ETERNAL VALUE REVIEW - By Wilfred J. Hahn - ISSUE 3, VOLUME 10 - June 2007
Remarkable for such a short chapter of only 11 verses, Zechariah 5 contains two separate but important visions of the endtimes. This text contains the 6th
and 7th visions given to the prophet Zechariah. We first read of a giant scroll that is levitating in the air (verses 1-4). Right after this, the angel speaking to
Zechariah shows him another vision. We then see a strange picture of an ephah (measuring basket) being carried by two women with the wings of storks. What do these visions mean?

The vision of the ephah is relatively clear in its meaning. (See also Zechariah's Basket. A Vision of Today? www.eternalvalue.com). However, the meaning of the first picture of a flying scroll has been most problematic. . . .

Just what does this scroll represent? It "enters" houses, it flies, consumes timbers and it is inordinately large. Most would agree that in only reading these four verses one is left perplexed
and wondering. There simply are not many clues given that allow us to put this vision into its intended framework and prophetic timeframe. We, therefore, must read further:


Before delving into the meaning of this vision, we want to isolate the first of the key clues, which is found in verse 6 and says that the wickedness in the ephah is "their resemblance through all the earth." To who is "their" referring? The Amplified Bible brings out this point more clearly.


Who are the "sinners" said to be "mentioned above"? They are the very same that either "sweareth falsely" or "stealeth": the two groups that are listed on opposite sides of the opened scroll in the first vision. We will come back to these two groups of people as we delve into the details of this vision more closely. However, for now, we have found the first of the important keys to this chapter. The two visions are clearly linked. Therefore, understanding the second vision is first necessary before approaching the first vision.

The second key to which we must draw our attention is also clear and logical. As one vision follows the other, the sequence of the two prophetic visions is therefore significant. In other words, it will make sense that the events surrounding the second vision will follow that of the first, especially so as both are related.

Holding on to these two keys, we can now launch our investigation into the meaning of these two visions. However, we need to start in reverse by examining the second vision first. Then proceeding,
we can examine the first. Finally, that will lead us to the conclusion, which is the logical follow through to the order of the two visions. Here, it speaks about judgment and something being relocated to Shinar, an area inside today's Iraq. Just what is being moved, and to where? As did Zechariah, we will have to leave these answers to the conclusion.

The Ephah Explained

The ephah that Zechariah saw lifted up toward heaven - shown with a lid of lead upon it to contain the iniquity - was a commercial measuring unit for dry goods. It is the approximate equivalent of about 8-9 bushels today. This unit of measure is mentioned more than twice as much as any other in the Bible (the hin, the homer or the seah, for example). Clearly, it was the key unit of commerce during the prophet's time, both for measurement and transport. If Zechariah's vision had been given in our day, God may have used the symbol of a 20-foot shipping container (the type that is transported on ocean-going ships and tractor trailers) or perhaps even a No. 10 cardboard box. Clearly, the ephah here is being used as the symbol for trade and commerce.

Yet, more than this is being symbolized in this vision. More expressly, it indicts the iniquity and idolatry associated with commercialism - a worldwide orgy of commercialism, as we will yet show. The woman figure contained in the ephah speaks of idolatry or unfaithfulness as is often symbolized in the female form in prophetic language. All in all, it is a grave allegation. "This is wickedness," says the angel in no uncertain terms (verse 8).

But, can we at this point determine the general time period during which the prophecies of Zechariah 5 play out? We can conclude that it definitely refers to the last days, most likely the Tribulation Period and the worldwide developments leading to this condition. Involved here is a global application
and a divine intervention. Such apocalyptic events do not occur in prophecy until the 70th week or thereabout. Specifically the vision of the ephah being transported arguably applies to that time that the millennium period begins. Several more factors line up with this interpretation, which we will yet review.

Now that we have the correct framework, timeframe, and sequence, the meaning of the first vision unfolds. We are now ready to examine this vision. And, as we will see, doing so provides further proofs for our interpretation of the second. Most of all, we must remember that we are dealing with the massive idolatry of commercialism in the last days.
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LAMB & LION MINISTRIES - By Dr. David R. Reagan - October 1, 2008
Did you notice that the stock market collapse on September 29, 2008, totaled 777 points and occurred on the eve of Rosh Hashanah, the Jewish New Year? From my viewpoint, it appears to be a judgment on our nation that has the fingerprints of God all over it.

Keep in mind that President George W. Bush was the first president to propose the establishment of a Palestinian state, and for the past month he has had his Secretary of State in the Middle East trying to force the Israelis to give up their heartland.

The Word of God warns that nations who try to divide Israel in the end times will pay a terrible price. In Joel 3:2 the Lord says that He will "enter into judgment" against those nations that "have divided up My land."

We have sold out Israel for Arab oil, and we are paying the price.

But our treatment of Israel is not the only reason for this remedial judgment. Our worship of money is the other reason.

In my book "America the Beautiful? The United States in Bible Prophecy" published in 2003, I presented several scenarios that could explain the absence of the United States in end time Bible prophecy. They included such things as an internal nuclear attack by terrorists, an external nuclear attack from another nation, and a societal collapse due to internal moral rot. The only positive scenario I could conceive was the destruction of our nation due to the Rapture of the Church.

The very first scenario I offered was an economic one. I put it first because it was the one I felt was most probable. Here's what I wrote:


We are a nation driven by greed. The mortgage debacle which has caused the current crisis is due first of all to greedy people wanting to live in houses they could not afford. They were serviced by greedy banks who were willing to grant loans they knew the people could not pay because the banks intended to flip the loans quickly, making a fast profit. And all the while, greedy politicians were willing to look the other way while their campaigns received money from the greedy lenders who they were supposed to be regulating.

Republicans have run for office for years as fiscal conservatives, vowing to take good care of taxpayer's money. Yet, when they gained control of Congress, they fed at the money trough like ravenous hogs, and President Bush looked the other way, refusing to exercise his veto power. The result is that our national debt continued to skyrocket.

Greed motivates big business, big labor, big sports, and big religion. Every aspect of our society is infected with it. Relentless advertising encourages people to live beyond their means by relying on credit cards.

One sobering result of the current economic debacle is that it has made it almost impossible for John McCain to be elected, meaning that our nation is most likely going to receive the kind of leaders we deserve. We could well end up with the most liberal president in our history, one intent on expanding abortion to include infanticide, determined to retreat internationally from the threat and challenge of Islamic terrorism, and committed to packing our Supreme Court with ultra-liberals who will hold our Constitution in contempt.

The Bible teaches that when a nation rebels against God, He will first raise up prophetic voices to call the nation to repentance. The Lord did that years ago here in America when he began to call for national repentance through voices like Dave Wilkerson who also warned us in graphic language of the consequences if we refused to repent.

When prophetic voices are ignored, God always resorts next to remedial judgments, which increase in ferocity over time. We have experienced a whole series of such judgments, beginning with our loss of the Vietnam War. Other judgments have included such things as natural disasters, epidemics, crop failures, political corruption, crime, and immorality. According to Romans 1, what God does in times of national rebellion is lower the hedge of protection around the nation and allow evil to multiply.

The biggest wake-up call occurred with the attacks on 9/11. But like a sleepy person, we just rolled over, hit the snooze alarm, and went back to sleep.

The most disturbing thing about all this is that the Bible teaches that when a nation refuses to repent in response to prophetic voices and remedial judgments, a point will ultimately come when God will deliver the nation from judgment to destruction. Our nation currently appears to be on that threshold.

Let us pray for our nation as we have never prayed before. Let each of us pray prayers like the one Daniel prayed in Daniel chapter 9, where he took the sins of the nation upon himself and asked for forgiveness. After all, all of us are responsible to one degree or another for the sins of our nation, either due to our participation in them or our unwillingness to speak out against them. Let us pray for God to show us grace by not giving us the kind of leaders we deserve. And let's pray for a national revival that will sweep many people into the Lord's kingdom before it is too late.
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ARUTZ SHEVA (Israeli National News) - By Tzvi Ben Gedalyahu - October 3, 2008
Jews are facing increasing blame for the financial crisis, according to anti-Semitic incitement surveyed by the Anti-Defamation League. Several internet sites charge that Jews control the government and finance as part of a "Jew world order" and are to blame for the economic turmoil, ADL said.

The group's Center on Extremism noted that neo-Nazi and white supremacist websites also have spread hate messages. "We know from modern history that whenever there is a downturn in the global economy, there will be an upturn in the level of anti-Semitism and bigotry. That is what we are seeing now," said ADL national director Abe Foxman.

"The age-old canards about Jews and money are always just beneath the surface. As we witnessed after 9/11, whenever there is trouble or uncertainty in the economy or world events, Jews become the scapegoats, and ugly anti-Semitic canards are given new life."

"(Jews have) infiltrated Wall Street and Government and have ruined our country," one website stated. Other comments included, "What is a GS Jew? Goldman Sachs? Jews are greedy, rotten slime balls."

"They (Jews) love money nothing else, no faith or religion can be so heartless to their victims."

Forum website operators have tried to remove the hate material but have been overwhelmed by the amount of anti-Semitic messages.

The white supremacist Stormfront website charges Jews with controlling the banking industry and holding power over governments.
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ARUTZ SHEVA (Israeli National News) - By Hana Levi Julian - September 24, 2008
The man that Israeli leaders consider to be the Number One threat to the existence of the State of Israel told the United Nations General Assembly Tuesday that 'Zionists" are the cause of the current financial disaster sweeping the world.

Iranian President Mahmoud Ahmadinejad also told world leaders, "A few bullying powers have sought to put hurdles in the path of Iran's peaceful development of nuclear power. These are the same countries that possess stockpiles of nuclear arms that no one is monitoring."

It is believed that Iran is developing a nuclear weapon of mass destruction despite Ahmadinejad's denials.

The Iranian president accused European nations of "spending their dignities and resources on the occupations, crimes and threats of the Zionist network" and called for a referendum in Israel and the Palestinian Authority to create a government that would rule over a single state encompassing both Arabs and Jews.

"Today, the Zionist regime is on a definite slope to collapse, and there is no way for it to get out of the cesspool created by itself and its supporters," he said. The Iranian president blamed "Zionists" for the financial woes in Europe and the US by controlling economic centers around the world in "a deceitful, complex and furtive manner."

Nor did he spare the United States from his forecast of doom, declaring that it should mind its own business on the international scene. The "American empire in the world is reaching the end of its road, and its next rulers must limit their interference to their own borders," he said. . . .

Peres: First Time UN Allows Official Anti-Semitism
President Shimon Peres slammed Ahmadinejad's rant against "Zionist murderers", saying it constituted "the first time in the history of the United Nations that the head of a state is appearing openly and publicly with the ugly and dark accusations of the 'Protocols of the Elders of Zion.'" - - - -
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The financial crisis has put a spotlight on the obscure world of credit default swaps - which trade in a vast, unregulated market that most people haven't heard of and even fewer understand. Will this be the next disaster?
FORTUNE MAGAZINE [Time, Inc./Time Warner] - By Nicholas Varchaver, senior editor and Katie Benner, writer-reporter - September 30, 2008

As Congress wrestles with another bailout bill to try to contain the financial contagion, there's a potential killer bug out there whose next movement can't be predicted: the Credit Default Swap.

In just over a decade these privately traded derivatives contracts have ballooned from nothing into a $54.6 trillion market. CDS are the fastest-growing major type of financial derivatives. More important, they've played a critical role in the unfolding financial crisis. First, by ostensibly providing "insurance" on risky mortgage bonds, they encouraged and enabled reckless behavior during the housing bubble.

"If CDS had been taken out of play, companies would've said, 'I can't get this [risk] off my books,'" says Michael Greenberger, a University of Maryland law professor and former director of trading and markets at the Commodity Futures Trading Commission. "If they couldn't keep passing the risk down the line, those guys would've been stopped in their tracks. The ultimate assurance for issuing all this stuff was, 'It's insured.'"

Second, terror at the potential for a financial Ebola virus radiating out from a failing institution and infecting dozens or hundreds of other companies - all linked to one another by CDS and other instruments - was a major reason that regulators stepped in to bail out Bear Stearns and buy out AIG (AIG, Fortune 500), whose calamitous descent itself was triggered by losses on its CDS contracts (see "Hank's Last Stand").

And the fear of a CDS catastrophe still haunts the markets. For starters, nobody knows how federal intervention might ripple through this chain of contracts. And meanwhile, as we'll see, two fundamental aspects of the CDS market - that it is unregulated, and that almost nothing is disclosed publicly - may be about to change. That adds even more uncertainty to the equation.

"The big problem is that here are all these public companies - banks and corporations - and no one really knows what exposure they've got from the CDS contracts," says Frank Partnoy, a law professor at the University of San Diego and former Morgan Stanley derivatives salesman who has been writing about the dangers of CDS and their ilk for a decade. "The really scary part is that we don't have a clue." Chris Wolf, a co-manager of Cogo Wolf, a hedge fund of funds, compares them to one of the great mysteries of astrophysics: "This has become essentially the dark matter of the financial universe." - - - -
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HARPER'S MAGAZINE [Harper's Magazine Foundation] - By Kevin P. Phillips - May 2008
Almost four decades have passed since the United States scrapped its last currency ties to precious metals. Our copper and nickel coinage still retains some metallic value, but not nearly enough for the purpose of currency tampering-the historic temptation of inflation-plagued or otherwise wayward governments, including, at times, our own. Instead, since the 1960s, Washington has been forced to gull its citizens and creditors by debasing official statistics: the vital instruments with which the vigor and muscle of the American economy are measured. The effect, over the past twenty-five years, has been to create a false sense of economic achievement and rectitude, allowing us to maintain artificially low interest rates, massive government borrowing, and a dangerous reliance on mortgage and financial debt even as real economic growth has been slower than claimed. If Washington's harping on weapons of mass destruction was essential to buoy public support for the invasion of Iraq, the use of deceptive statistics has played its own vital role in convincing many Americans that the U.S. economy is stronger, fairer, more productive, more dominant, and richer with opportunity than it actually is.

The corruption has tainted the very measures that most shape public perception of the economy-the monthly Consumer Price Index (CPI), which serves as the chief bellwether of inflation; the quarterly Gross Domestic Product (GDP), which tracks the U.S. economy's overall growth; and the monthly unemployment figure, which for the general public is perhaps the most vivid indicator of economic health or infirmity. Not only do governments, businesses, and individuals use these yardsticks in their decision-making but minor revisions in the data can mean major changes in household circumstances-inflation measurements help determine interest rates, federal interest payments on the national debt, and cost-of-living increases for wages, pensions, and Social Security benefits. And, of course, our statistics have political consequences too. An administration is helped when it can mouth banalities about price levels being "anchored" as food and energy costs begin to soar.

The truth, though it would not exactly set Americans free, would at least open a window to wider economic and political understanding. Readers should ask themselves how much angrier the electorate might be if the media, over the past five years, had been citing 8 percent unemployment (instead of 5 percent), 5 percent inflation (instead of 2 percent), and average annual growth in the 1 percent range (instead of the 3-4 percent range). We might ponder as well who profits from a low-growth U.S. economy hidden under statistical camouflage. Might it be Washington politicos and affluent elites, anxious to mislead voters, coddle the financial markets, and tamp down expensive cost-of-living increases for wages and pensions?

Let me stipulate: the deception arose gradually, at no stage stemming from any concerted or cynical scheme. There was no grand conspiracy, just accumulating opportunisms. As we will see, the political blame for the slow, piecemeal distortion is bipartisan-both Democratic and Republican administrations had a hand in the abetting of political dishonesty, reckless debt, and a casino-like financial sector. To see how, we must revisit forty years of economic and statistical dissembling.

A short history of "pollyanna creep"

This apt phrase originated with John Williams, a California-based economic analyst and statistician who "shadows," as he puts it, the official Washington numbers. In a 2006 interview, Williams noted that although few Americans ever see the fine print, the government "always footnotes the changes and provides all the fine detail. Nonetheless, some of the changes are nothing short of remarkable, and the pattern over time is what I call Pollyanna Creep." Williams is one of the small group of economists and analysts who have paid any attention to the phenomenon. A few have pointed out the understatement of the Consumer Price Index-the billionaire bond manager Bill Gross has described it as an "haute con job," and Bloomberg columnist John Wasik has dismissed it as "a testament to the art of spin." In 2003, a University of Chicago economist named Austan Goolsbee (now a senior economic adviser to Barack Obama's presidential campaign) published an op-ed in the New York Times pointing out how the government had minimized the depth of the 2001-2002 U.S. recession, having "cooked the books" to misstate and minimize the unemployment numbers. Unfortunately, the critics have tended to train their axes on a single abuse, missing the broad forest of statistical misinformation that has grown up over the past four decades. - - - -
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SHADOW GOVERNMENT STATISTICS - By John Williams - Issue Number 41 - April 8, 2008

• Inflationary Recession Is in Place
• Banking Solvency Crisis Has Opened First Phase of Monetary Inflation
• Hyperinflationary Depression Remains Likely As Early As 2010

Overview

The U.S. economy is in an intensifying inflationary recession that eventually will evolve into a hyperinflationary great depression. Hyperinflation could be experienced as early as 2010, if not before, and likely no more than a decade down the road. The U.S. government and Federal Reserve already have committed the system to this course through the easy politics of a bottomless pocketbook, the servicing of big-moneyed special interests, and gross mismanagement.

The U.S. has no way of avoiding a financial Armageddon. Bankrupt sovereign states most commonly use the currency printing press as a solution to not having enough money to cover their obligations. The alternative would be for the U.S. to renege on its existing debt and obligations, a solution for modern sovereign states rarely seen outside of governments overthrown in revolution, and a solution with no happier ending than simply printing the needed money. With the creation of massive amounts of new fiat (not backed by gold) dollars will come the eventual complete collapse of the value of the U.S. dollar and related dollar-denominated paper assets.

What lies ahead will be extremely difficult and unhappy times for many. Ralph T. Foster, in his "Fiat Paper Money" (see recommended further reading at the end of this issue), closes his book's preface with a particularly poignant quote from a 1993 interview of Friedrich Kessler, a law professor at Harvard and University of California Berkeley, who experienced the Weimar Republic hyperinflation:

"It was horrible. Horrible! Like lightning it struck. No one was prepared. You cannot imagine the rapidity with which the whole thing happened. The shelves in the grocery stores were empty. You could buy nothing with your paper money."

This Special Report updates and expands upon the three-part Hyperinflation Series that began with the December 2006 SGS Newsletter, exploring: (1) the causes and background of the evolving hyperinflation and great depression; (2) why circumstances will differ from the deflationary Great Depression of the 1930s; (3) implications for politics and the financial markets; (4) considerations for individuals and businesses.

The broad outlook has not changed during the last year. More generally, though, developments in the economy and the financial markets have been in line with projections and have tended to confirm the unfolding disaster. Specifically, the current inflationary recession has gained much broader recognition, while the still-unfolding banking solvency crisis has confirmed the Fed's and the U.S. government's willingness to spend whatever money they have to create in order to keep the financial system from imploding. While the dollar has taken a heavy hit - down roughly 20% against key currencies from last year - selling of the U.S. currency still has been far short of the outright dollar dumping that eventually will lead to flight to safety outside of the U.S. dollar. That event is important to the shorter-term timing of the pending hyperinflation.

Regular readers may recognize text from last year's Series, as well as material from various SGS newsletters, but such is the nature of revisions to prior material. Points that may be repeated from earlier newsletters are done so in sequence to help build the arguments explaining the unfolding crisis. Great thanks are extended to the numerous subscribers who offered ideas, questions and materials that have been incorporated in this report.
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TIME [Time Warner] - By David Van Biema - October 3, 2008
Has the so-called Prosperity gospel turned its followers into some of the most willing participants - and hence, victims - of the current financial crisis? That's what a scholar of the fast-growing brand of Pentecostal Christianity believes. While researching a book on black televangelism, says Jonathan Walton, a religion professor at the University of California at Riverside, he realized that Prosperity's central promise - that God will "make a way" for poor people to enjoy the better things in life - had developed an additional, dangerous expression during the subprime-lending boom. Walton says that this encouraged congregants who got dicey mortgages to believe "God caused the bank to ignore my credit score and blessed me with my first house." The results, he says, "were disastrous, because they pretty much turned parishioners into prey for greedy brokers."

Others think he may be right. Says Anthea Butler, an expert in Pentecostalism at the University of Rochester in New York: "The pastor's not gonna say, 'Go down to Wachovia and get a loan,' but I have heard, 'Even if you have a poor credit rating, God can still bless you - if you put some faith out there [that is, make a big donation to the church], you'll get that house or that car or that apartment.' " Adds J. Lee Grady, editor of the magazine Charisma: "It definitely goes on, that a preacher might say, 'If you give this offering, God will give you a house.' And if they did get the house, people did think that it was an answer to prayer, when in fact it was really bad banking policy." If so, the situation offers a look at how a native-born faith built partially on American economic optimism entered into a toxic symbiosis with a pathological market.

Although a type of Pentecostalism, Prosperity theology adds a distinctive layer of supernatural positive thinking. Adherents will reap rewards if they prove their faith to God by contributing heavily to their churches, remaining mentally and verbally upbeat and concentrating on divine promises of worldly bounty supposedly strewn throughout the Bible. Critics call it a thinly disguised pastor-enrichment scam. Other experts, like Walton, note that for all its faults, the theology can empower people who have been taught to see themselves as financially or even culturally useless to feel they are "worthy of having more and doing more and being more." In some cases the philosophy has matured with its practitioners, encouraging good financial habits and entrepreneurship.

But Walton suggests that a decade's worth of ever easier credit acted like a drug in Prosperity's bloodstream. "The economic boom '90s and financial overextensions of the new millennium contributed to the success of the Prosperity message," he wrote recently on his personal blog as well as on the website Religion Dispatches. And not positively. "Narratives of how 'God blessed me with my first house despite my credit' were common. Sermons declaring 'It's your season to overflow' supplanted messages of economic sobriety," and "little attention was paid to ... the dangers of using one's home equity as an ATM to subsidize cars, clothes and vacations." - - - -
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THE TIMES of LONDON [News Corporation/Murdoch] - By Ruth Gledhill, Religion Correspondent - September 26, 2008
The Church of England was accused last night of having used short-selling to maximise profit on a £5 billion investment hours after its archbishops criticised banking practices.

After the call from the archbishops of Canterbury and York for tighter regulation of the markets, the liberal think-tank Ekklesia said that the Church was implicated in stock market speculation. It said that in 2006 the Church Commissioners, which manages the Church of England's investments, set up a currency hedging programme against a fall in the value of sterling, effectively short-selling the pound to guard against rises in other currencies. It also criticised the Church for its shareholdings in oil and mining companies.

On Wednesday the Archbishop of York, Dr John Sentamu, branded the traders who cashed in on falling share prices in the troubled bank HBOS as "bank robbers" and "asset strippers".

In an interview with The Times, he said that people had become enslaved to the god of money, and that leaving the market to regulate itself was like leaving a pack of hyenas in charge of a herd of cattle. He called for a judicial inquiry into the financial services industry. The Archbishop of Canterbury, Dr Rowan Williams, accepted that making a profit was a legitimate goal, "if not a morally supreme" one, but called in an article in The Spectator for more regulation of the financial world.

Jonathan Bartley, the co-director of Ekklesia, said: "The archbishops should be extremely careful when attacking City 'bank robbers' for short-selling and speculation. Amongst the billions of pounds that the Church currently invests in property and shares are hundreds of millions invested in oil and mining companies.

"The Church has benefited significantly from the speculation that has underpinned rising oil and commodity prices such as gold and copper. The Church has substantial shareholdings in banks and a stated aim of making an excess profit of 5 per cent each year, over and above the rate of inflation, on its investments."

The Church Commissioners' annual report last year revealed that its average return over the past decade was 9.5 per cent per year.

Mr Bartley continued: "By its own admission it has also hedged against a fall in the value of sterling, and set up a currency hedging programme in 2006, effectively short-selling sterling in the currency markets."

He suggested that the Church should invest in institutions such as cooperatives, friendly societies and housing associations, and to work for the good of society, accepting a slightly lower profit. "The £5 billion investments that the Church currently holds provide a valuable opportunity for the Church to put its money where its mouth is, and use its wealth for good," Mr Bartley said.  

The Church denied last night that it indulged in any dubious practices and said that its investment decisions were informed by its Ethical Investment Advisory Group. - - - -
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FINANCIALTIMES of LONDON [Pearson Group,UK] - By Peter Aspden, Arts Correspondent - September 16, 2008
An experimental sale of new works by Damien Hirst at Sotheby's auction house last night surpassed expectations when it raised more than £70m, above its high estimate of £62m.

Buyers appeared unfazed by fears over the global banking system as they spent freely. The top lot was "The Golden Calf", a 600kg bullock whose hooves and horns are cast in solid 18-carat gold, which sold for £10.3m, a record for the artist at auction. - - - -
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