fischer is advocating German domination in Europe and the removal of all democratic constraints over budget policy in the euro zone.

Robert Wenzel of Economic Policy Journal writes The Greek Bankster-Government Revolving Door. This is how they roll in Greece, not much different from the way the crony banksters role in the U.S. Reuters reports, The governor of the Bank of Greece was given a severance payment of 3.4 million euros when he left his former employer, a major bank that he now regulates, documents seen by Reuters show. George Provopoulos was awarded the sum when he stepped down as vice-chairman of Piraeus Bank to become governor of Greece’s central bank and a member of the board of the European Central Bank in 2008. The scale of the pay-off, previously unknown to most Greeks, is likely to prove controversial, amounting to nearly 2.8 million euros ($3.6 million) after tax.

CNBC reports  Greece’s Biggest Company Quits Country.  Greece’s biggest company is leaving the country, drinks bottler Coca Cola Hellenic, CCH, said on Thursday in announcing it will move to Switzerland and list its shares in London, dealing a blow to the debt-crippled Greek economy.  “This transaction makes clear business sense,” chief executive Dimitris Lois told analysts in a conference call. An overwhelming majority of shareholders have already accepted moving a company which has long complained about Greek taxes.

Yomiuri writes IMF Warns Of Growing JGB Risk In Banks.

Alcoa Aluminum reaches public private partnership agreement with the US Federal Government. Business Wire reports aluminum producer, ALUM, Alcoa, AA, today announced that it has reached a tentative agreement on a long-term power contract with Bonneville Power Administration (BPA) for its Intalco Works aluminum smelter in Ferndale, Washington. The proposed contract, which runs through September 2022, will ensure power supply for the smelter and help sustain the economic impact the plant brings to the region. A 90-day extension to the current contract will be in place while a public comment process on the new contract is conducted, followed by a review by BPA

Bob Wenzel of Economic Policy Journal, in article Analyzing Jamie Dimon’s Bear Stearns “Favor” to the Fed communicates that JP Morgan, JPM, Blackrock, BLK, as well as the Regional Banks, KRE, the Too Big To Fail Financial Institutions, RWW, and the Investment Bankers, KCE, profited from the trade in the Bear, Stearns & Co acquisition, as well as all of the distressed investments acquired by the US Federal Reserve under all of its many facilities. The underwriting effect of the US Federal Reserve, that is the seigniorage of the US Federal Reserve as a sovereign authority, can be  seen graphically in the chart of Fidelity Investments, Fidelity Capital and Income Mutual Fund, FAGIX, which is at an all time high of 9.40, combined with JP Morgan, Blackrock, the Banks, and Investment Bankers,  FAGIX, JPM, BLK, KRE, RWW, and KCE.   All of these, today October 12, 2012, finally trading lower, on the exhaustion of the world central banks’ monetary authority. Daily Ticker in article Are JP Morgan’s Revenue Springs Dyring Up? relates JPMorgan stock dropped 1.5% even though the country’s largest bank by assets reported $5.7 billion in third quarter profits, up 34% from a year ago.

Paul McMorrow of the Boston Globe writes Finally, someone goes after mortgage fraud.  There’s nothing new in the blockbuster mortgage fraud case New York’s attorney general filed against JPMorgan Chase last week. But despite being stale, it still counts as a bold, meaningful response to the financial crisis, because it’s more than anyone in Washington has been able to muster. New York is just now going after JPMorgan for the housing bubble excesses of Bear Stearns, the investment bank that JPMorgan absorbed as the economy imploded four years ago. New York’s lawsuit alleges that Bear committed “systemic fraud on thousands of investors.” It claims JPMorgan bought Bear’s crimes along with the bank itself. But the meat of New York’s lawsuit, the bleak mortgage data, the gratuitously expletive-laden internal bank e-mails, and the sordid tales of a bank fleecing its own customers, has been public for years.

The Economist writes A matter of time and Gold Money reports Money printing is the only thing keeping the system afloat and Financial Sense writes Yes, the Fed is printing money and Mike Mish Shedlock writes Currency wars: Bernanke defends Fed policy and Laissez Faire Books relates Paper money = despotism and International Man writes Currencies in a market hooked on stimulus and Ludwig von Mises wrote in Human action: A Treatise on economics  “There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved.”

Doug Noland notes the tremendous expansion, that is inflation, or better said leveraging up of the US Federal Reserve Balance Sheet, which I believe is approximated in quality and style of assets held in Fidelity’s FAGIX mutual fund, The Fed’s balance sheet is separate from the Financial Sector.  Federal Reserve Assets ended 2007 at $951bn.  Fed holdings ended Q2 2012 at $2.882 TN, up $1.931 TN, or 203%, in 18 quarters.  The Fed essentially transferred $2 TN of Financial Sector liabilities to a secure new home on its balance sheet.
The Fed’s moves to collapse interest rates and monetize debt (in conjunction with mortgage assistance programs) incited a major wave of mortgage refinancing.  And through the refi process, large quantities of private-label mortgages (previously included in FSCMD as ABS) were essentially transformed into sparkling new GSE-backed mortgage securities – and many then conveniently found their way onto the Federal Reserve’s rapidly inflating balance sheet.  This provided critical liquidity that allowed highly-leveraged Wall Street proprietary trading desks, hedge funds and banks to de-risk/de-leverage.
This bailout accommodated deleveraging for the financial speculators, yet for the real economy the boom in Non-Financial debt ran unabated. As noted above, Total Non-Financial Market debt ended this year’s second quarter at $38.924 TN and 249% of GDP – both all-time records.  Garnering all the focus from the deleveraging crowd, Total Household Debt has indeed declined since 2008 – having dropped $787bn, or 5.8%, to $12.896 TN.
At the same time, Federal debt has increased $4.689 TN to $11.050 TN.  Non-Financial Corporate debt increased $434bn since ’08 to end Q2 2012 at a record $11.990 TN.  State & Local debt has expanded $101bn since ’08, ending Q2 at about $3.0 TN.
The ongoing Credit expansion has inflated incomes, spending, corporate earnings and securities prices, in the process sustaining for now the U.S. economy’s Bubble structure.
And I would argue strongly that the data support the thesis that our system remains dominated by Bubble Dynamics. Also keep in mind that, in contrast to risky mortgage debt, federal debt requires little intermediation.
The marketplace absolutely loves it just the way it is, conspicuous warts and all.  For now, at least, it is “money” and shares money’s dangerous attribute of enjoying virtually insatiable demand.
The only alchemy necessary is to keep those electronic “printing presses” running 24/7.  It is, after all, the massive inflation of federal debt that is inflating incomes, cash-flows and profits, equities and fixed-income securities prices, and government tax receipts and expenditures – in the process validating the “moneyness” of the ever-expanding level of system debt (Ponzi Finance).
The history of money is a sad state of affairs.  Failing to learn from a litany of previous monetary fiascos, “money” is these days being abusively over-issued.  And when the marketplace inevitably decides that over-issuance (in conjunction with only deeper structural maladjustment) has sufficiently impaired the “moneyness” of federal and related debt, there will be no one to step in to backstop Washington’s Creditworthiness.
There will be no entity left with the wherewithal for backstopping system “moneyness,” as the Treasury and Federal Reserve have done for Trillions of intermediated mortgage debt since the bursting of the previous Bubble.  Moreover, in the meantime, outrageous fiscal and monetary policies will continue to foment uncertainties that will impinge the type of sound investment and wealth creation necessary to get our economy on sounder footing.
This week, M2 (narrow) “money” supply surged $74.0bn to a record $10.197 TN.  “Narrow money” has expanded 7.6% annualized year-to-date and was up 6.9% from a year ago.  For the week, Currency increased $2.8bn

Seigniorage, that is moneyness, will no longer come from the Neoliberal Milton Friedman Free To Choose floating currency regime debt trade, as the world is passing through Peak Credit, as is seen in the chart of Total Bonds, BND, topping out, as debt deflation, that is currency deflation, is underway, with the major world currencies, DBV,  the Swedish Krona, FXS, Emerging Market Currencies, CEW, and Commodity Currencies, CCX, trading lower from their recent rally highs. Competitive currency devaluation is now underway, as is seen in the currency demand curve, the ratio of small cap value shares relative to small cap growth shares, RZV:RZG, topping out once again and now turning over. Bespoke Investment Group reports Small Caps Lag; the sell off in the Russell IWM, is -3.7% in the last month, compared to the -2.0 in the S&P, SPY, is a result of the Small Cap Revenue, RWJ, falling 4.5%, compared to the Too Big To Fail falling 0.7% in the last month; the small cap stocks are accelerated more easily and sell off more strongly on the provision and extinguishment of credit liquidity.

The recent risk on momentum rally, that came from a rally in world currencies and a fall in the US Dollar, is now off as investors are now short the Swedish Krona, FXS, resulting in derisking out of Autoliv, ALV, and Ericsson Telephone, ERIC, causing Sweden, EWD, to be a major country faller. Doug Noland writes that this week the Swedish krona, FXS, declined 1.4%, the Danish krone 0.8%, the euro, FXE, 0.7%, the Brazilian real, BZF, 0.6%, the Mexican peso, 0.6%, the Norwegian krone 0.5%, the Swiss franc, FXF, 0.5%, the British pound, FXB, 0.4%, the New Zealand dollar 0.2% and the Canadian dollar, FXC, 0.2%.

The failure of Neoliberal Finance is seen in Junk Bonds, JNK, Leveraged Buyouts, PSP, and Pimco’s Closed End Debt Funds, PFL, trading lower as well as the Steepner ETF, STPP, and rising. All currencies, including the Chinese Yuan, CYB, will be trading lower, leading fiat wealth into the Pit of Financial Abandon. Commodities, DBC, and US Commodities, USCI, are trading down from their recent rally highs, confirming that the Age of Deflation is now underway.

The world central banks ability to inflate fiat assets is over; World Stocks, VT, and World Small Cap Stocks, VSS, with the exception of Chinese Stocks, FXI, Turkey, TUR, and Preferred Financials, PGF, are trading down from their recent highs.  This week’s trade lower in Dow Dividend Shares, DVY, and US Infrastructure, PKB, shows the way is now down for all stocks.

The new seigniorage, that is the new moneyness, will come from the diktat of regional monetary bodies, such as the ECB,  and  regional monetary popes such as Mario Draghi, as regionalism rises to replace Crony Capitalism and European Socialism, as the dynamos of global trade and corporate profitability, are winding down Neoliberalism and the dynamos of regional security, stability, and security are powering up Neoauthoritarianism.

The fiat money system is being replaced by the diktat money system. Neoliberalism featured Milton Friedman who championed the Free To Choose Floating Currency Regime, with its falling US Dollar, and rising currencies. Now the Nobel Prize goes to the European Union, where its monetary leader, Mario Draghi, who has introduced Regionalism, where the word, will and way of regional leaders and sovereign regional bodies, such as the ECB and its OMT, Open Monetary Transactions, rule in Neoauthoritarianism.

Peter Schwars of WSWS writes The European Union’s Nobel Peace Prize. The awarding of the Nobel Peace Prize to the European Union is aimed at providing political support to all those who, in the name of defending the EU, are carrying out the most brutal attacks against working people since the 1930s. I relate that Europe has had unfortunate experience with one man rule, yet, Herman Van Rompuy, president of the European Council, and Jose Barroso, president of the E.U. Commission, could have legitimate claims in receiving the Nobel Prize on behalf of the E.U. itself.  Dr Worden writes Thorbjorn Jagland, the former Norwegian prime minister who was chairman of the panel awarding the prize in October 2012, gave as the rationale for the decision a “deep concern about Europe’s destiny as it faces the debt-driven woes that have placed the future of the single currency in jeopardy. ‘There is a great danger,’ he said in an interview in Oslo. ‘We see already now an increase of extremism and nationalistic attitudes. There is a real danger that Europe will start disintegrating. Therefore, we should focus again on the fundamental aims of the organization.’” Asked if the euro currency would survive, he replied: “That I don’t know. What I know is that if the euro fails, then the danger is that many other things will disintegrate as well, like the internal market and free borders. Then you will get nationalistic policies again. So it may set in motion a process which most Europeans would dislike.” This is exactly what the EC and then the E.U. were intended to obviate.And Peter Schwarz of WSWS writes Daniel Cohn-Bendit’s imperialist “For Europe” manifesto.  Two leading European politicians have written a joint manifesto titled “For Europe”, which argues for a strong European Union and a federal Europe with a powerful central government.

Jesus has been at the economy of God, Ephesians, 1:10, achieving the fullness of prosperity, via moneyness which came through the global debt trade; now the global government bond bubble, BWX, is topping out. One was free to choose, depending on one’s risk profile, to invest in Emerging Market Bonds, EMB, yielding 4.3%, or Corporate Bonds, LQD, earning 3.8%, or Municipal Bond, MUB, providing 3.0%, or the S&P, SPY, making 2.0% interest, as is seen in the ongoing Yahoo Finance Chart of EMB, LQD, MUB, SPY; but now Jesus, is pivoting the world along into austerity and debt servitude, taking the entire world down the Road To Serfdom, as stocks are now longer able to leverage debt as is seen in the Calamos closed end total return fund, CSQ, trading lower. Christ is introducing the ten toed kingdom of regional governance as foretold by the prophet Daniel in Daniel 2:30-33, via releasing the First Horseman of the Apocalypse, Revelation 6:1-2, to effect global economic and political coup d’etat by transferring the baton of sovereignty from former sovereign nation states to sovereign regions such as the Eurozone.

3) … Bible prophecy, specifically, the Revelation of Jesus Christ, Revelation 13:1-4, foretells that the Mediterranean nations of Greece, Italy and Spain will be lynchpin of the rise of the beast regime of  regional totalitarian collectivism’s rule, in all of mankind’s even institutions and ten world regions.
Taki Theodoracopulos of Taki’s Magazine writes Dummies Great And Small.  Greece cannot function as a modern economy unless markets are freed, corruption rooted out, and cartels and favoritism eliminated. But who will do this? The crooks that are in Parliament already? Premier Samaras talks a good battle but he has spent his life in politics—Greek politics—and has never had a job outside politics. His hands are as dirty as the rest, and there is not a single person among the 300 in Parliament whose hands are not. Hat Tip to Robert Wenzel of Economic Policy Journal

The Economist writes Greece And Germany Angela’s Athens

Christoph Dreier of WSWS reports German chancellor Angela Merkel visits Greece.  The protests that took place during German Chancellor Angela Merkel’s state visit to Greece on Monday reflect the explosive class tensions in Europe.

Bloomberg reports EADS-BAE Failure Shows Road to Integrated EU Runs Through Berlin. In effectively scuttling the planned merger between European Aeronautic, Defence & Space Co. and BAE Systems Plc (BA/), Germany demonstrated the road to European integration runs through Berlin. As Chancellor Angela Merkel’s government has shown in almost three years of managing the euro-area financial crisis, the interests of German taxpayers trump strategic designs –even in defense, where German spending is about half of Britain’s as a share of its economy.

Business Insider reports The Mafia Still Controls An Incredible Amount Of Southern Italy.

Mike Mish Shedlock writes Nigel Farage hits the nail squarely on the head as interviewed in YouTube Capital Account interview The rise of UKIP, The fall of Europe, And the Parallels for the US.  There is virtually no chance the eurozone will stay intact, but German Chancellor Angel Merkel, European Council president Herman Van Rompuy, and European Commission president José Barroso are all willing to destroy Greece, Spain, and anyone and every country who gets in their way. Farage did not think Greece would still be in the Eurozone by now, and neither did I. In the end, this mess will fall apart anyway, because mathematically it must. In the meantime, every day is additional torture just so bureaucrats get their way.

The objective truth, Ephesians 1:13, and Ephesians 4:21, as well, Colossians 1;17-18, 1:27, 2:8, and 3:11, is that Greece figures prominently in the economy of God, Ephesians 1:10, as Jesus Christ is sovereignly directing that the nations of Mediterranean countries of Greece, Italy and Spain, be the centerpiece of a One Euro Government, that enforces totalitarian collectivism, as the pattern of economic and political governance for the world’s ten regions, Revelation 13:1-4.

Regional Governance was prophesied long ago by the Prophet Daniel as a replacement for UK and US iron rule of global hegemony, Daniel 2:30-33.

Out of a soon coming financial armageddon, that is a global credit bust and economic breakdown, Revelation 13:3, a Sovereign, Revelation 13:5-10, and a Seignior, that is a top dog banker,, Revelation 13:10-11, will rise to rule a Eurozone Super State, with Germany preeminent over vassal periphery states including Ireland. Jordan Shilton of WSWS writes Irish financial elite presses government for deeper austerity.  The impact of the ongoing global economic crisis on Ireland has prompted demands from the financial elite that the government expand its austerity measures. The Little Horn, Daniel 7:8, that is currently one of little authority, will rise to rule Europe in regional framework agreements as foretold in Daniel 8:23.

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