There will be a world wide economic collapse. Anyone who disagrees either does not have the intellectual capacity to analyze the impact of the credit derivative “market” or they are suffering from a Pollyanna delusion. So what would be the catalyst for the beginning of the collapse?
Just last Thursday we asked whether Goldman was “preparing to sacrifice the next Lehman“, by which of course we meant the world’s largest commodity trading counterparty, Baar, Switzerland-based Glencore which just two weeks ago unveiled an unprecedented “doomsday” capital raising and deleveraging plan which, in retrospect, was not enough.
The punchline of Goldman’s report was that if commodity prices drop 5%, or even stay where they are, then Glencore’s investment grade rating – the most critical foundation of its entire trading operation where a downgrade to junk would launch a collateral and margin-call waterfall cascade a la AIG – would be lost. From Goldman:
Glencore’s trading business relies heavily on short-term credit to finance commodity deals and its financing costs would increase if it were to lose its Investment Grade credit rating. In addition, it could even lose some counterparties due to increased counterparty risk.
As we added on Thursday, “what a junking of Glencore would do, is start a collateral demand waterfall cascade that the cash-strapped company simply would not be able to sustain.” So having laid out the strawman, Goldman next, very conveniently, explains just what would take for the Investment Grade trap to slam shut: “it would only take a c.5% fall in spot commodities prices for concerns about its credit rating to resurface.”
Critics of Islam and Sharia frequently claim that the Qur’an allows Muslim men to rape their female captives and slave girls (i.e. those “whom their right hands possess”). Westernized Muslims, however, are appalled at the thought of their religion allowing rape, so they insist that Islam prohibits this practice. Unfortunately, Islam isn’t defined by Westernized Muslims; it’s defined by Allah and Muhammadin the Qur’an and the Hadith. So instead of inventing a religion based on the feelings of Westernized Muslims and calling it “Islam,” let’s turn to the Qur’an and the Hadith to see what Allah and Muhammad have to say about this issue.
As Muhammad’s armies raided town after town, they captured many women, who would often be sold or traded. Yet, since the Muslim men were a long way from their wives, they needed wisdom from Allah to guide them in their treatment of their female captives. Allah revealed:
Qur’an 23:1-6—The Believers must (eventually) win through—those who humble themselves in their prayers; who avoid vain talk; who are active in deeds of charity; who abstain from sex, except with those joined to them in the marriage bond, or (the captives) whom their right hands possess—for (in their case) they are free from blame.
Qur’an 70:22-30—Not so those devoted to Prayer—those who remain steadfast to their prayer; and those in whose wealth is a recognized right for the (needy) who asks and him who is prevented (for some reason from asking); and those who hold to the truth of the Day Of Judgement; and those who fear the displeasure of their Lord—for their Lord’s displeasure is the opposite of Peace and Tranquility—and those who guard their chastity, except with their wives and the (captives) whom their right hands possess—for (then) they are not to be blamed.
I suppose the first question is why a former basketball player would have any credibility? Since Mr. Abdul-Jabbar converted to Islam in 1967, I am sure that he is familiar with the concept of taqiyya:
From Islamic Law:
Reliance of the Traveler (p. 746 – 8.2) – “Speaking is a means to achieve objectives. If a praiseworthy aim is attainable through both telling the truth and lying, it is unlawful to accomplish through lying because there is no need for it. When it is possible to achieve such an aim by lying but not by telling the truth, it is permissible to lie if attaining the goal is permissible (N:i.e. when the purpose of lying is to circumvent someone who is preventing one from doing something permissible), and obligatory to lie if the goal is obligatory… it is religiously precautionary in all cases to employ words that give a misleading impression…
Let’s compare this to the teaching from Jesus (John 8:31-32):
To the Jews who had believed him, Jesus said, “If you hold to my teaching, you are really my disciples. Then you will know the truth, and the truth will set you free.”
The Word of God would never encourage people to lie or deceive. Islam is a false religion and those who believe in it give no value to the life of the infidel.
Last Thursday, we asked if China was set to join Russia and Iran in support of the Assad regime in Syria.
Our interest was piqued when the pro-Assad Al-Masdar (citing an unnamed SAA “senior officer”), said Chinese “personnel and aerial assets” are set to arrive within weeks. To the uninitiated, this may seem to have come out of left field, so to speak. However, anyone who has followed the conflict and who knows a bit about the global balance of power is aware that Beijing has for some time expressed its support for Damascus, most notably by voting with Russia to veto a Security Council resolution that would have seen the conflict in Syria referred to the Hague. Here’s what China had to say at the May 22, 2014 meeting:
For some time now, the Security Council has maintained unity and coordination on the question of Syria, thanks to efforts by Council members, including China, to accommodate the major concerns of all parties. At a time when seriously diverging views exist among the parties concerning the draft resolution, we believe that the Council should continue holding consultations, rather than forcing a vote on the draft resolution, in order to avoid undermining Council unity or obstructing coordination and cooperation on questions such as Syria and other major serious issues. Regrettably, China’s approach has not been taken on board; China therefore voted against the draft resolution.
Posted inDomestic Enemies, Editorial|Comments Off on US On The Ropes: China To Join Russian Military In Syria While Iraq Strikes Intel Deal With Moscow, Tehran
“The sun shall be turned into darkness, and the moon into blood…”
Joel 2:31
This Sunday night September 27 @ 10:00 pm Eastern US Time
I will be broadcasting live from the Mount of Olives overlooking the Temple Mount during this month’s “Super Blood Moon.” People all over the world are expecting this lunar eclipse, the 4th in a supposed “Tetrad,” to usher in a new era of tribulation and earthly mayhem. I will be broadcasting the beginning of this expected Apocalypse live on Periscope.
