2008-10-07: Pause over issue of land.

This date is derived from a brief note in the Exodus series. The following is the text. It is a brief reference to land.

The text for this date is ONLY the text between the word "tomorrow" in vs. 5 and the word "tomorrow" in vs. 6. That text says Yahvah will do this thing in the land.

The key word here is land which has a Hebrew word-picture meaning of where the Ox Head is Hooked. The date is looking for a headline dealing with grains that are eaten.

Another clue for the fulfillment of this date comes from the Pope’s US visit in April, 2008. At the prophetic match to this October date, the Pope visited a university campus north of New York City. The main feature of his outdoor rally was a procession of students presenting grains and breads. This is a match to the text for this date. It also helps identify the date’s fulfillment.

Fulfillment

• Iceland, September 28, 2008 Nationalizes Glitnir. ( details)

• Iceland, October 4, 2008 The head of Iceland’s "Bonus" grocery store chain said that the company’s creditors were refusing to extend it credit through Iceland’s banks, and instead were demanding foreign currency before supplying further inventory.

  The CEO then went on to say that Icelanders should hoard food, which caused a run on the stores over the weekend. ( details)

• Tuesday, October 7, 2008 Iceland nationalizes its second largest "Landsbank" and asks Russia for a £5.4B loan. Following a weekend of turmoil in Iceland, Icesave the UK subsidiary of Landsbank, with 300,000 depositors in the UK, closed it doors. An international row erupted over which deposit insurance system would be used to make depositors whole. By agreement the Iceland system, and Nordic systems, were to do this. The UK had to step in instead.(details, photo, timing, more, more)

• Thursday, October 9, 2008 Iceland nationalized its largest bank "Kaupthing" (details)

The story says Yahvah will do this thing in the land and of course the name of the second largest bank is following the 2 references to land in the prophetic story. The text is calling out exactly what happened on the prophetic date, the "Land Bank" collapsed.

Notes on Iceland

Iceland is country of 300,000 people and is a net exporter of food calories, mostly fish. But, they import most of their common food stuffs, especially grain and fruit.

Over the year 2008 the currency of Iceland collapsed to about 40 percent of its value compared to the start of the year, making purchases of food and fuel oil much more expensive for individuals and for the nation as a whole.

The run on stores that the Bonus CEO caused is a very close match to the procession of people carrying grain so this attracts our close attention as a fulfillment headline. This is also a direct match to the underlying meaning of the word for land in the Hebrew.

The root cause of Iceland’s troubles were a pair of corporate raiders, known as the "Viking Raiders" that were based in Iceland and had borrowed money in order to buy up companies across the globe. They, of course, owned the very Iceland banks that were lending them the funds, so in effect they were buying companies for "nothing," using money they themselves magically created through fractional reserve lending.

Fractional reserve lending requires deposits, and the Iceland banks had expanded over seas in order to increase the number of depositors, and thus deposits, that could be levered in their scheme. This is what caused British depositors to be caught in the mess. Especially critical was various branches of local governments in the UK, as well as transport agencies, that had deposits in Icesave. These ammounts were far above the insured amounts and there is risk of no repayment.

Raiding of companies using nothing was fine as far as bank accounting was concerned, and national Iceland income was concerned, as long as the companies they "raided" continued to be profitable and pay back the loans. Of course this did not hold. Like many other banks around the globe, these banks too were struck with large losses, ultimately unable to keep their doors open...

As a team, the "Viking Raiders" primary source of hard currency was overseas depositors and the New York City based Lehman Brothers. The brothers did not anticipate a collapse there, so they had no other lines of credit available to them when Lehman collapsed, which is the specific time trigger for this event, part of the prophetic stories from 1 month before.

With the collapse of Iceland’s retail banks the Iceland government became the lender of last resort and had to step in and rescue all of Iceland’s banks. More details here.

The problem is that Iceland is only about 300,000 people and the real backstop is the work output of those people. Iceland’s banks had used more leverage than just about any other and the question immediately turned to the ability of the people of Iceland to repay this debt.

Discussion now turned to the question of collapses of European governments themselves. Iceland may not have the capacity to repay sovereign debt. By one account it will take Iceland over 500 years to repay, if 1 percent if their collective work output is used to pay down debut. The Credit Default Swaps markets suggest most investors expect an Iceland bankruptcy.

By Phil Stone
Posted Friday, Zebulun 17, 12999