LONDON - In a rare move to calm investors' nerves, British financial authorities stepped forward on Wednesday to quench a string of "unfounded rumors" that had sent some financial stocks in London into a tailspin.
The Financial Services Authority said it had started an investigation into whether some traders spread rumors about British financial institutions over the last few days and might have profited from the decline in the stocks' share prices. Separately, the Bank of England, which almost never makes public statements about specific lenders, denied rumors that it met or scheduled to meet with executives at a British bank to discuss potential liquidity problems.
"It reveals how nervous the authorities are that rumors can actually bring serious problems to a financial institution," said Alistair Milne, senior lecturer at Cass Business School in London. Trading rooms were buzzing with rumors Wednesday morning that HBOS, the largest mortgage lender in Britain, was in trouble. The speculation had wiped about £3 billion, or $6 billion, off its market value before the Edinburgh-based lender could deny them, saying it had "ready access" to funding.
"They are trying to stamp on malicious rumors and foul play, but it's difficult because the markets have always worked on rumors," said Keith Bowman, equity analyst at Hargreaves Lansdown, a stockbrokerage firm in London. "Especially in a down market, the fact that investors can equally make money by taking short positions has accelerated the rumor mills."
LONDON - Will the fat cats who've got us into this financial mess suffer? You bet they won't . . . But WE will.
We were told that this was THE NEW WORLD, the prime source of British wealth generation in the 21st century, CONDUCTED BY YOUNG CENTURIONS WHO WERE MASTERS OF THEIR UNIVERSE. According to the pundits, the rest of us should not carp at their riches because their skills were indispensable to our future. The rest of us would, in effect, be dependent upon crumbs from their banquet table to pay our wages in the decades ahead.
We watched hedge-fund kings down their £1,000 bottles of claret, chief executives play in the contest to rival each other's multi-million salaries. WE ASSUMED THAT THEY KNEW WHAT THEY WERE DOING. TODAY, OF COURSE, WE SEE THAT THEY MOST CERTAINLY DID NOT. The men and women responsible for the conduct of the West's financial SYSTEM HAVE LANDED THEMSELVES, AND ALL OF US, IN AN EPIC MESS OF WHICH NOBODY DARES TO FORETELL THE OUTCOME.
It is scarcely surprising that we feel bitter. There seems every likelihood that, AFTER THEY COLLECTED HUGE REWARDS ON THE WAY UP, IT WILL BE UP TO US TO PAY THE BILLS FOR THEIR FOLLIES ON THE WAY DOWN. Most of us with variable pensions or savings pay an annual 2 per cent fee to the wizards who manage them - who, in turn, are also entitled to a healthy cut of any increases they achieve. But nowhere in the small print is there provision for THE SAME CLEVER PEOPLE TO ACCEPT A SHARE OF OUR LOSSES WHEN PENSIONS AND SAVINGS HEAD SOUTH, AS THEY SURELY WILL.
For years, banking kings on both sides of the Atlantic have argued that the free market is the great wealth-creator; that government regulators should keep their meddling hands off Wall Street and the City because capitalism works best when the experts are left to get on with it. Yet the moment the Western financial system falters, indeed staggers on the edge of a precipice, BANKERS FLEE IN TERROR - HOPING THAT THE STATE WILL BAIL THEM OUT. That means us. British taxpayers have a £25 billion-plus exposure to Northern Rock.
In America, the U.S. Federal Reserve is now being obliged to offer guarantees, the costs of which might prove huge, even though JP Morgan has accepted the risk of buying the collapsing investment bank Bear Stearns. Unfortunately, those of us who live and work outside the City magic circle cannot allow ourselves the dance of glee we would normally enjoy when money moguls are discredited. For today, everybody's affairs are now so inextricably entwined with those of the financial world that if they suffer, so assuredly shall we all.
Now is the moment, surely, for local authorities to shed their armies of gender counsellors and lifestyle advisers, health and safety storm troopers, community service experts. A nation soon to be short of cash should be urgently addressing the social security budget, slashing discretionary spending, management consultants, ill-judged computer projects. What a moment for London to be lumbered with hosting the Olympics!
However, RATHER THAN REAL SPENDING CUTS, WE ARE LIKELY TO SEE A HUGE RISE IN TREASURY BORROWING SUCH AS WILL BURDEN THE COUNTRY AND HOBBLE FUTURE GOVERNMENTS FOR YEARS. Whichever party wins the next General Election will soon wish that it had not. Some time - probably after two or three nasty years - we can expect things to get better again. It would be nice to suppose that this experience would chasten the hedge-fund kings and banking geniuses who have created this shambles. FAT CHANCE! MASTERS OF THE UNIVERSE DO NOT DO HUMILITY.
NEW YORK - The dollar's relentless decline may increase the dangers facing the U.S. economy, with the potential for risk-averse investors to stop funding the U.S. current account deficit.
The initial trigger for the dollar's slide in recent years had been THE LARGE DEFICITS IN SPENDING AND TRADE, analysts said, but as long as they were funded by investment flows into U.S. dollar-denominated assets few were worried about the long term. But with a slowing economy and increasing concerns about the stability of the U.S. financial system amid widening losses on credit defaults, dollar-denominated securities are becoming less attractive to investors, reducing the demand for dollars to fund such investments.
"That's one of the main concerns: that the sell-off in the dollar reaches the point where foreign investors would start selling most of their positions, and then we would really have funding problems," said Omer Esiner, a market analyst at Ruesch International in Washington, D.C. The New York Board of Trade's U.S. dollar index .DXY, which measures the dollar against a basket of currencies, FELL 8.4 PERCENT IN 2007, for a second year of declines after LOSING 8.2 PERCENT IN 2006. The dollar index is DOWN 6.2 PERCENT IN 2008 despite strong gains on Tuesday after the Fed cut interest rates by 75 basis points.
But while the dollar's drop has stoked exports as expected, because it makes U.S.-made goods and services cheaper in the global trading arena, imports have not fallen far enough. Total U.S. exports have climbed 15.6 percent in the last year to $636.55 billion, according to the Commerce Department. But total imports have also risen 8.8 percent to $781.44 billion. The euro has gained 32 percent against the dollar since the end of 2005, while the dollar fell 15.4 percent against the yen, at current prices.
The January international trade report, with trade accounting for the bulk of the current account, showed a deficit of $58.2 billion for the month, according to a report released earlier this month. BUT IN A CLEAR SIGNAL OF WHAT THE FUTURE MAY HOLD, net overall capital flows into the U.S. in January fell to $37.4 billion in January, a four-month low, as PRIVATE INVESTORS SHUNNED U.S. ASSETS, data from the U.S. Treasury Department showed on Monday.
Compounding the problem, THE DOLLAR'S DROP HAS ALSO HELPED PUSH UP OIL PRICES TO A RECORD HIGH OVER $111 A BARREL, adding to inflation pressures as the Federal Reserve aggressively cuts interest rates to stoke economic growth. "IT'S A DANGEROUS BALANCING ACT," said Andrew Bekoff, chief investment strategist at Meyers Associates L.P. The Fed believe this outweighs the risk of inflation in the short term. "Putting growth over inflation in the short term and cutting interest rates, however, also reduces the attractiveness of U.S. assets and ADDS TO THE RISK THAT INVESTORS AROUND THE WORLD WILL STOP FUNDING THE U.S. DEFICIT."
LONDON - The $45 trillion credit derivatives market, created as a way for banks to hedge their lending, is now also contributing to the risks that banks will fail. The rise of the market over the past 15 years, however, also makes it crucial that a big bank not be allowed to go down.
CREDIT DEFAULT SWAPS (CDS) ARE BETS ON WHETHER A COMPANY WILL DEFAULT ON ITS DEBTS.
About two dozen big banks are major broker-dealers in the CDS market, which means they take one side of nearly every contract. The failure of a dealer such as Bear Stearns would threaten the entire CDS market and other derivatives markets. A bank that has made a loan to a company can buy protection to ensure it is paid even if the company defaults. The seller of protection receives an annual fee for promising to cover losses in the event of a default.
The derivatives market can amplify fears or rumours as people rush to buy protection on a name such as Bear Stearns, and drive its spreads wider in a vicious spiral, increasing the risks a bank could suffer a liquidity crunch. OTHER RISKS COME FROM THE BANKS' PACKAGING OF CDS INTO COMPLEX CREDIT PRODUCTS, which started in a big way in 2005. Banks took positions on hundreds of billions of dollars of CDS contracts solely to create other products to sell. BUT THESE PRODUCTS ARE NOW DISCREDITED.
Regardless of the risks added by the derivatives market, CDS continue to play a key part in the defences that banks and investors are constructing. "That's the only way that there is to hedge," said one trader in London after CDS indexes rose to record wide levels in the wake of the Bear Stearns rescue.
INTERNATIONAL - The current market jitters are centred on disturbances in the world's credit markets. Worries about the viability of sub-prime mortgage lending have spread around the financial system, and the central banks have been forced to pump in billions of dollars to oil the wheels of lending.
But what happened in previous financial crises, and what are the lessons for today? There have been a growing number of financial crises in the world, according to the International Monetary Fund (IMF).
Among the key lessons of previous major financial crises are:
- Globalisation has increased the frequency and spread of financial crises, but not necessarily their severity
- Early intervention by central banks is more effective in limiting their spread than later moves
- It is difficult to tell at the time whether a financial crisis will have broader economic consequences
- Regulators often cannot keep up with the pace of financial innovation that may trigger a crisis.
THE DOT.COM CRASH, 2000 - During the late 1990s, stock markets became beguiled by the rise of internet companies such as Amazon and AOL, which seemed to be ushering in a new era for the economy, despite the fact that few of the firms actually made a profit. The Fed cut interest rates throughout 2001, lowering rates from 6.25% to 1% to stimulate economic growth.
LONG-TERM CAPITAL MANAGEMENT, 1998 - The collapse of hedge fund Long-Term Capital Market (LTCM) occurred during the final stage of the world financial crisis that began in Asia in 1997 and spread to Russia and Brazil in 1998.
THE CRASH OF 1987 - US stock markets suffered their largest peacetime one-day fall yet on 19 October 1987, when the Dow Jones Industrial Average index of shares in leading US companies dropped 22% and European and Japanese markets followed suit. The losses were triggered by the widespread belief that insider trading and company takeovers on borrowed money were dominating the markets, while the US economy was entering into an economic slowdown.
US SAVINGS AND LOAN SCANDAL, 1985 - US Savings and Loans institutions were local banks which made home loans and took deposits from retail investors, similar to building societies in the UK. By 1985, many of these institutions were all but bankrupt, and a run began on S&L institutions in Ohio and Maryland. The cost of the bail-out eventually totalled about $150bn.
THE CRASH OF 1929 - The Wall Street crash of 1929, "Black Thursday," was an event that sent the US and indeed the global economy into a tailspin, contributing to the Great Depression of the 1930s. After a huge speculative rise in the late 1920s, based partly on the rise of new industries such as radio broadcasting and car making, shares fell by 13% on Thursday, 24 October, and fell by another 11% the following Tuesday, 29 October. By the time the market had reached bottom in 1932, 90% had been wiped off the value of shares. IT TOOK 25 YEARS BEFORE THE DOW JONES INDUSTRIAL AVERAGE RECOVERED TO ITS 1929 LEVEL.
OVEREND & GURNEY, 1866; BARINGS, 1890 - The failure of a key London bank, Overend and Gurney, in 1866 led to a key change in the role of central banks in managing financial crises. As a result, reformers advocated a new role for the Bank of England as the "LENDER OF LAST RESORT" to provide liquidity (cash) to the financial system during crises, in order to prevent a failure of one bank spilling over and affecting all the others ("systemic failure"). The new doctrine was implemented in the Barings Crisis in 1890, when losses by a leading UK bank, Barings, made on its investments in Argentina, were covered by the Bank of England to prevent a systemic collapse of UK banking. Secret negotiations by the Bank and London financiers led to the creation of an £18m rescue fund in November 1890, before the extent of Barings' losses became publicly known.
WASHINGTON, - The rate of tuberculosis incidence fell slightly worldwide for a second straight year in 2006, but there were still 9.2 million new cases and the disease killed 1.7 million people, the U.N. health agency said on Monday,
The rate decline of 0.6 percent in 2006 compared to 2005 was so modest that the increase in the world's population meant there were actually more TB cases globally, the World Health Organization said in its annual report on tuberculosis. And WHO officials cited worrisome trends suggesting that recent progress was stalling, while saying more money is needed to fight TB, WHICH TRAILS ONLY AIDS AS THE WORLD'S LEADING KILLER AMONG INFECTIOUS DISEASES.
By region, AFRICA HAD THE HIGHEST TB RATES WHILE ASIA HAD THE MOST CASES. By nation, India had the most cases, followed by China, Indonesia, South Africa and Nigeria, according to the report based on data from 202 countries and territories. "We're really in a very uncertain situation, so I don't feel happy at all, actually, that it is really getting controlled," Dr. Mario Raviglione, who heads WHO efforts against TB, told reporters in a conference call. "The major concern is that there is a slowdown here, rather than an acceleration, in TB control efforts," Raviglione said.
The data came out a month after another WHO report showed that TB CASES THAT DEFY EXISTING DRUGS WERE OCCURRING GLOBALLY AT THE HIGHEST RATES EVER, WITH NEARLY 490,000 CASES IN 2006. Parts of the former Soviet Union were particularly vulnerable. TB is an infectious bacterial disease typically attacking the lungs. THE EMERGENCE AND SPREAD OF DRUG-RESISTANT GERMS MAKES TREATING IT MUCH HARDER AND COULD MAKE IT EVEN DEADLIER.
NIGERIA - The government of former Nigerian President Olusegun Obasanjo paid $50m (£25m) to non-existent companies, a parliamentary panel alleges.
The investigative committee said the money was paid as the administration said it was trying to improve the poorly performing power industry. Committee chairman Ndidi Elumelu said the 34 companies were not registered and so did not exist. The panel was established earlier this year to find out what happened to money spent on improving power generation between 1999 and 2007.
President Umaru Yar'Adua has said $10 billion was spent with little sign of improvement to electricity supplies. NIGERIA IS A BIG EXPORTER OF OIL BUT SUFFERS FROM SEVERE ENERGY SHORTAGES WHICH PRODUCE FREQUENT ELECTRICITY CUTS.
Electricity generation remains at a fraction of the amount needed by A COUNTRY OF 140 MILLION PEOPLE. The effect on Nigeria, a regional superpower, has been economically devastating both for businesses and individuals, says the BBC's Alex Last in Lagos. Mr Yar'Adua has promised to declare "a national emergency" on power, but our correspondent says not much has happened yet.
USA - It has lasted almost as long as World War II and cost almost as much. Only one of its original aims, the overthrow of Saddam Hussein, has been achieved.
Of the other aims, one was unobtainable because Iraq had no weapons of mass destruction to be destroyed, and the other - bringing democracy to the Middle East - has been indefinitely postponed. More importantly, THE WAR HAS SHOWN THE LIMITS OF AMERICAN POWER. It is clear THE UNITED STATES CAN ONLY MANAGE TO FIGHT TWO SMALL WARS AT A TIME. IRAQ AND AFGHANISTAN HAVE STRETCHED THE US ARMED FORCES ALMOST TO BREAKING POINT. AMERICA AFTER THE INVASION OF IRAQ IS NO LONGER THE SUPERPOWER IT WAS BEFORE.
Now, the American forces are engaged in fighting a rearguard action, winning time during which the long-term decisions can be taken about withdrawal or some form of continuing presence here. Some people will no doubt call this rearguard action a success. Some may even be tempted to call it a victory. Yet at present it is hard to think of it as particularly successful. On Monday, Vice-President Dick Cheney came to Baghdad and talked about "the phenomenal improvement in security". That day more than 60 Iraqis were killed in bomb attacks. None of this feels like a phenomenal improvement in security.
But this is small compared with THE DAMAGE WHICH THE WAR HAS DONE TO AMERICA'S REPUTATION. The US state department finds it much harder nowadays to be taken seriously when it criticises other countries for their use of torture and arbitrary arrest. People the world over have been repelled by things that have been done here: things that are now associated with place-names like Abu Ghraib, Haditha, and Falluja.
ABOVE ALL, WE HAVE SEEN HOW HARD IT IS FOR THE AMERICANS TO DEAL WITH A FEW THOUSAND LIGHTLY ARMED VOLUNTEERS. Germany's 19th-Century Chancellor, Otto von Bismarck, said that "GREAT POWERS HAD TO BE VERY CAREFUL WHEN THEY PUT THEIR MILITARY STRENGTH TO THE TEST." Unless they are overwhelmingly successful, he meant, the perception will be that they have been defeated.
IN SPITE OF THE NEW SUCCESSES ON THE GROUND HERE, THAT IS THE LONG-TERM DANGER AMERICA FACES.
UK - Tesco came under attack from green campaigners last night after it was revealed that its "local" chicken goes on a 1,000-mile round trip before being put on sale. Britain's biggest supermarket sends Scottish chickens 499 miles south to Essex to be packaged, then returns them to Scotland.
Environmental groups called the process crazy and said it involved thousands of unnecessary and wasteful "food miles". Vicki Hird of Friends of the Earth said: "Consumers thinking they are buying greener, local and Scottish are actually buying pretty travel-sick chicken. How many more unnecessary food miles do Tesco's centralised, mass-produced systems result in?"
Richard Watts, campaign director at the pressure group Sustain, said: "It is an illogical thing to do and the carbon emissions that result will be extremely damaging to the environment. Considering the significant contribution of the food industry to the UK's greenhouse gas emissions, this kind of practice should be the first to go if companies such as Tesco are serious about their overall responsibility in relation to the climate change crisis."
Green campaigners have called on consumers to cut down on the food miles required to ship global products to Britain, including exotic fruit and vegetables. But Tesco said it was forced to send its chicken portions on the long-distance journey because of the closure of a packaging plant in Scotland.
UK - Families will have to spend an extra £572 a year as cost of essentials soars 40 per cent
Essential family bills for petrol and staple foods are rising at their fastest pace since records began. Official figures yesterday showed increases of up to 40 per cent over the past year - with the prospect of more to come. The new figures from the Office for National Statistics revealed the scale of the price increases on basic items.
Milk, cheese and eggs are up an average 17.6 per cent over the past year. Oils and fats such as butter are up 15.9 per cent and cereals 7.9 per cent. The biggest rise has been on fuel, with motorists suffering an increase of 20.4 per cent over the last year, pushed up by record oil prices. Since the start of the year, five of the UK's six giant energy companies have hit customers with inflation-busting price rises in the depths of winter. For British Gas's 15.8million customers, there were rises of 15 per cent for gas and up to 19 per cent for electricity. At Npower, electricity prices jumped by up to 27 per cent.
All these increases are the biggest logged by the ONS since records began in 1997. It means a typical family of four must spend an extra £572 a year to buy the same items on their weekly shop. The rises are being fuelled by massive increases in commodity prices, such as wheat, as well as higher global demand from countries such as China.
UK - The decline of marriage is leading to widespread underachievement and indiscipline in schools, teachers warned yesterday.
CHILDREN WITH "CHAOTIC" HOME LIVES TURN UP AT SCHOOL TOO TROUBLED TO LEARN, wrecking their prospects of success in exams, they said. Growing numbers are being brought up in splintered families by mothers with children by different fathers, leading to behaviour and mental health problems including eating disorders and suicidal thoughts, a teachers' conference heard. THEY ARE MORE LIKELY TO LEAD "DYSFUNCTIONAL" LIVES THEMSELVES, CREATING A "TOXIC CIRCLE" THAT NO AMOUNT OF INVESTMENT OR INITIATIVES DIRECTED AT SCHOOLS CAN REVERSE.
Members of the Association of Teachers and Lecturers demanded a proper recognition of the impact of family breakdown on education and CALLED ON MINISTERS TO DO MORE TO PROMOTE MARRIAGE. They said research from around the world showed that lack of stability at home can hamper children's learning. Secondary school teacher Phil Whalley told the ATL's annual conference in Torquay that 40 TO 50 PER CENT OF YOUNGSTERS BORN IN BRITAIN THIS YEAR FACE A GREATER RISK OF FAILING AT SCHOOL BECAUSE THEY WILL BE BORN TO UNMARRIED COUPLES OR SINGLE PARENTS.
Mr Whalley, a teacher at Hardenhuish School in Wiltshire, said: "We all know from professional experience the extent to which chaotic home lives and family breakdowns are damaging the educational prospects of children in this country. We know that no matter how brilliant the lesson, or how much has been spent on rebuilding the school, if a child comes in angry and in emotional turmoil because of their family life they will not learn. FAMILY STABILITY, OR THE LACK OF IT, IS AN IMPORTANT DETERMINANT OF A CHILD'S EDUCATION OUTCOMES."
CHINA - Beijing is very much worried about the potential global economic fallout from the US subprime crisis and expanding financial woes, which could make China's job of balancing growth and fighting inflation more difficult, Premier Wen Jiabao said on Tuesday in Beijing.
"We need to blaze a trail in between (curbing inflation and nurturing economic growth)," Wen said after the conclusion of the first session of the 11th National People's Congress, the parliament. Wen was reappointed China's primer minister on Sunday, after his administration attained an eye-catching annual double-digit GDP growth for China in his first term. However, the Chinese premier admitted that it would be challenging to control inflation this year to within the projected 4.8 percent target. China's inflation ran as high as 8.7 per cent in February, partially because the severe snow storms - the worst seen in five decades - battered south China and handicapped food supplies.
Wen's administration has set "two prevents" when mapping out this year's economic policies: to prevent the fast-growing economy from being overheated, and keep structural price rises from turning into significant inflation. Facing a big squad of press corps at the Great Hall of the People in Beijing, Wen noted the worsening conditions brought about by the US subprime debacle, which has spawned a free fall in the value of the US dollar, slammed stock markets worldwide and fed into a surge in oil prices.
"I am closely watching and feel deeply worried about the global economic situation, especially the US economy," Wen said. "What concerns me is the continuous depreciation of the US dollar and when the dollar will hit bottom."
ISRAEL - "If Iran were to obtain nuclear weapons, it would have disastrous consequences," German Chancellor Angela Merkel said Tuesday in a special address to the Knesset. "We have to prevent this."
In an emotional speech, delivered in German, Merkel said her country would always be committed to Israel's security, particularly in light of growing threats from Iran. "Especially in this place, I emphasize: Every German government and every chancellor before me was committed to the special responsibility Germany has for Israel's security," she said. "This historic responsibility is part of my country's fundamental policy. It means that for me, as a German chancellor, Israel's security is non-negotiable," she added.
Merkel grew up in former East Germany, the daughter of a pastor. In her speech, she referred to her former country's refusal to take responsibility for the Holocaust; until unification in 1990, that task was shouldered by West Germany alone. She said Communist East Germany considered the Nazi past as a West German problem. "It took 40 years until the entire Germany ... acknowledged its responsibility for history and for the state of Israel," she said.
Merkel expressed support for a two-state solution to the Israeli-Palestinian conflict, but also said Israel does not need unsolicited advice from outsiders. Merkel is not meeting Palestinian leaders during her current trip to Israel.
USA - America's Federal Reserve has voted to cut interest rates by 0.75 per cent, below an expected 1 per cent reduction, but admitted it will take further action if the fragile economic climate worsens.
The Federal Open Market Committee voted 8 to 2 in favour of the reduction to the federal funds rate to 2.25 per cent, the lowest rate in five years. The central bank also trimmed its discount rate for direct loans to banks, and now available to some securities firms, by a similar amount, bringing the cost of borrowing down to 2.5 per cent. The Fed said: "Today's policy action, combined with those taken earlier, including measures to foster market liquidity, should help to promote moderate growth over time and to mitigate the risks to economic activity."
The Fed made the cut as Henry Paulson, the US Treasury Secretary, finally admitted the economy had declined sharply, but he refused to label the situation as a recession.
Mr Paulson said: "We know we are in a sharp downclimb and there is no doubt that the American people know that the economy has turned down sharply. So to me, much less important is the label that is placed on it today. Much more important is what we do about it."
USA - Victoria Inness-Brown's family was addicted to diet soda. After researching the effects of aspartame, she strongly believed the artificial sweetener might one day lead to their illness or even their early deaths.
So she decided to perform her own aspartame experiment - with 108 rats for 2 years and 8 months. Daily, she fed some of the rats the equivalent, for their body weight, of two-thirds the aspartame contained in 8-oz of diet soda. Eleven of the females who took aspartame - 37 percent - developed tumors, some of massive size.
The fact that aspartame is endorsed by the U.S. FDA as a safe product, and is recommended by many doctors as a good alternative sweetener in lieu of sugar is enough to make you go speechless with rage. Sold commercially under names like NutraSweet, Equal, Spoonful, Equal-Measure and Canderel, aspartame can be found in more than 6,000 products. It's even found in vitamins, as well as prescription and over the-counter drugs such as Alka Seltzer Plus, and some Tylenol medications.
The Aspartame Danger is NO MYTH! Contrary to what the PR machine says, there is overwhelming scientific evidence that aspartame is exactly as dangerous as we say it is, and whenever you root around to see who gave aspartame its latest "clean bill of health," invariably you will find ties to the industry. DOES IT MAKE SENSE THAT WHAT WAS ONCE LISTED BY THE PENTAGON AS A BIOCHEMICAL WARFARE AGENT IS NOW AN INTEGRAL PART OF YOUR MODERN DIET?
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Today we find the Church of God in a “wilderness of religious confusion!”
The confusion is not merely around the Church – within the religions of the world outside – but WITHIN the very heart of The True Church itself!
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