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Posts Tagged ‘global economy’

China stakes claim to S. Texas oil, gas

Posted in End Times Prophecy, One World Currency, tagged , , , , , , , , on October 12, 2010|

I guess if we won’t develop them, China will, how sad of a state is that?  How the mighty have fallen…

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China stakes claim to S. Texas oil, gas

HOUSTON — State-owned Chinese energy giant CNOOC is buying a multibillion-dollar stake in 600,000 acres of South Texas oil and gas fields, potentially testing the political waters for further expansion into U.S. energy reserves.

With the announcement Monday that it would pay up to $2.2 billion for a one-third stake in Chesapeake Energy assets, CNOOC lays claim to a share of properties that eventually could produce up to half a million barrels a day of oil equivalent.

(more…)

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Doomsday Clocks: Are We Heading for Another Great Depression?

Posted in Deception, End Times Prophecy, One World Currency, One World Government, tagged , , , , , , , , , , , , on October 6, 2010|

Check out the graph and article below, this is very eerie indeed.  It is what we have been warning about and amazing how close we are following 1937.  Make sure you have prepared, food, supplies…  It certainly looks like a cliff we are headed toward.  I hope not, but we must prepare ourselves, our families, so we can help others when it happens…

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Doomsday Clocks: Are We Heading for Another Great Depression?

Is America heading toward another Great Depression? The answer may not be a definite “yes” or “no,“ but rather an eerie ”maybe.”

In yesterday’s Wall Street Journal, Donald Luskin laid out an argument for why, should we continue on our path, America might be poised to repeat the mistakes it made that lead up to and perpetuated the Great Depression. In other words, if history is a great teacher, we could be its worst students.

What may allow the “history repeats itself” cliche to ring true, he says, is the expiration of the Bush-era tax cuts and a renewed aggression toward trade via a recent amendment to the Smoot-Hawley Act — a union favor: both “doomsday clocks” with a deafening tick-tock, tick-tock.

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Chinese leader urges EU to give up more IMF power

Posted in End Times Prophecy, One World Currency, One World Government, tagged , , , , , , on October 5, 2010|

Through all the chaos, economically, it looks like China is flexing its muscle a bit…

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Chinese leader urges EU to give up more IMF power

EUOBSERVER / BRUSSELS – Chinese Premier Wen Jiabao has hinted that Europe may need to sweeten its offer on reforming the International Monetary Fund before a deal can be agreed next month.

The issue was one of several topics to be addressed by Asian and EU leaders (ASEM) meeting in Brussels on Monday (4 October) as part of a two-day session of talks, with an ongoing territorial row between China and Japan adding spice to the atmosphere.

Mr Wen Jiabao (third from left) and other leaders at the ASEM summit (Photo: Belgian presidency)

The EU last week offered to reduce its number of seats on the board of the IMF. Developing nations have criticised the slow pace of reform at the international lending organisation, whose structure has changed little since its set-up in 1945.

European countries currently hold eight of the board’s 24 seats, with another chair revolving between European and non-European directors. This has led to a gross over-representation of the region in recent times, even as developing countries increase their share of global GDP.

EU finance ministers agreed last Friday to share two of the continent’s eight executive-director seats on a rotating basis with emerging nations, but the offer does not appear to have met with China’s approval.

“We need to improve the decision-making process and mechanisms of the international financial institutions,” Mr Wen told his Asian and European counterparts in Brussels. The Chinese leader added that there was a need to “increase the representation and voice of developing countries, encourage wider participation and fully accommodate each other’s interests and concerns”.

A South Korean official, whose country is set to host the next G20 leaders’ meeting in November where the matter is set to be finalised, welcomed the European offer as an improvement however.

“I think the fact that Europeans show flexibility and willingness to negotiate is an important advancement,” Changyong Rhee, head of the committee preparing the G20 meeting, told journalists.

China-Japan dispute comes to Brussels

With no bilateral meeting currently scheduled between Mr Wen and Japanese Prime Minister Naoto Kan, all eyes attentively followed the two individuals to see if they would talk in the margins of the event.

But the game of diplomatic tip-toeing did not prevent Mr Kan from holding a short bi-lateral with European Council President Herman Van Rompuy, during which he secured the Belgian politician’s signature on his recently published book of haiku poetry, a style of Japanese verse famous for its brevity.

“Different colours,/tongues, towers and gods./I search my way,” one of the verses, about Brussels, says.

Elsewhere in the sidelines of the summit, Japanese officials were discretely explaining their side of the dispute with China, which centers on a group of islands located to the north-east of Taiwan.

Japan says its ownership of the islands dates back to the late 19th century, while Chinese interest dates to the 1970s when exploitation of oil deposits on the East China Sea’s continental shelf started.

Another thorny issue, the value of China’s renminbi currency, is set to be discussed by EU and Chinese officials on Tuesday morning.

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Wall Street Sees World Economy Decoupling From U.S.

Posted in Deception, End Times Prophecy, One World Currency, tagged , , , , , , , on October 5, 2010|

Not a happy article from our stand point in the US, it discusses how the world will split from us to let us double dip while they continue to grow.  It pretty much puts to rest the myth that the world is so dependent on us due to what we buy that they won’t let us fail, the numbers just don’t back it up, read on…

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Wall Street Sees World Economy Decoupling From U.S.

Wall Street economists are reviving a bet that the global economy will withstand the U.S. slowdown.

Just three years since America began dragging the world into its deepest recession in seven decades, Goldman Sachs Group Inc., Credit Suisse Holdings USA Inc. and BofA Merrill Lynch Global Research are forecasting that this time will be different. Goldman Sachs predicts worldwide growth will slow 0.2 percentage point to 4.6 percent in 2011, even as expansion in the U.S. falls to 1.8 percent from 2.6 percent.

Underpinning their analysis is the view that international reliance on U.S. trade has diminished and is too small to spread the lingering effects of America’s housing bust. Providing the U.S. pain doesn’t roil financial markets as it did in the credit crisis, Goldman Sachs expects a weakening dollar, higher bond yields outside the U.S. and stronger emerging-market equities.

“So long as it doesn’t turn to flu, the world can withstand a cold from the U.S.,” Ethan Harris, head of developed-markets economic research in New York at BofA Merrill Lynch, said in a telephone interview. He predicts the U.S. will expand 1.8 percent next year, compared with 3.9 percent globally.

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The world’s wealthiest people have responded to economic worries by buying gold by the bar…

Posted in End Times Prophecy, One World Currency, tagged , , , , , on October 5, 2010|

Interesting article on what the high-end investors are turning toward.  I can’t even imagine a “ton” of gold.  How big would that be?  Interesting commentary on what is occurring in our economies…the key being “moving assets out of the financial system”.  Who does that leave in them?

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The world’s wealthiest people have responded to economic worries by buying gold by the bar — and sometimes by the ton — and by moving assets out of the financial system, bankers catering to the very rich said on Monday

Fears of a double-dip downturn have boosted the appetite for physical bullion as well as for mining company shares and exchange-traded funds, UBS executive Josef Stadler told the Reuters Global Private Banking Summit.

“They don’t only buy ETFs or futures; they buy physical gold,” said Stadler, who runs the Swiss bank’s services for clients with assets of at least $50 million to invest.

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Fed boss: Threat from deficits ‘real and growing’

Posted in End Times Prophecy, One World Currency, One World Government, tagged , , , , , , , on October 5, 2010|

What a revelation?  There is a lot of news out there this week along the same lines.  I am going to post a few of the ones I think are the best articles, but this is gaining steam and no longer being kept out of sight…

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Fed boss: Threat from deficits ‘real and growing’

Bernanke says deficits pose ‘real and growing’ threat to economy, calls for plan to cut them

PROVIDENCE, R.I. (AP) — The economy could be hurt if Congress and the White House fail to come up with a plan to curb the nation’s huge budget deficits in the coming years, Federal Reserve Chairman Ben Bernanke warned Monday.

Bernanke, in a speech prepared for delivery, reiterated his belief that the government shouldn’t raise taxes or slash spending now because the economic recovery is still too fragile.

But failing to bring the deficits under control could endanger the economy later on, he said. Exploding budget deficits can lead to higher interest rates for people buying homes and cars, and for businesses buying equipment or expanding operations. That could crimp Americans’ spending and slow economic growth.

“The threat to our economy is real and growing,” Bernanke said. “The sooner a plan is established, the longer affected individuals will have to prepare for the necessary changes.”

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IMF Warns Western Economies Mired in ‘Near Depression’

Posted in End Times Prophecy, One World Currency, One World Government, tagged , , , , , , , , , , , on October 5, 2010|

More global news on our economies.  It is amazing to me the different picture that is being painted now.  There are many reasons proposed for why it is just coming out now, I would rather focus on what is the real picture, how does it look through the third lens of scripture, and how does God want us to prepare/handle the circumstance.

It is a very eye-opening article, especially to those just now waking up.  This is all leading us to one world economy/currency.  We are seeing all global fiat currencies struggling, unrest is rising, along with unemployment.  It is very important to keep an eye on Spain and Ireland as they seem to be just ahead of us on the slide…

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IMF Warns Western Economies Mired in ‘Near Depression’

A new report by the International Monetary Fund paints a brutally grim picture of the global economic outlook, warning that continued European belt-tightening combined with possible deficit-cutting in the United States could lead to a global double-dip recession.

Ambrose Evans-Pritchard, international business editor of the Daily Telegraph newspaper, wrote that the report suggests Western economies are stuck in a “near depression.”

In the near term, the report suggested, nations seeking to stabilize their economies by cutting their budgets will only make the global economy worse.

(more…)

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China’s Wen offers to buy Greek debt

Posted in End Times Prophecy, One World Currency, One World Government, tagged , , , , , , , , , on October 4, 2010|

More moves by China, looking much more like a friend to those in need.  Wolf in sheep’s clothing?  Is this a shift away from the dollar?

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China’s Wen offers to buy Greek debt

* China says has bought and will buy new Greek bonds

* Officials say visit a vote of confidence in Greece

* May help deflect criticism of Chinese trade, FX policies

* China and Greece urge global economic cooperation

(Adds joint statement paragraphs 5-6)

By Ingrid Melander and Harry Papachristou

ATHENS, Oct 2 (Reuters) – China offered on Saturday to buy Greek government bonds when Athens resumes issuing, in a show of support for the country whose debt burden pushed the euro zone into crisis and required an international bailout.

Premier Wen Jiabao made the offer at the start of a two-day visit to Greece, his first stop on a tour of Europe, and also said he wanted to boost shipping and trade ties with Athens, underscoring Beijing’s use of economic strength to win friends.

“With its foreign exchange reserve, China has already bought and is holding Greek bonds and will keep a positive stance in participating and buying bonds that Greece will issue,” Wen said, speaking through an interpreter.

“China will undertake a great effort to support euro zone countries and Greece to overcome the crisis.”

Wen and his Greek counterpart George Papandreou said in a statement the world’s nations need to coordinate their economic policies for global recovery to find a sure footing. [ID:nATH005710]

“The global economy shows signs of gradual recovery but many uncertainties remain,” the two leaders said in the statement, issued on Saturday by Papandreou’s office after the two men met in Athens.

In addition to seeing economic opportunities in Greece, China may calculate its support of a struggling European country will help deflect international criticism of its trade policies and its refusal to let its yuan currency appreciate sharply.

Wen did not specify how much Greek debt China would be willing to buy or which Chinese entities would buy the bonds.

Chinese state entities have been generally conservative about investing in foreign financial markets and the Chinese government faces domestic political criticism over losses incurred by these entities during the global financial crisis.

HIGH BORROWING COSTS

A senior Greek government official said Wen made clear his offer concerned buying bonds only when the country returned to markets. [ID:nATH005706]

Greece, which is currently funded through a 110 billion euro ($150 billion) EU/IMF bailout, is only issuing short-term T-bills for the time being.

Since the true scale of its debt burden emerged late last year, investors have shunned its bonds. The yield they demand to hold 10-year Greek debt has shot up to 10 percent, compared with just 2.3 percent for similar bonds from the euro zone’s biggest economy Germany, making it too expensive for Greece to seek long-term funding in international markets. GR10YT=RR

It has said it wants to return to markets some time next year to sell longer-term debt.

China, at loggerheads with the United States over the yuan and likely to face similar complaints during this European tour, emphasised its willingness to cooperate with the 27-nation EU on financial issues.CNY=CFXS

“China is prepared, hand in hand with the EU, as passengers in the same boat, to strengthen cooperation … to confront the financial crisis,” Wen said. “I believe that we can undertake a genuine effort to promote the reform of the international financial system and strengthen its supervision,” he said.

Neither Wen nor Greek Prime Minister George Papandreou mentioned the Chinese currency at the news conference.

SHIPPING FUND, TRADE, EXPORTS

Wen said China wanted to boost cooperation with Greece — which faces its worst recession in decades as it struggles with its debt — on all fronts, including by setting up a shipping fund and doubling bilateral trade to $8 billion by 2015.

“China will set up a special Greek-Chinese shipping development fund for Greek shipowners on which it will invest, in an initial phase, $5 billion,” Wen told the news conference. “The aim is to offer Greek shipowners a basket of financial support to buy Chinese-made vessels.”

Greece and China pledged to stimulate investment in a memorandum of understanding and private companies signed a dozen deals in areas like shipping, construction and tourism. [ID:nATH005705] [ID:nATH005704]

With the global economic crisis and competition with other Balkan countries increasing, foreign direct investment in Greece fell from 6.9 billion euros in 2006 to 4.5 billion in 2009, according to Investment Ministry figures.

Chinese investment represents a very minor proportion of this, excluding a 35-year concession deal China’s Cosco signed in 2008 to turn the port of Piraeus into a regional hub for a guaranteed amount of 3.4 billion euros, according to port authority figures.

The investment memorandum does not target specific investment volumes, an official close to Investment Minister Harris Pamboukis said ahead of Wen’s visit.

“We want to build this strategic partnership with China,” the investment ministry official said. “The purpose is not a signature on something big.”

Wen will address the Greek parliament on Sunday and leave early on Monday for Brussels, where he will attend an EU-China summit before going on to Germany, Italy and Turkey.

Clinching business deals with countries such as China and Qatar would help boost confidence among Greek consumers and businesses, economic analysts said.

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Scared investors sitting on the sidelines

Posted in End Times Prophecy, One World Currency, tagged , , , , , on October 3, 2010|

Good article on the mindset of investors that are waking up.  It is also a side effect of all of the deception that is going on these days.  People just don’t know what they can trust and so they sit still and wait, uncertain of what ground is stable.  This is what Christ spoke of and told us the parable of the house built on the rock (Christ and God).  We must turn back to him to be saved.

Matthew 7:24-25 (NIV) – “24“Therefore everyone who hears these words of mine and puts them into practice is like a wise man who built his house on the rock. 25The rain came down, the streams rose, and the winds blew and beat against that house; yet it did not fall, because it had its foundation on the rock.”

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Scared investors sitting on the sidelines

Take a look at the stock market these days, and it’s almost like investors are on strike.

For 20 weeks in a row, Americans have pulled money out of domestic mutual funds. They’ve taken their marbles – $70 billion worth during that time period – and essentially gone home. Some have gone into bonds, and some are just sitting in cash, but the idea of equities just seems to make them queasy. (more…)

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