Socio-Economics History Blog

Socio-Economics & History Commentary

Satanic Temple Launches Campaign to ‘Protect’ Children and Permit Them to Pray to Satan!

http://au.christiantoday.com/article/satanic-temple-launches-campaign-to-protect-children-and-permit-them-to-pray-to-satan/17177.htm

Click on image for article!

“We want children to know that they are permitted to pray to Satan in school and that they can even share their religious beliefs with others in accordance with certain guidelines,” Greaves said.

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April 15, 2014 Posted by | GeoPolitics, Social Trends | , , , , | Leave a comment

Ex Australian Foreign Minister Bob Carr: Foreign Policy Was Subcontracted to Jewish Donors!

“The Bolshevik FreeMasons needed human sacrifice. According to Lenin they sacrificed people to Molok (Moloch). This was revealed by defecting Bolshevik leader Georges Solomon” – Quote at 1 hr 23.00 minutes

  • See also:
    -
    The Hidden History of Jewish Bolshevism & Freemasonry! How Masonic Wall Street Banksters Financed The Communist Revolution Which Killed Over 100 Million People! 
    -
  • Bob Carr diaries: foreign policy was subcontracted to Jewish donors! 
    by , political editor, theguardian.com 
    Former foreign minister Bob Carr has suggested Julia Gillard’s dogged insistence on supporting Israel in a controversial United Nations vote was because Australian foreign policy had been “subcontracted” to Jewish donors.
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    In a new biography about his 18 months as foreign minister, Carr reveals deep tensions within Labor over foreign policy and intimate details of his conversations with foreign leaders – including an April 2012 meeting with David Miliband who was “pessimistic about British Labour being led by ‘brother’ Ed”.
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    In more unusual territory for a political memoir, he reveals a near-obsessive preoccupation with his diet and exercise regime, and complains about being “reduced” to business class travel.
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    Bob Carr: Diary of a Foreign Minister includes a detailed account of a period in October and November 2012 when Carr campaigned against Gillard’s insistence that Australia should support Israel and vote against Palestinian observer status in the United Nations.
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    The bitter fight became entwined in the leadership tensions that were reaching a crescendo at the time. As it reached its height, he describes Kevin Rudd arriving at his parliament house office “purse-lipped, choirboy hair, speaking in that sinister monotone. A chilling monotone”.
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    Rudd’s had a “morbid interest” in the issue which had the potential to impact both on Australia’s fate in the upcoming vote for a seat on the UN security council and on his own chances to return to the prime ministership.
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    “How much of this is about money, I asked him,” Carr writes. “He said about one-fifth of the money he had raised in the 2007 election campaign had come from the Jewish community.”
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    Carr concludes that “subcontracting our foreign policy to party donors is what this involves. Or appears to involve.” He describes how nine ministers spoke against Gillard when the issue was discussed by cabinet, and only two in favour of her position.
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    But she remained unmoved and said it was a “prime minister’s call”. She only changed her mind when she realised she was set to be overruled by the caucus – which would have ended her already tenuous hold on the leadership.
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    read more!
http://mobile.abc.net.au/news/2014-04-09/bob-carr-lashes-out-at-melbourne-pro-israel-lobby/5379074

Click on image for article!

http://socioecohistory.wordpress.com/2012/12/03/ashkenazis-self-styled-jews-are-not-the-descendants-of-the-ancient-israelites/

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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April 11, 2014 Posted by | GeoPolitics, History, Social Trends | , , , , , , , , , , , , , , , | Leave a comment

Canadian Prime Minister and Australian Prime Minister Recited the Same Speech on Iraq In March 2003!!

http://news.bbc.co.uk/2/hi/7645593.stm

Click on image for article!

Benjamin_Disraeli-World_is_governed_by_people_behind_the_scenes

http://www.infowars.com/

http://socioecohistory.wordpress.com/2014/02/03/john-f-kennedy-we-are-opposed-around-the-world-by-a-monolithic-and-ruthless-conspiracy-secret-societies-rule-the-world/

Denis_Healey_World_Events_Do_Not_Occur_by_Accident_but_r_Staged_n_Managed

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March 24, 2014 Posted by | GeoPolitics, History | , , , , , , , , , , | Leave a comment

US Thinks Rules Are For Inferior Nations, It’s in Their DNA – Ex Australian PM !

  • Published on Mar 20, 2014           
    Kosovo’s secession demonstrated that international law is only as applicable as the force used to back it. But with Crimea now free on the wings of that precedent, the West cries foul. Why does the Western world fail to recognize parallels between Kosovo and Crimea? Is it a case of double standards or the result of decades of adversarial EU and NATO policies towards Russia? Oksana is joined by former Australian Prime Minister Malcolm Fraser to canvass these issues.

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March 21, 2014 Posted by | GeoPolitics | , , , , , , , | 1 Comment

Illuminati On Display for Australia NYE Celebrations!

January 2, 2014 Posted by | GeoPolitics, Social Trends | , , , , , , | Comments Off

Illuminati Themed New Year’s Fireworks Show – December 31st, 2013 Sydney Australia! Preparing the Way for the Coming of the Anti-Christ!

From: Vintage 'Trees' music video. All humanity forming a pyramid worshipping, welcoming the Satanic capstone! The Anti-Christ, the bringer of false peace, the white horseman of Revelation 6 ! The completion of the New World Order project, in a world wrecked by global wars, collapse and chaos!

From: Vintage ‘Trees’ music video. All humanity forming a pyramid worshipping, welcoming the Satanic capstone! The Anti-Christ, the bringer of false peace, the white horseman of Revelation 6 ! The completion of the New World Order project, in a world wrecked by global wars, collapse and chaos!

Who owns the world reserve currency, the dollar, the global monetary hegemony? Look at the Satanic capstone on your dollar bill. The Luciferian New World Order will be complete with the arrival of the Satanic capstone: the Anti-Christ, fake messiah, bringer of false peace, the white horseman of Revelation 6!

Who owns the world reserve currency, the dollar, the global monetary hegemony? Look at the Satanic capstone on your dollar bill. The Luciferian New World Order will be complete with the arrival of the Satanic capstone: the Anti-Christ, fake messiah, bringer of false peace, the white horseman of Revelation 6!

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January 2, 2014 Posted by | EndTimes, GeoPolitics, Social Trends | , , , , , , | Comments Off

Big 5-Eyed Brother: US+4 Join Forces to Spy on Whole World !

  • Published on Nov 10, 2013           
    According to the NSA leaks, British intelligence was able to monitor up to 600 million communications every day. Who was looking at them? 850-thousand NSA employees and private US contractors had access to British databases. And there’s the question of whether the US had access to the British spy mast at its Berlin embassy – which was holding an ear up to Germany’s government. Well, Britain isn’t the only one helping Washington keep a close eye on the world, as Gayane Chichakyan explains.
http://www.thelowestroom.com/Documents/lucid.pdf

Project L.U.C.I.D.—The Beast 666 Universal Human Control System: It’s frightening, and it’s real. In this stunning book, noted author Texe Marrs unravels the secrets of Project L.U.C.I.D., the covert government operation destined to devour the whole world. Soon, every person on Earth—even newborn babies—will be issued the universal biometrics I.D. card. Resisters will have a mind control biochip surgically implanted in their brains. The ISO 9000 program requires that all manufactured goods be controlled with the number of the beast, 666. Click on image to goto pdf E-book!

http://socioecohistory.wordpress.com/2013/07/19/u-s-govt-bureau-creating-a-google-earth-on-every-financial-transaction-senator-warns-666-is-coming/

Click on image to goto video!

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November 12, 2013 Posted by | GeoPolitics, Social Trends | , , , , , , , , | Comments Off

Australian Troops Being Readied for Possible Deployment into Syria and Iran!

MiddleEast_Map

  • Albert Pike’s Satanic World War 3 Plan
    The Third World War must be fomented by taking advantage of the differences caused by the “agentur” of the “Illuminati” between the political Zionists and the leaders of Islamic World. The war must be conducted in such a way that Islam (the Moslem Arabic World) and political Zionism (the State of Israel) mutually destroy each other.
    -
    Meanwhile the other nations, once more divided on this issue will be constrained to fight to the point of complete physical, moral, spiritual and economical exhaustion…

    -
    We shall unleash the Nihilists and the atheists, and we shall provoke a formidable social cataclysm which in all its horror will show clearly to the nations the effect of absolute atheism, origin of savagery and of the most bloody turmoil.

    -
    Then everywhere, the citizens, obliged to defend themselves against the world minority of revolutionaries, will exterminate those destroyers of civilization, and the multitude, disillusioned with Christianity, whose deistic spirits will from that moment be without compass or direction, anxious for an ideal, but without knowing where to render its adoration, will receive the true light through the universal manifestation of the pure doctrine of Lucifer, brought finally out in the public view. This manifestation will result from the general reactionary movement which will follow the destruction of Christianity and atheism, both conquered and exterminated at the same time.” 4
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  • Australian Troops Being Readied for Possible Deployment into Syria and Iran! 
    by http://www.hangthebankers.com/ 
    Editor’s note: if war starts with Syria it will be another act of aggression based on lies like Iraq was and will only benefit the elite who profit from these wars as innocent people die. We already know that for over 2 years many NATO nations such as the US, UK and France have been funding, arming and training al qaeda in the region and sending them in to destabilise the Syrian government. See the links at the bottom of this article for further information.
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    Australia’s new Defence Minister, David Johnston, says he wants to keep the military battle-ready for further possible conflicts in the unstable Middle East and south Asia.
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    Senator Johnston said that after 14 years of involvement in overseas conflicts from East Timor to Afghanistan, the Australian Defence Force had a strong fighting momentum that should not be lost as troops return from Afghanistan.
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    In an interview with Fairfax Media, he said he plans to maintain and ”augment our readiness” for future fights, which will most likely be in the unstable region stretching from Pakistan to the Levant, including even fresh trouble in Afghanistan.
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    ”It will be Pakistan across to Lebanon, Syria, Iran, Afghanistan. That’s the area where there will be instability and that’s the area that we might need to go back into at some point in the future.
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    ”I can’t foresee that right now, but … if you were to look at where the next area of instability is likely to be – and we’re seeing it unfolding in Syria today – a contribution from Australia is most likely to be in that part of the world in the future. I think Pakistan is also highly problematic.”
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    The West Australian Senator (pictured), a former justice and customs minister in the Howard government and Tony Abbott’s defence spokesman, stressed he did not see Australians fighting in Syria.
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    He said he was not preparing for any particular conflict ”in an alarmist sense” but was determined to build on the knowledge and skills the Australian Defence Force had gained running counterinsurgency operations in Afghanistan. That included exposure to enemy tactics such as the use of improvised explosive devices and fighting in urban areas among a civilian population ”against a very, very resourceful and callous enemy.
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    These are experiences that we’ve lived and breathed for 10 years and we’ve become quite expert in those things. And we’ve got to make sure those lessons are passed on to our soldiers in the future.
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    ”Operationally, we’re starting to come down [in Afghanistan], so we’ve got to maintain some interest for the troops. They’ve got to keep training, got to keep a level of readiness.”
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    The bulk of Australian troops are set to withdraw from Afghanistan by the end of the year. However, in a reminder of the continuing danger, three special forces soldiers were wounded last week in a battle with insurgents.
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    A Defence statement issued on Friday said the three elite soldiers had received ”minor fragmentation wounds” while helping Afghan forces fight off insurgents.
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    Senator Johnston’s remarks come amid a continuing international standoff over the response to Syria’s suspected use of chemical weapons.
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    Proof these illegal wars were planned many years ago:

WW3_Final_War_before_New_World_Order

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September 24, 2013 Posted by | GeoPolitics | , , , , , , , , , , , , , , , , , , , , , | Comments Off

New Snowden Leak: Australia’s Place in US Spying Web!

http://www.globalpost.com/dispatch/news/regions/asia-pacific/130708/snowden-reveals-australian-links-nsa-spying

Click on image for article!

  • New Snowden leak: Australia’s place in US spying web! 
    by http://rt.com/news/ 
    Ex-NSA contractor and whistleblower Edward Snowden has disclosed his first set of documents outlining Australia’s role in NSA surveillance programs, picking out four facilities in the country that contribute heavily to US spying.
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    The locations of dozens of the US’s and associated countries  signal collection sites have been revealed by Snowden, who leaked  classified National Security Agency maps to US journalist Glenn  Greenwald, which were then published in the Brazilian newspaper   “O Globo.”
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    The sites all play a role in the collection of data and  interception of internet traffic and telecommunications on a  global level.
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      Australian centers involved in the NSA’s data collection program,  codenamed X-Keyscore, include Joint Defence Facility Pine Gap in  central Australia and three Australian Signals Directorate  facilities: the Shoal Bay Receiving Station in the country’s  north, the Australian Defence Satellite Communications Facility  on the west coast, and the naval communications station HMAS  Harman outside the capital, Canberra.  
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      New Zealand also plays a role, with the Government Security  Communications Bureau facility at Waihopai, on the northern point  of South Island, also contributing to the program.  
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      X-Keyscore is described as a “national Intelligence collection  mission system” by US intelligence expert William Arkin,  according to Australian newspaper The Age. It processes  all signals prior to being delivered to various “production  lines” that deal with more specific issues including the  exploration of different types of data for close scrutiny.  
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      The different subdivisions are entitled Nucleon (voice), Pinwale  (video), Mainway (call records) and Marina (internet  records). 
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    read more!

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July 11, 2013 Posted by | GeoPolitics, Social Trends | , , , , , , , | Comments Off

Family Sues After Dangerous Flu Vaccine Causes Child to Become Severely Brain Damaged !

  • Family Sues After Dangerous Flu Vaccine Causes Child to Become Severely Brain Damaged
    by Christina England, http://www.naturalblaze.com/ 
    A family in Perth, Australia, is seeking compensation from the pharmaceutical company CSL Limited. Their daughter Saba became severely disabled after she received the flu vaccine Fluvax in 2010. The family is suing CSL Limited for their daughter’s pain, suffering, loss of enjoyment of life, profound disability, medical care and travel expenses, stating that Fluvax caused their daughter to become severely brain-damaged and almost completely blind.
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    Mr. and Mrs. Button say that their daughter received the influenza vaccine on April 19, 2010, and was later rushed to Princess Margaret Hospital, suffering from convulsions. Saba, now four, has been left quadriplegic and almost completely blind, and reports state that, three years later, she is stilling suffering from regular seizures and requires constant medical care.
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    Three Days Too Late
    The Buttons’ case is being heard at the Federal Court, and if the family wins, they could receive Australia’s largest medical compensation payout of all time.
    The West Australian reported on the story:
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    … CSL lawyer Belinda Thompson claimed Saba had two other shots, Neisvac and Priorix, on the same day and alleged they may have caused febrile convulsions and fever.
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    Ms. Thompson said CSL was not required to do pre-marketing clinical studies for seasonal flu vaccines. She said her client was not told of at least 90 other children presented to Princess Margaret Hospital with adverse reactions – 19 of which involved seizures or convulsions – after receiving Fluvax between March 18 and April 15.
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    She said the WA Health Department was formally notified of these cases on April 16. The flu campaign was suspended on April 22.
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    The next day, the Commonwealth Chief Medical Officer advised the vaccine should not be given to children aged five and under. [1]
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    Later that year Fluvax was suspended and was finally banned completely for use in the under-five age group.
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    read more!

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July 11, 2013 Posted by | Medicine & Health | , , , , , , | Comments Off

Royal Mint: Demand Surge Continuing In June After Demand Trebled In April !

Gold tsunami wave is coming!

Gold tsunami wave is coming!

  • Royal Mint: Demand Surge Continuing In June After Demand Trebled In April! 
    by Mark O’Byrne, http://www.goldcore.com/ 
    However, physical demand remains robust internationally as seen in the demand figures coming from refineries and government mints. Mints from the Perth Mint in Australia to the U.S. Mint, to the Austrian Mint and the Royal Mint in the U.K. continue to report a surge in sales after gold’s recent price falls led to a marked increase in physical demand.
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    Britain’s Royal Mint, which saw its gold coin sales triple in April, said the surge in demand has continued into June. British people are diversifying into gold due to concerns about the UK property market and the risk of inflation.
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    As a result of a zero interest-rate environment, many investors and savers in the UK have shown increased interest in gold coins in recent years in order to preserve wealth. British sovereign and Britannia gold coins are especially attractive given their capital gains tax free status which makes them far more attractive than ETFs and all other forms of gold ownership in the UK.
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    “Since the dip in the price of gold, the Royal Mint has seen a steep increase in demand for its gold coins which has continued over recent weeks,” Shane Bissett, director of bullion and commemorative coin at the Royal Mint, told Bloomberg. “An additional attraction for customers based in the UK is that gold coins are VAT free and capital gains tax free”, said Bissett.

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June 11, 2013 Posted by | Economics | , , , | Comments Off

GEAB N°75: Systemic Crisis 2013 – with Record Stock Exchange Highs, the Planet’s Imminent Plunge into Recession!

Global Leading Indicator (GLI), growth and acceleration. Source : Goldman Sachs.

Global Leading Indicator (GLI), growth and acceleration. Source : Goldman Sachs.

  • GEAB N°75 is available! Systemic crisis 2013: with record stock exchange highs, the planet’s imminent plunge into recession! 
    by http://www.leap2020.eu/
    Despite a feeling of relative calm given by both the media and the American and Japanese financial markets going from record to record, the world economy is slowing down badly and a widespread recession is looming. The various players are fully aware of it and, in the face of the challenges of an imminent collapse, countries or regions are putting various strategies in place to try and limit the consequences. Whilst some seem dictated by desperation or last chance solutions, others on the contrary bear witness to a real adaptation to the world’s current changes. And it’s no surprise that, in the first category, we find the “powers of the world before” which no longer have any real options.
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    Layout of the full article :
    1. World recession in sight
    2. The banks’ doubtful business
    3. Tax haven all hell
    4. Neo-protectionism between regional blocs
    5. Emerging nations’ strategy in gold
    6. The Fed’s last bullets
    7. Euroland : national unity governments and the ECB to the rescue
    8. High risk strategies
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    This public announcement contains chapters 1, 2 and 5.
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    World recession in sight
    In fact several signals show that a reversal in the economic situation is imminent. Indeed the term “reversal” isn’t very fitting since the real economy has never really recovered from the 2008 shock: it is, therefore, rather a worsening which we will see.
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    There is no shortage of indices for that. Europe is already in recession. Exports from China, often considered “the workshop of the world”, are falling heavily (see chart below) and the benchmark signals are contracting or slowing down dangerously (1) with, additionally, a major credit bubble (2).
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    Australia, which gives a good indication of the world economy’s health due to its exposure to raw materials, is struggling (3). Consumers are also marking time. US wholesale (4) and retail sales are on the decline.
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    The majority of US benchmark indices are swinging into the red, for example the Chicago PMI index (5), as well as the Goldman Sachs global index (see chart below).
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    In short, a world recession is on the horizon (6). To protect themselves from its impact, the different players, beginning with the banks, use different strategies which we will now analyse.
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    The bank’s doubtful business

    It goes without saying that the financial sector is hardly a model of transparency. But with JP Morgan or Bank of America which “miraculously” succeeded in not having a single day of first quarter trading losses (7), or further, JP Morgan’s gold reserves which have mysteriously emptied (8) whereas by a strange coincidence we saw a crash in the gold price in mid-April, without even mentioning the variety of manipulations effected by the top-tier banks, first and foremost JP Morgan (9) and others as well (10); these shady operations going increasingly unnoticed.
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    Nevertheless, all the banks know that a new storm is on the horizon and are using all the means at their disposal (more or less legal) to shelter themselves, and anything goes, including between the banks themselves. It’s in this light that it’s necessary to look at the various banks’ amazing first quarter balance sheets making it possible to draw in investors, or at least to defer the debacle, or the mid-April crash in the gold price clearly caused by one or more of these financial institutions.
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    These rough battles in the middle of a full economic upheaval will leave their mark and the weakest or most affected banks will not come through the storm undamaged, especially as the financial centres are now facing a new adversary, countries themselves.
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    read more!
Retail sales in the US, 2005-2013. Source: Bloomberg.

Retail sales in the US, 2005-2013. Source: Bloomberg.

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May 20, 2013 Posted by | Economics | , , , , , , , , , , , , , , , , , , | Comments Off

Gold Buying Frenzy Continues: China, Japan, And Australia Scramble For Physical !

Consumers cram in a gold jewellery shop in Nanjing, capital of east China's Jiangsu Province, April 18, 2013. Gold jewellery shops through China have lowered price of gold jewellery due to the consecutive decline of gold price global markets recently, which boost sales in these shops. (Xinhua)

Consumers cram in a gold jewellery shop in Nanjing, capital of east China’s Jiangsu Province, April 18, 2013. Gold jewellery shops through China have lowered price of gold jewellery due to the consecutive decline of gold price global markets recently, which boost sales in these shops. (Xinhua)

  • Gold Buying Frenzy Continues: China, Japan, And Australia Scramble For Physical ! 
    by Tyler Durden, www.zerohedge.com
    We noted here that the plunge in the paper price of gold (and silver) had prompted considerable renewed demand for physical and now it seems the scramble among the “more stable investor base” is increasing. The shake out of ETFs and futures has left the Australian mint short of deliverables and Japanese and Chinese gold retailers seeing a “frenzied” surge in demand. The customers are not just the ‘rich’ or ‘elderly’; in China “they tend to wear water shoes and come directly from the market…;” in Australia, “the volume of business… is way in excess of double what we did last week,… there’s been people running through the gate,” and Japanese individual investors doubled gold purchases yesterday at Tokuriki Honten, the country’s second-largest retailer of the precious metal. The panic selling by a weaker ‘imminent inflation-based’ investor base has sparked physical shortages – “there’s been significant sales made as people see this as great value.” It seems our previous discussions of a rotation from paper to physical were correct and this physical demand will eventually leak back into the paper markets.
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    Australia (via The Age)
    Gold sales from Perth Mint, which refines nearly all of the nation’s bullion, have surged after prices plunged, adding to signs that the metal’s slump to a two-year low is spurring increased demand.
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    “The volume of business that we’re putting through is way in excess of double what we did last week,” Treasurer Nigel Moffatt said, without giving precise figures. “There’s been people running through the gate.”

    “There’s been significant sales made as people see this as great value,” Mr Moffatt said. “Gold owners are very reactive to significant market movements.”

    The Perth Mint’s sales of gold coins climbed 49 per cent to 97,541 ounces in the three months ended March 31 from a year earlier
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    China (via China News):
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    read more!

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May 18, 2013 Posted by | Economics | , , , | Comments Off

Lindsey Williams: The New World Order is in It’s Final Formation! The Coming Collapse of ALL Currencies!

  • Broadcast on 6 May 2013, End Time Talk Radio show!
    http://www.lindseywilliams.net/
    Lindsey Williams on End Time Talk Radio speaking with Barry Meyer in May 2013. Pastor Williams discusses the latest information from his elite friend. The New World Order is in it’s final formation and the Elite are working toward a date for the collapse of ALL currencies. Events SIMILAR to Cyprus are planned for nation after nation. Pastor Williams’ Elite friend gave him numerous personal warnings concerning his own family.
http://www.nytimes.com/2013/03/31/opinion/sunday/sundown-in-america.html

Click on image for article!

http://www.thenewamerican.com/usnews/politics/item/15036-joe-biden-on-creating-a-new-world-order

Click on image for article!

Luciferian_New_World_Order_Koch_n_Spangler

Texe_Marrs_Satanic_Masonic_Doctrine_Circle_of_Intrigue

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May 11, 2013 Posted by | Economics, GeoPolitics, Social Trends | , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , | Comments Off

RBA Sucked into an Undeclared Currency War! South Korea Latest to Cut Interest Rates!

No currency war! Yeah right! Only competitive currency devaluations!

No currency war! Yeah right! Only competitive currency devaluations!

  • South Korea Is the Latest to Cut Interest Rates! 
    by , http://www.nytimes.com/ 
    HONG KONG — The South Korean central bank surprised analysts on Thursday by trimming interest rates by a quarter of a percentage point — the latest central bank to cut rates in the face of tepid growth.
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    Australia, Europe and India have all lowered borrowing costs this month in a bid to oil the wheels of faltering economic activity.
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    The euro zone is still haunted by its festering debt crisis, while in Asia, the giant Chinese economy is in the midst of a major transition that entails slower growth driven more by domestic demand. In addition, economists have said the constant saber-rattling from North Korea may take a toll on sentiment.
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    In trimming rates to their lowest level since early 2011 — the cut took the base rate to 2.5 percent — the central bank in Seoul joined growth-bolstering efforts by the government, which on Tuesday signed off on plans for billions of dollars’ worth of additional stimulus spending to prime the economic pump.
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    The “sluggishness of economic activities in the euro area” has deepened, the Bank of Korea said in a statement accompanying its rate decision, while economic indicators in emerging-market countries like China “have been weaker than initially anticipated.”
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    For South Korea, the weakening of the currency in Japan, whose companies are major competitors to South Korean exporters in many areas, adds to the pain of an already tough trade environment. The yen has fallen sharply against major currencies, including the South Korean won, in the wake of efforts by the Japanese government and central bank this year to combat persistent deflation and reinvigorate growth.
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    read more!
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  • RBA sucked into an undeclared currency war! 
    by Alan Kohler, http://www.abc.net.au/news/thedrum/
    Australia’s domestic economic conditions do not, in aggregate, justify a rate cut but the currency does, writes Alan Kohler.
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    With a resigned sigh, Reserve Bank governor Glenn Stevens has been forced by Mario Draghi and Shinzo Abe to get out his trusty popgun and join the currency wars.
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    Cannons are booming across oceans – interest rates at zero, cash ordnance pouring into the financial system. “Take that,” squeaks the RBA, popping the cash rate by 0.25 per cent to 2.75 per cent.
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    The other factor forcing its hand is the deposit wars among the Australian banks, which has kept both deposit and lending rates relatively high and muted the effect of monetary policy.
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    It has nothing to do with the economy being in the same swamp it was the last two times that interest rates were this low, in 2009 and 1960. It is, as always, not as good as the Government says it is and not as bad as the Opposition says it is, although the latter is more correct than the former.
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    But domestic economic conditions do not, in aggregate, justify a rate cut. As Glenn Stevens said in yesterday’s statement, growth is “a bit below trend” and unemployment remains “relatively low”. But the currency does justify it.
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    The exchange rate is “unusual given the decline in export prices and interest rates” said the governor, master of the understatement. In fact it has been stable for two years, apart from a short-lived correction in each year as global growth slowed.
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    Stevens’ hand was forced by last week’s rate cut by the European Central Bank (ECB) and, more importantly, the statement by its president Mario Draghi that they had an “open mind” about negative interest rates – that is, charging the banks to park money with the ECB.
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    read more!

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May 10, 2013 Posted by | Economics | , , , , , , , , , | Comments Off

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