Note these comments in the American and European press: “Almost Financial Armageddon”; “Economic Pearl Harbor”; “Apocalypse–Now?”; “U.S. System Is Collapsing”; “US will lose its status as the Superpower”; “Attack on America from within”; and “American capitalism has created its own suicide bomber.” WHY are we in such deep financial trouble? And let us not naively assume that our current or future political leaders will rescue us and bring us back to financial prosperity!
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Current Events
Needed–A Plan to Rescue Us from the New Bailout Plan
The Associated Press announced on September 25:
“Warned of a possible financial panic, key Republicans and Democrats reported agreement in principle Thursday on a $700 billion bailout of the financial industry and said they would present it to the Bush administration in hopes of a vote within days… ‘I now expect that we will indeed have a plan that can pass the House, pass the Senate (and) be signed by the president,’ said Sen. Bob Bennett, R-Utah. The bipartisan consensus on the general direction of the legislation was reported just hours before President Bush was to host presidential contenders Barack Obama and John McCain and congressional leaders at the White House for discussions on how to clear obstacles to the unpopular rescue plan.”
WHY is that plan so “unpopular”?
On September 19, The Financial Times wrote in more detail about the proposed plan of the federal government to rescue or bail out troubled banks. This “magnificent” plan proposes that the government borrows money to buy bad loans from troubled banks for the purpose of wiping out most of them, thereby freeing those troubled banks from their problems and allowing them to borrow more money. Of course, ultimately the tax payer will have to bleed for these grandiose concepts. In addition, note what the Financial Times writes:
“A copy of the draft legislation, obtained by Reuters, also calls for raising US borrowing authority to $11.315 trillion [the U.S. national debt is right now about $9.6 trillion]… The political negotiations on the rescue plan, which followed a week of unprecedented stress in global financial markets, envisage the most extensive peacetime expansion of the role of government in the financial system since the Great Depression and appeared to many to mark the end of an era of Reaganite deregulation.”
The Financial Times added on September 24:
“The cost of the Treasury plan to save the US financial system from collapse cannot be estimated because it is too vague, Peter Orszag, head of the Congressional Budget Office, told legislators on Wednesday. At a hearing before the House budget committee, Mr Orszag said: ‘The secretary would have the authority to purchase virtually any asset, at any price, and sell it at any future date; the lack of specificity regarding how that authority would be implemented makes it impossible at this point to provide a quantitative analysis of the net cost to the federal government.’
“But Mr Orszag added that the CBO, which analyses the cost of legislation on a non-partisan basis, expected the Treasury to ‘fully use’ the $700bn authority in the fiscal year of 2009 it is demanding. Over time, he said, the government would recover some of that money, but the extent to which this would happen could not be estimated…
“Meanwhile, new data showed that existing home sales dropped by 2.2 per cent in August, which was much worse than expected and highlighted the continuing downturn in the US housing market.”
President Bush: USA in Serious Financial Crisis
Reuters reported on September 24:
“President George W. Bush on Wednesday said the United States was in a serious financial crisis as he tried to convince Americans to support a $700 billion financial rescue plan… He warned that ‘the market is not functioning properly,’ there is widespread loss of confidence, major sectors are at risk, and more banks could fail and threaten sending the U.S. economy into recession. ‘We must not let this happen,’ Bush said.”
“Almost Armageddon” –Until Next Time…
The New York Post wrote on September 21:
“The market was 500 trades away from Armageddon on Thursday… Had the Treasury and Fed not quickly stepped into the fray that morning with a quick $105 billion injection of liquidity, the Dow could have collapsed… money market funds were inundated with $500 billion in sell orders prior to the opening…
“The panicked selling was directly linked to the seizing up of the credit markets… and the rumors of additional money market funds ‘breaking the buck,’ or dropping below $1 net asset value. The Fed’s dramatic $105 billion liquidity injection on Thursday (pre-market) was just enough to keep key institutional accounts from following through on the sell orders and starting a stampede of cash that could have brought large tracts of the US economy to a halt.”
“An Economic Pearl Harbor”–And “No Plan B”!!!
Bloomberg wrote on September 24:
“Billionaire investor Warren Buffett, calling the market turmoil ‘an economic Pearl Harbor,’ said Treasury Secretary Henry Paulson’s $700 billion proposal to prop up the U.S. financial system is ‘absolutely necessary.’
“‘The market could not have taken another week’ like last week, Buffett told CNBC today… ‘I think it was the last thing Hank Paulson wanted to do, but there’s no Plan B for this’… The economy is ‘everybody’s problem,’ he said…”
Germany Blames USA and Britain for Present Financial Crisis
Deutsche Welle reported on September 20:
“German Chancellor Angela Merkel… said her government had tried in vain to win G8 support last year for tighter regulation of hedge funds and financial oversight of capital markets, hinting that she felt vindicated in her stance as a financial disaster unfolded on Wall Street in recent days… In a separate interview with a Munich newspaper, Muenchner Merkur… Merkel criticized the US and British governments for obstructing Germany’s efforts in the first half of 2007 to bring greater transparency to the markets… the United States and Britain ‘did not back this to the degree required,’ she said.”
Germany and Great Britain Won’t Participate in Bailout
Der Spiegel wrote on September 22:
“On Sunday US Treasury Secretary Henry Paulson then called on foreign governments to launch… bailouts for their own banks… But the governments of Germany and Great Britain have shaken their heads…
“Michael Meister, the deputy head floor whip of Merkel’s Christian Democrats (CDU)… said the US could be laying a foundation for the next crisis with its multibillion dollar bailout… Joachim Poss, deputy parliamentary whip for the center-left Social Democrats, also rejected calls from Washington to participate in the bailout. ‘The Americans can’t make Germany liable for their own failure and arrogance. A similar action is neither planned nor necessary in Germany,’ he said…
“In Britain, Prime Minister Gordon Brown told the BBC: ‘People were taking risks that were excessive — and that was mainly in my view in America and we are paying a price for what has come out of America.'”
“The US System Is Collapsing…”
The Los Angeles Times wrote on September 20:
“… the economic meltdown that wrought its wrath from Rome to Madrid to Berlin this week brought Europeans together in a harsh chorus of condemnation of the excess and disarray on Wall Street.
“The finance minister of Italy’s conservative and pro-U.S. government warned of nothing less than a systemic breakdown. Giulio Tremonti excoriated the ‘voracious selfishness’ of speculators and ‘stupid sluggishness’ of regulators. And he singled out Alan Greenspan, the former chairman of the U.S. Federal Reserve, with startling scorn. ‘Greenspan was considered a master,’ Tremonti declared. ‘Now we must ask ourselves whether he is not, after [Osama] bin Laden, the man who hurt America the most. . . . It is clear that what is happening is a disease. It is not the failure of a bank, but the failure of a system. Until a few days ago, very few were willing to realize the intensity and the dramatic nature of the crisis… The system is collapsing, exactly like the Albanian pyramids collapsed,’ Tremonti said…
“The crisis threatens to worsen woes — inflation, unemployment, weak growth — of regional powerhouses including Britain, Spain and Italy… Among the European economies, it is Britain’s that most resembles America’s in its vulnerability… ‘The financial tsunami that has engulfed Wall Street since the weekend hit these shores yesterday,’ the Daily Telegraph declared in an editorial Thursday… ‘The spectacle across the ocean has left a lasting [negative] impression on many Europeans…”
New US-German Tensions Over Relations with Russia
Der Spiegel Online wrote on September 22:
“A US diplomat has denounced the controversial Baltic natural gas pipeline… [and has] ruffled feathers in Berlin and highlighted growing US-German tensions over relations with Russia.
“Michael Wood… has been the US ambassador to Sweden for the past two years… He wrote that the pipeline represents ‘a special arrangement between Germany and Russia’ that ‘bypasses the Baltic States and Poland,’ which are ‘potential customers.’ Wood calls for the EU to speak ‘with a single voice to counteract the power of Russia’s energy weapon.’
“… Rüdiger von Fritsch, head of economic affairs at the German Foreign Ministry, promptly called up the American embassy in Berlin and demanded an explanation. Von Fritsch said the German government was ‘annoyed’ by this highly ‘unusual’ approach.
“On the other end of the line, Deputy Chief of Mission John Koenig said that he was surprised by the ambassador’s statements. He underscored that the US position remains unchanged: Washington will issue no comment on the private pipeline deal… Nevertheless, the incident has created an air of suspicion…
“German Foreign Minister Frank-Walter Steinmeier and his team are afraid that the American slip-up has let the cat out of the bag on how the US actually views the issue. Sources inside the German Foreign Ministry say that for months US diplomats have been working behind the scenes to undermine the proposed 1,200-kilometer (745-mile) underwater pipeline between the Russian port of Vyborg and Greifswald, Germany. They say that the Americans fear the pipeline will increase Western Europe’s dependency on Russian gas and make it more vulnerable to blackmail.
“The dispute over the undersea pipeline threatens to divide the US and Europe, just as the Georgian crisis has done… When it comes to Russia, politicians in Washington generally view Germany with suspicion. They accuse the Germans of being so dependent on Russian gas that they don’t dare speak their mind to the Russian strongman, Prime Minister Vladimir Putin.
“But the Baltic States, Poland and the Scandinavians are also uneasy about the pipeline. They are afraid that Moscow and Berlin have made a special deal… Chancellor Merkel, who had already warned of the dependency on Russian gas before taking office, now supports the project without reservations.”
Needed–A New Currency Order?
Reuters wrote on September 17:
“Threatened by a ‘financial tsunami,’ the world must consider building a financial order no longer dependent on the United States, a leading Chinese state newspaper said on Wednesday… The People’s Daily is the official newspaper of China’s ruling Communist Party, and the overseas edition is a smaller circulation offshoot of the main paper. Its pronouncements do not necessarily directly reflect leadership views, but this commentary by a professor at Shanghai’s Tongji University suggested considerable official alarm at the strains buckling world financial markets…
“The commentary suggested China must brace for grave economic fallout and look to alternatives, saying the crisis brings to mind the Great Depression of the 1930s. ‘Lehman Brothers’ announced bankruptcy will not only have a domino effect on the global financial world, it will bring a shock to the world economy,’ the front-page comment stated.”
China Banks Told to Halt Lending to U.S. Banks
Reuters reported on September 25:
“Chinese regulators have told domestic banks to stop interbank lending to U.S. financial institutions to prevent possible losses during the financial crisis, the South China Morning Post reported… [It] cited unidentified industry sources as saying the instruction from the China Banking Regulatory Commission (CBRC) applied to interbank lending of all currencies to U.S. banks but not to banks from other countries.”
Apocalypse–Now?
On September 21, the British paper, The Daily Mail, published an article which dealt with the possible outcome of the present worldwide financial crisis. Although much of what is predicted in the article is pure nonsense–such as, that the current crisis will destroy the Euro–some of the opinions are worthwhile considering. Here are some excerpts:
“Almost exactly seven years ago Al Qaeda terrorists targeted their hijacked planes into the Twin Towers at the heart of New York’s financial centre — and the world was transformed. There were no deaths this week, but the effects of the carnage on the financial markets will be far more profound and destabilising than the 9/11 atrocity…
“The seismic events which have seen the near-destruction of the investment banking sector and the collapse of insurance giant AIG are on the scale of the Great Crash of 1929. That was such a disaster because it created conditions for the emergence of fascism in continental Europe and then World War II. Although it is hard to predict the consequences, we should expect ramifications of equal significance — including the re-emergence of violent Far Right parties across the globe.
“Some experts were talking this week as if the financial crisis was nearly over. They could not be more wrong. The downturn has only just begun — and for most citizens uninvolved with finance the consequences have not been felt at all. But they will be felt very soon and very brutally. The British economy is in the same position as the Texan coast earlier this month as Hurricane Ike approached — apparently calm, with life going on as normal, but an almighty storm is raging just over the horizon and heading our way with terrifying speed.
“We [in Britain] can expect a sharp increase in personal bankruptcies. Yet the numbers will not peak until this time next year at the earliest. Hundreds of thousands of people will lose their jobs, with many forced to sell their houses. Property prices will slump. There will be extreme human suffering, panic and despair. Many careers will be destroyed. This is considerably worse than the downturn of the early 1990s… Banks will foreclose on thousands of small businesses. Massive corporate failures are inevitable…
“But the biggest worry is what will happen in the U.S. Ever since the end of World War II, America has been the world’s policeman. It has been able to play this role, and see off perceived enemies, such as Soviet Russia and Saddam Hussein’s Iraq, because for the past 60 years it has been the greatest global economic power. The most important question facing the world today is whether the U.S. — already crippled by the estimated $2 trillion cost of financing the Iraq occupation — can afford to continue its global role. The historical precedent is far from encouraging… America’s global dominance — already threatened by the emergence of rival economic powers such as China — may soon be coming to its end…
“The world that will emerge from the Great Crash of 2008, therefore, will be dark and unpredictable.”
What the Russians Left In Their Wake in Georgia
On September 24, The Wall Street Journal wrote the following:
“Having devastated vast areas of its own lands in the Caucasus, such as Chechnya and Ingushetia, in order to ‘protect’ them from instability, Moscow’s obliterating shadow has settled deep over Georgia — with the usual consequences. The full barbarism of Russian actions in Georgia may not emerge for years; much of the evidence lies behind the lines in terrain newly annexed by Russia. But some details are now beyond dispute.
“Alongside the various human atrocities, such as the bombing and purging of civilian areas, the invaders looted and destroyed numerous historical sites, some of which were profoundly revered by the Georgians as sacred building blocks in their national identity. This is especially true of the region around South Ossetia that served as a kind of cradle of early Georgian culture…”
Get Ready for Iran’s Nuclear Weapons
The Associated Press reported on September 24:
“Iran is nearing the ability to arm a nuclear warhead even if it insists its atomic activities are peaceful, the European Union warned Wednesday… the EU also asserted that Iran appeared to have had a past nuclear arms program despite its denials… Israel says the Islamic Republic could have enough nuclear material to make its first bomb within a year. The U.S. estimates Iran is at least two years away from that stage, and some experts say the country could reach that stage in as little as 6 months through uranium enrichment… To date, Iran has produced nearly 1,000 pounds of low-enriched uranium… close to… the 1,500-pound minimum needed to produce the 45-60 pounds needed for a simple nuclear bomb under optimal conditions…”
Russia Sabotages Sanctions on Iran
Reuters wrote on September 24:
“Iran is posing a crucial challenge to the U.N. nuclear watchdog, the International Atomic Energy Agency, the EU and the United States said during a debate at an IAEA board of governors meeting. But they threatened no action, reflecting differences among six world powers negotiating with Iran over what to do after Russia snubbed a U.S.-led campaign for tough sanctions on Iran…
“‘The (IAEA) report presents a decidedly bleak picture. We now seem at a particularly critical juncture, with Iran now asserting there is nothing for the agency to investigate as far as possible military dimensions to its nuclear program are concerned,’ Germany, France and Britain, among the six big powers, said in a joint statement to the governors’ meeting… Foreign ministers of the United States, Britain, France, Germany, Russia and China scrapped talks this week to discuss a fourth round of sanctions after Moscow pulled out, a few days after an abortive meeting on the matter in Washington.”
Tensions Between Moscow and Washington Could Worsen Other World Crises
Deutsche Welle reported on September 24:
“Germany’s foreign minister [Frank-Walter Steinmeier] warned Wednesday recent tensions between Moscow and Washington could worsen a number of world crises after high-level talks on Iran’s disputed nuclear program were scrapped… Steinmeier said the US decision to pull out of a planned meeting of foreign ministers from the Group of Eight industrialized nations had led Russia on Tuesday, in a tit-for-tat move, to drop out of talks of the so-called 3+3 on Iran bringing together the United States, Russia, China, France, Britain and Germany… ‘We’re going in the wrong direction, I am completely convinced of that,’ Steinmeier said…
“Relations between Washington and Moscow have been tense since the five-day Georgia war last month. The US has recently attempted to exclude Russia from several G8 conference calls and called for internationally isolating Moscow. In his final speech at the General Assembly, US President George W. Bush accused Russia of having violated the UN charter with what his administration has called a premeditated invasion of Georgia, a former Soviet territory. The Russian Foreign Ministry called on the US to declare how it intended to maintain relations with Russia…”
Iran “Blasts” USA
The Associated Press reported on September 23:
“Iran’s president addressed the U.N. General Assembly Tuesday declaring that ‘the American empire’ is nearing collapse and should end its military involvement in other countries… He accused the U.S. of starting wars in Iraq and Afghanistan to win votes in elections and blamed a ‘few bullying powers’ for trying to undermine [Iran’s] nuclear program…
“Ahmadinejad also lashed out at Israel on Tuesday, saying ‘the Zionist regime is on a definite slope to collapse, and there is no way for it to get out of the cesspool created by itself and its supporters.’ The Iranian president is feared and reviled in Israel because of his repeated calls to wipe the Jewish state off the map, and his aggressive pursuit of nuclear technology has only fueled Israel’s fears.
“Ahmadinejad accused ‘a small but deceitful number of people called Zionists … (of) dominating an important portion of the financial and monetary centers as well as the political decision-making centers of some European countries and the U.S.’…
“His speech came just hours after President Bush made his eighth and final appearance before the U.N. General Assembly, urging the international community to stand firm against the nuclear ambitions of Iran and North Korea. ‘A few nations, regimes like Syria and Iran, continue to sponsor terror,’ Bush said…”
Pakistani Troops Fire at U.S. Helicopters
Reuters reported on September 25:
“Pakistani troops fired on U.S. helicopters which had crossed into Pakistan from Afghanistan on Thursday, the Pakistani military said. In a conflicting version of the incident, the U.S. military denied the aircraft had flown into Pakistani territory. There were no casualties nor were the helicopters damaged, NATO said.
“The shooting took place amid rising tension between Pakistan and the United States — normally close allies in the U.S-led ‘war on terror’ — after U.S. troops launched missile attacks and a helicopter-borne ground assault into Pakistan this month. The Islamabad government condemned those raids and said it would not tolerate any infringement on its territory.”
And Now… North Korea Becomes Again a Nuclear Threat
Reuters reported on September 24:
“North Korea has expelled U.N. monitors from its plutonium-making nuclear plant and plans to start reactivating it next week, rowing back from a 2007 deal to scrap its atomic bomb program…
“North Korea… [is] angry at Washington for not taking it off its terrorism blacklist… Washington says it will de-list Pyongyang once it allows inspectors to verify claims it made about nuclear arms output… Before Yongbyon’s shutdown, U.S. officials estimated North Korea had produced about 50 kg (110 pounds) of plutonium, which experts said would be enough for six to eight nuclear weapons.”
U.S. Pastors Plan to Defy IRS Ban on Political Speech
The Los Angeles Times wrote on September 25:
“Setting the stage for a collision of religion and politics, Christian ministers from California and 21 other states will use their pulpits Sunday to deliver political sermons or endorse presidential candidates… The pastors’ advocacy could violate the Internal Revenue Service’s rules against political speech with the purpose of triggering IRS investigations. That would allow their patron, the conservative legal group Alliance Defense Fund, to challenge the IRS’ rules, a risky strategy that one defense fund attorney acknowledges could cost the churches their tax-exempt status. Congress made it illegal in 1954 for tax-exempt groups to publicly support or oppose political candidates…
“[33] pastors who have signed on to the ‘pulpit initiative’ have sparked loud condemnations by fellow clergy and advocates of the separation of church and state. These critics… argue that Sunday’s sermons at churches in Oregon, Texas, New Mexico, Pennsylvania and other states will violate federal tax law by politicizing the pulpit…
“‘The integrity of the religious community is at stake when religion and politics become entangled,’ said… Eric Williams of the North Congregational United Church of Christ in Columbus, Ohio. Williams was recruited for the defense fund but instead joined with 54 other Christian and Jewish clergy members to file a complaint against the initiative with the IRS… Representing the religious leaders are three Washington attorneys, all former IRS officials, who also filed a complaint accusing defense fund attorneys of violating IRS rules by helping the churches break federal law.
“Meanwhile, a separate group of 180 ministers, rabbis and imams also has sought to counter the ‘pulpit initiative.’ Members of the Interfaith Alliance — which includes the nation’s top Episcopal bishop — have signed a pledge to refrain from electioneering in their houses of worship. ‘Political activity and political expressions are very important, but partisan politics are . . . . a death knell to the prophetic freedom that any religious organization must protect,’ said… Ed Bacon, rector of All Saints Episcopal Church in Pasadena, who signed the pledge.
“All Saints survived a nearly two-year IRS investigation after former Rector George Regas spoke out against the Iraq war on the eve of the 2004 presidential election. Bacon repeatedly said the church did not engage in campaigning. The IRS dropped the case last year even though agency officials indicated that they still considered the sermon to be illegal.”
Update 363
Live Services
"By Faith," "Trumpets and You," and "The Mystery of Righteousness"
On Saturday, September 27, 2008, Dave Harris will give the sermon from Colorado, titled, “By Faith.”
The services can be heard at www.cognetservices.org at 12:30 pm Pacific Time (which is 2:30 pm Central Time). Just click on Connect to Live Stream.
On Tuesday, September 30, 2008, is the Feast of Trumpets.
Rene Messier will give the sermon in the morning from Oregon, titled, “Trumpets and You.” Norbert Link will give the sermon in the afternoon from California, titled, “The Mystery of Righteousness.”
The services can be heard at www.cognetservices.org at 9:00 am Pacific Time (which is 11:00 am Central Time) and at 12:30 pm Pacific Time (which is 2:30 pm Central Time). Just click on Connect to Live Stream.
Editorial
URGENT: PLEASE READ!
by
This is a message of the most extreme importance. Be ready to flee today …but continue to live your life like Christ will not return for many years. In other words, hurry up and wait!
Since Christ came nearly 2000 years ago, many have been expecting His return in their lifetime. How long have we been awaiting the arrival of Christ or more specifically, certain events leading up to His Second Coming? The answers will no doubt range from a very short time to many decades. But no matter how long it has been, are we maintaining a sense of urgency?
Now, the problem with the title and opening sentence of the Editorial is that we are so inundated with emails, snail mail, and ads in general that are saying the exact same thing, that the tendency for us is to tune it out. When we read the Bible, hear sermons, read Editorials, peruse Current Events and Q&As, are we inclined to do the same? God forbid!
Now here is a little test: Did any of us just skim over the last emphatic statement at the end of the preceding paragraph or did we take it to heart? Only you can answer the question and only you can be the one to decide to heed the warnings of the Bible for our time and be compelled to press forward. No matter how many times we have heard this before, NOW is the time to really do it… and so is tomorrow.
Brethren, “let us not grow weary while doing good, for in due season we shall reap if we do not lose heart.”
This Week in the News
Needed–A Plan to Rescue Us from the New Bailout Plan
The Associated Press announced on September 25:
“Warned of a possible financial panic, key Republicans and Democrats reported agreement in principle Thursday on a $700 billion bailout of the financial industry and said they would present it to the Bush administration in hopes of a vote within days… ‘I now expect that we will indeed have a plan that can pass the House, pass the Senate (and) be signed by the president,’ said Sen. Bob Bennett, R-Utah. The bipartisan consensus on the general direction of the legislation was reported just hours before President Bush was to host presidential contenders Barack Obama and John McCain and congressional leaders at the White House for discussions on how to clear obstacles to the unpopular rescue plan.”
WHY is that plan so “unpopular”?
On September 19, The Financial Times wrote in more detail about the proposed plan of the federal government to rescue or bail out troubled banks. This “magnificent” plan proposes that the government borrows money to buy bad loans from troubled banks for the purpose of wiping out most of them, thereby freeing those troubled banks from their problems and allowing them to borrow more money. Of course, ultimately the tax payer will have to bleed for these grandiose concepts. In addition, note what the Financial Times writes:
“A copy of the draft legislation, obtained by Reuters, also calls for raising US borrowing authority to $11.315 trillion [the U.S. national debt is right now about $9.6 trillion]… The political negotiations on the rescue plan, which followed a week of unprecedented stress in global financial markets, envisage the most extensive peacetime expansion of the role of government in the financial system since the Great Depression and appeared to many to mark the end of an era of Reaganite deregulation.”
The Financial Times added on September 24:
“The cost of the Treasury plan to save the US financial system from collapse cannot be estimated because it is too vague, Peter Orszag, head of the Congressional Budget Office, told legislators on Wednesday. At a hearing before the House budget committee, Mr Orszag said: ‘The secretary would have the authority to purchase virtually any asset, at any price, and sell it at any future date; the lack of specificity regarding how that authority would be implemented makes it impossible at this point to provide a quantitative analysis of the net cost to the federal government.’
“But Mr Orszag added that the CBO, which analyses the cost of legislation on a non-partisan basis, expected the Treasury to ‘fully use’ the $700bn authority in the fiscal year of 2009 it is demanding. Over time, he said, the government would recover some of that money, but the extent to which this would happen could not be estimated…
“Meanwhile, new data showed that existing home sales dropped by 2.2 per cent in August, which was much worse than expected and highlighted the continuing downturn in the US housing market.”
President Bush: USA in Serious Financial Crisis
Reuters reported on September 24:
“President George W. Bush on Wednesday said the United States was in a serious financial crisis as he tried to convince Americans to support a $700 billion financial rescue plan… He warned that ‘the market is not functioning properly,’ there is widespread loss of confidence, major sectors are at risk, and more banks could fail and threaten sending the U.S. economy into recession. ‘We must not let this happen,’ Bush said.”
“Almost Armageddon” –Until Next Time…
The New York Post wrote on September 21:
“The market was 500 trades away from Armageddon on Thursday… Had the Treasury and Fed not quickly stepped into the fray that morning with a quick $105 billion injection of liquidity, the Dow could have collapsed… money market funds were inundated with $500 billion in sell orders prior to the opening…
“The panicked selling was directly linked to the seizing up of the credit markets… and the rumors of additional money market funds ‘breaking the buck,’ or dropping below $1 net asset value. The Fed’s dramatic $105 billion liquidity injection on Thursday (pre-market) was just enough to keep key institutional accounts from following through on the sell orders and starting a stampede of cash that could have brought large tracts of the US economy to a halt.”
“An Economic Pearl Harbor”–And “No Plan B”!!!
Bloomberg wrote on September 24:
“Billionaire investor Warren Buffett, calling the market turmoil ‘an economic Pearl Harbor,’ said Treasury Secretary Henry Paulson’s $700 billion proposal to prop up the U.S. financial system is ‘absolutely necessary.’
“‘The market could not have taken another week’ like last week, Buffett told CNBC today… ‘I think it was the last thing Hank Paulson wanted to do, but there’s no Plan B for this’… The economy is ‘everybody’s problem,’ he said…”
Germany Blames USA and Britain for Present Financial Crisis
Deutsche Welle reported on September 20:
“German Chancellor Angela Merkel… said her government had tried in vain to win G8 support last year for tighter regulation of hedge funds and financial oversight of capital markets, hinting that she felt vindicated in her stance as a financial disaster unfolded on Wall Street in recent days… In a separate interview with a Munich newspaper, Muenchner Merkur… Merkel criticized the US and British governments for obstructing Germany’s efforts in the first half of 2007 to bring greater transparency to the markets… the United States and Britain ‘did not back this to the degree required,’ she said.”
Germany and Great Britain Won’t Participate in Bailout
Der Spiegel wrote on September 22:
“On Sunday US Treasury Secretary Henry Paulson then called on foreign governments to launch… bailouts for their own banks… But the governments of Germany and Great Britain have shaken their heads…
“Michael Meister, the deputy head floor whip of Merkel’s Christian Democrats (CDU)… said the US could be laying a foundation for the next crisis with its multibillion dollar bailout… Joachim Poss, deputy parliamentary whip for the center-left Social Democrats, also rejected calls from Washington to participate in the bailout. ‘The Americans can’t make Germany liable for their own failure and arrogance. A similar action is neither planned nor necessary in Germany,’ he said…
“In Britain, Prime Minister Gordon Brown told the BBC: ‘People were taking risks that were excessive — and that was mainly in my view in America and we are paying a price for what has come out of America.'”
“The US System Is Collapsing…”
The Los Angeles Times wrote on September 20:
“… the economic meltdown that wrought its wrath from Rome to Madrid to Berlin this week brought Europeans together in a harsh chorus of condemnation of the excess and disarray on Wall Street.
“The finance minister of Italy’s conservative and pro-U.S. government warned of nothing less than a systemic breakdown. Giulio Tremonti excoriated the ‘voracious selfishness’ of speculators and ‘stupid sluggishness’ of regulators. And he singled out Alan Greenspan, the former chairman of the U.S. Federal Reserve, with startling scorn. ‘Greenspan was considered a master,’ Tremonti declared. ‘Now we must ask ourselves whether he is not, after [Osama] bin Laden, the man who hurt America the most. . . . It is clear that what is happening is a disease. It is not the failure of a bank, but the failure of a system. Until a few days ago, very few were willing to realize the intensity and the dramatic nature of the crisis… The system is collapsing, exactly like the Albanian pyramids collapsed,’ Tremonti said…
“The crisis threatens to worsen woes — inflation, unemployment, weak growth — of regional powerhouses including Britain, Spain and Italy… Among the European economies, it is Britain’s that most resembles America’s in its vulnerability… ‘The financial tsunami that has engulfed Wall Street since the weekend hit these shores yesterday,’ the Daily Telegraph declared in an editorial Thursday… ‘The spectacle across the ocean has left a lasting [negative] impression on many Europeans…”
New US-German Tensions Over Relations with Russia
Der Spiegel Online wrote on September 22:
“A US diplomat has denounced the controversial Baltic natural gas pipeline… [and has] ruffled feathers in Berlin and highlighted growing US-German tensions over relations with Russia.
“Michael Wood… has been the US ambassador to Sweden for the past two years… He wrote that the pipeline represents ‘a special arrangement between Germany and Russia’ that ‘bypasses the Baltic States and Poland,’ which are ‘potential customers.’ Wood calls for the EU to speak ‘with a single voice to counteract the power of Russia’s energy weapon.’
“… Rüdiger von Fritsch, head of economic affairs at the German Foreign Ministry, promptly called up the American embassy in Berlin and demanded an explanation. Von Fritsch said the German government was ‘annoyed’ by this highly ‘unusual’ approach.
“On the other end of the line, Deputy Chief of Mission John Koenig said that he was surprised by the ambassador’s statements. He underscored that the US position remains unchanged: Washington will issue no comment on the private pipeline deal… Nevertheless, the incident has created an air of suspicion…
“German Foreign Minister Frank-Walter Steinmeier and his team are afraid that the American slip-up has let the cat out of the bag on how the US actually views the issue. Sources inside the German Foreign Ministry say that for months US diplomats have been working behind the scenes to undermine the proposed 1,200-kilometer (745-mile) underwater pipeline between the Russian port of Vyborg and Greifswald, Germany. They say that the Americans fear the pipeline will increase Western Europe’s dependency on Russian gas and make it more vulnerable to blackmail.
“The dispute over the undersea pipeline threatens to divide the US and Europe, just as the Georgian crisis has done… When it comes to Russia, politicians in Washington generally view Germany with suspicion. They accuse the Germans of being so dependent on Russian gas that they don’t dare speak their mind to the Russian strongman, Prime Minister Vladimir Putin.
“But the Baltic States, Poland and the Scandinavians are also uneasy about the pipeline. They are afraid that Moscow and Berlin have made a special deal… Chancellor Merkel, who had already warned of the dependency on Russian gas before taking office, now supports the project without reservations.”
Needed–A New Currency Order?
Reuters wrote on September 17:
“Threatened by a ‘financial tsunami,’ the world must consider building a financial order no longer dependent on the United States, a leading Chinese state newspaper said on Wednesday… The People’s Daily is the official newspaper of China’s ruling Communist Party, and the overseas edition is a smaller circulation offshoot of the main paper. Its pronouncements do not necessarily directly reflect leadership views, but this commentary by a professor at Shanghai’s Tongji University suggested considerable official alarm at the strains buckling world financial markets…
“The commentary suggested China must brace for grave economic fallout and look to alternatives, saying the crisis brings to mind the Great Depression of the 1930s. ‘Lehman Brothers’ announced bankruptcy will not only have a domino effect on the global financial world, it will bring a shock to the world economy,’ the front-page comment stated.”
China Banks Told to Halt Lending to U.S. Banks
Reuters reported on September 25:
“Chinese regulators have told domestic banks to stop interbank lending to U.S. financial institutions to prevent possible losses during the financial crisis, the South China Morning Post reported… [It] cited unidentified industry sources as saying the instruction from the China Banking Regulatory Commission (CBRC) applied to interbank lending of all currencies to U.S. banks but not to banks from other countries.”
Apocalypse–Now?
On September 21, the British paper, The Daily Mail, published an article which dealt with the possible outcome of the present worldwide financial crisis. Although much of what is predicted in the article is pure nonsense–such as, that the current crisis will destroy the Euro–some of the opinions are worthwhile considering. Here are some excerpts:
“Almost exactly seven years ago Al Qaeda terrorists targeted their hijacked planes into the Twin Towers at the heart of New York’s financial centre — and the world was transformed. There were no deaths this week, but the effects of the carnage on the financial markets will be far more profound and destabilising than the 9/11 atrocity…
“The seismic events which have seen the near-destruction of the investment banking sector and the collapse of insurance giant AIG are on the scale of the Great Crash of 1929. That was such a disaster because it created conditions for the emergence of fascism in continental Europe and then World War II. Although it is hard to predict the consequences, we should expect ramifications of equal significance — including the re-emergence of violent Far Right parties across the globe.
“Some experts were talking this week as if the financial crisis was nearly over. They could not be more wrong. The downturn has only just begun — and for most citizens uninvolved with finance the consequences have not been felt at all. But they will be felt very soon and very brutally. The British economy is in the same position as the Texan coast earlier this month as Hurricane Ike approached — apparently calm, with life going on as normal, but an almighty storm is raging just over the horizon and heading our way with terrifying speed.
“We [in Britain] can expect a sharp increase in personal bankruptcies. Yet the numbers will not peak until this time next year at the earliest. Hundreds of thousands of people will lose their jobs, with many forced to sell their houses. Property prices will slump. There will be extreme human suffering, panic and despair. Many careers will be destroyed. This is considerably worse than the downturn of the early 1990s… Banks will foreclose on thousands of small businesses. Massive corporate failures are inevitable…
“But the biggest worry is what will happen in the U.S. Ever since the end of World War II, America has been the world’s policeman. It has been able to play this role, and see off perceived enemies, such as Soviet Russia and Saddam Hussein’s Iraq, because for the past 60 years it has been the greatest global economic power. The most important question facing the world today is whether the U.S. — already crippled by the estimated $2 trillion cost of financing the Iraq occupation — can afford to continue its global role. The historical precedent is far from encouraging… America’s global dominance — already threatened by the emergence of rival economic powers such as China — may soon be coming to its end…
“The world that will emerge from the Great Crash of 2008, therefore, will be dark and unpredictable.”
What the Russians Left In Their Wake in Georgia
On September 24, The Wall Street Journal wrote the following:
“Having devastated vast areas of its own lands in the Caucasus, such as Chechnya and Ingushetia, in order to ‘protect’ them from instability, Moscow’s obliterating shadow has settled deep over Georgia — with the usual consequences. The full barbarism of Russian actions in Georgia may not emerge for years; much of the evidence lies behind the lines in terrain newly annexed by Russia. But some details are now beyond dispute.
“Alongside the various human atrocities, such as the bombing and purging of civilian areas, the invaders looted and destroyed numerous historical sites, some of which were profoundly revered by the Georgians as sacred building blocks in their national identity. This is especially true of the region around South Ossetia that served as a kind of cradle of early Georgian culture…”
Get Ready for Iran’s Nuclear Weapons
The Associated Press reported on September 24:
“Iran is nearing the ability to arm a nuclear warhead even if it insists its atomic activities are peaceful, the European Union warned Wednesday… the EU also asserted that Iran appeared to have had a past nuclear arms program despite its denials… Israel says the Islamic Republic could have enough nuclear material to make its first bomb within a year. The U.S. estimates Iran is at least two years away from that stage, and some experts say the country could reach that stage in as little as 6 months through uranium enrichment… To date, Iran has produced nearly 1,000 pounds of low-enriched uranium… close to… the 1,500-pound minimum needed to produce the 45-60 pounds needed for a simple nuclear bomb under optimal conditions…”
Russia Sabotages Sanctions on Iran
Reuters wrote on September 24:
“Iran is posing a crucial challenge to the U.N. nuclear watchdog, the International Atomic Energy Agency, the EU and the United States said during a debate at an IAEA board of governors meeting. But they threatened no action, reflecting differences among six world powers negotiating with Iran over what to do after Russia snubbed a U.S.-led campaign for tough sanctions on Iran…
“‘The (IAEA) report presents a decidedly bleak picture. We now seem at a particularly critical juncture, with Iran now asserting there is nothing for the agency to investigate as far as possible military dimensions to its nuclear program are concerned,’ Germany, France and Britain, among the six big powers, said in a joint statement to the governors’ meeting… Foreign ministers of the United States, Britain, France, Germany, Russia and China scrapped talks this week to discuss a fourth round of sanctions after Moscow pulled out, a few days after an abortive meeting on the matter in Washington.”
Tensions Between Moscow and Washington Could Worsen Other World Crises
Deutsche Welle reported on September 24:
“Germany’s foreign minister [Frank-Walter Steinmeier] warned Wednesday recent tensions between Moscow and Washington could worsen a number of world crises after high-level talks on Iran’s disputed nuclear program were scrapped… Steinmeier said the US decision to pull out of a planned meeting of foreign ministers from the Group of Eight industrialized nations had led Russia on Tuesday, in a tit-for-tat move, to drop out of talks of the so-called 3+3 on Iran bringing together the United States, Russia, China, France, Britain and Germany… ‘We’re going in the wrong direction, I am completely convinced of that,’ Steinmeier said…
“Relations between Washington and Moscow have been tense since the five-day Georgia war last month. The US has recently attempted to exclude Russia from several G8 conference calls and called for internationally isolating Moscow. In his final speech at the General Assembly, US President George W. Bush accused Russia of having violated the UN charter with what his administration has called a premeditated invasion of Georgia, a former Soviet territory. The Russian Foreign Ministry called on the US to declare how it intended to maintain relations with Russia…”
Iran “Blasts” USA
The Associated Press reported on September 23:
“Iran’s president addressed the U.N. General Assembly Tuesday declaring that ‘the American empire’ is nearing collapse and should end its military involvement in other countries… He accused the U.S. of starting wars in Iraq and Afghanistan to win votes in elections and blamed a ‘few bullying powers’ for trying to undermine [Iran’s] nuclear program…
“Ahmadinejad also lashed out at Israel on Tuesday, saying ‘the Zionist regime is on a definite slope to collapse, and there is no way for it to get out of the cesspool created by itself and its supporters.’ The Iranian president is feared and reviled in Israel because of his repeated calls to wipe the Jewish state off the map, and his aggressive pursuit of nuclear technology has only fueled Israel’s fears.
“Ahmadinejad accused ‘a small but deceitful number of people called Zionists … (of) dominating an important portion of the financial and monetary centers as well as the political decision-making centers of some European countries and the U.S.’…
“His speech came just hours after President Bush made his eighth and final appearance before the U.N. General Assembly, urging the international community to stand firm against the nuclear ambitions of Iran and North Korea. ‘A few nations, regimes like Syria and Iran, continue to sponsor terror,’ Bush said…”
Pakistani Troops Fire at U.S. Helicopters
Reuters reported on September 25:
“Pakistani troops fired on U.S. helicopters which had crossed into Pakistan from Afghanistan on Thursday, the Pakistani military said. In a conflicting version of the incident, the U.S. military denied the aircraft had flown into Pakistani territory. There were no casualties nor were the helicopters damaged, NATO said.
“The shooting took place amid rising tension between Pakistan and the United States — normally close allies in the U.S-led ‘war on terror’ — after U.S. troops launched missile attacks and a helicopter-borne ground assault into Pakistan this month. The Islamabad government condemned those raids and said it would not tolerate any infringement on its territory.”
And Now… North Korea Becomes Again a Nuclear Threat
Reuters reported on September 24:
“North Korea has expelled U.N. monitors from its plutonium-making nuclear plant and plans to start reactivating it next week, rowing back from a 2007 deal to scrap its atomic bomb program…
“North Korea… [is] angry at Washington for not taking it off its terrorism blacklist… Washington says it will de-list Pyongyang once it allows inspectors to verify claims it made about nuclear arms output… Before Yongbyon’s shutdown, U.S. officials estimated North Korea had produced about 50 kg (110 pounds) of plutonium, which experts said would be enough for six to eight nuclear weapons.”
U.S. Pastors Plan to Defy IRS Ban on Political Speech
The Los Angeles Times wrote on September 25:
“Setting the stage for a collision of religion and politics, Christian ministers from California and 21 other states will use their pulpits Sunday to deliver political sermons or endorse presidential candidates… The pastors’ advocacy could violate the Internal Revenue Service’s rules against political speech with the purpose of triggering IRS investigations. That would allow their patron, the conservative legal group Alliance Defense Fund, to challenge the IRS’ rules, a risky strategy that one defense fund attorney acknowledges could cost the churches their tax-exempt status. Congress made it illegal in 1954 for tax-exempt groups to publicly support or oppose political candidates…
“[33] pastors who have signed on to the ‘pulpit initiative’ have sparked loud condemnations by fellow clergy and advocates of the separation of church and state. These critics… argue that Sunday’s sermons at churches in Oregon, Texas, New Mexico, Pennsylvania and other states will violate federal tax law by politicizing the pulpit…
“‘The integrity of the religious community is at stake when religion and politics become entangled,’ said… Eric Williams of the North Congregational United Church of Christ in Columbus, Ohio. Williams was recruited for the defense fund but instead joined with 54 other Christian and Jewish clergy members to file a complaint against the initiative with the IRS… Representing the religious leaders are three Washington attorneys, all former IRS officials, who also filed a complaint accusing defense fund attorneys of violating IRS rules by helping the churches break federal law.
“Meanwhile, a separate group of 180 ministers, rabbis and imams also has sought to counter the ‘pulpit initiative.’ Members of the Interfaith Alliance — which includes the nation’s top Episcopal bishop — have signed a pledge to refrain from electioneering in their houses of worship. ‘Political activity and political expressions are very important, but partisan politics are . . . . a death knell to the prophetic freedom that any religious organization must protect,’ said… Ed Bacon, rector of All Saints Episcopal Church in Pasadena, who signed the pledge.
“All Saints survived a nearly two-year IRS investigation after former Rector George Regas spoke out against the Iraq war on the eve of the 2004 presidential election. Bacon repeatedly said the church did not engage in campaigning. The IRS dropped the case last year even though agency officials indicated that they still considered the sermon to be illegal.”
Q&A
Would you please explain Zechariah's vision of the "measuring line," as recorded in Zechariah 2:1-5.
As explained in previous Updates, when discussing Zechariah’s visions of the “woman in the basket,” “the flying scroll,” “the four chariots,” and the “four horns and the four craftsmen,” as recorded in chapters 6, 5 and 1, respectively, of the book of Zechariah, Zechariah’s visions are to be viewed together and contain foremost prophecies for us today and for our immediate future.
While commentaries are divided as to the intended timing of some of the visions, virtually all agree that the vision of the “measuring line” applies to the future Millennium, when God’s Kingdom will be established on this earth.
Zechariah 2:1-5 reads as follows:
“(1) Then I raised my eyes and looked, and behold, a man with a measuring line in his hand. (2) So I said, ‘Where are you going?’ And he said to me, ‘To measure Jerusalem, to see what is [better: will be] its width and what is [better: will be] its length.’ (3) And there was the angel who talked with me, going out; and another angel was coming out to meet him, (4) who said to him, ‘Run, speak to this young man, saying, “Jerusalem shall be inhabited as towns without walls, because of the multitude of men and livestock in it. (5) ‘For I,’ says the LORD, ‘will be a wall of fire all around her, and I will be the glory in her midst.'”‘”
(1) As stated, virtually all commentaries agree that this is foremost a millennial prophecy.
Unger’s Bible Handbook states: “This vision presents Jerusalem in millennial glory… [The surveyor’s] activities intimate the growth and prosperity of Jerusalem… ultimately to be fulfilled in the Kingdom Age.”
The “New Scofield Reference Edition” contains the following annotation: “The measuring line (or reed) is used by Ezekiel (40:3, 5) as a symbol of preparation for rebuilding the city and Temple in the Kingdom Age. Here [in Zechariah 2:1-5] it has that meaning… The subject of the vision is the restoration of nation and city. In no sense has this prophecy been fulfilled.”
The Nelson Study Bible agrees, stating that “These words refer ultimately to the future Jerusalem under the rule of its glorious king…”
Charles Feinberg writes in “The Minor Prophets,” page 280: “Surely it will not be denied that the fulfillment of this prophecy is in millennial times.”
(2) We are told in this vision that Jerusalem, which will be largely destroyed just prior to the return of Christ, will be rebuilt, and Jerusalem’s boundaries will be enlarged because of the multitude of people and livestock in it. This shows that the prophecy does not deal with the New Jerusalem, which will come down from heaven AFTER the Millennium and the Great White Throne Judgment period, when there will be no more physical beings and animals, but it describes the rebuilt or restored city of Jerusalem at the time of the Millennium.
Regarding its future boundaries, Matthew Henry’s Commentary states: “… it shall extend far beyond the present dimensions.”
(3) We read that the city of Jerusalem will have no physical walls. This is confirmed in Ezekiel 38:11-12, where not only the city of Jerusalem, but also the entire Promised Land, is described as a “land of unwalled villages,” which are occupied by “a peaceful people, who dwell safely, all of them dwelling without walls, and having neither bars nor gates… a people gathered from the nations, who have acquired livestock and goods, who dwell in the midst of the land…”
(4) Even though the city and the entire country will not have physical walls or gates for defense purposes, it won’t be helpless or defenseless. In fact, we read in Ezekiel 38 that at the very beginning of the Millennium, Asiatic hordes will attempt to invade and occupy the Promised Land. But God will intervene and defeat this enemy by fire (Ezekiel 38:22; 39:6). We find a similar event occurring at the very end of the Millennium, when God will destroy invading armies with fire (compare Revelation 20:7-9). And so, it is God who is described in Zechariah’s vision as “a wall of fire” for His people, indicating His ability and willingness to supernaturally defend His people.
Whatever physical “walls” or “gates” may exist surrounding Jerusalem and the entire Promised Land (compare Isaiah 60:10), they will not exist for the purpose of defense, and their gates will be continuously open (Isaiah 60:11). We read in Isaiah 60:18 that, with the exception of the attack of the Asiatic hordes at the beginning of the Millennium, and a similar event at its end, “Violence shall no longer be heard in your land, Neither wasting nor destruction within your borders; But you shall call your walls Salvation, And your gates Praise.”
In addition, God will be “their glory in [Jerusalem’s] midst.”
The commentary of Jamieson, Fausset and Brown offers the following explanation:
“The same combination of ‘glory and defense’ is found in Isaiah 4:5, alluding to the pillar of cloud and fire which defended and enlightened Israel in the desert… As God is to be her ‘glory,’ so she is to be His ‘glory’ ([Isaiah] 62:3).”
(5) With this insight into Jerusalem’s glorious future, Zechariah, who is described as a “young man” (Zechariah 2:4), was inspired to encourage the people at his time to become zealous and diligent in fulfilling their obligation and duty–to rebuild physical Jerusalem.
The Broadman Bible Commentary explains:
“This message has direct application to the task at hand. If the most important aspect of the rebuilt and reinhabited city will be the presence of God, attention to the building of the house must command top priority.”
In the same way, God’s people today must be diligent to fulfill their task and commission–to preach the gospel of the glorious Kingdom of God in all the world as a witness, announcing the time soon ahead of us when the Messiah–Jesus Christ–will restore and rebuild Jerusalem here on earth and make it His royal dwelling place during the Millennium (compare Isaiah 2:1-4).
Lead Writer: Norbert Link
The Work
Preaching the Gospel and Feeding the Flock
A new StandingWatch program was posted on StandingWatch, Google Video and YouTube. It is titled, “Why Federal Bailouts Won’t Help!” In the program, Norbert Link addresses the fact that we are in a “once-in-a century” financial crisis, rapidly approaching a depression, with no end in sight. The federal government keeps bailing out broken banks and insurance institutions, but it must borrow money to do so. While our national debt is already in excess of 9 TRILLION Dollars, the newest bail-out plan may cost taxpayers another 1 Trillion Dollars. These man-made “solutions” will cost us dearly in the long run. What is being overlooked in all of these idle attempts to cure our financial problems? Why are we facing them in the first place?
We also posted a new German program on our Website, “Auf Posten Stehen,” and on You Tube.
Our newest booklet, “Is That in The Bible–The Mysteries of the Book of Revelation,” has been posted on our Website.
How This Work is Financed
This Update is an official publication by the ministry of the Church of the Eternal God in the United States of America; the Church of God, a Christian Fellowship in Canada; and the Global Church of God in the United Kingdom.
Editorial Team: Norbert Link, Dave Harris, Rene Messier, Brian Gale, Johanna Link, Eric Rank, Michael Link, Anna Link, Kalon Mitchell, Manuela Mitchell, Dawn Thompson
Technical Team: Eric Rank, Shana Rank
Our activities and literature, including booklets, weekly updates, sermons on CD are provided free of charge. They are made possible by the tithes, offerings and contributions of Church members and others who have elected to support this Work.
While we do not solicit the general public for funds, contributions are gratefully welcomed and are tax-deductible in the U.S. and Canada.
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United Kingdom: Global Church of God, PO Box 44, MABLETHORPE, LN12 9AN, United Kingdom
Why Federal Bailouts Won’t Help!
We are in a “once-in-a century” financial crisis, approaching rapidly a depression, with no end in sight. The federal government keeps bailing out broken banks and insurance institutions, but it must borrow money to do so. While our national debt is already in excess of 9 TRILLION Dollars, the newest bail-out plan may cost taxpayers another 1 Trillion Dollars. These man-made “solutions” will cost us dearly in the long run. What is being overlooked in all of these idle attempts to cure our financial problems? Why are we facing them in the first place?
Download Audio Download VideoCurrent Events
Dangerous War Preparations
The International Herald Tribune wrote on September 14:
“The Bush administration is pushing through a broad array of foreign weapons deals as it seeks to re-arm Iraq and Afghanistan, contain North Korea and Iran, and solidify ties with onetime Russian allies. From tanks, helicopters and fighter jets to missiles, remotely piloted aircraft and even warships, the Department of Defense has agreed so far this fiscal year to sell or transfer more than $32 billion in weapons and other military equipment to foreign governments, compared with $12 billion in 2005. The trend, which started in 2006, is most pronounced in the Middle East, but it reaches into northern Africa, Asia, Latin America, Europe and even Canada…
“The United States is far from the only country pushing sophisticated weapons systems: It is facing intense competition from Russia and elsewhere in Europe, including continuing contests for multibillion-dollar deals to sell fighter jets to India and Brazil…
“About 60 countries get annual military aid from the United States, $4.5 billion a year, to help them buy these American weapons. Israel and Egypt receive more than 80 percent of that aid. The United States has also recently given Iraq and Afghanistan large amounts of weapons and other equipment…
“The United States has long been the top arms supplier to the world. In the past several years, however, the list of nations that rely on the United States as a primary source of major weapons systems has greatly expanded. Among the recent additions are Argentina, Azerbaijan, Brazil, Georgia, India, Iraq, Morocco and Pakistan… Cumulatively, these countries signed $870 million worth of arms deals with the United States from 2001 to 2004. For the past four fiscal years, that total has been $13.8 billion…
“In the Gulf region, much of the re-armament is driven by fears of Iran. The United Arab Emirates, for example, are considering spending as much as $16 billion on U.S.-made missile defense systems… Saudi Arabia, this fiscal year alone, has signed at least $6 billion worth of sales agreements to buy weapons from the U.S. government – the highest figure for that country since 1993, which was another peak year in U.S. weapons sales, after the Gulf War. Israel, long a major buyer of U.S. military equipment, is also increasing its orders, including planned purchases of perhaps as many as four American-made coastal warships, worth $1.9 billion.”
Israel Prepares for a Strike Against Iran
The Jerusalem Post wrote on September 14:
“The US Department of Defense has notified Congress of a potential sale to Israel of 1,000 smart bombs capable of penetrating underground bunkers, which would likely be used in the event of a military strike on Iran’s nuclear facilities… The bomb Israel wants is the GBU-39, developed in recent years by the US as a small-diameter bomb for low-cost, high-precision and low-collateral damage strikes. Israel has also asked for 150 mounting carriages, 30 guided test vehicles and two instructors to train the air force in loading the bombs on its aircraft.
“The GPS-guided GBU-39 is said to be one of the most accurate bombs in the world… Tests conducted in the US have proven that the bomb is capable of penetrating at least 90 cm. of steel-reinforced concrete…
“In its recommendation to Congress, the Defense Security Cooperation Agency wrote that Israel’s strategic position was ‘vital to the United States’ interests throughout the Middle East.’… The agency’s announcement came amid growing concern that the Pentagon was not willing to sell Israel advanced military platforms such as bunker-buster missiles in an effort to dissuade Jerusalem from attacking Iran’s nuclear facilities. Bunker-buster missiles would be a fundamental component of an air strike against Iran, since many of the nuclear facilities, such as the Natanz uranium enrichment complex, have been built in underground, heavily fortified bunkers.”
Israeli Foreign Minister Tzipi Livni to Become New Prime Minister?
BBC News reported on September 18:
“Israeli Foreign Minister Tzipi Livni is beginning the task of putting together a new government after her election as leader of the ruling Kadima party. She has 42 days to form a coalition and replace Ehud Olmert as prime minister… The Islamist movement, Hamas, which controls the Gaza Strip, said it expected no change in Israel’s policy towards the Palestinians… The centre-right opposition Likud party of former prime minister Binyamin Netanyahu, which is currently leading in the polls, immediately called for a general election…
“If she can form a fresh governing coalition within the next six weeks, Ms Livni will become Israel’s first woman prime minister since Golda Meir stepped down in 1974. The BBC’s Tim Franks in Jerusalem says that will be no easy task, and if it were to end in failure, general elections will follow in a further three months.”
Russia’s Provocations Continue… While Europe Gives In… Again…
Deutsche Welle reported on September 17:
“Russian President Dmitry Medvedev signed friendship treaties with Georgia’s breakaway regions of Abkhazia and South Ossetia on Wednesday and promised them the backing of Russia’s armed forces… The deals were signed in the face of widespread global condemnation of Russia’s incursion into Georgia… In a speech after the signing ceremony in the Kremlin, Medvedev said Russia was committed to defending Abkhazia and South Ossetia from any Georgian attempts to reclaim the two enclaves. Georgia has insisted the two regions be returned to Tbilisi’s control…
“Just hours after the signing of the treaties, European Commission President Jose Manuel Barroso said the European Union may resume talks on a cooperation agreement with Russia, even if Moscow maintains a military presence in Georgia’s separatist regions of South Ossetia and Abkhazia. On Sept. 1, EU leaders attending an emergency summit in Brussels agreed to postpone talks on a new Partnership and Cooperation Agreement (PCA) with Russia until Russian troops ‘have withdrawn to the positions held prior to Aug. 7.'”
The EUObserver reported on September 17:
“France, Germany, Spain and Italy are leaning toward pulling Georgia and Ukraine into the EU over the next 10 or more years, but keeping them out of NATO to avoid antagonising Russia. The UK is keen on both NATO and EU membership for the pair, Polish daily Gazeta Wyborcza writes.”
With the exception of the UK and some Eastern European states, Europe’s conduct in this entire affair has been deplorable. Europe’s cowardice towards Russia has been clearly dictated by political and economic interests, and Europe has demonstrated that it is willing to turn its back on an ally in the pursuit of its own purposes.
Russia’s Alliances with Iran, Venezuela, Cuba and Nicaragua
The Times wrote on September 18:
“Russia snubbed its nose at the United States today by announcing plans to sell military equipment to both Iran and Venezuela… Reports have circulated for some time that Russia is preparing to sell its S-300 surface-to-air missile system to Iran, offering greater protection against a possible US or Israeli attack on the Islamic republic’s nuclear facilities. The missiles have a range of more than 150 kilometres and can intercept jets approaching at low altitudes.
“Ruslan Pukhov, director of the Centre for Analysis of Strategies and Technologies in Moscow, said that it was logical to conclude a lucrative contract with Iran ‘in the current situation, when the US and the West in general are stubbornly gearing toward a confrontation with Russia.’ Russia has already delivered 29 Tor-M1 missile systems under a $700 million deal with Iran in 2005.
“Sergei Chemezov, the head of state-owned Russian Technologies also disclosed that Venezuela’s leader Hugo Chavez wanted to buy anti-aircraft systems, armoured personnel carriers, and new SU-35 fighter jets when they come into production in 2010… Deputy Prime Minister Igor Sechin, one of Prime Minister Vladimir Putin’s closest allies, has visited Venezuela and Cuba this week… Mr Sechin travelled to Nicaragua yesterday as part of Russia’s efforts to revive its influence on America’s doorstep in Latin America. Nicaragua was the only state to join Russia in recognising the independence of Georgia’s breakaway regions of Abkhazia and South Ossetia…”
Palin Ready to Go to War With Russia?
The EUObserver wrote on September 9:
“US Republican vice presidential candidate Sarah Palin has backed Georgia’s NATO membership in a television interview, while leaving open the option of war with Russia if it were to attack a NATO ally. In an interview with ABC News, Ms Palin was asked whether the United States would have to go to war with Russia if it invaded Georgia, and the country was part of NATO, Ms Palin said: ‘Perhaps so’…
“Prime Minister Vladimir Putin warned on Thursday (11 September)… that tensions between Russia and the EU may well worsen if the planned US missile defense shield is deployed in Poland, threatening yet once more to point Russian missiles at European targets… Mr Putin fiercely defended Russia’s invasion of Georgia, accusing the West of ‘anti-Russian hysteria’ and saying that if this military operation had not been carried out, it would have been like Russia ‘getting a bloody nose and hanging its head down.'”
How German Paper “Die Welt” Saw Palin’s Interview With ABC
Die Welt wrote on September 12:
“Vice presidential candidate Sarah Palin’s assertion that she believes humans play a role in climate change – made in her first major interview since joining the Republican ticket – is at odds with her previous statements… ‘Show me where I have ever said that there’s absolute proof that nothing that man has ever conducted or engaged in has had any effect or no effect on climate change. I have not said that,’ Palin told ABC News in an interview broadcast Thursday and Friday. However, in the past Palin has said she does not believe global warming is caused by human activity. She has told the Internet news site Newsmax, ‘A changing environment will affect Alaska more than any other state, because of our location. … I’m not one, though, who would attribute it to being man-made…’
“She also… [a]ppeared unsure of the Bush doctrine – essentially that the United States must help spread democracy to stop terrorism and that the nation will act pre-emptively to stop potential foes. Asked whether she agreed with that, Palin said: ‘In what respect, Charlie?’ Gibson pressed her for an interpretation of it. She said: ‘His world view.’ That prompted Gibson to say ‘no, the Bush doctrine, enunciated September 2002, before the Iraq war’ and describe it to her… Asked three times what her position would be if Israel felt threatened enough to attack Iranian nuclear facilities, Palin repeatedly said the United States shouldn’t ‘second guess’ Israel’s steps to secure itself.”
U.S. Faces “Once-in-a-Century” Financial Crisis
AFP reported on September 14:
“The United States is mired in a ‘once-in-a century’ financial crisis… former Federal Reserve chief Alan Greenspan said… [adding] that the crisis… still had a long way to go and would continue to effect home prices in the United States… Asked whether the crisis, which has seen the US government step in to bail out mortgage giants Freddie Mac and Fannie Mae, was the worst of his career, Greenspan replied ‘Oh, by far’… [He] also predicted that the financial crisis would see the failure of more major financial institutions, even as embattled Wall Street investment giant Lehman Brothers scrambled to find a buyer.”
U.S. Financial Mess Deepens
Reuters reported on September 15:
“Global markets plummeted on Monday after investment bank Lehman Brothers filed for bankruptcy protection, rival Merrill Lynch agreed to be taken over and the Federal Reserve threw a life line to the battered financial industry… a deepening crisis took new, bigger victims…
“The events signal a seismic shift in Wall Street’s power structure with big name investment banks biting the dust and major banks like Bank of America and JPMorgan Chase becoming the survivors. ‘It’s a return to pure capitalism, the survival of the fittest — the government can’t and won’t bail everybody out,’ said Justin Urquhart Stewart, investment director at 7 Investment Management in London. Bank of America agreed to buy Merrill Lynch in an all-stock deal worth $50 billion, seeking a bargain as the world’s largest retail brokerage sought refuge from fears it could be the next victim.
“‘It’s just shockingly fast how it happened,’ an employee for Merrill in Asia said. ‘It’s hard to believe there will be no more Merrill Lynch,’ he said…
“Asian and European stock markets tumbled… Shares in U.S. banks trading in Frankfurt tumbled… The euro jumped to as high as $1.4479, up 1.7 percent from Friday, while U.S. Treasury yields dropped to five-month lows…
“With Lehman and Merrill out of the picture, three of the top five U.S. investment banks have effectively departed the scene inside six months…
“Britain’s Barclays emerged as a front-runner to buy Lehman late on Sunday after Bank of America pulled back, but it was deterred by the U.S. government’s unwillingness to provide a financial backstop to potential losses.
“The New York Times also reported that AIG, once the world’s largest insurer, had made an approach to the Federal Reserve seeking $40 billion in short-term financing…
“One of the catalysts for this weekend’s events was the stance of U.S. Treasury Secretary Henry Paulson, who opposed using government money to resolve the Lehman crisis after a week earlier bailing out mortgage lenders Freddie Mac and Fannie Mae, wary of accusation of encouraging excessive risk-taking by bailing out the bank.”
“Black Sunday” Affects Europe
Der Spiegel Online reported on September 15:
“Financial authorities tried to shore up confidence on Monday as world markets plummeted following ‘Black Sunday’ on Wall Street where Lehman Brothers filed for bankruptcy protection and Bank of America took over Merrill Lynch.
“Europe’s big central banks pumped liquidity into the financial system to calm investors… The European Central Bank conducted a one-day tender for €30 billion… The Bank of England and Swiss National Bank also provided liquidity as Asian and European stock markets tumbled. The FTSEurofirst 300 index of leading European shares fell 5 percent, led by falling bank stocks such as UBS, down 10 percent. The Dax index of leading German [banks] fell as much as 4.7 percent to its lowest level in two years.
“Fears of a global crash swept through markets on Monday… The German finance ministry, the Bundesbank central bank and the Bafin financial supervisory authority all tried to restore calm in German markets with a joint statement saying the exposure of German banks to Lehman was manageable.”
For further discussion on the worldwide financial crisis, listen to our new StandingWatch program on Global Depression. It is posted on StandingWatch, Google Video and YouTube.
U.S. Housing Market Still Very Unstable
The Wall Street Journal wrote on September 17:
“A steep decline in new home construction last month to a 17-year low suggests that the hoped-for stabilization of the housing market — key to boosting the U.S. economy — is still a ways off. Construction of new homes dropped by 6.2% in August to a seasonally adjusted 895,000 annual rate, the Commerce Department said Wednesday. Construction of multifamily units fell sharply. Single-family home construction fell by a smaller amount…”
Stocks Fall and Gold Rises, as Federal Reserve Bails Out AIG
The Associated Press reported on September 17:
“Gold prices soared Wednesday, notching the biggest one-day advance ever as mounting credit market turmoil prodded jittery investors to pull money out of equities and into safe-haven assets. Gold’s huge rally came as the government moved overnight to rescue troubled insurer American International Group Inc. with an $85 million bailout loan. The Federal Reserve stepped in after AIG, teetering on collapse from losses tied to the subprime crisis and the credit crisis, failed to find adequate capital in the private sector.
“Fearing more tightening of credit markets, investors reacted swiftly and began dumping stocks and socking money into gold, silver and other safe-haven commodities. Gold is especially attractive during times of crisis because the metal is known for holding its value.”
AIG Bailout–Abuse of Taxpayer Money?
Die Welt wrote on September 17:
“For the second time this month, the U.S. government intervened to bail out a private financial company, saying the failure of the huge insurer American International Group Inc. would further disrupt markets and threaten the already fragile economy… The Federal Reserve said Tuesday it would provide up to $85 billion in an emergency, two-year loan to rescue AIG… In return, the government will get a 79.9 percent stake in AIG and the right to remove senior management.
“The move was similar to the government’s seizure on Sept. 7 of mortgage giants Fannie Mae and Freddie Mac, where the Treasury Department said it was prepared to put up as much as $100 billion over time in each of the companies if needed to keep them from going broke. Both moves were bound to raise questions about the use of taxpayer money to bail out private firms…
“The decision to help AIG marked a reversal from the government’s move over the weekend, when it refused to use taxpayer money to bail out Lehman Brothers Holdings Inc. Lehman, which filed for bankruptcy protection Monday, collapsed under the weight of mounting losses related to its real estate holdings…
“The central bank also pumped $70 billion into the nation’s financial system to help ease credit stresses. In emergency sessions over the weekend, the Fed expanded its loan programs to Wall Street firms, part of an ongoing effort to get credit flowing more freely…”
The Collapse of Lehman and AIG–Bad and Good News for Europe?
Der Spiegel Online wrote on September 17:
“America’s central bank has saved Wall Street insurance giant AIG from failure, but a federally insured German fund could be facing €6 billion in liabilities following the collapse of investment bank Lehman Brothers…
“World markets Wednesday briefly reversed their slides after a sudden bailout by the United States Federal Reserve of the American insurance giant American International Group (AIG) — which on Tuesday joined Lehman Brothers and Merrill Lynch in a brutal series of Wall Street failures. But by late morning, Germany’s blue chip DAX index was headed south again, with investors doubting that the worst is over…
“Stock markets have been sliding worldwide since Bank of America announced a deal to buy Merrill Lynch and Lehman Brothers filed for Chapter 11 bankruptcy protection on Monday. The Lehman failure is said to be the largest bankruptcy in history and it could also have massive implications for Germany. Lehman Brothers’ German subsidiary is a member of the Deposit Guarantee Fund of the Association of German Banks (BdB); and the fund, backed by Germany’s biggest banks, could be required to cover up to €6 billion of Lehman’s liabilities… The fund’s liability can only be reduced if parts of Lehman’s German subsidiary are sold — and that could present a serious problem.
“According to Germany’s Finance Ministry, the Deposit Guarantee Fund has only $4.6 billion at its disposal… Experts noted… that if the amount reaches €6 billion it would be the largest single loss in the history of a German fund…
“On Tuesday, news emerged that the German state lender KfW had transferred €300 million to Lehman Brothers the day it filed for bankruptcy in an erroneous swap — a transaction in which two parties agree to exchange one stream of cash flows against another, according to Reuters. The transfer exposed the government lender to €300 million in losses, triggering criticism from the Finance Ministry, which demanded a ‘swift explanation of such a technical failure.’
“But other German companies viewed Monday’s development and the announcement of the AIG bailout as an opportunity to step into the lucrative American financial market — just as the British bank Barclays announced a deal to buy Lehman Brothers’ core businesses for what the New York Times described as a ‘fire-sale price’ of $1.75 billion.
“AIG provides insurance not just for consumers but also for large Wall Street investment firms against just the sort of credit crisis that has brought Lehman and Merrill to their knees. German insurance giants like Allianz and Munich Re are openly on the lookout for Lehman-style bargains… given a strong euro and a relatively weak dollar…”
Washington Mutual for Sale?
The Associated Press reported on September 18:
“Ailing bank Washington Mutual Inc. appeared headed toward a sale Wednesday… The New York Times, citing unidentified people familiar with the matter, said an auction of the bank was already under way, and The Wall Street Journal reported Wells Fargo & Co. and Citigroup Inc. expressed interest in a takeover. WaMu, Wells Fargo and Citigroup all declined to comment…
“After losing $6.3 billion in the past three quarters, Washington Mutual believes it is slowly healing under a new chief executive, Alan Fishman, who will receive an $8 million bonus if he can keep WaMu alive through 2009… Nonetheless, analysts still expect the company to sustain a loss of about $1.8 billion in the quarter ending Sept. 30… The company’s stock fell 31 cents to $2.01 Wednesday, leaving the stock price with a decline of 85 percent so far this year. The erosion has left WaMu with a market value of about $3.5 billion—down from $43 billion at the end of 2006.”
“Who Will Bail Out Uncle Sam?”
CBS reported on September 17:
“The federal government may seem like a financial knight on a white steed riding to the rescue of big companies in trouble. The irony is that Uncle Sam’s got enormous money problems of his own. The government is far deeper in debt than any of the companies it’s bailing out.
“As of this morning, the national debt stands at over $9.634 trillion. That’s trillion – with a ‘T.’ And that’s nearly $4 trillion more than it was on the day President Bush took office. This year alone, it’s costing taxpayers more than $230 billion just to pay the interest on the national debt.
“And it’s getting bigger every day thanks to the relentless rush of the government spending money it has to borrow. The federal deficit for the fiscal year ending September 30 is expected in the range of $400 billion – close to the all-time high. In fact, the government doesn’t have the $85 billion needed to bailout insurance giant American International Group. The treasury department announced this morning it would auction new debt to raise funds for the Federal Reserve’s rescue plan for AIG… But where does the federal government go when it needs a bailout? Taxpayers need only look in the mirror.”
“The Greatest Destruction of Financial Wealth the World Has EVER Seen”
The Washington Post wrote on September 17:
“Having pumped $100 billion into the banking system, and lent another $115 billion to rescue Bear Stearns and AIG, the Federal Reserve was forced to ask the Treasury yesterday to borrow some extra money to replenish its coffers… This is what a Category 4 financial crisis looks like. Giant blue-chip financial institutions swept away in a matter of days. Banks refusing to lend to other banks. Russia closing its stock market to stop the panicked selling. Gold soaring $70 in a single trading session. Developing countries’ currencies in a free fall. Money market funds warning they might not be able to return every dollar invested. Daily swings of three, four, five hundred points in the Dow Jones industrial average.
“What we are witnessing may be the greatest destruction of financial wealth that the world has ever seen…”
“In the end, however, there is only so much the government can borrow and so much the government can do. The only other choice is for Americans to finally put their spending in line with their incomes and their need for long-term savings… But if everyone cuts back at roughly the same time, a recession is almost inevitable. That’s a bitter pill in and of itself, involving lost jobs, lower incomes and a big hit to government tax revenues. But it could be serious trouble for regional and local banks that have balance sheets loaded with loans to local developers and builders who will be hard hit by an economic downturn. Think of that… as the inevitable second round of this financial crisis that, alas, still lies ahead.”
The New York Times added on September 18:
“The Dow industrials closed up more than 400 points [on Thursday], but there was little relief from the paralysis that has gripped the credit markets.”
US FINANCIAL CRISIS–“The World As We Know It Is Going Under”
Der Spiegel wrote on September 19:
“Panic is the word of the hour on Wall Street…
“The bad news on Wall Street was coming thick and fast. All the US indexes were crashing again after Tuesday’s brief and deceptive breather. In its wild, rollercoaster ride, the Dow Jones lost about 450 points, which was almost as much as it lost on Monday, the most catastrophic day on US markets since 2001… Things got worse after the markets closed. Washington Mutual, America’s fourth-largest bank, announced that it had started the process of putting itself up for sale. The Wall Street Journal reported that both Wells Fargo and the banking giant Citigroup were interested in taking over the battered American savings bank.
“And then came the announcement that would dominate all of Thursday’s market activities: Morgan Stanley — the venerable Wall Street institution and one of the last two US investment banks left standing — had lost massive amounts and was fighting for survival. Media reports were saying that it was even in talks about a possible bail-out or merger. Rumor had it that possible suitors might include Wachovia or China’s Bank Citic…
“In fact, it really does look as if the foundations of US capitalism have shattered. Since 1864, American banking has been split into commercial banks and investment banks. But now that’s changing. Bear Stearns, Lehman Brothers, Merrill Lynch — overnight, some of the biggest names on Wall Street have disappeared into thin air. Goldman Sachs and Morgan Stanley are the only giants left standing. Despite tolerable quarterly results, even they have been hurt by mysterious slumps in prices and — at least in Morgan Stanley’s case — have prepared themselves for the end…
“Many are drawing comparisons with the Great Depression, the national trauma that has been the benchmark for everything since. ‘I think it has the chance to be the worst period of time since 1929,’ financing legend Donald Trump told CNN. And the Wall Street Journal seconds that opinion, giving one story the title: ‘Worst Crisis Since ’30s, With No End Yet in Sight.’
“… the era of the unbridled free-market economy in the US has passed — at least for now. The near nationalization of AIG, America’s largest insurance company, with an $85 billion cash infusion — a bill footed by taxpayers — was a staggering move. The sum is three times as high as the guarantee provided by the Federal Reserve when Bear Stearns was sold to JPMorgan Chase in March…
“The situation appears to be so serious that George W. Bush cancelled two domestic trips he had planned for Thursday on short notice. Instead, the president will remain in Washington to discuss the ‘serious challenges confronting US financial markets.’…
“So far, the US presidential candidates have made few helpful remarks about the crisis other than the usual slogans… Republican Party presidential candidate John McCain had the most to say. On Monday, he said ‘the foundation of our economy’ was ‘strong,’ adding that he opposed a government-led bailout of US insurer AIG. But now he’s promising further government steps ‘to prevent the kind of wild speculation that can put our markets at risk.’ McCain’s explanation for the current crisis: ‘unbridled corruption and greed.’
“But Democratic presidential hopeful Barack Obama didn’t move past superficialities, either. ‘We’re Americans. We’ve met tough challenges before and we can again.’ What else are they supposed to say? After all, US presidents have very little influence on stockmarkets. And Wall Street is expecting the status quo for the next president…”
Terrible Aftermath of Hurricane Ike
The Associated Press reported on September 16:
“More Hurricane Ike relief was on the way for evacuees Tuesday as tens of thousands of people waited for food, water and ice, for the electricity to return to their homes or for their first hot meal and shower… Many service stations have no gasoline, and some major highways remain under water. More than 30,000 evacuees are still living in nearly 300 public shelters, and roughly 2 million people in Texas alone are without power…
“A curfew remains in force for Houston, barring people from being on city streets from 9 p.m. to 6 a.m., and officials were working to prevent looting and theft…
“Officials on the barrier island said it could be months before the city of Galveston reopens. The main gas and a primary electric transmission line to the island were severely damaged… Officials warned that mosquito-borne diseases could begin to spread… Across the entrance to Galveston Bay on Bolivar Peninsula, a resort community where entire neighborhoods were obliterated by the height of Ike’s storm surge, only one or two buildings remained standing in the town of Gilchrist. Aaron Reed, a spokesman for Texas Parks and Wildlife, said the town ‘is almost completely gone. Like somebody took a razor and went pffft.'”
Lawful Excuse to Intentionally Destroy Property Over Global Warming Dispute?
The Independent wrote on September 11:
“The threat of global warming is so great that campaigners were justified in causing more than £35,000 worth of damage to a coal-fired power station, a jury decided yesterday. In a verdict that will have shocked ministers and energy companies the jury at Maidstone Crown Court cleared six Greenpeace activists of criminal damage.
“Jurors accepted defence arguments that the six had a ‘lawful excuse’ to damage property at Kingsnorth power station in Kent to prevent even greater damage caused by climate change. The defence of ‘lawful excuse’ under the Criminal Damage Act 1971 allows damage to be caused to property to prevent even greater damage – such as breaking down the door of a burning house to tackle a fire…”
Pope Benedict in France
AFP reported on September 12:
“Pope Benedict XVI Friday threw his weight behind a call by President Nicolas Sarkozy to rethink the strict separation of religion and state in France, the ‘eldest daughter’ of the Catholic Church. Bells tolled across Paris to greet the arrival of the leader of the world’s one billion Roman Catholics, whose four-day visit comes as France faces a freefall in the number of churchgoers despite its deep Christian heritage… Sarkozy, a twice-divorced lapsed Catholic, defended his vision in presence of the pope, saying it would be ‘madness’ to ‘deprive ourselves’ of religion.”
NPR reported on September 12:
“Pope Benedict has arrived for his first visit to France, which has 35 million baptized Catholics. Polls show the French have lost much of their sense of belonging to the church though Catholicism remains by far the country’s No. 1 religion.”
Reuters added on September 13:
“Pope Benedict prayed on Saturday at the site where the Virgin Mary is said to have appeared to a French peasant girl 150 years ago… At Lourdes, Benedict prayed in the grotto where Saint Bernadette Soubirous said she had seen the Madonna 18 times in 1858, and drank water from a spring that believers say has healing powers. In the past 150 years, the Church has recognized as ‘miracles’ 67 medically inexplicable healings of sick pilgrims who visited Lourdes…
“At mass on Saturday morning in Paris, the pope told more than a quarter of a million people that the modern world had turned money, possessions and power into idols as false as the gold and silver statues worshipped by the pagans of antiquity… ‘Has it not imitated, perhaps inadvertently, the pagans of antiquity, by diverting man from his true end, from the joy of living eternally with God,’ he said in fluent French, wearing gold, white and red vestments. Benedict, who arrived in France on Friday, celebrated the mass at Les Invalides, a complex of military buildings begun by King Louis XIV in the 17th century that houses the sarcophagus of Napoleon Bonaparte…
“Since he arrived on Friday, the pope has been encouraging Catholics to speak out confidently in a country where ‘laicite’, the separation of church and state that often relegates faith to the private sphere, is part of the national psyche. The once powerful French church struggles with a shortage of priests and Sunday mass attendance is below 10 percent. But religion has re-emerged as a factor in public life, especially because of the growth of Islam, and French Catholics have increasingly spoken out on social issues.”
Due to more “miracles, signs and wonders,” which will be in some way attributed to the “Virgin Mary” and the present or future leader of the Roman Catholic Church, the number of practicing Roman Catholics in France–and around the world–will greatly increase in coming years. Also, the fact that Pope Benedict celebrated mass at Les Invalides where Napoleon I is buried, is highly significant. Emperor Napoleon Bonaparte represented the fifth revival of the HOLY Roman Empire (a confederation of Church and State)–or the eighth resurrection of the ancient Roman Empire. For more information, please listen to our Public Bible Lecture, which is posted on Google Video and titled, “Public Bible Lecture: Europe in Prophecy” and read our free booklet on “Europe in Prophecy.”
Update 362
Live Services
"Your Philosophy" and "Persistency"
On Saturday, September 20, 2008, Kalon Mitchell and Michael Link will give split sermons, titled, respectively, “Your Philosophy” and “Persistency.”
The services can be heard at www.cognetservices.org at 12:30 pm Pacific Time (which is 2:30 pm Central Time). Just click on Connect to Live Stream.
Editorial
Keep the Home Fires Going
by Rene Messier (Canada)
My wife and I had a saying when one of us had to go away on a training or business trip, or to visit our daughter in North Carolina, while the other spouse had to stay home and take care of things. That saying was, “Keep the home fires going.” It was understood to remind us in a loving way to take care of the house; to do the laundry and dishes; to make sure the children were fed and taken care of; to water the plants; to make the beds and generally, to have the house and yard in the same condition as it was when the spouse had left.
We did not consider this to be an unreasonable request, and we usually followed through on it, so that the departing spouse would not be overwhelmed with excess work upon his or her return.
Christ gave His disciples a similar admonition when He stated in Matthew 24: 45-46: “Who then is a faithful and wise servant, whom his master made ruler over his household, to give them food in due season? Blessed is that servant whom his master, when he comes, will find so doing.” To give them food in due season includes doing our part in publishing the gospel to the world, as prophesied in Matthew 24:14: “And this gospel of the kingdom will be preached in all the world as a witness to all the nations, and then the end will come.”
Notice, it says the gospel WILL be preached, not that it might perhaps be preached. The question we need to ask ourselves is, are we engaged in this process? Are we furthering this Work by faithfully tithing? Are we praying for the success of this Work and are we doing our part, however small it may seem to us? We should not despise the day of small things and always bear in mind that the effective prayer of the righteous person avails much. James 5:16 confirms this: “… The effective, fervent prayer of a righteous man avails much.”
Now is not the time to let down. We must not allow our environment to slow our progress in the responsibilities we have towards God in regard to our calling and efforts to get this much needed gospel out to a sick and dying world. We have to be zealous in the job we have been given to do, since that is what is expected of us. Remember, we are blessed if, at His return, the Lord finds us faithfully doing the Work. So let’s ensure that we are keeping those home fires going.
This Week in the News
Dangerous War Preparations
The International Herald Tribune wrote on September 14:
“The Bush administration is pushing through a broad array of foreign weapons deals as it seeks to re-arm Iraq and Afghanistan, contain North Korea and Iran, and solidify ties with onetime Russian allies. From tanks, helicopters and fighter jets to missiles, remotely piloted aircraft and even warships, the Department of Defense has agreed so far this fiscal year to sell or transfer more than $32 billion in weapons and other military equipment to foreign governments, compared with $12 billion in 2005. The trend, which started in 2006, is most pronounced in the Middle East, but it reaches into northern Africa, Asia, Latin America, Europe and even Canada…
“The United States is far from the only country pushing sophisticated weapons systems: It is facing intense competition from Russia and elsewhere in Europe, including continuing contests for multibillion-dollar deals to sell fighter jets to India and Brazil…
“About 60 countries get annual military aid from the United States, $4.5 billion a year, to help them buy these American weapons. Israel and Egypt receive more than 80 percent of that aid. The United States has also recently given Iraq and Afghanistan large amounts of weapons and other equipment…
“The United States has long been the top arms supplier to the world. In the past several years, however, the list of nations that rely on the United States as a primary source of major weapons systems has greatly expanded. Among the recent additions are Argentina, Azerbaijan, Brazil, Georgia, India, Iraq, Morocco and Pakistan… Cumulatively, these countries signed $870 million worth of arms deals with the United States from 2001 to 2004. For the past four fiscal years, that total has been $13.8 billion…
“In the Gulf region, much of the re-armament is driven by fears of Iran. The United Arab Emirates, for example, are considering spending as much as $16 billion on U.S.-made missile defense systems… Saudi Arabia, this fiscal year alone, has signed at least $6 billion worth of sales agreements to buy weapons from the U.S. government – the highest figure for that country since 1993, which was another peak year in U.S. weapons sales, after the Gulf War. Israel, long a major buyer of U.S. military equipment, is also increasing its orders, including planned purchases of perhaps as many as four American-made coastal warships, worth $1.9 billion.”
Israel Prepares for a Strike Against Iran
The Jerusalem Post wrote on September 14:
“The US Department of Defense has notified Congress of a potential sale to Israel of 1,000 smart bombs capable of penetrating underground bunkers, which would likely be used in the event of a military strike on Iran’s nuclear facilities… The bomb Israel wants is the GBU-39, developed in recent years by the US as a small-diameter bomb for low-cost, high-precision and low-collateral damage strikes. Israel has also asked for 150 mounting carriages, 30 guided test vehicles and two instructors to train the air force in loading the bombs on its aircraft.
“The GPS-guided GBU-39 is said to be one of the most accurate bombs in the world… Tests conducted in the US have proven that the bomb is capable of penetrating at least 90 cm. of steel-reinforced concrete…
“In its recommendation to Congress, the Defense Security Cooperation Agency wrote that Israel’s strategic position was ‘vital to the United States’ interests throughout the Middle East.’… The agency’s announcement came amid growing concern that the Pentagon was not willing to sell Israel advanced military platforms such as bunker-buster missiles in an effort to dissuade Jerusalem from attacking Iran’s nuclear facilities. Bunker-buster missiles would be a fundamental component of an air strike against Iran, since many of the nuclear facilities, such as the Natanz uranium enrichment complex, have been built in underground, heavily fortified bunkers.”
Israeli Foreign Minister Tzipi Livni to Become New Prime Minister?
BBC News reported on September 18:
“Israeli Foreign Minister Tzipi Livni is beginning the task of putting together a new government after her election as leader of the ruling Kadima party. She has 42 days to form a coalition and replace Ehud Olmert as prime minister… The Islamist movement, Hamas, which controls the Gaza Strip, said it expected no change in Israel’s policy towards the Palestinians… The centre-right opposition Likud party of former prime minister Binyamin Netanyahu, which is currently leading in the polls, immediately called for a general election…
“If she can form a fresh governing coalition within the next six weeks, Ms Livni will become Israel’s first woman prime minister since Golda Meir stepped down in 1974. The BBC’s Tim Franks in Jerusalem says that will be no easy task, and if it were to end in failure, general elections will follow in a further three months.”
Russia’s Provocations Continue… While Europe Gives In… Again…
Deutsche Welle reported on September 17:
“Russian President Dmitry Medvedev signed friendship treaties with Georgia’s breakaway regions of Abkhazia and South Ossetia on Wednesday and promised them the backing of Russia’s armed forces… The deals were signed in the face of widespread global condemnation of Russia’s incursion into Georgia… In a speech after the signing ceremony in the Kremlin, Medvedev said Russia was committed to defending Abkhazia and South Ossetia from any Georgian attempts to reclaim the two enclaves. Georgia has insisted the two regions be returned to Tbilisi’s control…
“Just hours after the signing of the treaties, European Commission President Jose Manuel Barroso said the European Union may resume talks on a cooperation agreement with Russia, even if Moscow maintains a military presence in Georgia’s separatist regions of South Ossetia and Abkhazia. On Sept. 1, EU leaders attending an emergency summit in Brussels agreed to postpone talks on a new Partnership and Cooperation Agreement (PCA) with Russia until Russian troops ‘have withdrawn to the positions held prior to Aug. 7.'”
The EUObserver reported on September 17:
“France, Germany, Spain and Italy are leaning toward pulling Georgia and Ukraine into the EU over the next 10 or more years, but keeping them out of NATO to avoid antagonising Russia. The UK is keen on both NATO and EU membership for the pair, Polish daily Gazeta Wyborcza writes.”
With the exception of the UK and some Eastern European states, Europe’s conduct in this entire affair has been deplorable. Europe’s cowardice towards Russia has been clearly dictated by political and economic interests, and Europe has demonstrated that it is willing to turn its back on an ally in the pursuit of its own purposes.
Russia’s Alliances with Iran, Venezuela, Cuba and Nicaragua
The Times wrote on September 18:
“Russia snubbed its nose at the United States today by announcing plans to sell military equipment to both Iran and Venezuela… Reports have circulated for some time that Russia is preparing to sell its S-300 surface-to-air missile system to Iran, offering greater protection against a possible US or Israeli attack on the Islamic republic’s nuclear facilities. The missiles have a range of more than 150 kilometres and can intercept jets approaching at low altitudes.
“Ruslan Pukhov, director of the Centre for Analysis of Strategies and Technologies in Moscow, said that it was logical to conclude a lucrative contract with Iran ‘in the current situation, when the US and the West in general are stubbornly gearing toward a confrontation with Russia.’ Russia has already delivered 29 Tor-M1 missile systems under a $700 million deal with Iran in 2005.
“Sergei Chemezov, the head of state-owned Russian Technologies also disclosed that Venezuela’s leader Hugo Chavez wanted to buy anti-aircraft systems, armoured personnel carriers, and new SU-35 fighter jets when they come into production in 2010… Deputy Prime Minister Igor Sechin, one of Prime Minister Vladimir Putin’s closest allies, has visited Venezuela and Cuba this week… Mr Sechin travelled to Nicaragua yesterday as part of Russia’s efforts to revive its influence on America’s doorstep in Latin America. Nicaragua was the only state to join Russia in recognising the independence of Georgia’s breakaway regions of Abkhazia and South Ossetia…”
Palin Ready to Go to War With Russia?
The EUObserver wrote on September 9:
“US Republican vice presidential candidate Sarah Palin has backed Georgia’s NATO membership in a television interview, while leaving open the option of war with Russia if it were to attack a NATO ally. In an interview with ABC News, Ms Palin was asked whether the United States would have to go to war with Russia if it invaded Georgia, and the country was part of NATO, Ms Palin said: ‘Perhaps so’…
“Prime Minister Vladimir Putin warned on Thursday (11 September)… that tensions between Russia and the EU may well worsen if the planned US missile defense shield is deployed in Poland, threatening yet once more to point Russian missiles at European targets… Mr Putin fiercely defended Russia’s invasion of Georgia, accusing the West of ‘anti-Russian hysteria’ and saying that if this military operation had not been carried out, it would have been like Russia ‘getting a bloody nose and hanging its head down.'”
How German Paper “Die Welt” Saw Palin’s Interview With ABC
Die Welt wrote on September 12:
“Vice presidential candidate Sarah Palin’s assertion that she believes humans play a role in climate change – made in her first major interview since joining the Republican ticket – is at odds with her previous statements… ‘Show me where I have ever said that there’s absolute proof that nothing that man has ever conducted or engaged in has had any effect or no effect on climate change. I have not said that,’ Palin told ABC News in an interview broadcast Thursday and Friday. However, in the past Palin has said she does not believe global warming is caused by human activity. She has told the Internet news site Newsmax, ‘A changing environment will affect Alaska more than any other state, because of our location. … I’m not one, though, who would attribute it to being man-made…’
“She also… [a]ppeared unsure of the Bush doctrine – essentially that the United States must help spread democracy to stop terrorism and that the nation will act pre-emptively to stop potential foes. Asked whether she agreed with that, Palin said: ‘In what respect, Charlie?’ Gibson pressed her for an interpretation of it. She said: ‘His world view.’ That prompted Gibson to say ‘no, the Bush doctrine, enunciated September 2002, before the Iraq war’ and describe it to her… Asked three times what her position would be if Israel felt threatened enough to attack Iranian nuclear facilities, Palin repeatedly said the United States shouldn’t ‘second guess’ Israel’s steps to secure itself.”
U.S. Faces “Once-in-a-Century” Financial Crisis
AFP reported on September 14:
“The United States is mired in a ‘once-in-a century’ financial crisis… former Federal Reserve chief Alan Greenspan said… [adding] that the crisis… still had a long way to go and would continue to effect home prices in the United States… Asked whether the crisis, which has seen the US government step in to bail out mortgage giants Freddie Mac and Fannie Mae, was the worst of his career, Greenspan replied ‘Oh, by far’… [He] also predicted that the financial crisis would see the failure of more major financial institutions, even as embattled Wall Street investment giant Lehman Brothers scrambled to find a buyer.”
U.S. Financial Mess Deepens
Reuters reported on September 15:
“Global markets plummeted on Monday after investment bank Lehman Brothers filed for bankruptcy protection, rival Merrill Lynch agreed to be taken over and the Federal Reserve threw a life line to the battered financial industry… a deepening crisis took new, bigger victims…
“The events signal a seismic shift in Wall Street’s power structure with big name investment banks biting the dust and major banks like Bank of America and JPMorgan Chase becoming the survivors. ‘It’s a return to pure capitalism, the survival of the fittest — the government can’t and won’t bail everybody out,’ said Justin Urquhart Stewart, investment director at 7 Investment Management in London. Bank of America agreed to buy Merrill Lynch in an all-stock deal worth $50 billion, seeking a bargain as the world’s largest retail brokerage sought refuge from fears it could be the next victim.
“‘It’s just shockingly fast how it happened,’ an employee for Merrill in Asia said. ‘It’s hard to believe there will be no more Merrill Lynch,’ he said…
“Asian and European stock markets tumbled… Shares in U.S. banks trading in Frankfurt tumbled… The euro jumped to as high as $1.4479, up 1.7 percent from Friday, while U.S. Treasury yields dropped to five-month lows…
“With Lehman and Merrill out of the picture, three of the top five U.S. investment banks have effectively departed the scene inside six months…
“Britain’s Barclays emerged as a front-runner to buy Lehman late on Sunday after Bank of America pulled back, but it was deterred by the U.S. government’s unwillingness to provide a financial backstop to potential losses.
“The New York Times also reported that AIG, once the world’s largest insurer, had made an approach to the Federal Reserve seeking $40 billion in short-term financing…
“One of the catalysts for this weekend’s events was the stance of U.S. Treasury Secretary Henry Paulson, who opposed using government money to resolve the Lehman crisis after a week earlier bailing out mortgage lenders Freddie Mac and Fannie Mae, wary of accusation of encouraging excessive risk-taking by bailing out the bank.”
“Black Sunday” Affects Europe
Der Spiegel Online reported on September 15:
“Financial authorities tried to shore up confidence on Monday as world markets plummeted following ‘Black Sunday’ on Wall Street where Lehman Brothers filed for bankruptcy protection and Bank of America took over Merrill Lynch.
“Europe’s big central banks pumped liquidity into the financial system to calm investors… The European Central Bank conducted a one-day tender for €30 billion… The Bank of England and Swiss National Bank also provided liquidity as Asian and European stock markets tumbled. The FTSEurofirst 300 index of leading European shares fell 5 percent, led by falling bank stocks such as UBS, down 10 percent. The Dax index of leading German [banks] fell as much as 4.7 percent to its lowest level in two years.
“Fears of a global crash swept through markets on Monday… The German finance ministry, the Bundesbank central bank and the Bafin financial supervisory authority all tried to restore calm in German markets with a joint statement saying the exposure of German banks to Lehman was manageable.”
For further discussion on the worldwide financial crisis, listen to our new StandingWatch program on Global Depression. It is posted on StandingWatch, Google Video and YouTube.
U.S. Housing Market Still Very Unstable
The Wall Street Journal wrote on September 17:
“A steep decline in new home construction last month to a 17-year low suggests that the hoped-for stabilization of the housing market — key to boosting the U.S. economy — is still a ways off. Construction of new homes dropped by 6.2% in August to a seasonally adjusted 895,000 annual rate, the Commerce Department said Wednesday. Construction of multifamily units fell sharply. Single-family home construction fell by a smaller amount…”
Stocks Fall and Gold Rises, as Federal Reserve Bails Out AIG
The Associated Press reported on September 17:
“Gold prices soared Wednesday, notching the biggest one-day advance ever as mounting credit market turmoil prodded jittery investors to pull money out of equities and into safe-haven assets. Gold’s huge rally came as the government moved overnight to rescue troubled insurer American International Group Inc. with an $85 million bailout loan. The Federal Reserve stepped in after AIG, teetering on collapse from losses tied to the subprime crisis and the credit crisis, failed to find adequate capital in the private sector.
“Fearing more tightening of credit markets, investors reacted swiftly and began dumping stocks and socking money into gold, silver and other safe-haven commodities. Gold is especially attractive during times of crisis because the metal is known for holding its value.”
AIG Bailout–Abuse of Taxpayer Money?
Die Welt wrote on September 17:
“For the second time this month, the U.S. government intervened to bail out a private financial company, saying the failure of the huge insurer American International Group Inc. would further disrupt markets and threaten the already fragile economy… The Federal Reserve said Tuesday it would provide up to $85 billion in an emergency, two-year loan to rescue AIG… In return, the government will get a 79.9 percent stake in AIG and the right to remove senior management.
“The move was similar to the government’s seizure on Sept. 7 of mortgage giants Fannie Mae and Freddie Mac, where the Treasury Department said it was prepared to put up as much as $100 billion over time in each of the companies if needed to keep them from going broke. Both moves were bound to raise questions about the use of taxpayer money to bail out private firms…
“The decision to help AIG marked a reversal from the government’s move over the weekend, when it refused to use taxpayer money to bail out Lehman Brothers Holdings Inc. Lehman, which filed for bankruptcy protection Monday, collapsed under the weight of mounting losses related to its real estate holdings…
“The central bank also pumped $70 billion into the nation’s financial system to help ease credit stresses. In emergency sessions over the weekend, the Fed expanded its loan programs to Wall Street firms, part of an ongoing effort to get credit flowing more freely…”
The Collapse of Lehman and AIG–Bad and Good News for Europe?
Der Spiegel Online wrote on September 17:
“America’s central bank has saved Wall Street insurance giant AIG from failure, but a federally insured German fund could be facing €6 billion in liabilities following the collapse of investment bank Lehman Brothers…
“World markets Wednesday briefly reversed their slides after a sudden bailout by the United States Federal Reserve of the American insurance giant American International Group (AIG) — which on Tuesday joined Lehman Brothers and Merrill Lynch in a brutal series of Wall Street failures. But by late morning, Germany’s blue chip DAX index was headed south again, with investors doubting that the worst is over…
“Stock markets have been sliding worldwide since Bank of America announced a deal to buy Merrill Lynch and Lehman Brothers filed for Chapter 11 bankruptcy protection on Monday. The Lehman failure is said to be the largest bankruptcy in history and it could also have massive implications for Germany. Lehman Brothers’ German subsidiary is a member of the Deposit Guarantee Fund of the Association of German Banks (BdB); and the fund, backed by Germany’s biggest banks, could be required to cover up to €6 billion of Lehman’s liabilities… The fund’s liability can only be reduced if parts of Lehman’s German subsidiary are sold — and that could present a serious problem.
“According to Germany’s Finance Ministry, the Deposit Guarantee Fund has only $4.6 billion at its disposal… Experts noted… that if the amount reaches €6 billion it would be the largest single loss in the history of a German fund…
“On Tuesday, news emerged that the German state lender KfW had transferred €300 million to Lehman Brothers the day it filed for bankruptcy in an erroneous swap — a transaction in which two parties agree to exchange one stream of cash flows against another, according to Reuters. The transfer exposed the government lender to €300 million in losses, triggering criticism from the Finance Ministry, which demanded a ‘swift explanation of such a technical failure.’
“But other German companies viewed Monday’s development and the announcement of the AIG bailout as an opportunity to step into the lucrative American financial market — just as the British bank Barclays announced a deal to buy Lehman Brothers’ core businesses for what the New York Times described as a ‘fire-sale price’ of $1.75 billion.
“AIG provides insurance not just for consumers but also for large Wall Street investment firms against just the sort of credit crisis that has brought Lehman and Merrill to their knees. German insurance giants like Allianz and Munich Re are openly on the lookout for Lehman-style bargains… given a strong euro and a relatively weak dollar…”
Washington Mutual for Sale?
The Associated Press reported on September 18:
“Ailing bank Washington Mutual Inc. appeared headed toward a sale Wednesday… The New York Times, citing unidentified people familiar with the matter, said an auction of the bank was already under way, and The Wall Street Journal reported Wells Fargo & Co. and Citigroup Inc. expressed interest in a takeover. WaMu, Wells Fargo and Citigroup all declined to comment…
“After losing $6.3 billion in the past three quarters, Washington Mutual believes it is slowly healing under a new chief executive, Alan Fishman, who will receive an $8 million bonus if he can keep WaMu alive through 2009… Nonetheless, analysts still expect the company to sustain a loss of about $1.8 billion in the quarter ending Sept. 30… The company’s stock fell 31 cents to $2.01 Wednesday, leaving the stock price with a decline of 85 percent so far this year. The erosion has left WaMu with a market value of about $3.5 billion—down from $43 billion at the end of 2006.”
“Who Will Bail Out Uncle Sam?”
CBS reported on September 17:
“The federal government may seem like a financial knight on a white steed riding to the rescue of big companies in trouble. The irony is that Uncle Sam’s got enormous money problems of his own. The government is far deeper in debt than any of the companies it’s bailing out.
“As of this morning, the national debt stands at over $9.634 trillion. That’s trillion – with a ‘T.’ And that’s nearly $4 trillion more than it was on the day President Bush took office. This year alone, it’s costing taxpayers more than $230 billion just to pay the interest on the national debt.
“And it’s getting bigger every day thanks to the relentless rush of the government spending money it has to borrow. The federal deficit for the fiscal year ending September 30 is expected in the range of $400 billion – close to the all-time high. In fact, the government doesn’t have the $85 billion needed to bailout insurance giant American International Group. The treasury department announced this morning it would auction new debt to raise funds for the Federal Reserve’s rescue plan for AIG… But where does the federal government go when it needs a bailout? Taxpayers need only look in the mirror.”
“The Greatest Destruction of Financial Wealth the World Has EVER Seen”
The Washington Post wrote on September 17:
“Having pumped $100 billion into the banking system, and lent another $115 billion to rescue Bear Stearns and AIG, the Federal Reserve was forced to ask the Treasury yesterday to borrow some extra money to replenish its coffers… This is what a Category 4 financial crisis looks like. Giant blue-chip financial institutions swept away in a matter of days. Banks refusing to lend to other banks. Russia closing its stock market to stop the panicked selling. Gold soaring $70 in a single trading session. Developing countries’ currencies in a free fall. Money market funds warning they might not be able to return every dollar invested. Daily swings of three, four, five hundred points in the Dow Jones industrial average.
“What we are witnessing may be the greatest destruction of financial wealth that the world has ever seen…”
“In the end, however, there is only so much the government can borrow and so much the government can do. The only other choice is for Americans to finally put their spending in line with their incomes and their need for long-term savings… But if everyone cuts back at roughly the same time, a recession is almost inevitable. That’s a bitter pill in and of itself, involving lost jobs, lower incomes and a big hit to government tax revenues. But it could be serious trouble for regional and local banks that have balance sheets loaded with loans to local developers and builders who will be hard hit by an economic downturn. Think of that… as the inevitable second round of this financial crisis that, alas, still lies ahead.”
The New York Times added on September 18:
“The Dow industrials closed up more than 400 points [on Thursday], but there was little relief from the paralysis that has gripped the credit markets.”
US FINANCIAL CRISIS–“The World As We Know It Is Going Under”
Der Spiegel wrote on September 19:
“Panic is the word of the hour on Wall Street…
“The bad news on Wall Street was coming thick and fast. All the US indexes were crashing again after Tuesday’s brief and deceptive breather. In its wild, rollercoaster ride, the Dow Jones lost about 450 points, which was almost as much as it lost on Monday, the most catastrophic day on US markets since 2001… Things got worse after the markets closed. Washington Mutual, America’s fourth-largest bank, announced that it had started the process of putting itself up for sale. The Wall Street Journal reported that both Wells Fargo and the banking giant Citigroup were interested in taking over the battered American savings bank.
“And then came the announcement that would dominate all of Thursday’s market activities: Morgan Stanley — the venerable Wall Street institution and one of the last two US investment banks left standing — had lost massive amounts and was fighting for survival. Media reports were saying that it was even in talks about a possible bail-out or merger. Rumor had it that possible suitors might include Wachovia or China’s Bank Citic…
“In fact, it really does look as if the foundations of US capitalism have shattered. Since 1864, American banking has been split into commercial banks and investment banks. But now that’s changing. Bear Stearns, Lehman Brothers, Merrill Lynch — overnight, some of the biggest names on Wall Street have disappeared into thin air. Goldman Sachs and Morgan Stanley are the only giants left standing. Despite tolerable quarterly results, even they have been hurt by mysterious slumps in prices and — at least in Morgan Stanley’s case — have prepared themselves for the end…
“Many are drawing comparisons with the Great Depression, the national trauma that has been the benchmark for everything since. ‘I think it has the chance to be the worst period of time since 1929,’ financing legend Donald Trump told CNN. And the Wall Street Journal seconds that opinion, giving one story the title: ‘Worst Crisis Since ’30s, With No End Yet in Sight.’
“… the era of the unbridled free-market economy in the US has passed — at least for now. The near nationalization of AIG, America’s largest insurance company, with an $85 billion cash infusion — a bill footed by taxpayers — was a staggering move. The sum is three times as high as the guarantee provided by the Federal Reserve when Bear Stearns was sold to JPMorgan Chase in March…
“The situation appears to be so serious that George W. Bush cancelled two domestic trips he had planned for Thursday on short notice. Instead, the president will remain in Washington to discuss the ‘serious challenges confronting US financial markets.’…
“So far, the US presidential candidates have made few helpful remarks about the crisis other than the usual slogans… Republican Party presidential candidate John McCain had the most to say. On Monday, he said ‘the foundation of our economy’ was ‘strong,’ adding that he opposed a government-led bailout of US insurer AIG. But now he’s promising further government steps ‘to prevent the kind of wild speculation that can put our markets at risk.’ McCain’s explanation for the current crisis: ‘unbridled corruption and greed.’
“But Democratic presidential hopeful Barack Obama didn’t move past superficialities, either. ‘We’re Americans. We’ve met tough challenges before and we can again.’ What else are they supposed to say? After all, US presidents have very little influence on stockmarkets. And Wall Street is expecting the status quo for the next president…”
Terrible Aftermath of Hurricane Ike
The Associated Press reported on September 16:
“More Hurricane Ike relief was on the way for evacuees Tuesday as tens of thousands of people waited for food, water and ice, for the electricity to return to their homes or for their first hot meal and shower… Many service stations have no gasoline, and some major highways remain under water. More than 30,000 evacuees are still living in nearly 300 public shelters, and roughly 2 million people in Texas alone are without power…
“A curfew remains in force for Houston, barring people from being on city streets from 9 p.m. to 6 a.m., and officials were working to prevent looting and theft…
“Officials on the barrier island said it could be months before the city of Galveston reopens. The main gas and a primary electric transmission line to the island were severely damaged… Officials warned that mosquito-borne diseases could begin to spread… Across the entrance to Galveston Bay on Bolivar Peninsula, a resort community where entire neighborhoods were obliterated by the height of Ike’s storm surge, only one or two buildings remained standing in the town of Gilchrist. Aaron Reed, a spokesman for Texas Parks and Wildlife, said the town ‘is almost completely gone. Like somebody took a razor and went pffft.'”
Lawful Excuse to Intentionally Destroy Property Over Global Warming Dispute?
The Independent wrote on September 11:
“The threat of global warming is so great that campaigners were justified in causing more than £35,000 worth of damage to a coal-fired power station, a jury decided yesterday. In a verdict that will have shocked ministers and energy companies the jury at Maidstone Crown Court cleared six Greenpeace activists of criminal damage.
“Jurors accepted defence arguments that the six had a ‘lawful excuse’ to damage property at Kingsnorth power station in Kent to prevent even greater damage caused by climate change. The defence of ‘lawful excuse’ under the Criminal Damage Act 1971 allows damage to be caused to property to prevent even greater damage – such as breaking down the door of a burning house to tackle a fire…”
Pope Benedict in France
AFP reported on September 12:
“Pope Benedict XVI Friday threw his weight behind a call by President Nicolas Sarkozy to rethink the strict separation of religion and state in France, the ‘eldest daughter’ of the Catholic Church. Bells tolled across Paris to greet the arrival of the leader of the world’s one billion Roman Catholics, whose four-day visit comes as France faces a freefall in the number of churchgoers despite its deep Christian heritage… Sarkozy, a twice-divorced lapsed Catholic, defended his vision in presence of the pope, saying it would be ‘madness’ to ‘deprive ourselves’ of religion.”
NPR reported on September 12:
“Pope Benedict has arrived for his first visit to France, which has 35 million baptized Catholics. Polls show the French have lost much of their sense of belonging to the church though Catholicism remains by far the country’s No. 1 religion.”
Reuters added on September 13:
“Pope Benedict prayed on Saturday at the site where the Virgin Mary is said to have appeared to a French peasant girl 150 years ago… At Lourdes, Benedict prayed in the grotto where Saint Bernadette Soubirous said she had seen the Madonna 18 times in 1858, and drank water from a spring that believers say has healing powers. In the past 150 years, the Church has recognized as ‘miracles’ 67 medically inexplicable healings of sick pilgrims who visited Lourdes…
“At mass on Saturday morning in Paris, the pope told more than a quarter of a million people that the modern world had turned money, possessions and power into idols as false as the gold and silver statues worshipped by the pagans of antiquity… ‘Has it not imitated, perhaps inadvertently, the pagans of antiquity, by diverting man from his true end, from the joy of living eternally with God,’ he said in fluent French, wearing gold, white and red vestments. Benedict, who arrived in France on Friday, celebrated the mass at Les Invalides, a complex of military buildings begun by King Louis XIV in the 17th century that houses the sarcophagus of Napoleon Bonaparte…
“Since he arrived on Friday, the pope has been encouraging Catholics to speak out confidently in a country where ‘laicite’, the separation of church and state that often relegates faith to the private sphere, is part of the national psyche. The once powerful French church struggles with a shortage of priests and Sunday mass attendance is below 10 percent. But religion has re-emerged as a factor in public life, especially because of the growth of Islam, and French Catholics have increasingly spoken out on social issues.”
Due to more “miracles, signs and wonders,” which will be in some way attributed to the “Virgin Mary” and the present or future leader of the Roman Catholic Church, the number of practicing Roman Catholics in France–and around the world–will greatly increase in coming years. Also, the fact that Pope Benedict celebrated mass at Les Invalides where Napoleon I is buried, is highly significant. Emperor Napoleon Bonaparte represented the fifth revival of the HOLY Roman Empire (a confederation of Church and State)–or the eighth resurrection of the ancient Roman Empire. For more information, please listen to our Public Bible Lecture, which is posted on Google Video and titled, “Public Bible Lecture: Europe in Prophecy” and read our free booklet on “Europe in Prophecy.”
Q&A
Would you please explain Zechariah's vision of the "four horns and the four craftsmen," as recorded in Zechariah 1:18-21?
As stated in previous Updates, (361, 360 and 359) when discussing Zechariah’s visions of the “woman in the basket,” the “flying scroll” and “the four chariots,” as recorded in the fifth and sixth chapters, Zechariah’s visions must be viewed, foremost, as containing prophecies for us today and our immediate future.
Zechariah 1:18-21 states:
“(18) Then I raised my eyes and looked, and there were four horns. (19) And I said to the angel who talked with me, ‘What are these?’ So he answered me, ‘These are the horns that have scattered Judah, Israel and Jerusalem.’ (20) Then the LORD showed me four craftsmen. (21) And I said, ‘What are these coming to do?’ So he said, ‘These are the horns that scattered Judah, so that no one could lift up his head; but the craftsmen are coming to terrify them, to cast out the horns of the nations that lifted up their horn against the land of Judah to scatter it.'”
While some commentaries understand this vision as strictly symbolic with no historical or prophetic meaning attached to the specific nature and identity of the four horns (compare the Broadman Bible Commentary), most commentaries agree that the four horns represent four kingdoms or powers (compare Daniel 7:7, 8, 24; Revelation 17:12) which fight against the house of Judah, the city of Jerusalem and the house of Israel. However, very few seem to understand that the vision does not only relate to the time of Zechariah, but that it is foremost discussing events in the end time. Failing to appreciate this, they are bound to misidentify the real nature of the four horns.
For example, the Ryrie Study Bible writes that the four horns describe the “power of Gentile nations (perhaps Assyria, Egypt, Babylonia, and Medo-Persia specifically) which afflicted and scattered Israel.” This understanding is echoed in The Life Application Bible. A similar, howbeit equally wrong interpretation is offered by The Nelson Study Bible, stating, “The horns that persecuted Israel and Judah included Assyria, Babylon, Medo-Persia and later Greece.”
A better explanation is given by Unger’s Bible Handbook. That commentary seems to understand the prophetic end-time significance of the prophecy. It states regarding the four horns that they “represent hostile nations, i.e., the four great world powers of the times of the Gentiles (cf. [Daniel] 2:37-45; 7:2-8, 17-28), namely, Babylon, Medo-Persia, Greece and Rome (the latter to be revived at the end time, [Daniel] 2:42-44; 7:7, 8, 20; [Revelation] 13:1).”
A similar interpretation is offered by Jamieson, Fausset and Brown, stating: “But the Spirit in the prophet looked farther; viz., to the four world powers, the only ones which were, or are, to rise till the kingdom of the Messiah, the fifth, overthrows and absorbs all others in its universal dominion. Babylon and Medo-Persia alone had as yet risen, but soon Graeco-Macedonia was to succeed…, and Rome the fourth and last, was to follow… The fact that the repairing of the evils caused to Judah and Israel by all four kingdoms is spoken of here proves that the exhaustive fulfillment is yet future.”
However, even these last two explanations do not capture the full significance of Zechariah’s vision for end-time events still ahead of us. It is true that the Bible foretold the existence of four world-ruling empires (Babylon, Medo-Persia, Greece and Rome), and also prophesied that the ancient Roman Empire would be revived ten times throughout history, culminating in the tenth and final revival just prior to Christ’s return.
It does not appear that the four horns refer to ancient powers which have long come and gone; rather, the emphasis is primarily directed at four powers in existence at the time of Christ’s return, which will have turned against the modern descendants of the houses of Israel and Judah–as well as spiritual Israel and Judah, the Church of God–and which will have been instrumental in a future occupation and destruction of the city of Jerusalem. (For more information as to the identity of the modern houses of Israel and Judah, please read our free booklet, “The Fall and Rise of Britain and America.”)
We need to realize that the Bible speaks of “ten horns” or ten kings or kingdoms, as existing contemporaneously in the future, and which will give their power and authority to a charismatic political and military leader (“the beast”) for a very short time (Revelation 17:12-13). However, these ten horns–symbolizing kings or kingdoms–are not totally united in approach and goal, and some will be more powerful and influential than others. In the book of Daniel, we read that these last ten kings will be “partly of potter’s clay and partly of iron,” showing that the last “kingdom shall be divided… [and] be partly strong and partly fragile… [and] they will not adhere to one another” (Daniel 2: 41-43). It is therefore likely that some–apparently four–of the ten future kings or kingdoms will be more powerful than the rest and instrumental in persecuting and attacking modern physical and spiritual Israel and Judah.
It is also possible that one of the four horns refers to the “kingdom” (compare Daniel 2:41) of the last revival of the ancient Roman Empire, consisting of ten nations or groups of nations, which will be led by the “beast.” The other three “horns” could then refer to three most powerful allies of the Beast power, which will fight together with the Beast power (the revived Roman Empire) against physical and spiritual Israel. An end-time confederacy of several nations against Israel is described in Psalm 83:5-8. Besides “Assyria”–a reference to modern Germany which will lead the coming last revival of the ancient Roman Empire–countries like Edom (Turkey), Ammon (part of Jordan) and Moab (perhaps part of Iraq) are mentioned (countries which are specifically identified in Daniel 11:41, as not being overthrown by the king of the North or the end-time Beast power).
As is the case with the identity of the four horns, commentaries are equally confused–and perhaps even more so–regarding the identity of the four craftsmen which will “cast out” the four horns who had lifted up “their horn”–signifying agreed-upon single and unified action–against the land of Judah.
A few commentaries suggest that some of the horns turned into the craftsmen. For instance, the Nelson Study Bible writes: “The craftsmen or ‘smiths’ destroyed the horns (v. 19). Historically, Babylon destroyed Assyria, Medo-Persia conquered Babylon, Greece conquered Medo-Persia, and Rome overcame Greece.” Similar, but equally unconvincing, is the explanation in Unger’s Bible Handbook, even though it does allow, at least, for a future end-time fulfillment. It states:
“The Lord then shows the prophet four smiths… These artisans (technicians) symbolize kingdoms which the Lord used to cast down the persecutors of His people Israel. Three of these ‘smiths’ (Medo-Persia, Greece, and Rome) were horns, which in turn became smiths. The fourth smith is the kingdom set up by the returning King of [kings] and Lord of lords ([Revelation] 19:16) who destroys the ten-kingdom confederation of the end time ([Daniel] 2:44).”
The problem with this explanation is at least two-fold: First, Zechariah’s vision does not seem to allow for the concept that the horns turn into craftsmen. Rather, we read about four craftsmen who will destroy the four horns. If horns would turn into craftsmen, then–following that rationale–the last or fourth craftsman, allegedly the kingdom of God which Christ will establish here on earth–would have been a prior “horn.”
Secondly, the prophecy deals with the end-time fulfillment of the destruction of all the four horns by the four craftsmen. Contemporaneous horns and craftsmen are described–not one horn following another horn and one craftsman following another craftsman. In other words, at the very end, four existing craftsmen will destroy four existing horns at approximately the same time. Based on this understanding, we must conclude that the four craftsmen are four mighty and powerful angelic beings who will, in unison with Jesus Christ, destroy the four horns which will fight against the modern physical descendants of the houses of Israel and Judah, as well as spiritual Israel and Judah–the Church of God.
We read that Christ will return with His mighty angels to take vengeance on those who persecuted God’s people and who did not obey the gospel (2 Thessalonians 1:7-8). We also explained in our last Update (#361) that God will destroy the modern Babylonian system with the help of angels. Our free booklet, “Angels, Demons and the Spirit World,” in more detail the role and function of “warrior” angels –such as the archangel Michael–who assist God with the execution of His judgment over disobedient people and kingdoms.
In conclusion, Zechariah’s vision pertaining to four horns and four craftsmen shows that God and His angels are in charge. When the time has come, they will intervene and destroy all enemies of God and of God’s people. Especially when we apply the vision to Christ’s disciples–spiritual Israel–it should encourage them and give them hope for the future–knowing that God cares for His people and that their blood is precious in His sight.
Lead Writer: Norbert Link
The Work
Preaching the Gospel and Feeding the Flock
Our new comprehensive booklet on the book of Revelation is being printed. We hope that we will receive it on time to be able to distribute a copy to all who will be attending our Feast sites in the USA and Britain. The mailing of the booklet will commence sometime after the Feast of Tabernacles.
A new member letter has been written and is being printed. In the letter, Rene Messier gives an overview of the annual Fall Holy Days and explains their meaning for us today.
A new StandingWatch program was posted on StandingWatch, Google Video and YouTube. It is titled, “Soon to Come–GLOBAL Depression?” In the program, Norbert Link discusses the fact that the media and the press warn more and more of a looming worldwide recession and even depression. They point out alarming parallels with the 1930s. But how bad is it REALLY? Listen to up-to-date developments and the underlying facts, and UNDERSTAND from history what IS going to happen soon.
The following sermons by Norbert Link have been posted on Google Video:
“Bible Study–Sex and Marriage, Part 2″ (November 10, 2007)
“Bible Study–Sex and Marriage, Part 3″ (November 24, 2007)
“Bible Study–Sex and Marriage, Part 4″ (December 8, 2007)
“Bible Study–The Mystery of Justification” (September 13, 2008)
Forums
Snoozing Away
by John Amorelli
My alarm clock goes off every morning to begin a new day for me. I normally set the alarm clock one to two hours before I drive to work. That would give me enough time to get ready. However, there is a feature on my alarm clock called a “snooze” button. When the alarm goes off, I can depress this “snooze” feature button and it quiets the alarm for 10 minutes. After 10 minutes, the alarm will sound again and the process is repeated. Lately, I have been “snoozing away.” I have been hitting the “snooze” button three or more times so I can keep sleeping. As a result, I had to rush, frantically, to get ready for work.
The above scenario is my physical life situation. But what about “snoozing away” in my spiritual life? Have I been “snoozing away” in prayer, fasting or Bible study? Am I depressing my spiritual “snooze button”? Or, do I avoid the snooze feature on my alarm clock and get myself spiritually ready for Jesus Christ’s return at the sound of the first alarm?
Each morning, when the physical alarm goes off and I avoid depressing the physical snooze feature button, it is a reminder to get my spiritual alarm ready every day and not snooze away!
How This Work is Financed
This Update is an official publication by the ministry of the Church of the Eternal God in the United States of America; the Church of God, a Christian Fellowship in Canada; and the Global Church of God in the United Kingdom.
Editorial Team: Norbert Link, Dave Harris, Rene Messier, Brian Gale, Johanna Link, Eric Rank, Michael Link, Anna Link, Kalon Mitchell, Manuela Mitchell, Dawn Thompson
Technical Team: Eric Rank, Shana Rank
Our activities and literature, including booklets, weekly updates, sermons on CD are provided free of charge. They are made possible by the tithes, offerings and contributions of Church members and others who have elected to support this Work.
While we do not solicit the general public for funds, contributions are gratefully welcomed and are tax-deductible in the U.S. and Canada.
Donations can be sent to the following addresses:
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The Mystery of Justification
Why are people confused about the biblical teaching of justification? Why do some believe that they are justified by their obedient “deeds of the law”? Why do others believe that their justification has nothing to do with how they live? Why can’t they accept the plain balanced teaching of the Holy Bible?
Play Video
Soon to Come — GLOBAL Depression?
The media and the press warn more and more of a looming worldwide recession and even depression. They point out alarming parallels with the 1930s. But how bad is it REALLY? Listen to up-to-date developments and the underlying facts, and UNDERSTAND from history what IS going to happen soon.
Download Audio Download VideoCurrent Events
Remembering September 11, 2001
Der Spiegel Online wrote on September 11, 2008:
“Most people in the world can remember where they were and what they were doing when they heard about the planes terrorists flew into the World Trade Center in New York and the Pentagon in Washington, DC. This Thursday marks the seventh anniversary of the disaster, and since then a global ‘war on terror’ has been waged — but not won.
“With NATO support, the US has toppled the Taliban regime in Afghanistan and established a new government, but not stabilized the country. A second war was started in Iraq with 9/11 as a justification — but on false premises, as most of the world knows now and many people already understood in 2003.
“Most of the world now has a new understanding of ‘security.’ Global terrorism of the sort practiced by al-Qaida finds targets that are not always easy to comprehend: a Danish embassy in Pakistan, nightclubs on Bali, trains in London and Madrid, wedding parties in Jordan, a synagogue in Tunisia, a British bank in Istanbul.
“To protect themselves, Western as well as non-Western states have passed new laws, some of them draconian. The United States set up a prison at Guantánamo Bay which has yet to be dismantled.
“The CIA has kidnapped and transported terror suspects all over the world, including people who weren’t especially suspect and have long been proved innocent. Arab nations have signed dubious extradition treaties to move terrorist suspects back and forth. Russia and China use the ‘war on terror’ for their own purposes — to declare Chechens and Uighurs potential terrorists, for example. The debate over torture, once thought to be settled in civilized nations, has enjoyed an unexpected and in some ways ignoble renaissance…
“Al-Qaida is not beaten. Osama bin Laden and Ayman al-Zawahiri are still at large. A number of high-ranking members of the organization have been killed or arrested, including Khalid Sheikh Mohammed, Ramzi bin al-Shibh and others. But terrorism hasn’t stopped. Al-Qaida has retreated in Iraq, perhaps, but in Pakistan as well as North Africa, it has gained influence and space…”
Special EU Status for Britain?
The Daily Mail reported on September 9, 2008:
“The architect of the despised European Constitution has reopened old wounds after he attacked Britain for ‘hampering’ the creation of an EU superstate. Valery Giscard d’Estaing, who spearheaded the drafting of the constitution – only to see it soundly rejected by his own countrymen – said the UK should be given a ‘special status’ to prevent it blocking closer integration. The former French president said Britain’s attempts to curb the expansion of power in Brussels was ‘exhausting for all concerned, and disappointing’.
“The arch Europhile, who was speaking at a conference in Westminster on Britain’s future relationship with Europe, has always been committed to a continental-wide ‘superstate’. As the president of the EU convention he played a key role in drafting the constitution – which was then dumped by French and Dutch voters in 2005. It was revived last year as the Lisbon Treaty, which Labour forced through Parliament in March…
“M Giscard d’Estaing insisted closer integration of the EU’s 27 member states would continue. But he suggested Britain should have a ‘special status’ which would maintain close links with the EU but prevent us from ‘acting as a brake’. He condemned the UK for its ‘permanently antagonistic standpoint’ towards the EU.
“The EU Treaty creates a permanent European president, a foreign affairs minister and a legal personality for the EU which would allow it to sign international treaties on Britain’s behalf. Despite being rejected by Irish voters in June, the EU has vowed to push ahead with it.”
“European Court of Justice Violates National Jurisdictions”
The EUObserver wrote on September 10:
“The European Court of Justice needs to be stopped from undermining national jurisdiction, former German President Roman Herzog and Lüder Gerken, the director of the Centre for European Policy, have warned… The sharp words come in the wake of similar arguments coming from Denmark and Austria accusing the court of stepping beyond its bounds.
“Several cases analysed by Mr Herzog prove, in his view, that the European Court of Justice ‘systematically ignores fundamental principles of the Western interpretation of law’, that it ‘ignores the will of the legislator, or even turns it into its opposite’ and ‘invents legal principles serving as grounds for later judgements’…
“Mr Herzog’s comments come amid growing frustration amongst Danish leaders that a ruling by the court regarding Irish legislation covering the residency rights of non-EU citizens who are spouses of citizens, is having a knock-on effect on similar Danish legislation… In 2006, former Austrian Chancellor Wolfgang Schussel also attacked the European Court of Justice after it forced Austrian universities to open its doors to more foreign students, arguing that the court was interfering in education, ‘a clear national competence,’ he said at the time.”
Sarah Palin a Former Practicing Pentecostal
CNN reported on September 8:
“For more than two decades, current Alaska Gov. Sarah Palin was a practicing Pentecostal. She belonged to the Wasilla Assembly of God church in her hometown of Wasilla, Alaska… she attended the church from her teenage years through to 2002…
“Palin’s former pastor, Tim McGraw, says that like many Pentecostal churches, some members speak in tongues, although he says he’s never seen Palin do so. Church member Caroline Spangler told CNN, ‘When the spirit comes on you, you utter things that nobody else can understand … only God can understand what is coming out of our mouths.’ Some Pentecostals from Assembly of God also believe in ‘faith healing’ and the ‘end times’ — a violent upheaval that they believe will deliver Jesus Christ’s second coming…
“The McCain campaign says the Governor doesn’t consider herself Pentecostal… Palin’s former pastor says he has no doubt her religious beliefs will influence her decision making when it comes to government policy… Six years ago, Palin left Assembly of God… But the Assembly of God says she still returns for special conferences and events, such as the graduation of ministry students in June…
“Palin now attends the [non-denominational] Wasilla Bible Church. She was there on August 17, just days before entering the national spotlight. David Brickner, the founder of Jews for Jesus, was a speaker. He told congregants that terrorist attacks on Israel were God’s ‘judgment’ of Jews who haven’t embraced Christianity… The McCain campaign says his comments do not reflect her religious views. Palin’s spokeswoman says she is pro-Israel.
“Pastor Ed Kalnin, the senior pastor of Palin’s former Pentecostal church, has also come under fire for his comments. In 2004, he told church members if they voted for John Kerry for president, they wouldn’t get into heaven. He told them, ‘I question your salvation.’ Assembly of God issued a statement online in response which said Kalnin was ‘joking’…”
Still Unfavorable Relations Between USA and Europe
Der Spiegel Online wrote on September 10:
“According to a major survey, Europeans want the Democrats to win back the White House this year. But Barack Obama’s positions on Iran’s nuclear program and Afghanistan are not widely supported in Europe…
“According to the latest ‘Transatlantic Trends,’ 47 percent of those polled across 12 European countries agree that there would be an improvement in relations between Europe and the US if Obama moved into the White House. By contrast, just 11 percent of those surveyed thought there would be a similar improvement under a President John McCain…
“These figures clearly do not back up the assumption that relations between Europe and the US have already relaxed… The image of the US in Europe has remained almost unaltered during the second Bush administration. Then as now, only 36 percent of Europeans view America’s role as a superpower positively (before the Iraq War that figure was still 64 percent.)…”
Worship of “the Virgin Mary”
Vatican Information Service (VIS) reported on September 7:
“Benedict XVI departed from Rome’s Ciampino airport, landing at the airport of Cagliari-Elmas on the Italian island of Sardinia… Having greeted the political, civil and ecclesiastical authorities, he travelled to the Shrine of Our Lady of Bonaria, which he visited briefly… the Pope celebrated Mass in the presence of 100,000 people on the esplanade in front of the Marian shrine…
“Going on to refer to the hundredth anniversary of the proclamation of the Virgin as patroness of the island, the Pope called on the faithful ‘to give thanks to Mary for her protection and to reiterate our faith in her, recognising her as the ‘Star of the new evangelisation’… [He] asked the Virgin to help the people of Sardinia ‘to bring Christ to families… May Mary, he said, ‘help you… evangelise the world of work, of the economy and of politics’… At the end of the Eucharistic celebration, Benedict XVI performed an act of consecration to Mary which concluded with the consignment of a golden rose to Our Lady of Bonaria.”
High U.S. Unemployment Rate in August
The Wall Street Journal wrote on September 6:
“A jump in the unemployment rate to 6.1% in August, the highest in nearly five years, underscored the economy’s fragility and deepened political debate over whether a second stimulus package is needed. The jobless-rate jump, from 5.7% in July, was larger than anticipated, reflecting how energy prices and problems in the housing and financial sectors have radiated outward to slow overall economic activity.”
U.S. Government’s Take-Over of Fannie Mae and Freddie Mac
CNN reported on September 7:
“Federal officials on Sunday unveiled an extraordinary takeover of Fannie Mae and Freddie Mac, putting the government in charge of the twin mortgage giants… The move, which extends as much as $200 billion in Treasury support to the two companies, marks Washington’s most dramatic attempt yet to shore up the nation’s housing market, which is suffering from record foreclosures and falling prices… Fannie… and Freddie…, which were created by the U.S. government, have been badly hurt in the last year by the sharp decline in home prices as well as rising mortgage delinquencies and foreclosures. All told, the two firms have racked up about $12 billion in losses since last summer…
“Fannie and Freddie have become virtually the only source of funding for banks and other home lenders looking to make home loans… The two firms buy loans, attach a guarantee, then sell securities backed by the loans’ income stream. All told, they own or back $5.4 trillion worth of home debt – half the mortgage debt in the country.
“… the cost to taxpayers [will] largely depend on the future financial performance of Fannie and Freddie. Another unintended yet unavoidable consequence may be the impact to the nation’s banks. Some of the nation’s largest financial institutions… own a big chunk of the estimated $36 billion in preferred shares of Fannie and Freddie… Those stakes are at risk of being wiped out…”
US Stocks Fall
The Financial Times wrote on September 10:
“US stocks suffered their worst fall of the year as a 45 per cent drop in Lehman Brothers shares renewed fears about the health of the global financial system… Lehman is expected to have suffered billions of dollars in credit-related writedowns in the third quarter.”
Reuters added on September 11:
“Washington Mutual Inc… shares sank below $2 for the first time since 1990 as anxiety grew about the largest U.S. savings and loan’s mortgage losses, capital needs and survival prospects… Wall Street is worried that Washington Mutual, like Lehman Brothers… may not have time to right itself… Washington Mutual has said mortgage losses could reach $19 billion through 2011… the falling stock price could make further capital raising prohibitively expensive.”
USA–“$407 Billion in the Hole”
CNN reported on September 9:
“The budget deficit will jump by $246 billion to $407 billion this year, the Congressional Budget Office [CBO] estimates in a report released Tuesday… The budget deficit shot up 153% from last year’s shortfall of $161 billion… Federal spending on Medicare and Medicaid alone is expected to jump 30% in the next decade… [Peter] Orszag [director of CBO] said… ‘The nation is on an unsustainable fiscal course.'”
Russia’s Cat-and-Mouse-Game with the West
The Associated Press reported on September 9:
“Russia announced Tuesday it would keep 7,600 troops in Abkhazia and South Ossetia for the foreseeable future, asserting power in the breakaway regions even as it began a pullout from positions deeper in Georgia. The Kremlin’s plans for a heavy military footprint in the enclaves mock Georgia’s hopes that a revised peace agreement will lead to a complete Russian withdrawal from the fractured country at the heart of a bitter fray between Moscow and the West…
“A senior U.S. official… told lawmakers… that the United States is reviewing how to help Georgia rebuild its military. Georgia blames Russia for the war and is calling for a complete withdrawal of Russian forces, including from Abkhazia and South Ossetia. ‘There is no way Georgia will ever give up a piece of its sovereignty, a piece of its territory,’ Saakashvili said Tuesday.”
Ukraine Disappointed Over Germany
The EUObserver wrote on September 9:
“EU and Ukraine leaders will celebrate a ‘great day’ as they unveil plans for a new bilateral treaty in Paris [referred to as “Association Agreement”]…, but behind the fanfare, Ukraine diplomats are disappointed… Nine EU members including Poland, the UK, Sweden, the Czech republic and the Baltic states had pushed for the Paris declaration to ‘recognise’ Ukraine’s EU membership ‘perspective’… Germany, the Netherlands, Belgium and Luxembourg blocked any suggestions of future EU expansion into post-Soviet territory, however…
“French diplomats have explained that while the title ‘Association Agreement’ is reminiscent of treaties signed with countries such as Poland in the run-up to the 2004 round of enlargement, it carries no special promise, as ‘association’ deals also exist with Chile or Morocco…
“Ukrainian diplomats see the summit declaration as a sell-out… ‘I feel like we have thrown away our European future,’ one Ukrainian contact said.”
Ukraine Could Be Next
The Wall Street Journal wrote on September 10:
“Perhaps the most urgent question in the world affairs today is whether Russia’s invasion and continuing occupation of Georgia was a singular event. Or was it the onset of a distinct, and profoundly disturbing, national security and foreign policy agenda? Much as one would like to cling to the former theory, the evidence favors the latter…
“Apart from Estonia and Latvia… by far the most likely target is Ukraine… Mr. Putin has made his contempt for Ukrainian sovereignty clear, most notably at the NATO summit in Bucharest last April when, according to numerous reports in the Russian and Ukrainian press, he told President Bush that the Ukraine is ‘not even a real state,’ that much of its territory was ‘given away’ by Russia, and that it would ‘cease to exist as a state’ if it dared join NATO… Whatever the operational specifics, the Russian political barometer seems to augur storms ahead.”
Russia’s Continued Threats
AFP reported on September 10:
“Russia could point missiles at strategic US targets in central Europe, including planned American missile shield sites in Poland and the Czech Republic, a senior Russian general said Wednesday. ‘I can’t exclude that if such decisions are taken by our military-political leadership, the missile shield in Poland and the Czech Republic and other such objects could be chosen as designated targets for some of our inter-continental ballistic missiles,’ General Nikolai Solovtsov said… Moscow ‘is obliged to take corresponding measures that prevent under any circumstances the devaluing of Russia’s nuclear deterrent…’
“The comments came as tensions mounted between Russia and the United States over last month’s Russian military surge into Georgia and the fraught question of missile defence… Moscow sees the plans for new US missile defence facilities in central Europe as part of an effort to encircle Russia. Washington insists the planned facilities are directed against ‘rogue states’ such as Iran and in no way threaten Russia.”
Germany’s Political Dilemma–Waiting for a Strong Leader
Der Spiegel Online wrote on September 9:
“Frank-Walter Steinmeier doesn’t seem to be looking forward to next year, and who can blame him. The Social Democrat candidate for the 2009 election has never campaigned for office and must unite a bitterly divided party. Few analysts rate his chances of beating Chancellor Angela Merkel.
“… the most likely outcome of the next general election is a continuation of the current grand coalition between Germany’s two main parties, Merkel’s conservative Christian Democrats and Steinmeier’s SPD. The two rival parties have been ruling Europe’s largest economy together since 2005 in a loveless marriage that has failed to produce significant economic reforms and has plunged the country’s already staid political scene into a dull torpor… Expect more of the same, is the depressing prediction by seasoned observers…
“Angela Merkel’s government is likely to come to a near-complete standstill over the next year as the SPD and CDU square off ahead of the election… The irony is that after that long election campaign the rivals will probably find each other seated round the exact same cabinet table next year.”
Iran–Is Time Running Out for Israel?
Reuters reported on September 9:
“Iran’s Bushehr nuclear plant is nearing completion and the start-up of its reactor will soon become ‘irreversible’, the Russian state-owned company that is building the power station said on Tuesday. Russia has already delivered nuclear fuel under a $1 billion contract to build the Bushehr plant, on the Gulf coast in southwest Iran, and Iranian officials say the reactor is likely to be started up soon [i.e., December 2008 – February 2009]…
“Russia signed a contract to build the plant in 1995 on the site of an earlier project begun in the 1970s by German firm Siemens. Siemens’s project was disrupted by Iran’s 1979 Islamic revolution and the 1980-88 Iran-Iraq war.”
Pakistan’s New President
The Associated Press reported on September 9:
“Repeatedly paying homage to his assassinated wife, new President Asif Ali Zardari… was long on platitudes but short on specifics while meeting with media after taking the oath of office in a short ceremony at the presidential palace. He was chosen to replace Pervez Musharraf, a U.S. ally who resigned under pressure last month… The United States came to depend heavily on Musharraf for cooperation to capture or kill al-Qaida leaders who plotted the 9/11 attacks on America and fled Afghanistan after the U.S.-led invasion in 2001 toppled the Taliban regime. However, the Taliban revived on Musharraf’s watch, and al-Qaida chiefs Osama bin Laden and Ayman al-Zawahri remain on the run, probably somewhere in Pakistan’s tribal areas.
“Washington has increasingly taken matters into its own hands in recent weeks, with controversy erupting every time civilians become casualties. Missile strikes in Pakistan’s northwest have killed dozens, and U.S.-led forces last week took part in a helicopter-backed ground assault that killed at least 15… The unilateral actions have sparked a public backlash, including official protests, although it appears that Pakistan, the Islamic world’s only nuclear power, is too dependent on the billions of dollars in U.S. aid to do much more than complain.”
Strained Relations Between Pakistan and USA
CNN reported on September 10:
“Pakistan’s military chief said Wednesday that no foreign forces will be allowed to conduct operations inside Pakistan in light of last week’s ‘reckless’ U.S. military ground operation… The announcement came as Pakistan’s military resumed its battle against Taliban militants in its tribal region… A ground incursion last week by U.S. forces into Pakistan strained relations between the two countries. Pakistan summoned the U.S. ambassador in Islamabad to complain about the incident, which it said killed 15 civilians.
“The Pentagon has not confirmed the raid, but a senior U.S. official… told CNN… that U.S. helicopters dropped troops into the village of Angoor Adda in South Waziristan, which borders Afghanistan. The official said there was no evidence of any civilian deaths. The U.S. official said the operation was launched fairly quickly without formal permission from Pakistan’s government after it became clear that there was sufficient intelligence to take the risk of putting U.S. troops on the ground in a potentially hostile area of Pakistan.
“In the U.S., the chairman of the Joint Chiefs of Staff, Admiral Michael Mullen, warned Congress on Wednesday that cross-border attacks into Afghanistan by militants in Pakistan’s tribal region are a problem… He added that the U.S. is ‘running out of time’ to win the war in Afghanistan and that sending in more troops will not guarantee victory. On Tuesday, President Bush announced the deployment of 4,500 additional troops in Afghanistan.”
The Associated Press added on September 11:
“Pakistan’s prime minister on Thursday backed a harsh rebuke of the U.S. by the Muslim nation’s military chief, a sign of a strain in relations seven years after the Sept. 11 attacks forged the two countries’ anti-terror alliance. Pakistan’s public show of anger with the U.S. comes amid revelations that President Bush secretly approved new U.S. military raids in that country.”
Waste of Time and Money–The Large Hadron Collider
The Sun wrote on September 10:
“Scientists from 60 countries have been working 250ft underground on the project which is trying to recreate conditions in the first billionth of a second after the Big Bang dawn of the universe 14 billion years ago. They aim to fire beams of protons at almost the speed of light in opposite directions through a 17-mile ring-shaped frozen tunnel. Each beam will pack as much energy as a 93mph Eurostar train. The tunnel has been dug under mountain rock in the Alps along the border between Switzerland and France. Although the big switch-on took place today, the first high-energy collisions are not due until October 21.”
AFP added on September 10:
“Now that the beam has been successfully tested in clockwise direction, CERN plans to send it counterclockwise. Eventually two beams will be fired in opposite directions with the aim of recreating conditions a split second after the big bang, which scientists theorize was the massive explosion that created the universe.”
Der Spiegel Online wrote on September 9:
“Will the Large Hadron Collider… bring about the end of the world? Most physicists say no — but they are hoping for clues as to how the universe began… Physicists say that the €6.4 billion ($9.2 billion) project — the lion’s share of which came from European countries — may provide unique new insights into how our universe was formed, the existence of ‘dark matter’ and even the possible reality of a number of new dimensions…
“Still, despite all the hype and the hope, scientists truly don’t know exactly what they’ll find in this grandest of all scientific experiments… for those expecting the end of the world, the wait will continue for another few weeks. The Large Hadron Collider won’t actually begin bashing protons against each other until later this autumn.”
If we could only believe God–and all that money could be used for much more needful purposes. The Bible TELLS you how the universe began. For more information, please read our free booklet, “The Theory of Evolution–a Fairy Tale for Adults?”
Update 361
Live Services
The Mystery of Justification
On Saturday, September 13, 2008, Norbert Link will give the sermon, titled, “The Mystery of Justification.”
The services can be heard at www.cognetservices.org at 12:30 pm Pacific Time (which is 2:30 pm Central Time). Just click on Connect to Live Stream.
Editorial
Always Be Ready
by Bill Koeneke
How adept are you in answering those outside the Church regarding all manner of queries including, for example, abortion, being “born again,” going to heaven, why does God allow the evil that continues to torment the world, or what makes you think you are part of the true Church of God? You call yourself a Christian; how do you define a true Christian? From these examples you can readily perceive the type of questions that might be asked. Could you, for example, quote or paraphrase the Scripture that defines a true Christian or that condemns homosexuality, and what about challenging the Trinity concept, and the notion that the Ten Commandments are no longer in force.
If our explanation is in accord with God’s Word, then disbelief or disapproval of the questioner does not make the truth any less true. 1 Peter 3:15 tells us “Always be prepared to give an answer to everyone who asks you to give the reason for the hope that you have. But do this with gentleness and respect, keeping a clear conscience so that those who speak maliciously against your good behavior in Christ may be ashamed of their slander” (New International Version). It is a matter of defending our faith—the faith that Jesus Christ gives us. It is also a matter of defending the Truth. If we are weak in this area, it may reflect negatively on the Church. It may even discomfort us and put off the other person if we find ourselves groping for a proper answer.
In order to be able to reply to questions we may be asked, and because some of us are occasionally plagued with a “forgettery,” we need to review what we have learned over the years, and then to review it again from time to time so as to improve our memory—and we certainly should ask God to help us in that regard. We need to give thought to areas similar to those mentioned above, keeping in mind that sometimes we are likely not to have a Bible handy to help us in our reply and in which case we will need God’s inspiration.
Our answer will need to be catered in such a way that it does not offend the questioners, realizing also that, perhaps, they are being called, and yet they may lack the Spirit of understanding on a particular matter.
Being aware that we are living in an atmosphere where most people are rich, as it were, with this world’s knowledge and poor in biblical knowledge, our answers need to be catered accordingly. And toward that end, and at that moment, we should pray a silent prayer for inspiration so that we are able to answer tactfully and correctly, not based on personal philosophy which dominates religious discussion in the world outside.
We need to be aware, also, of those who tease us with insincere or inappropriate questions…. “trying it on,” as it were, in which case Solomon tells us to answer according to that person’s folly (compare Proverb 26:4-5).
If, however, they are sincere, we might offer them access to a booklet or an internet reference on the subject, or put them in touch with a Minister. And we should also offer up a prayer for that person when we sense a genuine interest.
One of the most satisfying experiences we can have is to discover that the person who asked us a question was eventually called into God’s fold and who then responded to that calling. Therefore, always be ready to answer those who ask, for how do you know if, perhaps, God was using you in that calling?
This Week in the News
Remembering September 11, 2001
Der Spiegel Online wrote on September 11, 2008:
“Most people in the world can remember where they were and what they were doing when they heard about the planes terrorists flew into the World Trade Center in New York and the Pentagon in Washington, DC. This Thursday marks the seventh anniversary of the disaster, and since then a global ‘war on terror’ has been waged — but not won.
“With NATO support, the US has toppled the Taliban regime in Afghanistan and established a new government, but not stabilized the country. A second war was started in Iraq with 9/11 as a justification — but on false premises, as most of the world knows now and many people already understood in 2003.
“Most of the world now has a new understanding of ‘security.’ Global terrorism of the sort practiced by al-Qaida finds targets that are not always easy to comprehend: a Danish embassy in Pakistan, nightclubs on Bali, trains in London and Madrid, wedding parties in Jordan, a synagogue in Tunisia, a British bank in Istanbul.
“To protect themselves, Western as well as non-Western states have passed new laws, some of them draconian. The United States set up a prison at Guantánamo Bay which has yet to be dismantled.
“The CIA has kidnapped and transported terror suspects all over the world, including people who weren’t especially suspect and have long been proved innocent. Arab nations have signed dubious extradition treaties to move terrorist suspects back and forth. Russia and China use the ‘war on terror’ for their own purposes — to declare Chechens and Uighurs potential terrorists, for example. The debate over torture, once thought to be settled in civilized nations, has enjoyed an unexpected and in some ways ignoble renaissance…
“Al-Qaida is not beaten. Osama bin Laden and Ayman al-Zawahiri are still at large. A number of high-ranking members of the organization have been killed or arrested, including Khalid Sheikh Mohammed, Ramzi bin al-Shibh and others. But terrorism hasn’t stopped. Al-Qaida has retreated in Iraq, perhaps, but in Pakistan as well as North Africa, it has gained influence and space…”
Special EU Status for Britain?
The Daily Mail reported on September 9, 2008:
“The architect of the despised European Constitution has reopened old wounds after he attacked Britain for ‘hampering’ the creation of an EU superstate. Valery Giscard d’Estaing, who spearheaded the drafting of the constitution – only to see it soundly rejected by his own countrymen – said the UK should be given a ‘special status’ to prevent it blocking closer integration. The former French president said Britain’s attempts to curb the expansion of power in Brussels was ‘exhausting for all concerned, and disappointing’.
“The arch Europhile, who was speaking at a conference in Westminster on Britain’s future relationship with Europe, has always been committed to a continental-wide ‘superstate’. As the president of the EU convention he played a key role in drafting the constitution – which was then dumped by French and Dutch voters in 2005. It was revived last year as the Lisbon Treaty, which Labour forced through Parliament in March…
“M Giscard d’Estaing insisted closer integration of the EU’s 27 member states would continue. But he suggested Britain should have a ‘special status’ which would maintain close links with the EU but prevent us from ‘acting as a brake’. He condemned the UK for its ‘permanently antagonistic standpoint’ towards the EU.
“The EU Treaty creates a permanent European president, a foreign affairs minister and a legal personality for the EU which would allow it to sign international treaties on Britain’s behalf. Despite being rejected by Irish voters in June, the EU has vowed to push ahead with it.”
“European Court of Justice Violates National Jurisdictions”
The EUObserver wrote on September 10:
“The European Court of Justice needs to be stopped from undermining national jurisdiction, former German President Roman Herzog and Lüder Gerken, the director of the Centre for European Policy, have warned… The sharp words come in the wake of similar arguments coming from Denmark and Austria accusing the court of stepping beyond its bounds.
“Several cases analysed by Mr Herzog prove, in his view, that the European Court of Justice ‘systematically ignores fundamental principles of the Western interpretation of law’, that it ‘ignores the will of the legislator, or even turns it into its opposite’ and ‘invents legal principles serving as grounds for later judgements’…
“Mr Herzog’s comments come amid growing frustration amongst Danish leaders that a ruling by the court regarding Irish legislation covering the residency rights of non-EU citizens who are spouses of citizens, is having a knock-on effect on similar Danish legislation… In 2006, former Austrian Chancellor Wolfgang Schussel also attacked the European Court of Justice after it forced Austrian universities to open its doors to more foreign students, arguing that the court was interfering in education, ‘a clear national competence,’ he said at the time.”
Sarah Palin a Former Practicing Pentecostal
CNN reported on September 8:
“For more than two decades, current Alaska Gov. Sarah Palin was a practicing Pentecostal. She belonged to the Wasilla Assembly of God church in her hometown of Wasilla, Alaska… she attended the church from her teenage years through to 2002…
“Palin’s former pastor, Tim McGraw, says that like many Pentecostal churches, some members speak in tongues, although he says he’s never seen Palin do so. Church member Caroline Spangler told CNN, ‘When the spirit comes on you, you utter things that nobody else can understand … only God can understand what is coming out of our mouths.’ Some Pentecostals from Assembly of God also believe in ‘faith healing’ and the ‘end times’ — a violent upheaval that they believe will deliver Jesus Christ’s second coming…
“The McCain campaign says the Governor doesn’t consider herself Pentecostal… Palin’s former pastor says he has no doubt her religious beliefs will influence her decision making when it comes to government policy… Six years ago, Palin left Assembly of God… But the Assembly of God says she still returns for special conferences and events, such as the graduation of ministry students in June…
“Palin now attends the [non-denominational] Wasilla Bible Church. She was there on August 17, just days before entering the national spotlight. David Brickner, the founder of Jews for Jesus, was a speaker. He told congregants that terrorist attacks on Israel were God’s ‘judgment’ of Jews who haven’t embraced Christianity… The McCain campaign says his comments do not reflect her religious views. Palin’s spokeswoman says she is pro-Israel.
“Pastor Ed Kalnin, the senior pastor of Palin’s former Pentecostal church, has also come under fire for his comments. In 2004, he told church members if they voted for John Kerry for president, they wouldn’t get into heaven. He told them, ‘I question your salvation.’ Assembly of God issued a statement online in response which said Kalnin was ‘joking’…”
Still Unfavorable Relations Between USA and Europe
Der Spiegel Online wrote on September 10:
“According to a major survey, Europeans want the Democrats to win back the White House this year. But Barack Obama’s positions on Iran’s nuclear program and Afghanistan are not widely supported in Europe…
“According to the latest ‘Transatlantic Trends,’ 47 percent of those polled across 12 European countries agree that there would be an improvement in relations between Europe and the US if Obama moved into the White House. By contrast, just 11 percent of those surveyed thought there would be a similar improvement under a President John McCain…
“These figures clearly do not back up the assumption that relations between Europe and the US have already relaxed… The image of the US in Europe has remained almost unaltered during the second Bush administration. Then as now, only 36 percent of Europeans view America’s role as a superpower positively (before the Iraq War that figure was still 64 percent.)…”
Worship of “the Virgin Mary”
Vatican Information Service (VIS) reported on September 7:
“Benedict XVI departed from Rome’s Ciampino airport, landing at the airport of Cagliari-Elmas on the Italian island of Sardinia… Having greeted the political, civil and ecclesiastical authorities, he travelled to the Shrine of Our Lady of Bonaria, which he visited briefly… the Pope celebrated Mass in the presence of 100,000 people on the esplanade in front of the Marian shrine…
“Going on to refer to the hundredth anniversary of the proclamation of the Virgin as patroness of the island, the Pope called on the faithful ‘to give thanks to Mary for her protection and to reiterate our faith in her, recognising her as the ‘Star of the new evangelisation’… [He] asked the Virgin to help the people of Sardinia ‘to bring Christ to families… May Mary, he said, ‘help you… evangelise the world of work, of the economy and of politics’… At the end of the Eucharistic celebration, Benedict XVI performed an act of consecration to Mary which concluded with the consignment of a golden rose to Our Lady of Bonaria.”
High U.S. Unemployment Rate in August
The Wall Street Journal wrote on September 6:
“A jump in the unemployment rate to 6.1% in August, the highest in nearly five years, underscored the economy’s fragility and deepened political debate over whether a second stimulus package is needed. The jobless-rate jump, from 5.7% in July, was larger than anticipated, reflecting how energy prices and problems in the housing and financial sectors have radiated outward to slow overall economic activity.”
U.S. Government’s Take-Over of Fannie Mae and Freddie Mac
CNN reported on September 7:
“Federal officials on Sunday unveiled an extraordinary takeover of Fannie Mae and Freddie Mac, putting the government in charge of the twin mortgage giants… The move, which extends as much as $200 billion in Treasury support to the two companies, marks Washington’s most dramatic attempt yet to shore up the nation’s housing market, which is suffering from record foreclosures and falling prices… Fannie… and Freddie…, which were created by the U.S. government, have been badly hurt in the last year by the sharp decline in home prices as well as rising mortgage delinquencies and foreclosures. All told, the two firms have racked up about $12 billion in losses since last summer…
“Fannie and Freddie have become virtually the only source of funding for banks and other home lenders looking to make home loans… The two firms buy loans, attach a guarantee, then sell securities backed by the loans’ income stream. All told, they own or back $5.4 trillion worth of home debt – half the mortgage debt in the country.
“… the cost to taxpayers [will] largely depend on the future financial performance of Fannie and Freddie. Another unintended yet unavoidable consequence may be the impact to the nation’s banks. Some of the nation’s largest financial institutions… own a big chunk of the estimated $36 billion in preferred shares of Fannie and Freddie… Those stakes are at risk of being wiped out…”
US Stocks Fall
The Financial Times wrote on September 10:
“US stocks suffered their worst fall of the year as a 45 per cent drop in Lehman Brothers shares renewed fears about the health of the global financial system… Lehman is expected to have suffered billions of dollars in credit-related writedowns in the third quarter.”
Reuters added on September 11:
“Washington Mutual Inc… shares sank below $2 for the first time since 1990 as anxiety grew about the largest U.S. savings and loan’s mortgage losses, capital needs and survival prospects… Wall Street is worried that Washington Mutual, like Lehman Brothers… may not have time to right itself… Washington Mutual has said mortgage losses could reach $19 billion through 2011… the falling stock price could make further capital raising prohibitively expensive.”
USA–“$407 Billion in the Hole”
CNN reported on September 9:
“The budget deficit will jump by $246 billion to $407 billion this year, the Congressional Budget Office [CBO] estimates in a report released Tuesday… The budget deficit shot up 153% from last year’s shortfall of $161 billion… Federal spending on Medicare and Medicaid alone is expected to jump 30% in the next decade… [Peter] Orszag [director of CBO] said… ‘The nation is on an unsustainable fiscal course.'”
Russia’s Cat-and-Mouse-Game with the West
The Associated Press reported on September 9:
“Russia announced Tuesday it would keep 7,600 troops in Abkhazia and South Ossetia for the foreseeable future, asserting power in the breakaway regions even as it began a pullout from positions deeper in Georgia. The Kremlin’s plans for a heavy military footprint in the enclaves mock Georgia’s hopes that a revised peace agreement will lead to a complete Russian withdrawal from the fractured country at the heart of a bitter fray between Moscow and the West…
“A senior U.S. official… told lawmakers… that the United States is reviewing how to help Georgia rebuild its military. Georgia blames Russia for the war and is calling for a complete withdrawal of Russian forces, including from Abkhazia and South Ossetia. ‘There is no way Georgia will ever give up a piece of its sovereignty, a piece of its territory,’ Saakashvili said Tuesday.”
Ukraine Disappointed Over Germany
The EUObserver wrote on September 9:
“EU and Ukraine leaders will celebrate a ‘great day’ as they unveil plans for a new bilateral treaty in Paris [referred to as “Association Agreement”]…, but behind the fanfare, Ukraine diplomats are disappointed… Nine EU members including Poland, the UK, Sweden, the Czech republic and the Baltic states had pushed for the Paris declaration to ‘recognise’ Ukraine’s EU membership ‘perspective’… Germany, the Netherlands, Belgium and Luxembourg blocked any suggestions of future EU expansion into post-Soviet territory, however…
“French diplomats have explained that while the title ‘Association Agreement’ is reminiscent of treaties signed with countries such as Poland in the run-up to the 2004 round of enlargement, it carries no special promise, as ‘association’ deals also exist with Chile or Morocco…
“Ukrainian diplomats see the summit declaration as a sell-out… ‘I feel like we have thrown away our European future,’ one Ukrainian contact said.”
Ukraine Could Be Next
The Wall Street Journal wrote on September 10:
“Perhaps the most urgent question in the world affairs today is whether Russia’s invasion and continuing occupation of Georgia was a singular event. Or was it the onset of a distinct, and profoundly disturbing, national security and foreign policy agenda? Much as one would like to cling to the former theory, the evidence favors the latter…
“Apart from Estonia and Latvia… by far the most likely target is Ukraine… Mr. Putin has made his contempt for Ukrainian sovereignty clear, most notably at the NATO summit in Bucharest last April when, according to numerous reports in the Russian and Ukrainian press, he told President Bush that the Ukraine is ‘not even a real state,’ that much of its territory was ‘given away’ by Russia, and that it would ‘cease to exist as a state’ if it dared join NATO… Whatever the operational specifics, the Russian political barometer seems to augur storms ahead.”
Russia’s Continued Threats
AFP reported on September 10:
“Russia could point missiles at strategic US targets in central Europe, including planned American missile shield sites in Poland and the Czech Republic, a senior Russian general said Wednesday. ‘I can’t exclude that if such decisions are taken by our military-political leadership, the missile shield in Poland and the Czech Republic and other such objects could be chosen as designated targets for some of our inter-continental ballistic missiles,’ General Nikolai Solovtsov said… Moscow ‘is obliged to take corresponding measures that prevent under any circumstances the devaluing of Russia’s nuclear deterrent…’
“The comments came as tensions mounted between Russia and the United States over last month’s Russian military surge into Georgia and the fraught question of missile defence… Moscow sees the plans for new US missile defence facilities in central Europe as part of an effort to encircle Russia. Washington insists the planned facilities are directed against ‘rogue states’ such as Iran and in no way threaten Russia.”
Germany’s Political Dilemma–Waiting for a Strong Leader
Der Spiegel Online wrote on September 9:
“Frank-Walter Steinmeier doesn’t seem to be looking forward to next year, and who can blame him. The Social Democrat candidate for the 2009 election has never campaigned for office and must unite a bitterly divided party. Few analysts rate his chances of beating Chancellor Angela Merkel.
“… the most likely outcome of the next general election is a continuation of the current grand coalition between Germany’s two main parties, Merkel’s conservative Christian Democrats and Steinmeier’s SPD. The two rival parties have been ruling Europe’s largest economy together since 2005 in a loveless marriage that has failed to produce significant economic reforms and has plunged the country’s already staid political scene into a dull torpor… Expect more of the same, is the depressing prediction by seasoned observers…
“Angela Merkel’s government is likely to come to a near-complete standstill over the next year as the SPD and CDU square off ahead of the election… The irony is that after that long election campaign the rivals will probably find each other seated round the exact same cabinet table next year.”
Iran–Is Time Running Out for Israel?
Reuters reported on September 9:
“Iran’s Bushehr nuclear plant is nearing completion and the start-up of its reactor will soon become ‘irreversible’, the Russian state-owned company that is building the power station said on Tuesday. Russia has already delivered nuclear fuel under a $1 billion contract to build the Bushehr plant, on the Gulf coast in southwest Iran, and Iranian officials say the reactor is likely to be started up soon [i.e., December 2008 – February 2009]…
“Russia signed a contract to build the plant in 1995 on the site of an earlier project begun in the 1970s by German firm Siemens. Siemens’s project was disrupted by Iran’s 1979 Islamic revolution and the 1980-88 Iran-Iraq war.”
Pakistan’s New President
The Associated Press reported on September 9:
“Repeatedly paying homage to his assassinated wife, new President Asif Ali Zardari… was long on platitudes but short on specifics while meeting with media after taking the oath of office in a short ceremony at the presidential palace. He was chosen to replace Pervez Musharraf, a U.S. ally who resigned under pressure last month… The United States came to depend heavily on Musharraf for cooperation to capture or kill al-Qaida leaders who plotted the 9/11 attacks on America and fled Afghanistan after the U.S.-led invasion in 2001 toppled the Taliban regime. However, the Taliban revived on Musharraf’s watch, and al-Qaida chiefs Osama bin Laden and Ayman al-Zawahri remain on the run, probably somewhere in Pakistan’s tribal areas.
“Washington has increasingly taken matters into its own hands in recent weeks, with controversy erupting every time civilians become casualties. Missile strikes in Pakistan’s northwest have killed dozens, and U.S.-led forces last week took part in a helicopter-backed ground assault that killed at least 15… The unilateral actions have sparked a public backlash, including official protests, although it appears that Pakistan, the Islamic world’s only nuclear power, is too dependent on the billions of dollars in U.S. aid to do much more than complain.”
Strained Relations Between Pakistan and USA
CNN reported on September 10:
“Pakistan’s military chief said Wednesday that no foreign forces will be allowed to conduct operations inside Pakistan in light of last week’s ‘reckless’ U.S. military ground operation… The announcement came as Pakistan’s military resumed its battle against Taliban militants in its tribal region… A ground incursion last week by U.S. forces into Pakistan strained relations between the two countries. Pakistan summoned the U.S. ambassador in Islamabad to complain about the incident, which it said killed 15 civilians.
“The Pentagon has not confirmed the raid, but a senior U.S. official… told CNN… that U.S. helicopters dropped troops into the village of Angoor Adda in South Waziristan, which borders Afghanistan. The official said there was no evidence of any civilian deaths. The U.S. official said the operation was launched fairly quickly without formal permission from Pakistan’s government after it became clear that there was sufficient intelligence to take the risk of putting U.S. troops on the ground in a potentially hostile area of Pakistan.
“In the U.S., the chairman of the Joint Chiefs of Staff, Admiral Michael Mullen, warned Congress on Wednesday that cross-border attacks into Afghanistan by militants in Pakistan’s tribal region are a problem… He added that the U.S. is ‘running out of time’ to win the war in Afghanistan and that sending in more troops will not guarantee victory. On Tuesday, President Bush announced the deployment of 4,500 additional troops in Afghanistan.”
The Associated Press added on September 11:
“Pakistan’s prime minister on Thursday backed a harsh rebuke of the U.S. by the Muslim nation’s military chief, a sign of a strain in relations seven years after the Sept. 11 attacks forged the two countries’ anti-terror alliance. Pakistan’s public show of anger with the U.S. comes amid revelations that President Bush secretly approved new U.S. military raids in that country.”
Waste of Time and Money–The Large Hadron Collider
The Sun wrote on September 10:
“Scientists from 60 countries have been working 250ft underground on the project which is trying to recreate conditions in the first billionth of a second after the Big Bang dawn of the universe 14 billion years ago. They aim to fire beams of protons at almost the speed of light in opposite directions through a 17-mile ring-shaped frozen tunnel. Each beam will pack as much energy as a 93mph Eurostar train. The tunnel has been dug under mountain rock in the Alps along the border between Switzerland and France. Although the big switch-on took place today, the first high-energy collisions are not due until October 21.”
AFP added on September 10:
“Now that the beam has been successfully tested in clockwise direction, CERN plans to send it counterclockwise. Eventually two beams will be fired in opposite directions with the aim of recreating conditions a split second after the big bang, which scientists theorize was the massive explosion that created the universe.”
Der Spiegel Online wrote on September 9:
“Will the Large Hadron Collider… bring about the end of the world? Most physicists say no — but they are hoping for clues as to how the universe began… Physicists say that the €6.4 billion ($9.2 billion) project — the lion’s share of which came from European countries — may provide unique new insights into how our universe was formed, the existence of ‘dark matter’ and even the possible reality of a number of new dimensions…
“Still, despite all the hype and the hope, scientists truly don’t know exactly what they’ll find in this grandest of all scientific experiments… for those expecting the end of the world, the wait will continue for another few weeks. The Large Hadron Collider won’t actually begin bashing protons against each other until later this autumn.”
If we could only believe God–and all that money could be used for much more needful purposes. The Bible TELLS you how the universe began. For more information, please read our free booklet, “The Theory of Evolution–a Fairy Tale for Adults?”
Q&A
Would you please explain Zechariah's vision of the "four chariots," as recorded in Zechariah 6:1-8?
As we mentioned in previous Updates (360 and 359) when discussing Zechariah’s visions of the “woman in the basket” and the “flying scroll,” as recorded in the fifth chapter, Zechariah’s visions must be viewed, foremost, as containing prophecies for us today.
In Zechariah 6:1-8, the following is recorded:
“(1) Then I turned and raised my eyes and looked, and behold, four chariots were coming from between two mountains, and the mountains were mountains of bronze. (2) With the first chariot were red horses, with the second chariot black horses, (3) with the third chariot white horses, and with the fourth chariot dappled horses–strong steeds. (4) Then I answered and said to the angel who talked with me, ‘What are these, my lord?’ (5) And the angel answered and said to me, ‘These are four spirits of heaven, who go out from their station before the LORD of all the earth. (6) The one with the black horses is going to the north country, the white are going after them, and the dappled are going toward the south country.’ (7) Then the strong steeds went out, eager to go, that they might walk to and fro throughout the earth. And He said, ‘Go, walk to and fro throughout the earth.’ So they walked to and fro throughout the earth. (8) And He called to me, and spoke to me, saying, ‘See, those who go toward the north country have given rest to My Spirit in the north country.'”
Many commentaries try to explain this vision by identifying the four chariots and horses as the world-ruling ancient empires of Babylon, Medo-Persia, Greece and Rome. Or, they identify them as the four horsemen of the Apocalypse, i.e., religious deception, war, famine and disease epidemics. However, in doing so, they miss the entire point of the vision, and replace the clear biblical explanation with human reasoning.
(1) The Bible tells us very distinctly who and what the four horses with their chariots are. Zechariah 6:5 says that they are “four spirits of heaven,” that is, angelic beings. A few commentaries accept this explanation. For instance, Scofield Reference Notes points out:
“That which is symbolized by the four chariots with their horses is not the four world-empires of Daniel, but ‘the four spirits of heaven which go forth from standing before the Lord of all the earth…’ These ‘spirits’ are angels…”
Albert Barnes’ Notes on the Bible agrees, stating:
“These are the four spirits of the heavens – They cannot be literal winds: for spirits, not winds, stand before God, as His servants, as in Job, ‘the sons of God came to present themselves before the Lord’…”
In our free booklet, “Angels, Demons and the Spirit World,” we have explained at length the fact that the four spirits of heaven, as mentioned in Zechariah 6, are indeed angelic beings. We are setting forth below a few excerpts:
“Some Angels Look Like Horses
“We find additional accounts in the Bible, describing angels as fiery horses. Note, for example, 2 Kings 2:11–12: ‘Then it happened, as they continued on and talked, that suddenly a chariot of fire appeared with horses of fire, and separated the two of them; and Elijah went up by a whirlwind into heaven. And Elisha saw it, and he cried out, “My father, my father, the chariot of Israel and its horsemen!” So he saw him no more.’
“A similar account can be found in 2 Kings 6:15–17: ‘And when the servant of the man of God arose early and went out, there was an army, surrounding the city with horses and chariots. And his servant said to him, “Alas, my master! What shall we do?” So he answered, “Do not fear, for those who are with us are more than those who are with them.” And Elisha prayed, and said, “LORD, I pray, open his eyes that he may see.” Then the LORD opened the eyes of the young man, and he saw. And behold, the mountain was full of horses and chariots of fire all around Elisha.’…
“The angel who spoke directly to Zechariah [in chapter 6] is described as a man [compare Zechariah 1:8, 10-11]. The horses walking to and fro throughout the earth are called ‘spirits of heaven.’ They are spirit beings, or angelic beings, that look like horses. In Revelation 5:6, some of those spirit beings are described as ‘seven eyes, which are the seven Spirits [better translated: “spirits” or “spirit beings”] of God sent out into all the earth.’…
“We find another description of angelic beings that look like horses in the famous passage in Revelation 19:11, 14, describing the return of Jesus Christ to this earth. Notice, however, what the Bible actually says in this little-understood passage: ‘Now I saw heaven opened, and behold, a white horse. And He who sat on him was called Faithful and True, and in righteousness He judges and makes war… And the armies in heaven, clothed in fine linen, white and clean, followed Him on white horses.’
“We are told here that Christ and His armies in heaven will come, riding on white horses. These horses must be spirit beings, because they come from heaven down to this earth. The armies in heaven, riding on white horses, are angelic beings that presumably look like men… certain angels are ‘warriors.’ Their main function is to fight the forces of evil. Other angels, like those who look like horses, have different or additional functions, including the task to carry Christ and His warrior angels.”
(2) Since two of the four horses in Zechariah’s vision are sent into the “north country,” special emphasis is placed on its judgment. Most commentaries agree that the “north country,” as referred to in Zechariah 6:6 and 8, speaks of Babylon. The commentary of Jamieson, Fausset and Brown states: “… ‘the north country,’ that is, Babylon…” The commentary adds: “The ‘white’ [horses] go after the ‘black’ horses to the same country [Babylon]; two sets being sent to it because of its greater cruelty and guilt…”
The commentary continues that the “south country” (mentioned in Zechariah 6:6) signifies “Egypt, the other great foe of God’s people.”
(3) We need to remember that the judgment and punishment of Gentile nations, as described in Zechariah’s vision, is mainly of future application.
The “north” country applies to MODERN Babylon, as described in Revelation 17 and 18. In addition, an interesting end-time reference to MODERN Egypt is found in Daniel 11:42-43, stating that “the land of Egypt shall not escape” the king of the North who will have “power over the treasures of gold and silver, and over all the precious things of Egypt.”
The Scofiled Reference Notes explains further:
“The vision… speaks of the Lord’s judgments upon the Gentile nations north and south in the day of the Lord…”
The Day of the Lord refers to the time when God begins to intervene actively in human affairs by pouring out His wrath on disobedient humanity–commencing about one year prior to Christ’s return. (For more information, please read our free booklet, “The Great Tribulation and the Day of the Lord.” )
Note also the following comments in the Ryrie Study Bible:
“… the vision may also depict the final subjugation of the world, especially ‘Babylon,’ during the Tribulation days…”
Even though the commentary of Jamieson, Fausset and Brown applies Zechariah’s vision foremost to the destruction of world-ruling empires in Old Testament times, it does allow also for an end-time fulfillment. It points out that the “strong steeds” in verse 7 seem “to apply to all four horses, and here especially to the ‘red.’ Their office is to complete hereafter the work already in part executed by the previous three who have stilled Babylon, Medo-Persia, and Graeco-Macedonia; namely, to punish finally the last great foe of Israel, the final form assumed by the fourth world kingdom, Rome, which is to continue down to the second advent of Christ [and which is identified in Revelation 17 as the modern Babylonian system]. Hence they ‘walk to and fro through the earth,’ counterworking Satan’s ‘going to and fro in the earth’… in connection with the last awful development of the fourth world kingdom.”
(4) We also read, in verse 1, that the four horses and their chariots came from “between two mountains” of “bronze” or “brass” (Authorized Version).
The commentary of Jamieson, Fausset and Brown speculates that the “two mountains” might refer to “the valley of Jehoshaphat, between Moriah and Mount Olivet… or the valley between Zion and Moriah, where the Lord [will be, Zechariah 2:10], and whence He sends forth His ministers of judgment on the heathen…” The commentary continues that “bronze” or “brass” is “the metal among the ancients representing hard solidity; so [is] the immovable and resistless firmness of God’s people (compare Jeremiah 1:18),” implying that the two mountains of bronze or brass might picture God’s firm and immovable judgment on disobedient nations.
We must point out, however, that the four spirit beings are sent out from heaven (Zechariah 6:5), eager to walk the earth (verse 7). Therefore, these two mountains ought to be understood as spiritual mountains in heaven–as the Bible records the existence of a spiritual Mount Zion in heaven (compare Hebrews 12:22-23; Isaiah 14:13-14; Ezekiel 28:14, 16).
(5) Commentaries are divided as to the meaning of Zechariah 6:8, saying that the angels have given “rest to My Spirit in the north country.” Albert Barnes’ Notes on the Bible seems to have the correct explanation, pointing out that the phrase should be translated as “‘These have quieted My spirit in the north country’ [compare Authorized Version], Or rather, ‘have made My anger to rest’ on, that is, have carried it thither and deposited it there, made it to rest upon them, as its abode, as John saith of the unbelieving, ‘The wrath of God abideth on him’ [John 3:36].”
The commentary of Jamieson, Fausset and Brown agrees, stating that the angels “caused My ANGER to rest” on Babylon [Ecclesiastes 10:4; Ezekiel 5:13].”
God will destroy modern Babylon in His anger (compare Revelation 18:4-6, 8; 14:8). As we see in Zechariah’s vision, He will do so with the help of His angels. This fact seems to be confirmed in Revelation 18:21, where we read: “Then a mighty angel took up a stone like a great millstone and threw it into the sea, saying, ‘Thus with violence the great city Babylon shall be thrown down, and shall not be found anymore.'”
God’s judgment on this disobedient world is sure and certain, and it will be swift. Most people will be caught unawares, but God warns His servants today to be awake and to watch world events, so that they can be prepared and ready for Christ’s return (compare 1 Thessalonians 5:1-4; Luke 21:28; Matthew 24:32-33, 44).
Lead Writer: Norbert Link
The Work
Preaching the Gospel and Feeding the Flock
A new StandingWatch program was posted on StandingWatch, Google Video and YouTube. It is titled, “Should Bristol Palin’s Pregnancy Concern You?”
In the program, Norbert Link is asking: What is missing in the news media’s reporting on Bristol Palin’s pregnancy? Much debate revolves around the pro’s and con’s of abortion, the proper use of contraceptives, or even the question of statutory rape in Alaska. The undesired social phenomenon of unwanted teenage pregnancies has also been mentioned. But reference to the most important aspect has been overlooked or neglected.
The Sermon “A Remarkable Psalm” from August 6, 2005 by Norbert Link was posted on Google Video.
We would like to thank all of you for your prayers for a successful Public Bible Lecture, which was given by Norbert Link in Fort Collins, Colorado, on September 7, 2008, after being introduced by Dave Harris. Even though physical attendance was below expectation, the lecture was transmitted live over the Internet, and it was also video-recorded.
The video recording of the Public Bible Lecture has now been posted on Google Video. It is titled, “Public Bible Lecture: Europe in Prophecy.”
Comments from our Readers and Viewers
“Thank you so much…I received it [the booklet, “Europe in Prophecy“] and read it the same night! WOW! It was great to have some things explained… excellent! This is definitely the beginning of the end! Quite scary, as there will be blood, sweat and tears before the marriage supper!”
“Thank you for all your videos. I am a new viewer, a single Mom and a strong believer in God. He has carried me through many trials and it is helpful to me to know what is coming. I prayed and asked him for the truth. I have to say that it is difficult to swallow. So, now I am going to pray more for even more guidance. Thank you for helping to make things clear.”
“These were my thoughts exactly when I was reading about Palin’s daughter: marriage was mentioned as well as keeping the child, but no one said anything negative about premarital sex.”
“You’re right on with your message. Abstinence is mocked by most folks as ineffective and outdated, while the promotion of ‘safe sex’ is hailed as responsible parenting/educating. What a backwards world. Please keep up the good work of teaching God’s truth.”
How This Work is Financed
This Update is an official publication by the ministry of the Church of the Eternal God in the United States of America; the Church of God, a Christian Fellowship in Canada; and the Global Church of God in the United Kingdom.
Editorial Team: Norbert Link, Dave Harris, Rene Messier, Brian Gale, Johanna Link, Eric Rank, Michael Link, Anna Link, Kalon Mitchell, Manuela Mitchell, Dawn Thompson
Technical Team: Eric Rank, Shana Rank
Our activities and literature, including booklets, weekly updates, sermons on CD are provided free of charge. They are made possible by the tithes, offerings and contributions of Church members and others who have elected to support this Work.
While we do not solicit the general public for funds, contributions are gratefully welcomed and are tax-deductible in the U.S. and Canada.
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