USA - That is the assessment of a Florida mathematician who has studied the biblical Shemitah cycle as it applies to the financial markets. Thomas Pound is an educator and mathematician who applies his statistical wizardry to the markets.
MIDDLE EAST - The Islamic State group revealed over the weekend that at the centerpiece of its goal to bring down America is a concerted effort to weaken the US dollar and replace it with gold currency. A video posted Saturday warned of the “dawning of a new age” in which replacing the dollar with gold would deliver “the second blow to America’s capitalist financial system of enslavement … casting into ruins their fraudulent dollar note.”
EUROPE - The threat of a rift between Britain and Germany over the migrant crisis grew as a key ally of Angela Merkel said Britain’s stance could damage relations between the two countries. Stephan Mayer, who speaks on home affairs for the Christian Democrats, said that the UK’s stance could also damage Mr Cameron’s hopes of successfully renegotiating its membership of the EU. Mr Mayer’s blunt warning came as Werner Faymann, the Austrian Chancellor also demanded that the UK accept a greater share of the asylum seekers flooding into the European Union if it wants support for EU reform. There has been growing anger in Germany over Britain’s tough line on the migration crisis. Austria has previously called for EU countries which do not take in more migrants to have their funding cut, but this is the first time it has directly threatened British demands for reform.
MIDDLE EAST - As the crisis brews over Syrian refugees trying to enter European countries, questions have been raised over why they are not heading to wealthy Gulf states closer to home.
EUROPE - Human rights activists and lawyers have condemned police in the Czech Republic for writing numbers on the arms of migrants after detaining them. Officers used pens to mark 214 refugees, mostly Syrians, who were detained on a train yesterday at a border crossing from Austria and Hungary.
EUROPE - Italy is ready to impose identification checks at Brennero on the border with Austria after receiving a request from Germany for help in easing the flow of migrants into Bavaria, the northern province of Bolzano said Wednesday. Rome was ready to "reactivate" controls just as it did for the G7 in June, as "a temporary measure to allow Bavaria to reorganise and face the emergency", a statement from the province said. Bolzano, in the German-speaking Alto Adige region in northern Italy, said Bavaria had asked for "logistical support". "Bavaria is witnessing record arrivals of refugees, mainly via the Balkan route, which is creating an unmanageable situation," the province said, adding that efforts were underway "to find new structures and cope immediately with the exponential growth in the number of migrants".
USA - What is an economic bubble?
Answer: It is a market condition in which the price of an asset is far in excess of its intrinsic value but which is willingly paid by buyers in anticipation of finding other buyers who will pay an even higher price.
UNITED NATIONS - As the choppy waters of September 2015 move ashore, all eyes will be on Pope Francis’ visit to the United States, jittery stock markets and signs in the heavens. Francis is expected to enthusiastically endorse a new UN document that promises to wipe out poverty by 2030 by reordering the world economy along the lines of socialist principles. The document, titled “Transforming Our World: 2030 Agenda for Sustainable Development,” also seeks to “strengthen universal peace” and usher in a new era of shared prosperity.
UK - No one wants to stand in the way of technological innovation. But outlawing cash? That is surely a step too far. Trying to get a plumber in France? In the rather unlikely event that you can actually find one who isn’t still on his grandes vacances, gone above his permitted 35 hours a week, or indeed long since relocated himself to South Kensington, then you’ll also have to make sure that you can pay by cheque or bank transfer.
UK - Global markets are getting smoked again. The Dow is down 540 points (3.3%), the S&P 500 is down 66 (3.3%), and the Nasdaq is down 155 points (3.2%). It was a bloodbath in Europe, with Britain's FTSE down 3.0%, Germany's DAX down 2.3%, France's CAC 40 down 2.4%, and Spain's IBEX down 2.6%. Asian markets closed deep in the red, with Japan's Nikkei plunging 3.8%, Hong Kong's Hang Seng falling 2.2%, and China's Shanghai Composite tumbling 1.3%. In the commodities markets, oil is getting slammed with WTI crude futures down 7%.
RUSSIA - Russian President Vladimir Putin has drafted a bill that aims to eliminate the US dollar and the euro from trade between CIS countries. This means the creation of a single financial market between Russia, Armenia, Belarus, Kazakhstan, Kyrgyzstan, Tajikistan and other countries of the former Soviet Union. “This would help expand the use of national currencies in foreign trade payments and financial services and thus create preconditions for greater liquidity of domestic currency markets”, said a statement from the Kremlin. The bill would also help to facilitate trade in the region and help to achieve macro-economic stability.
CHINA - China's central bank has put the Russian ruble into circulation in Suifenhe City, Heilongjiang Province, launching a pilot two-currency (ruble and yuan) program. The ruble is being introduced in place of the US dollar. The announcement was made on Saturday by Jin Mei, deputy secretary for monetary policy at the opening ceremony of a trade exposition in Suifenhe, reported state-run Xinhua news agency. The newly-adopted initiative is to promote bilateral trade relations and boost tourism, enabling Russians traveling to the Chinese region to pay for their expenses directly in rubles. This year’s six month Russia-China financial results look promising with yuan-denominated payments reaching the value of $1.32 billion, added Mei. Wu Qinglan, executive vice-mayor of the Chinese city, believes the program guarantees a long-term outlook.
EUROPE - The German Chancellor said for the first time that the Schengen zone, which allows passport-free travel across mainland Europe, cannot continue in its current form unless other EU countries accept their share of migrants. Mrs Merkel said that while she did not want freedom of movement rules to be tightened, the issue would arise if responsibility for accepting migrants was not shared. Her comments echo those made by Thomas de Maiziere, the German interior minister, who also raised the prospect of border controls earlier this month. And they signal that European leaders are beginning to question whether the EU can continue to exist with open borders as it struggles to cope with the hundreds of thousands of migrants coming into the continent from Africa and the Middle East.
BULGARIA - Five men have been arrested as they attempted to cross the Bulgarian-Macedonian border with decapitation videos and Islamic State propaganda on their phones. The terrorist suspects had been posing as refugees. Bulgarian authorities near the Gyueshevo border checkpoint detained the five men, aged between 20 and 24, late on Wednesday, Bulgarian broadcaster NOVA TV reported.
ISRAEL - Yehuda Glick commends new minister of internal security, hints that he favors Jewish ascent to Temple Mount. Yehuda Glick, Chairman of the Temple Mount Heritage Fund, told Arutz Sheva Tuesday that he was shocked to learn that a sign in Hebrew had been placed at the entrance to the Temple Mount, stating that visits and tours of the Mount have to be coordinated in advance. After contacts with the police, the sign was removed.