- Yes, the moment is coming when the masses will realize that fiat currencies are in trouble! The Europeans are waking up to this reality and gold is making record highs in UK Sterling and Euro. Gold is also making record highs in JPY. It is a matter of time before gold embark on a smashing run against the USD.
April 29 (Bloomberg) — Gold may rally to a record as the European sovereign debt crisis escalates, with Greece “going under” and investors losing confidence in paper currencies, said David Crichton-Watt, manager of Phoenix Gold Fund Ltd.
“I would be surprised if the gold price doesn’t go over $1,500 this year,” said Crichton-Watt, whose $100 million fund returned 122 percent last year. Gold, which touched a record $1,226.56 an ounce in December, may also benefit from resurgent inflation, Crichton-Watt said in a phone interview today.
The Greek public-debt crisis has infected financial markets worldwide, hurting equities and boosting gold, amid rising investor concern the nation may default. Gold was benefiting from safe-haven buying as contagion risks expanded, according to a report from Edel Tully, an analyst at UBS AG. Holdings in the SPDR Gold Trust climbed to an all-time high this week.
“Now we’ve got Greece going under and a lot of other countries looking likely to follow,” said Kuala Lumpur, Malaysia-based Crichton-Watt, 62. “It’s really a declining confidence in paper currencies,” Crichton-Watt said.
Bullion has risen 30 percent in the past year as investors from central banks to pension funds and individuals sought protection against currency debasement and inflation after governments spent $2 trillion to salvage the global economy from the worst recession since World War II. The precious metal has posted nine straight yearly gains from 2001.
“There’s a potential for further price gains in gold as an inability by some European countries to service debt fuels flight-to-quality sentiment,” said Chris Yoo, head of the global derivatives team at Samsung Futures Inc. in Seoul.
- Dr Rima Laibow is speaking the truth! The Illuminati want to ‘get rid’ of as much as 90% of world population! This is planned genocide. Vaccines are used actively to sterilize women, especially in 3rd world countries. Of course, these snakes will not tell you what is really in the vaccines. The Illuminists own most of the central banks, Big Pharma, MIC, large industrial corporations… of the world. Quotes:
“The WHO is a private corporation just like the Federal Reserve and receives more than two thirds of its funding from the pharmaceutical industry.”
What a head of state told Dr Laibow in 2002: “It’s almost time for the great culling to begin!”
- See also:
Profitable Depopulation Plot Links JP Morgan-Chase
And Goldman Sachs To Vaccination Contaminations
And BigPharma Corruption
A medical investigation into suspicious outbreaks and propaganda used to sell drugs and vaccines has exposed investment bankers at JP Morgan-Chase (JPMC) and Goldman Sachs (GS) for plotting to shock/stress, frighten, poison, and kill billions of people most profitably–pharmaceutically–according to the Editor-in-Chief of Medical Veritas journal.
While researching a powerful Partnership for New York City (PFNYC), uniting Wall Street’s wealthiest industrialists, Harvard-trained public health expert, Dr. Leonard Horowitz, and investigative journalist, Sherri Kane, discovered shocking evidence of a conspiracy to commit global genocide by generating diseases and death to advance profitable pharmaceutical depopulation.
Population planners at the highest levels of government and industry conspired to spread diseases, vaccines, drugs, and death most profitably, according to research published in the latest issue of Medical Veritas.
- Yes, more green shoots. These people who have exhausted their jobless benefits will be taken out of the official unemployment statistics. They will be classified as ‘too lazy to get a job’! So, we should take them out from the unemployment stats! Main Street is getting killed while Wall Street is awarding themselves billions of dollars in bonus via their fraudulent mark to fantasy accounting! The snakes are using the oxymoronic: ‘jobless recovery’ phrase. They are willing to give unlimited amount of bailout monies to banksters while stuffing the people with the bill. But bailing out the people is a no-no. Bloomberg reports:
April 29 (Bloomberg) — Since the U.S. recession began in December 2007, Congress has extended the length of unemployment benefits for the jobless three times. Now, the lawmakers may have reached their limit. They are quietly drawing the line at 99 weeks of aid, a mark that hundreds of thousands of Americans have already reached. In coming months, the number of those who will receive their final government check is projected to top 1 million.
It’s a deadline that has rarely been mentioned in recent debates over jobless benefits, in which Republicans have delayed aid because of cost concerns. The deadline hasn’t been lost on Teauna Stephney, a 39-year-old single mother from Bothell, Washington, who said she could become homeless once her $407 weekly checks stop in June.
“What are people like me supposed to do?” said Stephney, who said almost two years of benefits haven’t proved long enough for her to find work after she lost her last job in August 2008. Referring to lawmakers, she said, “I would like them to come and talk to me and spend a day in my shoes.”
Democrats who have pushed through the past extensions agree there’s insufficient backing to go beyond 99 weeks, largely because of mounting concern over the federal deficit, projected to reach $1.5 trillion this year. “You can’t go on forever,” said Senate Finance Committee Chairman Max Baucus, of Montana, whose panel oversees the benefits program. “I think 99 weeks is sufficient,” he said.
“There’s just been no discussion to go beyond that,” said Senator Byron Dorgan, a North Dakota Democrat.
Some Republicans say cutting off aid will spur people to find work. “We have study after study that shows people are more anxious to get a job after they run out of benefits,” said Representative John Linder of Georgia, the top Republican on the Ways and Means subcommittee with jurisdiction over the unemployment program. “Continuing to extend this isn’t helping them or us.” Allowing the ranks of those who lose their aid to swell carries risks for Democrats in November’s elections.
“They’re damned if they do and damned if they don’t,” said Stuart Rothenberg, publisher of the Rothenberg Political Report. Voters are “sensitive these days to spending and deficit issues and yet there are going to be people who need help, and if the administration ignores them, they’ll look rather callous.”
Baucus said extension legislation would fail in the Senate because of both the deficit and the negative “atmospherics” of lengthening the weeks of aid into triple digits. “The best thing to do is get this economy turned around” to create jobs, said Baucus.
Unemployment aid has become one of the federal budget’s fastest-growing components, with costs this year likely to reach $200 billion. That’s six times what was typically spent before the recession. Since the recession began, aid extensions added 53 weeks of assistance to the 46 weeks that had been in place. About 11 million Americans, roughly 70 percent of the nation’s jobless, in March received unemployment checks averaging $320 per week.
The challenge for lawmakers is that while benefits have reached record lengths, so has long-term unemployment. According to the Bureau of Labor Statistics, 44 percent of the jobless have been out of work for at least six months, the biggest share since the government began keeping track in 1948.
About 3.4 million Americans — approximately the population of Connecticut — have been out of work for more than a year, according to a study by the Pew Fiscal Analysis Initiative. The states, not the federal government, track how many exhaust their unemployment benefits, said U.S. Labor Department spokesman Matthew Wald.
Interviews with state officials found that in New York, 57,000 people have received their last check. In Florida, 130,000 are no longer eligible as are about 30,000 Ohioans. Those numbers will grow, according to Goldman Sachs Group Inc., which projects that more than 400,000 may soon begin losing benefits every month.
“The political climate is not as conducive to additional expansions as it had been last year,” a Goldman analysis said. “The result is likely to be a greater share of unemployed workers not receiving unemployment compensation.”
Vodpod videos no longer available.
- This Greece mini meltdown will past. I don’t believe the Illuminists are ready to pull the plug on the sovereign debt crisis. They will build this into an even bigger problem over the next 12 months. After which, all Eurozone countries will be stuffed to their noses in debts. They will then detonate this ginormous debt bomb and crash the global economic, financial and currency system. The smart money are all quietly fleeing into hard assets particularly gold!
- What we are seeing: is the controlled demolition of the old order to make way for a New World Order. This is for One World Government, One World Bank and One World Currency! This is a planned collapse orchestrated by the Illuminist money powers!
German leaders have agreed in principle to a rescue package of up to €135bn for Greece in emergency talks with EU and IMF officials, but failed to offer any clarity on the conditions for such aid.
Hopes for a respite for Southern Europe’s battered bond markets were quickly dashed as Standard & Poor’s downgraded Spain. Rainer Brüderle, Germany’s economy minister, said the Greek bail-out would be much larger than first thought, acknowledging that Greece cannot hope to tap the private debt markets for three years.
The heads of the European Central Bank and the International Monetary Fund made a joint pilgrimage to Berlin, pleading with lawmakers in the Bundestag to throw their full weight behind rescue efforts before the chain-reaction spreads to Portugal and the rest of the EMU periphery. Their presence as supplicants in Berlin marks the symbolic moment when Germany appears the undisputed master of Europe.
Dominique Strauss-Kahn, the IMF’s chief, said the stability of the eurozone itself is in danger. “We need to act swiftly and strongly,” he said. German Chancellor Angela Merkel once again refused to give concrete assurances, leaving the markets as wary as ever over the real intentions of Berlin. “This is about the stability of the euro overall, and we won’t avoid this responsibility. But the challenge is for Greece to accept an ambitious program,” she said.
“Europe risks the biggest coordination failure in modern history,” said David Simmonds, research chief at RBS. The Berlin talks are as vague as ever. “We believe that markets will remain very sceptical.”
The Greek debt market came close to disintegration yesterday. Yields on two-year bonds rose briefly to 38pc. “This no longer has anything to do with interest rates: it is a forward contract on the return of the Greek Drachma,” said Charles Dumas, head of Lombard Street Research.
Markets are already looking beyond Greece to Portugal where spreads on 10-year bonds rose to 330 points — higher than the level that first prompted Athens to invoke aid — before falling back on pledges of further austerity. Premier Jose Socrates is to bring welfare cuts planned for 2011 and 2012, accepting that the markets will not give Portugal another year to tackle its deficit of 9.4pc of GDP.
S&P cut Spanish debt one notch to AA with a negative outlook, warning that the fall-out from the housing bust will keep the country trapped in near slump until 2016. It said private sector debt of 178pc of GDP was a major concern. Daniel Cohn-Bendit, leader of the European Greens, said Europe’s handling of the crisis had been “catastrophic” and rebuked Germany for resorting the “discipline of the whip”.
Greece knows it can opt for default at any time, setting off an EMU-wide crisis and bringing down Europe’s banks. It also knows that key figures in the Bundestag favour debt restructuring. “Those who chased high yield by purchasing Greek debt must share the costs,“ said Volker Wissing, chair of Bundestag’s finance committee. Leo Dautzenberg from the Christian Democrats said banks should prepare for a `haircut’ of up to 50pc.
The ECB, Brussels, and the IMF have been fighting feverishly to head off such a move, fearing a financial chain-reaction. Julian Jessop from Capital Economics said investors have been too complacent about the EMU crisis. “This could pose as big a risk to the global economy and financial markets as the collapse of Lehman Brothers in September 2008. In some respects the wider fall-out might even be worse,” he said. The world has already used up its fiscal and monetary ammunition. What happens if there is a fresh shock?
- Greece will be bailed out, no doubt about that. The talk is a bailout package of $120-$135B Euros spread over 3 years. Think about it for a moment: if Greece cannot pay its debts, you lend them even more at a higher interest rate and call it a bailout. The MSM sings: We are all safe and everything is ok. What do you think? How likely is Greece going to pay back the loans after a few years? This is a bankster engineered crisis!
- Can the people accept economic depression and eat grass to survive while all available money is sucked dry to pay the banksters? Greece is being sold to slavery to the banksters. Of course, the people must bailout the banksters and give them unlimited monies or the world will end. Will the banksters forgive the debts of the people, debts that were dumped on them by the banksters in the first place? This is just another scam! Bankster debts have been dumped onto sovereign nations and banksters are making the sheeple pay for it.
Greece is just the “tip of the iceberg” of a sovereign debt crisis that has the potential to derail a global recovery, Nouriel Roubini has warned.
Professor Roubini, the New York-based academic who was one of the few to anticipate the scale of the financial crisis, told a panel in California that the buildup of debt is likely to lead to countries defaulting or resorting to inflation to ease the burden on their populations.
“While today markets are worried about Greece, Greece is just the tip of the iceberg,” Roubini told the Milken Institute Global Conference in Beverly Hills, California. “The thing I worry about is the buildup of sovereign debt.”
Although Greece’s misreporting of the scale of its own debt has helped shatter investors’ faith, the southern European country is not alone in its struggle. The depth of the property bust in both Spain and Portugal has prompted the ratings agency Standard & Poor’s to downgrade the creditworthiness of both.
European leaders, led by German chancellor Angela Merkel, the International Monetary Fund and Greece’s leaders are scrambling to approve a bail-out for Greece as financial markets drive its borrowing costs higher.
“The ripple effects across the market are now more visible,” said Ciaran O’Hagan, an analyst at Societe Generale. “Contagion is amplifying.” Italy’s sale of up to €8bn euros of debt today will, according to analysts, provide a good gauge of whether the concerns about Greece and Portugal are spreading to other members of the Eurozone.
- Financial terrorism! We have large Illuminist bankster corporations that are financially bigger than many countries attacking the Eurozone. Thereafter, UK, Japan and finally America! Why are many countries saddled with huge debts? They have been bailing out the banksters! Corrupt governments are providing banksters with unlimited bailouts and funding. In America alone, the bailouts, loan guarantees… amount to about US$27T for these banksters. This is an engineered crisis against the sheeple!
- Why does the US government continue to waste money on the military industrial complex? Of what threat are goat herders and farmers in Afghanistan to America? Most people think that this is just the usual government bureaucratic incompetence. This is not the case I assure you. It is done deliberately to bankrupt America! The Illuminist ruling class want to bring the standard of living down to that of Mexico (ie 3rd world country) to facilitate a North American Union of : America, Mexico and Canada!
- The beneficiaries are not the American people. But the military industrial complex and the snakes in the District of Criminals(DC). How much do you think these people pocket? Definitely, a humongous amount of money from defence spending. The Illuminists are building up their military industrial complex(MIC), private mercenary armies and also profiting from the massive opium harvest in Afghanistan.
- Once America collapses, no nation in the world will be a superpower. America must be crippled so that no country can be of a threat to a One World Government. Much of the military might will reside in the MIC owned by the Illuminists. Looking at the defence expenditures, it is clear: more wars are coming for America and for the world. ie World War 3! (See: Major General Smedley Butler – War is a Racket !)
2010 US Spending Priorities
Recently, Live Science published a chart showing that the US spends about one-fifth of its budget on the military. But this aggregate view hides how Congress prioritizes spending, when you consider what is discretionary and voted upon each year. A more salient view of these figures segregates ‘discretionary’ spending from ‘mandatory’ spending. During the severe economic downturn of the past two years, how has Congress prioritized spending?
When it comes to discretionary spending, Congress gives 58% to the military. Here are US budget charts for the years 2009 and 2010, according to the National Priorities Project (NPP):
- Rady Ananda explains:
NPP describes these charts this way, explaining the difference between ‘mandatory’ and ‘discretionary’ spending:
“[These charts show] the breakdown of the proposed federal discretionary budget for fiscal year 2010… by function area. “The discretionary budget refers to the part of the federal budget proposed by the President, and debated and decided by Congress each year. The part of the budget constitutes more than one-third of total federal spending. The remainder of the federal budget is called ‘mandatory spending.’ ….”Note that this chart includes the war-related spending requested by the administration as supplemental to the regular budget proposal.”
Note, too, per NPP: “Federal Discretionary and Mandatory Spending
“Congress directly sets the level of spending on programs which are discretionary. Congress can choose to increase or decrease spending on any of those programs in a given year…. “About half of the discretionary budget is ‘national defense,’ a government-defined function area that roughly corresponds in common parlance as ‘military.’ However, this category does not include foreign military financing, security assistance, and other programs commonly thought of as military. Other types of discretionary spending include the budget for education, many health programs, and housing assistance.
Also see discussion at How Are Our Federal Tax Dollars Spent? which shows that the military budget is one-fifth (21%) of our total budget:
But, which is the more realistic view of military spending? Which captures how Congress prioritizes spending? Which is more relevant to us? Arguably, discretionary spending is most relevant to ordinary citizens, as we continue to suffer under rising unemployment, increased foreclosures, bankster bailouts, million dollar industry bonuses while the minimum wage remains below poverty, all amid a global financial crisis.
And what does that 58% of discretionary spending amount to? In 2010: $1,027.8 billion, or over a trillion dollars, according to Robert Higgs of the Independent Institute, at Defense Spending Is Much Greater than You Think: more than $1Trillion a year.
- America is dead broke at all levels: federal, state, municipal, cities… There is simply too much debt in the economy. These debts have to be liquidated one way or another. Considering the fact that the Feds are borrowing money to pay back interest, I doubt the debts(principal) will ever be paid back. The FedRes and the snakes in DC have chosen the path of inflation, even hyperinflation in my opinion, to inflate away all debts. Protect your savings by going into physical gold!
Much of the focus on government debt over the past few years has revolved around the federal government. No doubt, this is a stunningly large amount. Yet the government has the ability to finance this debt through the U.S. Treasury and Federal Reserve with a buffet of choices. You have direct bailouts to Wall Street, quantitative easing, and systematically dismantling the U.S. dollar. But one issue that is rising to the top is that of state and local government debt. States do not have the ability to print money at the whim of any central banker. And the state and local government debt market is up to a whopping $2.3 trillion. At this point, trillion is the new billion. Let us examine the growth of this debt over the last forty years: see chart on top of post.
The growth in local government debt has exploded since the 1970s. We went from $295 billion in 1968 to $2.3 trillion today. But as Greece is demonstrating, there is such a thing as having too much debt and at a certain point the markets no longer have an appetite for so much borrowing. Average Americans probably have a hard time examining the large numbers being thrown around. Yet state and local governments are now finding a hard time balancing their budgets. In many cases, the ability to balance their budget goes in direct conflict with paying out pension distributions. Or in many cases states need to raise taxes or cut services.
Wall Street enjoys exploiting this fact because they actually loot the public sufficiently with golden parachutes and ridiculous bonuses that they never need any sort of pension. Yet the truth is, many of the gold plated pensions are just another side of the Wall Street mentality coin. That coin relies on having others pay for your bailout or extended retirement. Now Wall Street has implemented the biggest transfer of wealth in history with the $13 trillion in bailouts and backstops.
Banks Bet Against U.S. Cities, States
Amidst growing pessimism about the financial condition of U.S. cities and states, investors are increasingly buying financial instruments that essentially allow them to short sell – or bet against – cities and states, says a Wall Street Journal report. Offered by banks like JP Morgan, Bank of America, and Citigroup, the so-called municipal credit default swaps can be used by investors to bet that insurance contracts protecting holders of municipal bonds will default.
Some states say the derivatives not only scare away potential buyers of municipal bonds by creating a perception of risk, but ultimately drive up states’ borrowing costs. Others contend that the instruments are traded too thinly to affect municipal bond markets or a state’s credit rating.
The California treasurer is just one of a number of state treasurers that have launched a probe into the sale of these derivatives and the sale of municipal bonds by big Wall Street firms that might reveal “speculative abuse of CDS in the muni market,” says one regulator.
Vodpod videos no longer available.
- The reality is: the FedRes, ECB, Bank of England and Bank of Japan will go massively into Quantitative Easing! This is nothing more than printing money out of thin air to buy your own debts (Monetization). This implies debasement of the major currencies in the world. A global monetary crisis is brewing and about to explode. Gold will rocket higher in all currencies! Gold (and silver) is the money of choice for 5000+ years! The sheeple will awaken and there will be a stampede to gold!
Gold is “the only currency” worth investing in as it is a good hedge against the eurozone’s fiscal troubles, said Mathew Kaleel, co-founder & portfolio manager, H3 Global Advisors. “Gold, (in) and every currency, is going up. It’s going up a lot more than (the) euro and sterling,” Kaleel said on CNBC Tuesday.
He believes Europe’s fiscal issues have not ended as yet, saying the International Monetary Fund’s package for Greece is “literally a band-aid solution.” “We’re going to see other countries (facing) the same kind of difficulties in Europe. That’s going to be negative for the euro,” Kaleel said.
Gold is a very good form of insurance as there’s limited supply in terms of increased mine output, so that’s a really good way to hedge yourself against euro issues, he continued.
ECB May Have to Turn to ‘Nuclear Option’ to Prevent Southern European Debt Collapse! EU: Euro-Zone States Decided Member Default Isn’t An Option !
- The ECB will definitely not allow any of its 16 member countries to leave the EMU. This is contrary to their agenda of global government. The ECB is unlike the US FedRes. It does not have the power to print Euro out of thin air to activate Quantitative Easing. I think this will change shortly.
- Member countries of the EMU print their own Euro based on guidelines. The ECB sets interest rates but is largely powerless when it comes to the economic policies of member countries. These are left to the political class of member countries. The game the Illuminists are playing is the destruction of national sovereignty in favour of supra-national sovereignty.
- This will be the next move: the crisis will build till member countries will agree to surrender their economic and monetary rights to the ECB. The ECB will then have the right, in their amended constitution, to print Euros out of thin air to bailout member countries. This is checkmate! The privately owned Illuminist central banks win! National sovereignty is toast! The Hegelian dialectic in action.
ECB may have to turn to ‘nuclear option’ to prevent Southern European debt collapse
The European Central Bank may soon have to invoke emergency powers to prevent the disintegration of southern European bond markets, with ominous signs of investor flight from Spain and Italy.
Greece’s fortunes were dealt yet another blow as Standard & Poor’s slashed its credit rating to junk status – BB+ – the first time that has happened to a euro member since the single currency was created, pushing yields on 10-year Greek bonds up to a record 9.73pc.
The credit-rating agency also cut Portugal’s sovereign debt ratings by two notches to A-, as the swirling storm hit the country with full-force. “We have gone past the point of no return,” said Jacques Cailloux, chief Europe economist at the Royal Bank of Scotland.“There is a complete loss of confidence. The bond markets are in disintegration and it is getting worse every day.
“The ECB has been side-lined in the Greek crisis so far but do you allow a bond crash in your region if you are the lender-of-last resort? They may have to act as contagion spreads to larger countries such as Italy. We started to see the first glimpse of that today.” Mr Cailloux said the ECB should resort to its “nuclear option” of intervening directly in the markets to purchase government bonds.
This is prohibited in normal times under the EU Treaties but the bank can buy a wide range of assets under its “structural operations” mandate in times of systemic crisis, theoretically in unlimited quantities. Mr Cailloux added: “This feels like the banking crisis in late 2008 post-Lehman, though it has not yet spread to other asset classes. The ECB will have to act it if does.”
Yields on 10-year Portuguese bonds spiked 48 basis points to 5.67pc, replicating the pattern seen as the Greek crisis started. Portugal’s public debt will be just 84pc of GDP by the end of this year, far lower than that of Greece, at 124pc. However, its private debt is much higher and data from the IMF shows that its external debt position is worse. Interest payments on foreign debt will be 8pc of GDP this year. Portugal’s net international investment position is minus 100pc of GDP, the worst in the eurozone.
The interest rate on a €9.5bn (£8.2bn) issue of Italian notes jumped to 0.814pc, up from 0.568pc in March. The bid-to-cover ratio was wafer-thin, falling to 1.02. Italy has the world’s third biggest debt in absolute terms.
The issue of the ECB buying bonds is a political minefield. Any such action would inevitably be viewed in Germany as a form of printing money to bail out Club Med debtors, and the start of a slippery slope towards in an “inflation union”. But the ECB may no longer have any choice. There is a growing view that nothing short of a monetary blitz — or “shock and awe” on the bonds markets — can halt the spiral under way.
EU: Euro-Zone States Decided Member Default Isn’t An Option
BRUSSELS (Dow Jones)–The 16 countries that use the euro have decided not to allow any euro-zone nation to default on its debt, refuting growing speculation that Greece might default, a European Commission spokesman said Wednesday. Debt restructuring for Greece or any other euro-zone country “is not an option because the 16 member states of the euro area have decided so,” said spokesman Amadeu Altafaj Tardio.
The possibility of a restructuring isn’t even being discussed as part of negotiations in Athens between the International Monetary Fund, the EU and the Greek authorities, he said.
- This looks like the real stuff.
THE remains of Noah’s Ark have been discovered 13,000ft up a Turkish mountain, it has been claimed.
A group of Chinese and Turkish evangelical explorers say wooden remains they have discovered on Mount Ararat in eastern Turkey are the remains of Noah’s Ark. The group claims that carbon dating proves the relics are 4,800 years old, meaning they date to around the same time the ark was said to be afloat. Mt. Ararat has long been suspected as the final resting place of the craft by evangelicals and literalists hoping to validate biblical stories.
Yeung Wing-Cheung, from the Noah’s Ark Ministries International research team that made the discovery, said: “It’s not 100 percent that it is Noah’s Ark, but we think it is 99.9 percent that this is it.” There have been several reported discoveries of the remains of Noah’s Ark over the years, most notably a find by archaeologist Ron Wyatt in 1987. At the time, the Turkish government officially declared a national park around his find, a boat-shaped object stretched across the mountains of Ararat.
Nevertheless, the evangelical ministry remains convinced that the current find is in fact more likely to be the actual artifact, calling upon Dutch Ark researcher Gerrit Aalten to verify its legitimacy.
“The significance of this find is that for the first time in history the discovery of Noah’s Ark is well documented and revealed to the worldwide community,” Aalten said at a press conference announcing the find. Citing the many details that match historical accounts of the Ark, he believes it to be a legitimate archaeological discovery.
“There’s a tremendous amount of solid evidence that the structure found on Mount Ararat in Eastern Turkey is the legendary Ark of Noah,” said Aalten. Representatives of Noah’s Ark Ministries said the structure contained several compartments, some with wooden beams, that they believe were used to house animals.The group of evangelical archaeologists ruled out an established human settlement on the grounds none have ever been found above 11,000 feet in the vicinity, Yeung said.
During the press conference, team member Panda Lee described visiting the site. “In October 2008, I climbed the mountain with the Turkish team. At an elevation of more than 4,000 meters, I saw a structure built with plank-like timber. Each plank was about 8 inches wide. I could see tenons, proof of ancient construction predating the use of metal nails.”
We walked about 100 meters to another site. I could see broken wood fragments embedded in a glacier, and some 20 meters long. I surveyed the landscape and found that the wooden structure was permanently covered by ice and volcanic rocks.” Local Turkish officials will ask the central government in Ankara to apply for UNESCO World Heritage status so the site can be protected while a major archaeological dig is conducted.
The biblical story says that God decided to flood the Earth after seeing how corrupt it was. He then told Noah to build an ark and fill it with two of every animal species. After the flood waters receded, the Bible says, the ark came to rest on a mountain. Many believe that Mount Ararat, the highest point in the region, is where the ark and her inhabitants ran aground.