We Should Have Listened To The Prophets

Bible Prophecy? Bible Prophecy, Money… And The Wizard Of Oz

Written By: kkeithnr - Jul• 16•11

And he causeth all, both small and great, rich and poor, free and bond, to receive the a mark…And that no man might buy or sell, sae he that had the mark or the name of the beast, or the number of his name.” Revelation 13:16,17.

The Bible, in this prophecy, foretold a time that their would be complete control of the finances of the entire world. None would be exempt..rich, poor, free or bond. All will be compelled by this power. Although this may seem strange, the reality is that we are now, for the most part, at the point that the “beast” (symbolic for a nation or power whether political or religious) power has reached the point foretold by this prophecy! In other words, the financial systems of the world have fallen under the control of powers that have very sinister intent, at least as it pertains to the rest of us, and toward the Creator.

Conspiracy Theory?

Is this a conspiracy theory? Well its long past the stage of a theory. Is it a conspiracy….maybe an agenda is a better word since those who would hide their actions have been very successful at associating those that use that term with wide-eyed fanatics. In fairness however, it is true that some people are indeed wide-eyed fanatics that run ahead in an irrational manner and really fit the general idea of the term. Nevertheless, this does not lessen the reality of the truth as sustained by the available facts.

Consider the number of individuals in jail, convicted of conspiracy by the state or federal government no less, and still you will have those that argue against conspiracies. I could give many, many examples of conspiracies (both large and small, and even far-reaching) but that would be getting beyond the scope of this article. Suffice it to say they have always, and will always exist this side of Heaven.

There is additional biblical evidence in the book of Daniel that also speaks to this idea of total financial dominance ….which I hope to deal with in a separate article; so none should really be surprised or shocked, in light of Bible Prophecy, at the recent financial gyrations and that it all ended in what is essentially a transfer of wealth from the middle class to the very wealthy. Thus the bail outs etc.

The Wizard Of Oz

The major vehicle that has set America and the world up to be totally financially dominated is deception and slight of hand banking and financial maneuvers. The video below details those. Now also the video purports to point to the Wizard of Oz as revealing the real banking deception, however I think the Wizard Of Oz reveals something else that is far more sinister, and that I hope to address in a future article. Although I do not agree with every inch of the video, it provides loads of accurate information and education of how the system works and how it is controlled. You will be thoroughly enlightened, and then if you were ever in doubt as to the accuracy of the Bible prophets, many of those doubts will be removed as you realize what has been, and is occurring, and you will say with me-We Should Have Listened To The Prophets.

Title: Bible prophecy The Secret of Oz
Description: Bible prophecy had a lot to say about finance in the last days. In fact Bible prophecy reveals that the finances of the world will be controlled.

Sandusky asks court for permission to visit grandkids

Written By: kkeithnr - Jan• 28•12

(CNN) — Despite being accused of child sex abuse, Jerry Sandusky is asking a judge to modify the terms of his bail so he can see his grandchildren, according to court documents.

Sandusky, a former Penn State assistant football coach, was charged in November with sexually abusing young boys over a 14-year period. Prosecutors contend he met many of the boys through his charity, The Second Mile.

Sandusky, who has denied the charges, was released on a $100,000 bail in November and barred by a Pennsylvania judge from having unsupervised visits with his grandchildren. The judge also prohibited the children from staying overnight at Sandusky’s home.

This week, Sandusky’s lawyer filed a motion urging a judge to allow him to visit with his grandchildren because his “eleven minor grandchildren… have expressed their sadness to their parents about not being able to visit or talk with,” with him, the court documents said.

Sandusky is asking the judge to grant visitation with his grandchildren at his home and to allow him to communicate with them via phone, email, text and Skype, the documents said.

The motion also requests that Sandusky be allowed to have his friends visit his home, and that he be allowed to travel to meet with his attorney and private investigators work on his case.

A hearing on the issue is scheduled for February 10 at the Centre County Courthouse in Pennsylvania, authorities said.

CNN’s Sara Ganim contributed to this report.

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Article source: http://rss.cnn.com/~r/rss/cnn_topstories/~3/Kego_PYRLO4/index.html

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California high court backs panel’s new state Senate districts

Written By: kkeithnr - Jan• 28•12

The California Supreme Court decided unanimously Friday that candidates for state Senate this year should run in new districts drawn by a citizens commission, a plan that may give Democrats a two-thirds majority in the upper house.

In a ruling written by Chief Justice Tani Cantil-Sakauye, the court said the election districts drawn by the nonpartisan commission, established after a 2008 ballot initiative, were legal and better than alternatives proposed by Republican opponents.

The court, six of whose seven members were appointed by Republicans, called the commission’s maps “a product of what generally appears to have been an open, transparent and nonpartisan redistricting process.”

Even if a proposal to scrap the new districts qualifies for the November ballot, “the commission’s certified map is clearly the most appropriate map to be used in the 2012 state Senate elections,” Cantil-Sakauye wrote.

Republican leaders denounced the ruling, accusing the court of undermining the referendum process. The ballot measure is edging toward qualification, although a complete count is not expected until Feb. 24.

Sen. Mimi Walters (R-Laguna Niguel) called the court’s decision “short-sighted and disrespectful of the over 700,00 Californians who signed referendum petitions.”

Dave Gilliard, the GOP advisor behind the referendum drive, linked Cantil-Sakauye to the late Chief Justice Rose Bird, who wrote a key precedent that allowed new maps to be used in the 1982 election even though a referendum to repeal them was headed for the ballot.

“Sadly, the Chief Justice applied a flawed, politically-based precedent established by former Chief Justice Rose Bird, who was removed from office by the voters for repeatedly ignoring the Constitution and the will of the voters,” Gilliard said.

The new maps may pave the way for Senate Democrats to pick up two seats this year, giving them the two-thirds majority needed to raise taxes, according to Allan Hoffenblum, a former GOP strategist who analyzes election contests in his nonpartisan California Target Book.

“Senate Democrats have a very good opportunity to win a super-majority in the Senate,” Hoffenblum said.

He noted that the voter registry in Republican Sen. Sam Blakeslee’s new Central Coast district is 45% Democratic and 29% Republican. Blakeslee has told his hometown newspaper, the San Luis Obispo Tribune, that he is leaning against running for reelection in the new 17th Senate District.

Another district vulnerable to a Democratic takeover is the new 19th, which will be 44% Democrat and 32% Republican. The current 19th District is represented by Republican Sen. Tony Strickland of Moorpark, who has announced that he is running for Congress.

To pass tax bills, Democrats would also need a two-thirds vote in the Assembly, where experts say it is less likely that the fall election would produce a super-majority.

Democrats in the Senate said the court upheld the wishes of voters who approved a 2008 initiative that took redrawing of state legislative districts out of the hands of lawmakers and gave it to a panel of citizens chosen, in part, because of their lack of political ties.

“Senate Democrats are pleased but aren’t surprised that the Supreme Court wisely decided to uphold the clear will of California voters,” said Senate President Pro Tem Darrell Steinberg (D-Sacramento).

Reapportionment battles tend to come before the court every 10 years, when political districts are redrawn to reflect the results of the latest census.

Opponents of the new districts are entitled to try to repeal them by initiative. If a referendum against redistricting qualifies for the ballot, the new districts are nullified and the California Supreme Court must decide which maps to use for the coming elections.

The court agreed to decide the issue before the referendum qualified to give election officials time to prepare for the June primary. Twenty of the 40 state Senate seats are up for election this year.

“We faced a serious problem of timing and coordination,” Cantil-Sakauye wrote for the court.

Justice Goodwin Liu, the sole Democratic appointee on the court, urged restraint in a separate concurring opinion. He said the court should decide which election districts to use only when a referendum was more likely than not to qualify for the ballot.

Quoting Justice Felix Frankfurter that courts “ought not to enter this political thicket,” Liu said Friday’s ruling may have “the unintended consequence of inviting future litigants to bring their grievances with the redistricting process to the court.”

“As this court’s own experience shows, redistricting controversies are fraught with political peril,” Liu wrote. “Where one judge see prudence, another may seen partisanship.”

The new district maps for the state Senate, Assembly and California’s congressional delegation were drawn last summer for the first time by a citizens commission created by the voters. The panel was made up of five Democrats, five Republicans and four people not affiliated with the two main parties.

Peter Yao, chairman of the California Citizens Redistricting Commission, called the court’s decision “a great victory for the people” and complained that the challenge was “based on partisan self-interest” and consumed taxpayer dollars.

maura.dolan@latimes.com

patrick.mcgreevy@latimes.com

Article source: http://www.latimes.com/news/local/me-districts-map-20120128,0,554129.story

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Navy wants commando ‘mothership’ in Middle East

Written By: kkeithnr - Jan• 28•12

Special Operations forces are a key part of the Obama administration’s strategy to make the military leaner and more agile as the Pentagon confronts at least $487 billion in spending cuts over the next decade.

Lt. Cmdr. Mike Kafka, a spokesman for the Navy’s Fleet Forces Command, declined to elaborate on the floating base’s purpose or to say where, exactly, it will be deployed in the Middle East. Other Navy officials acknowledged that they were moving with unusual haste to complete the conversion and send the mothership to the region by early summer.

Navy documents indicate that it could be headed to the Persian Gulf, where Iran has threatened to block the Strait of Hormuz, a crucial shipping route for much of the world’s oil supply. A market survey proposal from the Military Sealift Command, dated Dec. 22 and posted online, states that the floating base needed to be delivered to the Persian Gulf.

Other contract documents do not specify a location but say the mothership would be used to “support mine countermeasure” missions. Defense officials have said that if Iran did attempt to close the Strait of Hormuz, it would rely on mines to obstruct the waterway.

With a large naval base in Bahrain, and one or two aircraft carrier groups usually assigned to the region, the Navy has a substantial presence in the Persian Gulf and surrounding waters. Adding the mothership would do relatively little to bolster U.S. maritime power overall, but it could play an instrumental role in secretive commando missions offshore.

The deployment of the floating base could also mark a return to maritime missions for SEAL teams, which for the past decade have spent most of their time on land in Iraq and Afghanistan.

Other details of the project became public Tuesday when the Military Sealift Command posted a bid request to retrofit the USS Ponce, an amphibious transport docking ship, on a rush-order basis.

Until December, the Navy had planned to retire the Ponce and decommission it in March after 41 years of service. Among other missions, it was deployed to the Mediterranean Sea last year in support of NATO’s air war over Libya.

Instead, the ship will be modified into what the military terms an Afloat Forward Staging Base. Kafka said it would be used to support mine-clearance ships, smaller patrol ships and aircraft.

The documents posted by the Military Sealift Command in December, however, specify that the mothership will be rebuilt so that it can also serve as a docking station for several small high-speed boats and helicopters commonly used by Navy SEAL teams.

Article source: http://www.washingtonpost.com/world/national-security/pentagon-wants-commando-mother-ship/2012/01/27/gIQA66rGWQ_story.html

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Feisty Gingrich stakes campaign on electability

Written By: kkeithnr - Jan• 28•12

“Their highest value was beating Obama,” Gingrich told evangelical voters this week. “And if they thought Romney was the only person who could beat Obama, then they would swallow a lie. But the minute they thought there were two people who could beat Obama, they suddenly turned and said, Well, you know, maybe we should be for Newt.”

Article source: http://www.boston.com/news/local/massachusetts/articles/2012/01/28/feisty_gingrich_stakes_campaign_on_electability/

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Pardoned Mississippi murderer drops out of sight

Written By: kkeithnr - Jan• 27•12

Hernando, Mississippi (CNN) — The “Reward” sign being nailed above the convenience store counter takes on a little more meaning here in Desoto County, Mississippi. At the Old Road Store, it’s personal.

In 1992, this is where Joseph Ozment, the man whose photo is on the reward poster, gunned down a store clerk. He was sent to prison for life, and no one imagined they’d hear from him again. In this small town, south of Memphis, Tennessee, his picture is back up and people are wondering how someone who committed such a brutal crime could be pardoned by their former Gov. Haley Barbour — and law enforcement authorities can’t seem to find Ozment.

“It’s just an every minute, constant, in the back of your mind, where is he, what is he doing?” said Mary McAbee, the sister of Rick Montgomery, the store clerk shot to death by Ozment.

“I’m fearful. He’s a cold-blooded murderer to do what he’s done and if he thinks that he may go back to prison, what’s he got to lose?” she said.

Mississippi authorities are looking for Ozment. He received one of more than 200 pardons issued by Barbour during his final days in office. Mississippi Attorney General Jim Hood is challenging the validity of the pardons. He said Ozment and three other murderers did not meet the constitutional requirements to be granted a pardon, and he wants to see the men put back in jail to finish their life sentences.

A Jackson, Mississippi, judge will hear the case next week. In the meantime, she has issued subpoenas, commanding all the men to appear in court, but Ozment has yet to be found to be served his subpoena. He was picked up by his mother on January 8 from the governor’s mansion, where he was a trusty, serving his time. He hasn’t been seen since.

“He’s avoiding service. His mother knows it. All of his relatives know,” Hood said.

“We’ve been to all of their houses knocking on doors. I know he’s gotten the word and he’s trying to run and avoid service,” Hood said.

Hood has announced that a reward is being offered for anyone who can help locate Ozment. Police can’t arrest him because he has been pardoned, and he has committed no new crimes. Because it’s a civil case, Ozment has no obligation to comply even when he is served.

That’s not sitting well in northern Mississippi, where authorities said they believe Ozment may be. One of the men who worked the murder case in the early 1990s said the latest developments are incredibly troubling.

Barbour: Why is everyone so upset?

“Ozment already proved he can’t live in our society, by our rules,” said John Champion. “He committed the ultimate act by taking somebody’s life, so, no, he should never be out,” he said.

Champion was a young assistant district attorney working his very first case in the office. Today, he is the district attorney.

He was there in court when Ozment pleaded guilty to murder in the case and was sentenced to life in prison without the possibility of parole.

According to a transcript of Ozment’s confession to police, Ozment admitted being part of a robbery so he could have “Christmas money.” He entered the convenience store with a friend who shot the clerk, Montgomery, three times. Montgomery crawled from around the counter and Ozment looked at him and shot him twice.

“I didn’t want him to identify me or the other guy, so I shot him twice. … I shot him in the head,” Ozment said in the police confession.

Ozment said his share in the robbery was “between 50 and 60 dollars.”

“When he was shot, and he fell to the ground, they said he was begging for help. … You can’t imagine how that feels,” said McAbee, Montgomery’s sister, as she began to cry.

“And then for him to shoot him in the head … to know that he was all alone. That’s the worst feeling, to know that you can’t help someone that you love,” she said.

Champion said he remembers the day well. He said he passes the convenience store every day on his way to work and remembers the brutality and cold-bloodedness of the crime. He said he never dreamed he’d see the day that Joseph Ozment walked free.

“All of the healing that’s done over the last 18 years is all for naught. And all of the work that we did, all of the work that law enforcement did on this case, is all for naught. Why were we there?” he asked about Barbour’s pardon.

Barbour has defended his pardons. On Friday, he appeared live on CNN’s “John King USA.” He told King that Ozment and the others have been rehabilitated.

“He has no obligation to do anything. He’s been pardoned. He’s a free man,” said Barbour.

But that’s not the kind of thing a sister who lost a brother wants to hear.

“Its just the pain that we have to live with every day and now we’re doing it all over again,” she said.

Kind of like the reward poster. No one ever dreamed they’d need one again.

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Article source: http://rss.cnn.com/~r/rss/cnn_topstories/~3/05VOIlJAtco/index.html

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Atheists Promote Concert With Church-Burning Video

Written By: kkeithnr - Jan• 27•12

Atheists are using a music video that celebrates the burning of churches and synagogues to promote an upcoming atheist-themed festival at Fort Bragg.

“Rock Beyond Belief” is scheduled to be held on the parade field at Fort Bragg in March. The event was created in part as a response to a Billy Graham Evangelistic Association event that was held last year.

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Justin Griffith, who organized “Rock Beyond Belief,” said he was personally offended that a Christian evangelical event like “Rock the Fort” was held on the base.

“We felt it was entirely inappropriate for anyone to say your current religion is wrong,” Griffith told Fox News Commentary. “We view all soldiers as already spiritually complete. Whatever their current religious preference is has no bearing on how fit they are as a soldier or anything related to military business.”

Griffith confirmed the lineup includes atheist speakers, a rapper who raps about evolution and a “kiddy pool” where boys and girls will be able to scientifically walk on water.

There will also be a number of bands performing – the most famous of which is Aiden. They are featured in a video on the “Rocky Beyond Belief” website that includes images of burning churches and bloody crosses.

The website Christianfighterpilot.com was the first to raise questions about the music.

The website labels the song as the “atheist anthem.”

Among the lyrics: “Love how the burn your synagogues, love how they torch your holy books.”

The group is no stranger to strong lyrics. Another of their songs says, “F*** your God, F*** your faith in the end. There’s no religion.”

Griffith said that particular song would not be performed at the festival, but defended the video of burning churches.

“You can buy their albums in Wal-Mart, a Christian-friendly store,” Griffith said. “If you have issues with bands that sometimes have swear words, or naughty words, or shocking imagery, that’s a part of the First Amendment.”

Benjamin Abel, a spokesman for Fort Bragg told Fox News Commentary that they were launching a review of the bands scheduled to perform along with their content.

“This is a family-friendly event and we expect the entertainment will meet the standards of decency that would be typical on a top-40 music station,” Abel said. “We owe it to our soldiers and families on post to make sure it is.”

As for the graphic, anti-Christian lyrics – Abel said “I would have to think we would have to take a very close look at that kind of lyric.”

“I don’t know how family-friendly that is,” he said.

Griffith said there is absolutely no controversy about Aiden’s upcoming performance.

“It’s a little shocking to hear some of this stuff,” he said. “I’m sure you understand that these types of shocking things are not going to be front and center for a rock concert that is on a military base. This is not controversy. This is not a real story.”

But if that’s the case, why is there a video of the band performing in front of burning churches on the “Rock Beyond Belief” website?

The military could not answer that question.

“I can’t speak to somebody’s website,” Abel said. “We are reviewing the material and will ensure that event organizers understand that we will have to hold them to a certain level of decency.”

Article source: http://radio.foxnews.com/toddstarnes/top-stories/fort-bragg-to-host-anti-religion-event.html

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Biden: Only One Adviser Urged Bin Laden Raid

Written By: kkeithnr - Jan• 27•12

White House

May 1, 2011: President Obama and his national security team monitor the operation which resulted in the killing of Usama bin Laden.

Vice President Biden claimed Friday that Leon Panetta was the only member of the inner circle who definitively urged President Obama to green-light the raid on Usama bin Laden’s compound, as Biden discussed new details about the behind-the-scenes deliberations.

Biden, speaking to the House Democratic Issues Conference in Maryland, candidly admitted that he told the president not to go forward with the mission. Biden said at the time he thought the administration should do more to find out whether bin Laden was actually inside the compound in Abbottabad, Pakistan.

Describing the scene when Obama sought the advice of his top officials on whether to go ahead, Biden said most advisers — aside from himself and Panetta, the defense secretary who was CIA chief at the time — didn’t offer a clear opinion.

“He went around the table with all the senior people. … Every single person in that room hedged their bet except Leon Panetta. Leon said, ‘go.’ Everyone else said 49, 51 (percent in favor),” Biden said.

“It got to me. (Obama) said ‘Joe — what do you think?’ I said, ‘You know, I didn’t know we had so many economists around the table.’ I said we owe the man a direct answer. Mr. President, my suggestion is don’t go.”

Click here to see the video.

Biden recalled the scene to illustrate his point that Obama showed leadership and, in his words, has a “backbone like a ramrod.”

Despite the uncertain and conflicting advice, Obama told his national security adviser the next day, “Go,” Biden said.

“He knew what was at stake. Not just the lives of those brave warriors, but literally the presidency, and he pulled the trigger,” Biden said. “This guy doesn’t lead from behind — he just leads.”

Robert Gates, the defense secretary at the time of the raid, has already said publicly that he had reservations about the intelligence pertaining to the bin Laden compound.

It’s not clear exactly what every member of the Joint Chiefs of Staff and key Cabinet members advised.

A defense official said Adm. Mike Mullen who was chairman of the Joint Chiefs at the time, “certainly recognized the risk, but he did not hesitate in offering his advice that we should go.”

One U.S. official told Fox News that Gen. James Cartwright, who was vice chairman of the Joint Chiefs at the time, was leaning against a raid and more toward an airstrike in that final meeting.

The official also said that Michael Leiter, then director of the National Counterterrorism Center, was pessimistic on the intelligence.

The official said many in the room were worried about losing their jobs should the mission go wrong. The official added that one of the reasons Panetta came down on the side of approving the raid was he had met with his intelligence team — and even one of the most pessimistic analysts put a high percentage on the likelihood that bin Laden was indeed in that compound.

Fox News’ Justin Fishel contributed to this report.

Article source: http://www.foxnews.com/politics/2012/01/27/biden-panetta-only-adviser-to-tell-obama-go-on-bin-laden-mission/

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Video: Romney gains ground in Florida

Written By: kkeithnr - Jan• 27•12

good evening. the next contest in the wild run for the nomination in the gop is in
florida
. there have been two televised debates there tonight there is fresh evidence voters are making up their minds. the trend lines are moving away from
newt gingrich
, who won the last primary, and toward
mitt romney
.
romney
is now getting a lot of help from members of the
republican party
who think
newt gingrich
as the nominee going up against
president obama
in the fall is a bad idea. it’s getting rough once again in
florida
tonight. it’s where we begin on this friday evening with nbc’s
peter alexander
from the campaign trail. peter, good evening.

reporter:
brian, good evening to you. tonight
mitt romney
‘s campaign feels very strongly that they have the momentum back in this race ahead of
florida
‘s vote four days from now. this is the biggest prize yet with both front runners crisscrossing the state trying to touch all four connors.

i thought it was a delightful debate. i loved it.

reporter:
energized after his strong performance in last night’s debate.
mitt romney
tried to ensure
florida
‘s influential spanish population he’s on their side, using his youngestson to warm up the crowd. [ speaking spanish ]

reporter:
earlier,
newt gingrich
argued he is the candidate most sympathetic to the immigrant community.

i would like a cuban spring in
2013
to help the people of cuba liberate themselves.

reporter:
while he rarely mentioned
romney
by name today,
gingrich
unleashed this fiery new ad attacking his rival.

what kind of man would mislead, distort and deceive just to win an election?

reporter:
last night
romney
was aggressive and relentless trying to gain the momentum in the see-saw battle. rebuked
gingrich
.

i’m not anti-immigrant michlt father was born in mexico. the idea is repulsivrepulsive.

reporter:

gingrich
who repeat repeatedly denied attacks he supported
freddie mac
.

maybe
romney
should tell us how much money he made off how many households have been foreclosed by his investments. let’s be clear about that.

first of all, my investments are not made by me. my investments for the last ten years have been the
blind trust
managed by a trustee. have you checked your own investments? you also have investments for
mutual funds
that invest in
fannie mae
and
freddie mac
.

reporter:
trying to make up ground,
rick santorum
who pressed
romney
on his state’s
health care
plan.

in
massachusetts
, everybody is mandated as a condition of breathing in
massachusetts
to buy
health insurance
. if you don’t, and if you don’t, you have to pay a fine. what’s happened in
massachusetts
is people are now paying the fine.

reporter:
also tonight, the
romney
campaign is touting the endorsement of
puerto rico
‘s governor as they try to shore up support within the state’s his tannic community.

peter alexander
starting us off from there. thanks.

Article source: http://pheedo.msnbc.msn.com/click.phdo?i=a341aee3df6ff79e1ceed7a992c5f1b3

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Unsold goods weigh on future growth

Written By: kkeithnr - Jan• 27•12

The U.S. economy perked up late last year as hiring accelerated and factories ramped up production. Unfortunately, a lot of what those factories made is still sitting in warehouses and on store shelves.

That doesn’t bode well for growth in the coming months.

At first blush, the numbers posted by the Commerce Department for gross domestic product in the last three months of 2011 looked strong. Overall growth advanced by 2.8 percent on an annual basis, a little weaker than economists had expected based on a series of other positive economic reports. That was much better than the 1.8 percent pace in the third quarter and the best showing since the second quarter of 2010.

But much of the fourth quarter growth came from businesses restocking inventories, which swelled by $56.0 billion, adding nearly 2 percentage points to GDP growth. The so-called ”final sales” number, which tracks how much was actually sold, rose a meager 0.8 percent.

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“The pickup in GDP growth doesn’t look half as good when you realize that most of it was due to inventory accumulation,” said Paul Ashworth, chief U.S. economist at Capital Economics. “Despite the apparent improvement in some of the incoming economic data, it still looks like … another disappointing year.”

Ashworth is among a number of private economists who see the fourth quarter growth spurt easing this year. He expects to see U.S. GDP advance by just 1.5 percent in 2012.

Federal Reserve officials echoed that prediction this week, though they’re a bit more optimistic. The central bank is looking for growth of 2.7 percent in 2012, but the latest forecast was trimmed by two-tenths of a percentage point. The Fed expects unemployment to drop as low as 8.2 percent by the end of the year.

Vote: Will the economy continue to accelerate?

The lowered growth forecast prompted central bankers to extend their pledge to keep interest rates at or near zero for another year; they now expect to hold rates at rock bottom until at least 2014 to try to encourage businesses and consumers to borrow and spend more money.

Business investment slowed sharply in the fourth quarter after heavy spending earlier last year.

Consumers continued to do their part; consumer spending grew at a 2 percent annual rate, up a bit from the third quarter. Car sales zoomed ahead as the average age of the cars and light trucks on the road hit record levels. The replacement of those worn-out vehicles helped boost car sales by 14.8 percent.

Consumers are feeling a bit better about the outlook for the economy. A separate report Friday showed the University of Michigan consumer sentiment index edging up for the fourth straight month. But the level of confidence remains weak.

“Despite the rise, this and other confidence measures remain in recession territory due to global sovereign debt fear, Congressional dysfunction, and high food and energy prices,” said economist Mike Englund at Action Economics

Consumers have also fallen back on car loans and credit cards to maintain their spending. Consumer borrowing jumped by $20.4 billion in November, the Federal Reserve said Monday. That was the third straight increase and the largest monthly gain in a decade. Consumers have boosted borrowing in 13 of the past 14 months.

The gradual improvement in the job market may explain some of the rise in borrowing. But many households are also leaning harder on debt because their wages are rising as fast as the price of the goods and services they need to buy.

A breakdown of the fourth quarter GDP numbers, with Mark Olson, Treliant Risk Advisors co-chairman/former Fed governor; CNBC’s Steve Liesman Rick Santelli

Personal incomes rose at an 0.8 percent annual rate, according to Friday’s GDP report, after falling for the last two quarters. Consumer prices are climbing at an annual rate of 3 percent, according to the latest government data.

Much of that spending appears to represent people buying goods, not services. That’s a sign that households are sticking to necessities, according to Joel Naroff, chief economist at Naroff Economic Advisors.

“The clearest sign that households remain cautious was in services spending,” he said. “This is the largest component of consumer demand and it fairly budged. People are not yet comfortable buying the little luxuries in life.”

With consumers tapped out and cautious, the economy faces other headwinds in the coming year. The housing industry remains stuck in the worst recession since the 1930s. A separate report Friday showed that the pace of new home sales fell in December, making 2011 the worst sales year since the Commerce Department first began collecting the data in 1963. Sales in December fell to a seasonally adjusted annual pace of 307,000 – less than half the 700,000 that economists say represents a healthy pace.

Slack sales have forced builders to slash prices, which has kept many would-be buyers on the fence until they see signs that the market has bottomed. The median sales prices for new homes dropped in December by 2.5 percent to $210,300.

Though ultra-low mortgage rates have made home buying more affordable than it has been in decades, mortgage bankers remain very choosy about to whom they’ll lend. Some 12 million potential “move-up” buyers are stuck with mortgages that are bigger than their homes are worth.

Growth in the fourth quarter was also held back by big cuts in government spending, which lopped 0.9 percent from fourth-quarter GDP. That belt-tightening will likely continue.

What are your thoughts on the short term economic future? Share your thougts on Facebook.

Article source: http://pheedo.msnbc.msn.com/click.phdo?i=52ddcc4b3a4da755fd2b3ebe4150bd45

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Video: Exclusive: tensions flare near crucial oil chokepoint

Written By: kkeithnr - Jan• 27•12

no place in that part of the world has people more nervous than
iran
and this growing
war of words
over that country’s nuclear program. it has all focused attention on a vital choke point. 1/5 of the world’s oil passes right through the
strait of hormuz
, right in
iran
‘s backyard
en route
into the
persian gulf
. our tehran bureau chief ali arouzi managed to get a first hand look at those
troubled waters
.

reporter:
we were given a rare opportunity to get within a few miles of the strait. it’s a busy place. not just a daily parade of
oil tankers
, but
fishing boats
, cargo ships and countless unmarked iranian speed boats, making clandestined crossings every day with shoes made in china to japanese darst.
iran
stages
war games
here threatens to close the strait, shutting off the flow of oil. 17 million barrels a day. the u.s. vowed to keep the straight open. the aircraft carrier ”
abraham lincoln
” recently passed through and is now in the
persian gulf
. where merchants and politicians are concerned, this is the most significant waterway in the world. it’s i here in the
persian gulf
america and
iran
‘s resolve will be tested if they can’t come to some sort of compromise. iranians are worried about war and feeling the bite of economic sanctions. “everything is more expensive, this
fish monger
says. this man saw the american fifth fleet looking like a
floating city
and it scared him to death. not everybody is scared. this merchant, a veteran of the
iran
/
iraq war
says
iran
dealt with this kind of pressure before and will do so again. the pressure is going as the
strait of hormuz
becomes the focus of a dangerous international
tug of war
. nbc news, the
persian gulf
.

Article source: http://pheedo.msnbc.msn.com/click.phdo?i=e8bb52727d745da571b9f80f9b24067f

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