Information Related to "World News Review - Nov 1998"
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In Brief...World News Reviewby Cecil Maranville, Mario Seigle, John R. Schroeder, David PalmerCasualties Mount in God's Creation Man is wiping out his surroundings. A third of the natural world has been lost in the last 25 years. Ecologists call our present assault on the environment "the biggest extinction since the dinosaurs." This is the legacy of our present generation. More specifically, the rain forests in South America have declined from 3.4 million square miles in 1970 to 2.7 square miles today. Also just half of the original Florida Everglades are left. And the disturbing hole in the ozone layer above the Antarctic was the biggest on record in September. Moving on to the animal world, black rhinos in Africa have fallen from 95 per cent since 1970 to a low figure of 2,500. Red squirrels could vanish from England in twelve years. In the Atlantic, the bluefin tuna has declined by 90 per cent since 1975. These few examples form the proverbial tip of the iceberg. God has given sufficient specific laws for the protection of planet earth's environment to establish the proper principles of stewardship that should rightly govern mankind's ecological activities. Especially during the 20th century, man has failed miserably to respect his environment. God is justly concerned about man's treatment of His marvellous creation. Beyond the normal payback from the earth's ecological systems, God promises that He will "destroy them which destroy the earth" (Revelation 11:18, KJV) at the Second Coming of Christ (verses 15-17). ( The Independent (London), October 2, 1998; The Daily Mail (London), October 2, 1998.) Troubled Hedge Funds—Tip of the Iceberg? Financial concerns continue as a large U.S. investment trust, Long Term Capital, collapsed in early October and the Federal Reserve organized its rescue. TIME magazine reported: "Last week's bailout raised twin fears in Washington and on Wall Street as tall as Manhattan's Twin Towers. The first: that Long Term Capital's financial troubles are shared by many of the country's 4,000 hedge funds-lightly regulated and often secretive, high risk vehicles for sophisticated investors.... The second fear is that the Long Term Capital bailout could encourage banks to make still more risky loans, confident that the government won't let them get into trouble.... Wall Street insiders say what really spooked the Fed [into lowering interest rates] was indications that Long Term Capital had off-balance sheet derivative contracts with a value of more than $1 trillion.... Says House banking chairman Jim Leach, who plans to hold hearings in the next week or two: 'The question that remains for the economy is what other risk exists in the hedge-fund and derivatives industries'" (October 5, 1998, pages 34-36). The world is slowly coming to understand that a lot of money in banks and investment institutions is being used for "gambling" on which way interest rates, stocks or currencies will go. Regarding the Long Term Capital collapse, Ken Guenther, executive vice president of the Independent Bankers Association of America asks, "Why wasn't the Fed blowing the whistle on these totally inappropriate, crapshoot investments by some of the biggest banks in the country?" (Ibid., page 36). The problem is that much of the investments were made when the world economy appeared to be booming, and there was little risk that there would be a recession. Much of the money was carelessly invested. "Why did Long Term Capital suddenly lose money after years of winning? Short answer: the fund's investing formulas were blindsided by the financial meltdown that has spread so rapidly from Asia to Russia and Latin America" (Ibid., page 36). The world economy has always had an important role in creating an international political climate. It is no coincidence that a man such as Hitler rose to power mainly due to the distress caused in Germany by an economic depression. Will the world economy recuperate-or will it sink because of the reckless investments of greedy men who used much of the people's savings to bet as if they were in a gambling casino? ( TIME) Lost Tribe of Israel? The Canadian press has taken an interest in the lost tribes of Israel—at least in a group that some think is one of the tribes. An unusual community of 1.5 million Jews living on the India-Burma border has captured the attention of some influential people. WorldNet Daily has picked up the story. Maclean's, Canada's national weekly magazine, has also run a feature about this unusual group. So have Toronto's Globe & Mail and the Canadian Jewish News. What is their purpose? The media wants to bring pressure to bear on the nation of Israel to accept these Jews into their country. The group, which is known as the Children of Menmasseh-thought to be a variation of "Manasseh"-practices a religion that is a mix of Judaism and Christianity. Its members believe in Christ but also observe Purim. They hold to a number of other "Judaic customs such as male circumcision on the eighth day, the sacrifice of a goat on Passover with its blood painted on their doors, an obligation for a man to marry his brother's widow, the offering of sacrifices on altars, and the wearing of their shawls that resemble tallit with fringes and blue threads." Of significant interest to those who have followed the subject of the ten lost tribes is what reporter Kaye Corbett wrote about this subject. "In the past 2,700 years, historians and Bible scholars have searched for these 10 lost tribes. The Scriptures suggest they will be identified and returned to Israel in the Last Days." She then adds a list of Bible references from the Ezekiel, Jeremiah, Isaiah and Zechariah. Corbett suggests that the making of a documentary called "Quest for the Lost Tribes"—soon to air on cable television channel A&E—has revived interest in the subject. It is intriguing to find this topic addressed in the main stream press. ( "A Lost and Found Tribe," by Kaye Corbett, © 1998 WorldNet Daily) What Price Peace in the Middle East? Are those cheers of joy or screams of anger that we hear in the wake of the Wye River peace agreement? In two consecutive, scorching columns, Eric Margolis blasted the Clinton Administration for attempting to "rent Mideast peace" and passing it off as a genuine achievement. Calling it "Hollywood diplomacy," Margolis' perception is in sharp contrast to much of the media that touts the accord as a wonderful achievement. How expensive is "the rent?" "Hard figures are beginning to emerge. Israel is likely to get a special U.S. $1 billion grant on top of the $3-5 billion in annual aid that it currently receives. The Palestinian Authority may get $100 million, some of which is more likely to end up in Switzerland than Palestine. This is a very expensive photo-op" (Making America a Bigger Target of Terrorism by Eric Margolis, © 1998). "The rent" is to be paid in more than just dollars, for the United States has offered to use the Central Intelligence Agency against terrorism in the region and to "ensure the Palestinian Authority is making a maximum effort to crush Palestinian radicals" (ibid.). Margolis soberly warns that United States may pay an even higher price as it reaps increased terrorist activity for using the CIA in this way. Both the Prime Minister and Yasser Arafat have returned home to angry opposition to the accord. "Ominous cries of 'Bibi-traitor!' heard at demonstrations in Israel this week, have rightly rattled the Shin Bet security service. November 4th will mark the third anniversary of the assassination of Yitzhak Rabin, who was killed for launching the peace process between Israel and the Palestinians"(The Economist, October 29, 1998). In a related, stunning development for watchers of Bible prophecy, the Vatican's Foreign Minister issued a bold statement on October 27, 1998, saying that "Israelis and Palestinians…must consider other interested parties" in discussing the future of Jerusalem. Archbishop John-Louis Tauran said the Jerusalem is, "too sacred for its future to be decided only by Israelis and the PLO Authority." He added, "The Holy See believes in the importance of extending the representation at the negotiating table in order to be sure that no aspect of the problems is overlooked and to affirm that the whole international community is responsible for the uniqueness and the sacredness of this incomparable city" ("Vatican Calls for Special Status for Jerusalem," © Reuters). (Eric Margolis, The Economist and Reuters.) Quake Connection Scientists say there may be a link between earthquakes and volcanoes. Historical records appear to show that large earthquakes can trigger volcanic eruptions. Alan Linde and Selwyn Sacks of the Carnegie Institution in Washington studied records dating back 1,500 years and found a statistical link between the two. It is suspected that earthquakes may cause bubbles in the molten rock under the earth's surface, increasing the pressure that leads to an eruption. Bill Menk of Columbia University says, "A volcanic eruption is about 8 times as likely on a day of a big earthquake as compared to any other day." In Canada, an expert says southern Ontario is not doing enough to guard against earthquakes. A University of Toronto seismologist says there is a good chance the Toronto region will be hit by a strong quake sometime in the future. Since the region is unprepared, the damage could be very heavy. One of the signs all of the end time that Jesus gave in the Olivet prophecy had to do with weather upheaval, including earthquakes in different places. Something to consider: is it possible that an earthquake in the Pacific Ocean could cause a tidal wave-known as a Tsunami-at the same time as Mount St. Helens or Mount Ranier explode in a volcanic eruption? Seismologists and scientists in both Seattle, Washington, and Victoria, British Columbia, have already warned of just such a possibility. (Associated Press and Canadian Press) |
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Origin of article "World News Review - Nov 1998"
Keywords: environment hedge funds lost tribe Jews in India aid to Israel earthquakes volcanoes
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