Now France is Being Dragged Into Global Financial Crisis as Credit Rating Could Be Cut!
- Illuminist banksters are still setting up the pieces for a catastrophic sovereign debt crisis collapse! Whatever happened to Keynesian fiscal policy of expanding public sector expenditures in a recession to counteract contraction in the private sector? Fiscal and monetary economics do not explain what is the cause of the sickness! Central Banks. Try Austrian economics!
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The Austrian business cycle theory (“ABCT“) …views business cycles .. as the inevitable consequence of excessive growth in bank credit, exacerbated by inherently damaging and ineffective central bank policies, which cause interest rates to remain too low for too long, resulting in excessive credit creation, speculative economic bubbles and lowered savings.[1] Proponents believe that a sustained period of low interest rates and excessive credit creation results in a volatile and unstable imbalance between saving and investment.[2] .. the business cycle unfolds in the following way: Low interest rates tend to stimulate borrowing from the banking system. This expansion of credit causes an expansion of the supply of money, through the money creation process in a fractional reserve banking system. .. this leads to an unsustainable credit-sourced boom during which the artificially stimulated borrowing seeks out diminishing investment opportunities. … a credit-sourced boom results in widespread malinvestments. .. a correction or “credit crunch” – commonly called a “recession” or “bust” – occurs when exponential credit creation cannot be sustained. Then the money supply suddenly and sharply contracts when markets finally “clear”, causing resources to be reallocated back towards more efficient uses.
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Now France is being dragged into global financial crisis as credit rating could be cut
By Hugo Duncan, http://www.dailymail.co.uk/
France was dragged into the global financial crisis last night with warnings it could be stripped of its top-notch credit rating without ‘more efforts’ to tackle its debts. The International Monetary Fund told Nicolas Sarkozy’s government that further spending cuts were needed for the country to hit its budget targets in the face of weak economic growth.
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France is the second biggest economy in the Eurozone and a downgrade to its credit score would wreak havoc in financial markets and plunge the single currency deeper into crisis. As stock markets around the world tumbled, Italy was also told to ramp up austerity measures while Cyprus became the latest country in the Eurozone to have its credit score cut.
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With the debt crisis in the United States also raging, nervous investors dumped risky assets such as shares and piled into gold, a traditional safe haven in times of financial and economic woe. The panic saw the FTSE 100 index in London drop more than 70 points – losing £19billion of its value – as global stock markets tumbled. The price of gold leapt to a new high of $1,628 an ounce, underlining the folly of then-Chancellor Gordon Brown’s decision to sell-off 400 tons of British gold for less than $300 an ounce in 1999.
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Sean Power, an analyst at London-based spread-betting firm City Index, said: ‘We have seen risky asset classes sold off across the board with a clear escalation in investor uncertainty over both the sovereign debt situation and also the deadlock in the U.S. over how to rein in the burgeoning deficit and raise the debt ceiling.’ The increasing crisis in the Eurozone is bad news for the beleaguered British economy as Europe is the UK’s biggest trading partner.
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The IMF forecast that growth in the French economy would slow from 2.1 per cent this year to 1.9 per cent next year, rather than the 2.25 per cent expected by the Paris government. It said ministers would struggle to reduce the country’s deficit from 7.1 per cent of GDP last year to 3 per cent by 2013 because of weaker than expected growth.
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‘Achieving the deficit target of 3 per cent of GDP by 2013 requires further measures,’ it said, adding that France ‘cannot risk missing its medium-term fiscal targets’ because it would jeopardise its AAA credit score and drive up borrowing costs. The gloomy outlook was particularly embarrassing for Paris because the Washington-based IMF is now run by former French finance minister Christine Lagarde.
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The Washington Post: Taking Apart The Federal Budget !
SOURCE: White House Office of Management and Budget; GRAPHIC: Wilson Andrews, Jacqueline Kazil, Laura Stanton, Karen Yourish - The Washington Post
GM Human-Animal Hybrids Emerging Market for Organs, Babies, Pharma!
- GM Human-Animal Hybrids Emerging Market for Organs, Babies, Pharma
TheFrontlineReports, www.Infowars.com
Scientists have hoped for decades that developments in genetic research could lead to biotech applications. Now, human-animal hybrids and transgenic clones are paving the way for organ harvesting and artificially-created human life. But what are the ethics behind this new technology? A biotech culture of ‘pharming’ has also emerged where cloned animals with inserted cross-species genes are used to produce everything from a GMO-version of human-like bovine milk, to pharmaceutical drugs, to spider-silk bred in goats and glow-in-the-dark puppies, kittens and mice made translucent by the application of jellyfish genes.
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Are there any safeguards or ethics in place to slow abuses of this emerging technology? And how long has science been developing cloning technology? Is it longer than we have been led to believe?
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The technology promises to aid infertile couples even as global fertility plummets. It gives hope for those in need of organ transplants. It gives the potential for efficient industrial production of synthesized drugs and enhanced food products. But is it safe? Who is watching? And have we unleashed Pandora’s Box?
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Control over the Transgenic human-animal hybrid pose lucrative possibilities for new monopolies based on gene-patents for life, but it also threatens the integrity of the genetic code of life. GMO crops like soy have caused infertility and cancer in lab mice, much of which did not show expression until the second or third generation. If these devastating “side effects” show up in humans, it could take generations to understand or mitigate. Scientists from Purdue University concluded more than a decade ago that GM Salmon could cause the extinction of wild salmon populations within just 40 generations, yet this Frankenfish is poised to enter the global market place and your dinner table.
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Yu Yongding: China Needs To Hold Less Treasuries as Safety a ‘Mirage’!
- America will not default on its debts by refusing to pay. It will engage in a stealth default by paying its debts with devalued dollars via money printing. US treasuries are not worth the risk or the returns. It is obvious. China has dug themselves a hole they are trying to get out of. With USD reserves amounting to US$1.5T, when the Chinese elephant moves, hard assets will skyrocket. Got gold yet?
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Yu Yongding Says China Needs to Hold Less Treasuries as Safety a ‘Mirage’
by Anoop Agrawal, http://www.bloomberg.com/
Former Chinese central bank adviser Yu Yongding repeated his call for China to reduce its Treasury holdings amid an impasse among policy makers on raising the U.S.government’s debt limit. “U.S. bonds are not safe, but people think they are safe,” Yu, a researcher at a Beijing institute under theChinese Academy of Social Sciences, told reporters at a briefing in Mumbai, India, today. “That is a mirage.”
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President Barack Obama’s administration and Democrats and Republicans in Congress are locked in a standoff over what kind of deficit-cutting measures to tie to an increase in the nation’s $14.3 trillion debt ceiling. The Treasury Department has said the U.S. exhausts its borrowing authority on Aug. 2 and risks going into default. Yu spoke to reporters before giving a lecture at an event organized by Export-Import Bank of India.
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Xia Bin, a current adviser to the Chinese central bank, said July 25 that he’s confident that U.S. political leaders will reach an agreement before the deadline. A U.S. default would be “disastrous,” Yu said today.
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In March, Yu said that China, the biggest foreign holder of Treasuries with $1.16 trillion of the securities, should halt purchases because of the risk of an eventual default. In June, he predicted that credit agencies would limit the severity of any downgrade of the U.S. rating to avoid investor panic.
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Obama To Banks: We’re Not Defaulting!
- The debt ceiling political theatre continues. It is highly unlikely the 2 Aug dateline will be met. America’s annual interest payments on its debts amount to US$250B+. Tax receipts are in the region of US$2.2T. Expenditures amount to US$3.8T+. There is sufficient tax revenues to pay for the interest on debts but the GMan will have to take it from other expenses. Where will they take it from? Probably Social Security, Medicare and other social benefits. They should bring the troops home and cut ‘defence’ (war really!) expenses. But of course the politician snakes will not want to offend their Illuminist bankster masters who own the MIC!
- - The ultimate objective of these bought up politician snakes remains to be seen. Yes, it is a charade, a scripted play! It will destabilize confidence in the USD. It will cause social chaos and breakdown of society. It will ultimately make the Illuminist puppet masters look like saviors. The criminal class who rule America want the collapse of America! QE3 is an absolute certainty, who else will buy the debts after the debt ceiling is raised?
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Obama to Banks: We’re Not Defaulting
By Charlie Gasparino, http://www.foxbusiness.com/
While officials from the Obama Administration raised their rhetoric over the weekend about the possibility of a debt default if the debt ceiling isn’t raised, they privately have been telling top executives at major U.S. banks that such an event won’t happen, FOX Business has learned.
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In a series of phone calls, administration officials have told bankers that the administration will not allow a default to happen even if the debt cap isn’t raised by the August 2 date Treasury Secretary Tim Geithner says the government will run out of money to pay all its bills, including obligations to bond holders. Geithner made the rounds on the Sunday talk shows saying a default is imminent if the debt ceiling isn’t raised, and President Obama issued a similar warning during a Friday press conference after budget negotiations with House Republicans broke down.
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While the negotiations to craft a budget remain at an impasse, Republicans and Democrats on Monday began crafting their own plans to cut spending that could lead to an agreement to raise the debt ceiling. It’s unclear if a broad agreement can be reached any time soon, but even if a deal is struck, a complicating issue for lawmakers and the administration is the possibility of a downgrade to the US debt rating, which would cut the triple-A rating on the nation’s debt to a lower level.
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Major ratings firms — namely Standard & Poor’s and Moody’s — have said even if the country raises the debt ceiling and doesn’t default, there’s a strong likelihood that the triple-A bond rating will be cut to double-A unless a budget can be crafted that results in $4 trillion in savings, the result of the massive debt load the country has accumulated in recent years. The nation’s outstanding debt is more than $14 trillion.
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A senior banking official told FOX Business that administration officials have provided guidance to them that even though a default is off the table, a downgrade “is a real possibility for no other reason than S&P and Moody’s have to cover (themselves) since they’ve been speaking out on the debt cap so much.”
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This guidance is a big reason why Wall Street has largely dismissed the possibility of default, and though the markets have been jittery amid the talk of default, they haven’t imploded as would be the case, many economists fear, if the nation missed a payment on its debt. The banking official said the administration understands that if there were to be a default, it would likely spark another financial crisis.
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“They also know they can pay the debt with cash on hand,” this official told FOX Business. The Treasury collects around $2 trillion in tax revenues, and is scheduled to pay out $200 billion in interest to bond holders. In order to meet its obligations to contractors, social security recipients and others, the administration would have to raise another $1 trillion either through cuts, higher tax revenues, the issuance of debt or a combination of all three.
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Congressional Republicans believe that the Administration is raising the possibility of a default as a way to ramp up pressure on Republicans to agree to a budget deal that includes tax increases, which they oppose.
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…. for the full article click here!
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Israeli’s With Bombs & Arab Disguises Caught on 9/11 ! Mossad Did 9/11 !
- Modern Ashkenazi Jews are not the Jews of the Bible!
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1980 Jewish Almanac
“Strictly speaking it is incorrect to call an ancient Israelite a ‘Jew’ or to call a contemporary Jew an Israelite or a Hebrew.”
(1980 Jewish Almanac, p. 3)
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The Jewish Encyclopedia:
“Khazars, a non-Semitic, Asiatic, Mongolian tribal nation who emigrated into Eastern Europe about the first century, who were converted as an entire nation to Judaism in the seventh century by the expanding Russian nation which absorbed the entire Khazar population, and who account for the presence in Eastern Europe of the great numbers of Yiddish-speaking Jews in Russia, Poland, Lithuania, Galatia, Besserabia and Rumania.”
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The American Peoples Encyclopedia
… for 1954 at 15-292 records the following in reference to the Khazars: “In the year 740 A.D. the Khazars were officially converted to Judaism. A century later they were crushed by the incoming Slavic-speaking people and were scattered over central Europe where they were known as Jews.
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According to the standard Jewish Encyclopedia 96% of all the Jews known to the world today are descendents of the Khazar tribes of Russia, Eastern Europe and western Mongolia.
- - The Bible specifically forbids the ill treatment of people different from us ie: strangers. What Zionist ’666′ Israel does to the Palestinians is called: genocide and ethnic cleansing! Zionist ’666′ Israel is in total violation of God’s law!
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Exodus 22:21
“You shall neither mistreat a stranger nor oppress him, for you were strangers in the land of Egypt.”
Exodus 23:9
“Also you shall not oppress a stranger, for you know the heart of a stranger, because you were strangers in the land of Egypt.”
Leviticus 19:33
‘And if a stranger dwells with you in your land, you shall not mistreat him.’
Leviticus 19:34
The stranger who dwells among you shall be to you as one born among you, and you shall love him as yourself; for you were strangers in the land of Egypt: I am the LORD your God.
Leviticus 23:22
‘When you reap the harvest of your land, you shall not wholly reap the corners of your field when you reap, nor shall you gather any gleaning from your harvest. You shall leave them for the poor and for the stranger: I am the LORD your God.’
Leviticus 24:22
You shall have the same law for the stranger and for one from your own country; for I am the LORD your God.
Ezekiel 47:22-23
22 It shall be that you will divide it by lot as an inheritance for yourselves, and for the strangers who dwell among you and who bear children among you. They shall be to you as native-born among the children of Israel; they shall have an inheritance with you among the tribes of Israel. 23 And it shall be that in whatever tribe the stranger dwells, there you shall give him his inheritance,” says the Lord GOD.
- - The so-called Star of David is a Satanic symbol. Satanists and occult practitioners use it for calling Satan and demons!
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Former Satanist, Bill Schnoebelen (now born again Christian)
“A hexagram must be present to call forth a demon” and ” it is a very powerful tool to invoke Satan”.
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“To the sorcerer, the hexagram is a powerful tool to invoke Satan.” In fact, the word “hex” — as to put a “hex” or “curse” on people — comes from this word.
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If you examine the so-called “Star of David,” or hexagram, closely, you will discover something astonishing. It has six points, forms six equilateral triangles, and in its interior forms a six sided hexagon — thus it reveals the number of Satan’ antichrist beast, — 6 points, 6 triangles, and the 6 sides of the hexagram — 666 !!!
Revelation 2:9 – …. and I know the blasphemy of those who say they are Jews and are not, but are a synagogue of Satan.
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About
Societal and economics observer and commentator with an endtimes, future history perspective. Follow me at Twitter: socioecohistory
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