World Events and the Bible

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Category: Economy (page 190 of 190)

Eurozone Unemployment Hits New Record High

Unemployment in the eurozone has risen to a new high, with Spain recording the highest jobless rate with more than one in four out of work.

There are now 18.49 million people without jobs in the 17 countries sharing the euro, European statistics office Eurostat said on Wednesday, with an extra 146,000 joining the ranks of the unemployed last month. The jobless rate increased to 11.6% in September, the highest on record, from a revised 11.5% in August.

“With surveys suggesting that firms are becoming more reluctant to hire, the eurozone unemployment rate looks set to rise further, placing more pressure on struggling households,” said Ben May, European economist at Capital Economics.

The lowest unemployment rates were recorded in Austria (4.4%), Luxembourg (5.2%), Germany and the Netherlands (both 5.4%), which are near full employment. Spain (25.8%) and Greece (25.1% in July) had the highest unemployment in the eurozone, while France looks much like Italy (both at 10.8%), with a steady rise in joblessness. August data for Greece will be published next week, although the true picture is probably worse, as a growing number of Greek workers remain nominally employed but have not been paid for some time.

Howard Archer, chief European economist at IHS Global Insight, said the jobless data was “dismal”, adding: “Eurozone labour markets remain under serious pressure from ongoing weakened economic activity and low business confidence.”

Youth unemployment also hit a new high in Spain with 54.2% of under-25-year-olds out of work, up from 53.8%.

Across the whole European Union, 25.751 million men and women were without jobs last month – an increase of 169,000 from August – while the unemployment rate stayed at 10.6%. – Guardian

Superstorm Sandy Claims Atleast 50 Lives

The scale of the devastation left by Superstorm Sandy is mounting today as the death toll continues to rise – currently 50 people across the US and Canada have been reported dead, but the final figure is expected to be significantly higher.

President Obama declared a ‘major disaster’ in New York and Long Island as flooded streets were littered with cars, homes were razed to the ground and tankers washed up on shore.

The President warned that Sandy ‘is not yet over’ and announced that he would visit New Jersey on Wednesday to visit the scenes of the destruction.

Hundreds of thousands of people are without power in New York and the transit system, schools, the stock exchange and Broadway are all out of action after a 13ft wall of water caused by the storm surge and high tides brought severe flooding to subways and road tunnels.

Sandy, one of the biggest storms to ever descend on the country, hit the mainland at 6.30pm local time yesterday having laid waste to large parts of the coast during the day.

The storm that made landfall in New Jersey on Monday evening with 80mph sustained winds, cut power to more than 7.4 million homes and businesses from the Carolinas to Ohio, caused scares at two nuclear plants and stopped the presidential campaign cold.

New York City Mayor Michael Bloomberg says the death toll in the America’s most populous city is up to ten – two children, aged 11 and 13, were killed instantly in the city by a falling tree. Many of the total number of victims were said to have been killed by falling trees.

Nearly 200 firefighters spent the night battling to get a blaze under control in the Queens, but over 80 homes were flattened in the fire. – Photos @ DailyMail

Sen. Graham: Obama move on defense layoff notices ‘patently illegal’

Sen. Lindsey Graham (R-S.C.) says that he will do anything he can to block the Obama administration from reimbursing defense contractors for severance costs if the firms don’t send layoff notices to employees.

The Obama administration issued guidance Friday that said defense firms’ costs would be covered if they have to layoff workers due to canceled contracts under the across-the-board cuts set to take effect Jan. 2.
  The layoff notices have become a politically charged issue because they could have come just four days ahead of the election because of a 60-day notice required by federal law for mass layoffs.

Graham and other Republicans were livid after the Obama administration issued the guidance on Friday telling contractors that their legal costs would be covered due to canceled contracts under sequestration, but only if they did not issue layoff notices before sequestration occurs — and before the November election.

“I will do everything in my power to make sure not one taxpayer dollar is spent reimbursing companies for failure to comply with WARN Act,” Graham told The Hill in a phone interview Monday. “That is so beyond the pale — I think it’s patently illegal.” – The Hill

New York Paralyzed As Subways Shut Down Indefinitely: Subway Chief: “Worst Disaster Ever”

New York – As everyone who has been to New York City knows, without its underground arteries – the subway system – the city is if not dead, than certainly in an indefinite coma. By that logic, New York will not get out of the critical ward for many days, because hours ago the head of the New York City’s transit system just called Hurricane Sandy “the most devastating event to the city’s subway system ever.” At last check seven subway tunnels under the East River had flooded, as did the Queens Midtown Tunnel—and Metropolitan Transit Authority chairman Joseph Lhota said there is “no firm timeline” for when the system would be back up and running. According to other MTA employees it would take between 14 hours and 4 days just to pump the water out of the subway system. We’ll take the over. And as long as there are no subways, there are no clerical and support workers, there is no Wall Street, there is no beating heart to the city. – Zerohedge

WALL STREET INSIDER: “There is power and there is POWER”

WEB Notes: For those un-aware, TheUlstermanReport where this piece comes from has contact with “insiders” I’ve been following along myself for a time and they seem to be pretty accurate. Worth a read. 
 
Dear Friend,

I apologize for my lack of communication of late. So much to be done with what time is left to me. Each day I feel stronger though, which of course contradicts what was told to me mere months ago. Perhaps true purpose has given me the strength to do what must be done? I like to think so as the ledger of my soul leaves much yet to be accounted for. Decades of arrogance and character malpractice have left very deep and regrettable bruising.

But enough of that. Enough of the many failings of an old man who fears the inevitable mortal end and what judgment awaits him beyond. That is not what I wish to speak to you now of.

I was so pleased to read the words of our mutual friend yesterday! To think upon Mitt Romney as a man who truly recognizes that God’s will is what must be done if this country is to be saved, how long has it been such a person has occupied the People’s House? And how much do so many of us now yearn for such a man to lead America? I did not actually realize the depth of that yearning until I read that story of Mr. Romney’s quiet prayer amidst the sound of thunder. What a beautiful and powerful telling, and I am left to now wonder how many, like me, are so hopeful to have a humble and dedicated servant of God in the White House once again.

In my heart I now know God’s hand now guides this election, and that certainty gives me great peace at this critical moment, and for that I cannot adequately express my gratitude to you, but hope my words give you at least some recognition of how moved I was in reading that story yesterday. – TheUlstermanReport

Asian economies turn to yuan

A “renminbi bloc” has been formed in East Asia, as nations in the region abandon the US dollar and peg their currency to the Chinese yuan — a major signal of China’s successful bid to internationalize its currency, a research report has said.

The Peterson Institute for International Economics, or PIIE, said in its latest research that China has moved closer to its long-term goal for the renminbi to become a global reserve currency.

Since the global financial crisis, the report said, more and more nations, especially emerging economies, see the yuan as the main reference currency when setting their exchange rate.

And now seven out of 10 economies in the region — including South Korea, Indonesia, Malaysia, Singapore and Thailand — track the renminbi more closely than they do the US dollar. Only three economies in the group — Hong Kong, Vietnam, and Mongolia — still have currencies following the dollar more closely than the renminbi, said the report, posted on the institute’s website. – People’s Daily Online

WEB Notes: I would relate you to an article we wrote a few years back title, “The Move Away From The Dollar

May Jobs Report

By: Brandon T. Ward

The economy is in shambles and it’s being artificially inflated… Why, whatever do you mean Brandon?

I’m talking about the failed institutions that are being propped up by the bailouts. I’m talking about the crumbling housing sector that is being propped up by tax credits. I’m talking about the 32 states that don’t have enough money to pay for their own unemployed!

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The Move Away From The Dollar

By: Brandon T. Ward

I have been trying to direct your attention to the fact that the world around us is changing dramatically! I have documented world bodies and nations calling for the end of the dollar and a new world order/currency. We are now witnessing unprecedented events right before our very eyes. Are you awake to see what is transpiring?

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The Fall of the Dollar

By: Brandon T. Ward

Unless you have been living in a cave for the past year or so… Russia, China as well as many other nations are now calling for a New World Reserve Currency. The United Nations has joined the bunch in calling for the same, this should come as no surprise however. Just a couple of weeks ago, a report leaked about a supposed “secret” meeting of Arab nations as well as Russia, China and France. The topic? Removing the dollar as the currency used to sell oil. This is an earth shaker to say the least, if you know anything about the “Petro-Dollar”!
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The state of the United States

By: Brandon T. Ward

What is happening to our once great country? The demise of our country and the system it operates under has been compromised since 1913. 1913 is the year the Federal Reserve came into existence. The Federal Reserve (who is not apart of the Federal Government and who has no Reserves) is a privately owned bank who in essence creates money with NO backing (ie: gold or silver) then lends it back to our government with interest. Sounds like a great racket doesn’t it? Does the Constitution allow this? Nope! The Constitution declares that Congress has the right to coin money. This is just the start of our troubles.

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