Lloyd’s of London preparing for euro collapse

Posted by  on May 31, 2012

The chief executive of the multi-billion pound Lloyd’s of London has publicly admitted that the world’s leading insurance market is prepared for a collapse in the single currency and has reduced its exposure “as much as possible” to the crisis-ridden continent.

Richard Ward said the London market had put in place a contingency plan to switch euro underwriting to multi-currency settlement if Greece abandoned the euro.

In an interview with The Sunday Telegraphhe also revealed that Lloyd’s could have to take writedowns on its £58.9bn investment portfolio if the eurozone collapses.

Europe accounts for 18pc of Lloyd’s £23.5bn of gross written premiums, mostly in France, Germany, Spain and Italy. The market also has a fledgling operation in Poland.

Lloyd’s move comes as a major Franco-German provider of credit insurance for eurozone trade, Euler Hermes, said it was considering reducing cover for trade with Greece because of the risk the country might leave the eurozone.

When a company goes bust, it is often sparked by withdrawal of credit insurance for suppliers wanting to trade with it.

Richard Ward said the London market had put in place a contingency plan to switch euro underwriting to multi-currency settlement if Greece abandoned the euro.

In an interview with The Sunday Telegraphhe also revealed that Lloyd’s could have to take writedowns on its £58.9bn investment portfolio if the eurozone collapses.

Europe accounts for 18pc of Lloyd’s £23.5bn of gross written premiums, mostly in France, Germany, Spain and Italy. The market also has a fledgling operation in Poland.

Lloyd’s move comes as a major Franco-German provider of credit insurance for eurozone trade, Euler Hermes, said it was considering reducing cover for trade with Greece because of the risk the country might leave the eurozone.

When a company goes bust, it is often sparked by withdrawal of credit insurance for suppliers wanting to trade with it.

#The Telegraph

WAR ON IRAN: US Launches New Computer Virus “Weapon of Mass Destruction”

Posted by  on May 31, 2012
by Finian Cunningham

The US-led economic war on Iran has been dangerously ratcheted up with the launching of a powerful new computer virus targeting the Islamic Republic’s nuclear research facilities and other vital commercial sectors, including the oil and banking industries.

Previously, the Iranian economy and scientific research centres have been hacked with the computer malware or virus known as Stuxnet. That sabotage of Iranian facilities is widely believed to have been the work of American and Israeli military agencies.

Now an even more destructive virus appears to have been unleashed. The so-called Flame malware is said by internet security experts to be 20 times more disruptive to computer systems than Stuxnet. Compared with Stuxnet, which inflicted serious Iranian technical damage nearly two years ago, the latest malware can be seen as virtual weapon of mass destruction.

Again, American and closely collaborative Israeli military agencies are believed to have launched the latest salvo of cyber missiles.

Iranian and Syrian computer systems are reported to be among the main targets of Flame. Although other countries have this week also reported malfunctions from the Flame virus, including Austria, Hong Kong Hungary and United Arab Emirates, precedent would point to its origin as US intelligence, with the motive of adding yet more economic pain on Iran.

Independent internet security firms say that there is no obvious commercial motive for the malware, for example reports of blackmail attempts, and that the most likely instigator of the virus are “state agencies”.

Over the past year, the US has been stepping up bilateral economic sanctions on Iran, aimed at crippling the country’s central banking and oil sectors that are the backbone of the national economy.

Next month, the US and the European Union are set to tighten the economic embargo on Iran even further with new sanctions lined up to hit the country’s international oil trade – some 80 per cent of Iran’s national revenues derive from oil and gas sectors.

Moreover, the US, Britain and France, together with Germany and Israel, have been twisting the pressure on Iran at the resumed P5 + 1 talks this month over itsnuclear programme, demanding that the country rescind its legal right to enrich uranium.

Tehran has steadfastly refused to suspend its uranium enrichment facilities, which it says it is legally entitled to as a signatory to the Non-Proliferation Treaty, and which are solely for civilian applications, such as energy production and medical radioisotopes.

The evidence certainly points to “regime change” being the thinly veiled objective of the Western powers and that the nuclear issue is a manufactured controversy with which to browbeat Iran. But the war of words goes way beyond browbeating. The US-led international campaign against Iran is tantamount to an all-out covert war, a war that is criminal in its conduct on several counts.

Military threats, invasion of Iranian territory with unmanned aerial vehicles, or drones, financial and economic sanctions, and now intensified computer virus attacks on Iran’s telecommunications. This is all but a war of aggression without troops on the ground.

With mainstream news media becoming ever more servile to Western government foreign policy agenda, it is important to remind ourselves of realistic legal and moral perspective here.

Can you imagine how the US, Britain, France or Israel would react if Iran were to shut down their computer systems because it objected to their unlawfully persistent arsenals of actual weapons of mass destruction? Such an Iranian cyber attack would be met with ferocious retaliation or at best would be considered reprehensible, but such a move by Iran would certainly have a lot more legal and moral right than the Western campaign of belligerence towards Tehran.

The panoply of aggression towards Iran is emanating from Western powers that have murderous blood on their hands from the Balkans, Iraq, Afghanistan, Libya, Syria, Somalia, among other places, and this campaign is based on a repetition of outlandish allegations over “weapons of mass destruction”. The latest sabotage of Iranian society through computer malware should be seen, and roundly denounced, as yet another war crime by US allies that is pushing the world ever closer to escalation of war.

Finian Cunningham is Global Research’s Middle East and East Africa Correspondent

16 livestock animals die in anthrax outbreak in northern Colombia

May 31, 2012 – COLOMBIA – One person has skin lesions and 16 animals have died in an anthrax outbreak in northern Colombia, near the Venezuelan border. A notification on the website for the World Organization for Animal Health (OIE) said the outbreak has affected two farms in the department of La Guajira. Colombia’s Agriculture Ministry sent the information to the OIE on May 28. The source of the deadly bacteria has not yet been determined, the report said. One of the affected populations “belongs to an indigenous community in the department of La Guajira,” the notice states. “The community has been informed of the protocol to be applied to dispose of the carcasses, mainly the fact that, under no circumstances, the dead animals must be neither manipulated nor consumed,” the report said. Humans commonly contract anthrax through close contact with infected animals or eating ones that have died from the disease. “Susceptible species are being vaccinated. An intense epidemiological surveillance is being conducted in the area together with the public health authorities,” the notification continued. The animals will be also be quarantined in response to the outbreak. Three goats, three sheep and two pigs have died from the outbreak on one farm. Another five goats and two pigs have died on a separate farm. Anthrax, also used as a biological weapon, is caused by the spore-forming bacteria Bacillus anthracia, the OIE website states. The disease causes dark ulcers on the skin of infected people when contracted from exposure to infected animals, and it occurs on all the continents. “Anthrax spores in the soil are very resistant and can cause disease when ingested even years after an outbreak,” the OIE stated. “The bacteria produce extremely potent toxins which are responsible for the ill effects, causing a high mortality rate.” The last anthrax outbreak in Colombia was in April 2011. An outbreak in 2010 caused the government to declare a state of emergency in La Guajira after 77 people developed lesions, a common symptom of the disease. –Colombia Reports

Seattle Fault Zone poses significantly higher risks than previously thought

May 31, 2012 – SEATTLE - The Seattle fault zone, a series of active-east-west trending thrust faults, poses seismic threat to the Puget Sound region. The 900-930 AD rupture is the only known large earthquake along the Seattle Fault, making geological records of prehistoric events the only clues to the earthquake potential of the fault. While a graduate student at the University of Washington, Maria Arcos looked at tsunami and debris flow deposits – both evidence of a paleo-quake – in the coastal marsh at Gorst, Washington. She also identified evidence of at least three meters of uplift that preceded a tsunami, which was followed by a sandy debris flow from Gorst Creek, and suggests that the 900-930 AD earthquake covered a greater geographic area than previous fault interpretations. The revised height and width of deformation caused by the quake may influence current interpretations of the Seattle fault’s structure. This study found a minimum of three meters of uplift at Gorst, which is double the amount of previous fault models for the same location. A broader zone of deformation, says Arcos, may indicate either a wider zone of slip along the dip of the fault, a shallower dip or splay faults farther to the south. –Physics

Eurozone epidemic meltdown: Spain in emergency crisis, Danish banks downgraded

Posted by The Extinction Protocol: 2012 and beyond

May 31. 2012 – DENMARK – Moody’s has downgraded the credit rating of nine Danish banks, citing the impact of the rolling eurozone crisis on bank loan quality and on their fund-raising ability. The nine, along with the Finnish subsidiary of one of the banks, saw their ratings cut one to three notches, with one of them, DLR Kredit, pushed three steps down into the junk-bond realm at Ba1. “Danish financial institutions face sluggish domestic economic growth, weakening real estate prices and higher levels of unemployment, as well as the risk of external shocks from the ongoing euro area debt crisis,”’ Moody’s said. “Asset quality is deteriorating, and these pressures are expected to continue.” The rating agency also said that the “substantial” reliance of most of the institutions on funding from the market increases their vulnerability to the eurozone crisis. “Structural changes to that market have increased refinancing risk, posing a particular concern for mortgage credit institutions whose access to alternative funding is limited.” All but DLR Kredit remained in the low end of investment-grade rating. Moody’s said the average long-term ratings for Danish financial institutions stood at Baa1, “medium grade with moderate credit risk,” three steps above junk grade. But, Moody’s said, they remained in a weaker position compared to their Nordic peers to be able to manage credit risks. The nine were Danske Bank, Jyske Bank, Sydbank, Spar Nord Bank, Ringkjobing Landbobank, Nykredit, Realkredit, DLR Kredit, and Danmarks Skibskredit. Also downgraded was Danske Bank’s Finnish arm Sampo Bank. –Herald Sun
Spain in emergency crisis: “We’re in a situation of total emergency, the worst crisis we have ever lived through” said ex-premier Felipe Gonzalez, the country’s elder statesman. The warning came as the yields on Spanish 10-year bonds spiked to 6.7pc, pushing the “risk premium” over German Bunds to a post-euro high of 540 basis points. The IBEX index of stocks in Madrid fell 2.6pc, the lowest since the dotcom bust in 2003. Chaos over the €23.5bn rescue of crippled lender Bankia has led to the abrupt resignation of central bank governor Miguel Ángel Fernández Ordóñez, who testified to the senate that he had been muzzled to avoid enflaming events as confidence in the country drains away. Markets are on tenterhooks as Spanish yields test levels that forced the European Central Bank to respond last November with its €1 trillion liquidity blitz. “Nobody is short Spanish debt right now because they are expecting ECB intervention,” said Andrew Roberts, credit chief at RBS. “If it doesn’t come — if we take out 6.8pc — we’re going to see a hyberbolic sell-off,” he said. Italy felt the full brunt of contagion from Spain on Wednesday, with 10-year yileds back near 6pc. The euro fell to a 2-year low of $1.239 against the dollar. Crude oil and metal prices plummeted and save-haven flight pushed rates on 2-year German debt to zero. Gilt yields fell to 1.64pc, the lowest in history. Mr Roberts said the collapse in Spanish tax revenues is replicating the pattern in Greece. Fiscal revenues have fallen 4.8pc over the last year, and VAT returns have slumped 14.6pc. Debt service costs have risen by 18pc. The country is caught in a classic deflationary vice: a rising debt burden on a shrinking economic base. “Once you get into such a negative feedback loop, you can move beyond the point of no return quickly,” he said. –Telegraph
EU Central Bank warns of disintegrationMario Draghi said the central bank could not “fill the vacuum” left by member states’ lack of action as it was claimed the zone is on the point of “disintegration.” Amid escalating talk of a potential bail-out for Spain, the president of the ECB said the central bank was powerless to stop the debt tornado. “It’s not our duty, it’s not in our mandate” to “fill the vacuum left by the lack of action by national governments on the fiscal front,” he said. Olli Rehn, the EU’s top economic official, called for urgent action to “avoid a disintegration of the eurozone.” The economic affairs commissioner said that politicians had made progress but it had been “uneven and seemingly inefficient.” Underling the fears gripping many investors, the FTSE closed down 7.5pc in May, suffering its worst month since February 2009 when the banking crisis was at its height. Italy’s prime minister Mario Monti warned of the “huge possibilities of contagion”. Ireland looked set to approve the Fiscal Pact in its referendum but in Greece the anti-austerity Syriza party took the lead in some polls.  –Telegraph

US Pastor Imprisoned For 2 Years For Teaching Biblical Discipline

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Dane County Circuit Judge Maryann Sumi sentenced a pastor to two years in prison. What was his crime? He taught the people of his church to discipline their children with a wooden spoon.

Philip Caminiti, 55, was pastor of Aleitheia Bible Church, which meets in the homes of its members.

Apparently in Wisconsin the Bible cannot be taught or acted upon. The society there now thinks it is child abuse to spank your children when they are acting up, in order to correct them.

The Scriptures teach,

Chasten thy son while there is hope, and let not thy soul spare for his crying.

Withhold not correction from the child: for if thou beatest him with the rod, he shall not die.

The Scriptures do not call men to abuse their children, but to lovingly administer corrective discipline. We teach with our mouths and then if necessary administer discipline.

I recall growing up. I would get spankings and I must say, I am thankful for receiving them now. I wasn’t at the time. At the time they hurt, but they curbed my desire to go and do what I got a spanking for. I’m sure there are many who are just as thankful today they had parents that loved them enough to discipline them when they were younger.

A father or mother who is unwilling to correct their children does not love them.

What is most interesting in this story is it is happening in America. This pastor’s First Amendment right to speech and to freedom of religion has been violated. Notice, he was not imprisoned for child abuse, nor was he imprisoned because he disciplined his children, but because he taught parents to discipline their children.

The out of line judge, and probably so because she never had parents that disciplined her, said, “What is important to me is there was and continues to this day no expression of remorse or repentance for the consequences of those actions, or what the whole chain of events has led the family and the community through.”

I certainly wouldn’t be repentant or remorseful either. I don’t know how Mr. Caminiti was teaching discipline, except that he was teaching to use a wooden spoon and that the children were between two months and five years old. I would think two months is awfully young, but I’m sure the issue was not that parents were just stringing their children up and spanking them severely at any of those ages. In fact, we are not told that any of the people of his congregation were arrested.

The Wisconsin State Journal reports,

The practice, intended to teach children to behave correctly, was stopped after police intervened in November 2010.

“The children were beaten for of all things doing what children do, and that is crying,” Sumi said.

Caminiti will be on extended supervision for six years after his release from prison. Despite objections on constitutional grounds by Caminiti’s lawyers, Sumi ordered that he not have any contact with the Aleitheia Bible Church and have no leadership role in any church.

While that barred Caminiti from having contact with members of his extended family who are church members, Sumi did allow him to be with his wife, their children and their grandchildren. She turned down a request to delay his prison sentence until after an appeal of his case.

Corporal punishment is allowed in the state I live in and many other states. While I realize there are people who abuse children, corporal discipline is vital in the life of a child growing up that will one day enter society on their own. I can tell you that if parents don’t discipline their children, then the law and the courts will, because there is no doubt the children will grow up to be even more foolish then they were.

Rogue Planet From Nibiru System Found Hiding In Nebula NGC 246 : NASA WISE & Hubble Photos Prove it!!

 


Exclusive! Nibiru Photographs Finally Released By Wise Telescope

Reblogged from I AM is at the doors:

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 NEW ARTICLE on 5/27/2012

I have included the follow up to this article with this link : Click the words Below

Planet from Nibiru System found Hiding in Nebula NGC 246 :

NASA WISE & Hubble Photos PROVE IT!

Here is the latest updated Video with Coordinates and Other Important Information

A MUST WATCH VIDEO BELOW – PART ONE OF THE VIDEO SERIES!

Read more… 436 more words

Black Earth pastor gets 2 years in prison in child abuse case

WAKE UP BROTHERS & SISTERS! PERSECUTION OF CHRISTIANS IS HERE!!! THIS PASTOR TAUGHT WHAT THE BIBLE TAUGHT. HE TAUGHT PARENTS, HE DID NOT PHYSICALLY SPANK ANYONE’S CHILD. HE TAUGHT THE BIBLE AND HE IS GOING TO JAIL!!!

A Black Earth church pastor who taught his flock to discipline their children, some as young as 2 months old, with wooden spoons and rods was sentenced Friday to two years in prison.

Philip Caminiti, 55, was pastor of Aleitheia Bible Church, which meets in the homes of its members. His lawyer, Yolanda Lehner, asked that he be given probation.

But Dane County Circuit Judge Maryann Sumi said the sentence, in part, was intended to send a message that child abuse will not be tolerated and to prevent Caminiti from once again teaching members of his church to spank their children with wooden objects to cure them of selfishness.

“What is important to me,” Sumi also said, “is there was and continues to this day no expression of remorse or repentance for the consequences of those actions, or what the whole chain of events has led the family and the community through.”

Caminiti was found guilty by a jury in March of eight counts of conspiracy to commit child abuse for teaching church members what he said was a literal interpretation of discipline prescribed by the Bible, on children who were between the ages of 2 months and 5 years.

The practice, intended to teach children to behave correctly, was stopped after police intervened in November 2010.

“The children were beaten for of all things doing what children do, and that is crying,” Sumi said.

Caminiti will be on extended supervision for six years after his release from prison. Despite objections on constitutional grounds by Caminiti’s lawyers, Sumi ordered that he not have any contact with the Aleitheia Bible Church and have no leadership role in any church.

While that barred Caminiti from having contact with members of his extended family who are church members, Sumi did allow him to be with his wife, their children and their grandchildren. She turned down a request to delay his prison sentence until after an appeal of his case.

Assistant District Attorney Shelly Rusch asked that Caminiti be sentenced to five years in prison and 15 years of extended supervision, calling him “the spoke in the wheel of this conspiracy.”

She said Caminiti is unlikely to change despite his criminal convictions.

Lehner said she remains incredulous that Caminiti was even charged with a crime. “The whole thing has become much more flammable than I anticipated,” she said. “I really do feel like I’ve stepped into the Spanish Inquisition.”

She said that since his arrest he has not promoted corporal punishment, has done everything that was asked of him and does not deserve to be imprisoned. – WSJ

Ya’alon: Iran laughing all the way to the bomb

After former Mossad chief Dagan says strike on Iran would hasten bomb, minister and former IDF chief says Israel ‘must prevent unconventional regime from obtaining unconventional capabilities’

Yoav Zitun

Published: 05.30.12, 20:47 /

Israel News

Iran is laughing all the way to the bomb,” Strategic Affairs Minister Moshe Ya’alon said Wednesday, while noting that a newreport showed that the Islamic Republic has had produced almost 6.2 tons of uranium enriched to a level of 3.5% since it began the work in 2007.

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Speaking at a conference in Tel Aviv organized by The Institute for National Security Studies, Yaalon said “there is no indication that Iran feels threatened in any way, despite all the pressure (from the West) and economic difficulties. It still hasn’t brought the regime (in Tehran) to the point where it has to choose between a bomb and survival. They’re not there.”

According to the report, which was published by The Institute for Science and International Security, “This total amount of 3.5% low enriched uranium hexafluoride, if further enriched to weapon grade, is enough to make over five nuclear weapons.”
Former Mossad chief Meir Dagan told the conference a strike on Iran could hasten the Islamic Republic’s development of an atom bomb. Responding to Dagan’s comment, Ya’alon said “as someone who has experienced war, I understand how important it is to leave the military option as a last resort. But if we’ll have to choose between a strike and an Iranian bomb, we’ll choose a strike.”

Nuclear facility near Qom (Photo: EPA)
Nuclear facility near Qom (Photo: EPA)

Ya’alon, who is also Israel’s vice prime minister and a former IDFchief, explained that the Iranian threat “is not solely against theState of Israel. We are the ‘Little Satan’ and American is the ‘Great Satan.’ (The Iranian regime) has hegemonic aspirations that are accompanied by messianic, apocalyptic religious beliefs.

“Therefore, one way or another, we must prevent this unconventional regime from obtaining unconventional capabilities,” he said.
Iran, Ya’alon added, does not foresee an Israeli strike in 2012, “because there are elections in the US. (Iran) knows the West and understands there is no green light for an Israeli attack. That is why they have come to the (nuclear) negotiations (with the world powers) without a sense of urgency.
“Our position is clear. They must give up (uranium) enrichment entirely, transfer all enriched material out of the country and close the facility in Qom,” the vice PM told the conference.
Addressing theescalation in Syria, Ya’alon said President Bashar Assad will eventually have to step down. “It can happen sooner – by way of an assassination – or in several months,” he said.
“The fall of (Assad’s regime) will constitute a severe blow to the axis of evil, which stretches from Tehran to Damascus, Lebanon and the Gaza Strip.”