❤❤❤ The Makers Eye: Revising Your Own Manuscripts

Friday, August 27, 2021 4:35:13 PM

The Makers Eye: Revising Your Own Manuscripts



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The threat of job losses is continuing as many jobs are currently supported by government retention schemes and reduced hours, which without a full recovery in this sector, could be lost. Hao et al. As a result, the hotel and tourism industry reduced their number of employees, leading to a significant drop in cash flow and revenue. Zheng et al. Villace-Molinero et al. Based on a survey conducted in 46 countries and a qualitative study in which 28 international hospitality experts were interviewed, the authors concluded that in a pandemic scenario, confidence in communications from the local government about personal safety and security are the main factors people consider when making travel decisions.

Lee et al. They argue that the increasing uncertainty about the COVID outbreak has made the Chinese stock market more turbulent and less predictable. Their results hint that macroeconomic fluctuations and hospitality stock returns are significantly affected by shocks from the COVID outbreak. They also found that the majority of such firms are generally small ones, which would also suffer from solvency problems. More specifically, they noted that in the first seven months in , the total hotel overnight stays in Spain declined from Finally, a recent study of Clark et al. Other studies have examined the impact of previous pandemics, such as the severe acute respiratory syndrome SARS , on the performance of the hospitality industry.

In addition to this report, they also surveyed hotels in Singapore to estimate the economic loss resulting from SARS. They noted that in their own surveyed hotels the average occupancy rates were also relatively low, in the range of Kim et al. They argued that the reason seemed to be that inbound tourists saw Korea as an unsafe tourism destination within the territory of the SARS-affected Asian Pacific zone. Tew et al. In addition, Tew et al. Finally, Chen et al. They showed that for seven publicly traded hotel companies there were steep declines in earnings and stock prices during the SARS outbreak period.

Finally, they calculated the cumulative abnormal returns of stocks in this sector during 10 and day windows from the day of the SARS outbreak. The negative returns they found were also robust using different types of models to estimate the abnormal returns. Importantly, COVID has not only directly affected the hospitality industry performance, but also created collateral damage that might indirectly harm it. The literature suggests several possible additional factors behind the poor performance of the hospitality industry that might delay its future recovery. These effects are evident in the labor force Jung et al. To summarize, these studies show that in addition to the negative effect that government interventions usually have on financial markets, COVID also had various detrimental effects on the hospitality industry.

Therefore, combining these two pieces of evidence, we might expect that the impact of government interventions on the hospitality industry would also be negative. We refer to these related industries collectively as the hospitality industry. We use market prices as a proxy for the overall state of the hospitality industry as well as for the other related sectors. This approach might have limitations, albeit temporary ones, which stem from behavioral biases.

Nevertheless, using market prices is still a prevalent method that reflects the present value and state of securities. We also retrieved data from Kenneth R. As can be seen, the overall negative performance is not limited to the hospitality industry. In fact, several other industries are associated with excess negative returns compared with the hospitality industry. Note too that the worst month for all of these industries was March , when most of the interventions occurred.

During this month negative returns abounded. The recovery in the market value of the various sectors, including the hospitality industry, took place in April However, nearly all industries ended the period with a substantial decrease in their market value. Our empirical discussion also utilizes Baker et al. In designing this index, Baker and colleagues created an index based on the frequency with which various terms appeared daily in approximately 3, US newspapers. They classified these articles into three categories: E: economic, economy, financial; M: stock market, equity, equities, Standard and Poors; and V: volatility, volatile, uncertain, uncertainty, risk, and risky.

The resulting counts were scaled by the count of all articles on the same day. Fig 2A and 2B plot the evolution of epidemic-based uncertainty. As can be seen, uncertainty skyrocketed upwards multiple times above the average. The maximum value reached was A The dotted line is a one-week moving average of the index. The figure indicates that starting from the last week of February , pandemic-driven uncertainty skyrocketed to record values.

The figure includes 7-day-a-week observations. B The solid bold red line is Baker et al. This uncertainty measure considers the frequency of U. The uncertainty index observations correspond with the trading days on the stock exchange. The correlation between this form of uncertainty and variations in returns is 0. Overall, the message of the figure is that high levels of uncertainty do not bode well for a quick recovery in the hospitality sector. The overall picture illustrates a clear inverse relationship. A high level of uncertainty is accompanied by a decrease in the hospitality returns as well those of the market portfolios , and vice versa.

Event study methodology explores the response to a specific event by assessing whether it creates abnormal stock returns that can be attributed to new information released. This database is constructed from publicly available sources such as news articles and government press releases and briefings. Table 2 presents the list of U. Next, we defined the length of the event window in which we examined the behavior of the equity prices of stocks in the hospitality sector and those in related industries. In fact, there is no golden number for the length of the event window. On one hand, a longer window relying on a large number of daily returns may reveal more information.

On the other hand, other events occurring during a long-time window might contaminate the results. Given the proximity of events, we focused on a relatively narrow timeframe to minimize the possibility of confounding events. We adopted this approach to isolate the impact of each intervention, and because the COVID period was followed by many events apart from the interventions. In addition, using a long timeframe might increase the chances of contemporaneous and inter-temporal residual correlations that could result in underestimates of the standard errors [ 47 ]. Brown and Warner [ 48 , 49 ], as well as McWilliams and Siegel [ 50 ] argued that a long event window also reduces the power of the test statistics and leads to false interpretations.

The center of each event study t 0 is the announcement day henceforth, day zero. Using Hale et al. If the announcement was made on a day when the exchange was closed, we defined day zero to be the first day when the exchange was open again. For instance, if the intervention was publicly announced on Saturday or Sunday, day zero would be the following Monday. The subsections provide a detailed explanation of how we measured the returns, expected returns and abnormal returns as well as additional information concerning government interventions.

To estimate abnormal returns, we followed several studies that use the event study methodology in the hospitality and other related industries e. The term in parentheses on the right-hand side of Eq 1 is the expected normal return. The error term is the industry-specific component or the unexpected return, which can be attributed to the new information released such as the intervention. We explored each point in time separately from the market performance. Finally, we aggregated the abnormal returns CAR and computed the t-statistics, following Brown and Warner [ 49 ]. The second step of our methodology attempts to link uncertainty as a potential driver of the variations in the returns of the hospitality stocks.

Therefore, we also utilized the Granger causality test to examine the ability of the uncertainty due to infectious diseases to explain the variations in the returns of the hospitality sector in the COVID period. Technically speaking, this procedure leads to a statistical hypothesis test for determining whether a given time series is useful for forecasting another one. If this relationship holds true, then lagged values of x should contain information that helps predict y. This relationship reads as follows. This model allows us to test whether lagged values of one variable, say X, helps explain current values of another one, say Y. In other words, if we do not reject this hypothesis, then variable X does not Granger-cause Y. Lastly, after testing the potential relationship between hospitality stock returns and uncertainty, we explore the uncertainty levels around the interventions themselves.

To do so, we employ OLS estimations, which link government interventions with uncertainty. Such examination will allow us to reveal whether government interventions induce uncertainty, fear and anxiety, which will be then translated to hospitality stock returns performance. Table 3 presents a summary of the effect of each measure on the hospitality industry and related industries sorted by the type of intervention. The figure illustrates the high degree of co-movement between the hospitality and other related industries, and the shocks to these industries relative to the market portfolio.

As the table indicates, most of the events are associated with a significantly negative response to U. The only exception is the aid package e3 , announced on March 19, , which mostly had a significant positive effect. One explanation for this result might be the common belief in the early stages of the COVID pandemic that it would not spread to the U. Naturally, people were still optimistic that COVID was just another form of the flu that would have a minor effect on the economy.

From this point in time, which we can call the realization period, the U. It was during this period that a series of interventions were imposed that also had an increasingly negative impact on the hospitality industry and the economy as a whole. These findings raise the possibility that the market was overwhelmed by negative sentiment. However, it may also reflect that the expectations about economic aid and substantial government support were much more meaningful. When we delved deeper, we also reveal that February 26, was a significant milestone. It was the date on which the first U. The next intervention of the U. Intuitively, such a measure should be interpreted as good news.

However, the overall response of the hospitality industry to the U. As for the related industries, the findings show mainly insignificant negative responses on the event date. One explanation for this counterintuitive outcome might be that testing was offered only to those who had apparent symptoms and met specific conditions. Therefore, the industry regarded this as a minor and insufficient step in stopping the pandemic. Several days afterwards, on Monday, March 1, , the canceling of public events c3 was imposed. Actually, in most of the industries, there were statistically significant and consistently negative abnormal returns. This major negative response may also be a result of two additional events that occurred on the same weekend when the stock market was closed.

The first event was the official record of the first coronavirus death in the U. These events probably intensified the negative market response. Apparently, now, the market starts to comprehend that the coronavirus is here to stay, and is far from being a trivial episode. In addition, canceling public events is a real business obstacle, and with the overall comprehension of the new challenging and unclear business activity, it might explain the overall negative response. A quick glance at Fig 2A and 2B supports this notion.

In this spirit, prior works have documented that media-driven pessimism—fueled by the outbreak of a pandemic—has a remarkable impact on stocks exposed to intense media coverage e. From this point forward, the U. The findings show the clear negative response of both the hospitality sector and most of its closely related industries to these announcements. On March 5 and March 11, , the closure interventions were extended and included new restrictions such as school closings c1 and restrictions on gatherings c4.

The results in Table 3 demonstrate an evident adverse impact that was much more aggressive in terms of its magnitude. Note that on the evening of March 11, , President Trump expanded the travel restrictions on foreign travelers, banning entry for the next 30 days from 26 countries in Europe except for Ireland and the United Kingdom. This announcement probably intensified the negative market reaction on March 12, The next intervention mixed 1 was an even more significant one, given that it involved several measures of different types. The mixed 1 intervention involved three events: domestic-travel restrictions c7 on local movement between cities and regions, stay at home requirements c6 and public information campaigns h1 to raise awareness of the coronavirus.

These steps were publicly announced between Saturday, March 14, and Monday, March 16, On March 17, , the closing of public transportation c5 was the most significant event affecting the stock prices of the hospitality industry. The record level of uncertainty due to the pandemic observed on this day appears in Fig 2A and reflects the tense atmosphere in the economy. The public finance literature has established that frequent changes in government policy may have direct implications for the stability of macroeconomic variables such as GDP, consumption and debt e. The second reason is related to the uncertainty surrounding the pandemic itself and the unclear picture in its initial stages.

This uncertainty includes the ambiguity about the real consequences for the economy, the time required for economic recovery, the rapidity of the spread of the infection and its lethality. All of these factors offset the impact of the interventions, or at least postponed their immediate effect until a bit later. Another set of several interventions imposed together are described in the mixed 2 interventions in Table 3. The mixed 2 intervention involved two events. On March 19, the government announced a new restriction that required all but essential workplaces to close and people to work from home if they could c2.

Table 3 shows that the good news about the assistance package announced on March 18 during the evening overcame the negative news of workplace closures. This result is both interesting and important given that according to the American Hotel and Lodging Association, job losses in the industry are expected to be extensive. In , job loss was projected to be nearly ,, while in job loss were still expected to be around , Indeed, the announcement about closing workplaces probably was expected, given all of the former restrictions, especially after the stay at home requirement made only three days before.

Note that the aid package e3 was a turning point in the behavior of the hospitality industry performance. Lastly, and in line with the Keynesian theory that countercyclical fiscal policy actions such as lower taxes or more fiscal spending under adverse economic conditions may help the economy recover e. The aim of this stimulus was to cover the salaries or provide direct cash payments to people who had lost their jobs or could not work e1. It also included payments to firms if explicitly linked to payroll or salaries. It was the most substantial stimulus package in U. In spite of these generous fiscal steps, the results in Table 3 show a decline in the hospitality performance on the event date.

This negative response is probably because this package of income support included payments to firms if explicitly linked to payroll or salaries but did not compensate the hospitality industry for its massive loss of revenues. In addition to the results reported above, additional findings for different time windows are available in the S1 Appendix. The results remained similar. In the next subsection, we examine the impact of pandemic-driven uncertainty developed by Baker et al.

Table 4 reports the Granger-causality test results about the causal relationship between uncertainty due to infectious disease and variations in the hospitality stock portfolio. We follow the literature and use the squared returns as a proxy for price variations e. The table lists the F-statistics of the Granger-causality test. For robustness, we set the lag-length of the model using the Schwarz Bayesian information criterion and run the Granger procedure for five different order lags to gain insights into the dynamic relationship between the two variables.

The results, illustrated in Table 4 , reports relatively large F-statistic values which indicates a major rejection of the null hypothesizes that uncertainty does not Granger-cause the variations in returns. In other words, the results suggest that the uncertainty driven by the COVID pandemic is a strong driver of the variations taking place in the equities of hospitality firms. This result is in line with the view that the intensity of news and media coverage contributes to the variability of the stock market e.

Table 4 illustrates the results of the test conducted on the data between December 31, and April 30, The results reported here are straightforward and indicate that this type of uncertainty drives price fluctuations in hospitality as well as other closely related industries. In line with a battery of studies documenting the link between the stage of the outbreak and equity returns e. They confirm that the most significant factor during pandemics, particularly for the hospitality industry, is uncertainty.

It is also worth noting that a possible source of the high levels of uncertainty might be the strong government interventions and the frequency of the interventions themselves. Pastor and Veronesi [ 23 ] presented a general-equilibrium model according to which changes in government policy create two types of uncertainty: impact uncertainty and political uncertainty. The former is the uncertain impact a particular policy will have on the profitability of firms. The latter is the general uncertainty resulting from changes in policy. In equilibrium, these types of uncertainty lead to increased volatility when the government changes its policy.

The results in Table 5 lend support to this contention. We examined the average values of uncertainty on the day of and the day following government intervention. Overall, the picture emerged in Table 5 indicates that intervention days as well as the day following were associated with increased uncertainty. Therefore, one of our main conclusions is that governments should be transparent about their future actions and interventions regarding the hospitality industry.

Furthermore, decision makers and businesses operators in the hospitality industry should make their best efforts to increase their transparency and make their transactions with consumers as comfortable as possible. Reducing the degree of uncertainty is a key element in rebuilding the hospitality industry and making government actions efficient, with minimum financial and economic damage. Our findings have important implications and suggestions for the hospitality industry managers, investors exposed to this industry, and policy makers at both the firm and state levels.

We demonstrated that the impact of COVID, as well as government interventions, is not limited to the hospitality industry alone, but also affects other industries related to it. When the economic situation is uncertain, consumers typically tend to put off their consumption of hospitality in favor of more basic products. Governments groped in the dark in an effort to find ways of dealing with the situation. Their frequent changes in policy stoked the uncertainty surrounding the situation. One method that governments can use to reduce uncertainty and increase public confidence is transparency. Since time is crucial in managing a crisis, government policies should be announced publicly as soon as possible.

To deal with the uncertainty related to the spread of the virus itself, governments must continuously provide as much information as possible about the evolution of the pandemic. For example, they can use campaigns, create special pandemic or crisis management websites, and provide contacts and information—all aimed at giving the public the maximum sense of control. Regarding the second type of uncertainty, which relates to government policy, governments should be transparent about the types of interventions they plan to use, how they expect to implement them and their planned duration.

Governments should publicize their plans for dealing with economic and non-economic issues, indicating how they will affect individuals, investors, employees, employers and business owners. In addition, it should announce the availability of income aid, debt payment relief and fiscal spending that is immediate, widespread and generous. In addition, the public should be informed precisely how the government plans to finance this spending imposing taxes, increasing deficits and debt ceilings, etc. Transparent policies may mitigate the uncertainty in the short term and allay fears about the economy. Our findings imply that investors, funds and portfolios managers should account for possible extreme events such as pandemics followed by governmental interventions, which may spillover to other industries and capital markets.

Investors can improve their investment tactics by paying more attention to the characteristics of the economic measures imposed to deal with infectious diseases and their resulting uncertainty, knowing now that they will have a negative impact on the performance of the hospitality industry. By doing so, they can safeguard the value of their investments using techniques such as short positions, derivatives, forwards or any financial instruments that have a weak or negative correlation with the performance of the hospitality and tourism sectors. In the midst of COVID and its economic implications, several opportunities may arise in other related industries, as evident in the unprecedented growth in their equity prices.

In addition, the report projects that U. In this respect, future studies can examine the performance of hospitality and related industries before, during and after the COVID While governments around the globe, including the U. During this time, owners and businesses operators in the hospitality industry can prepare for future activity and the post COVID tourism environment. In addition, stakeholders should adjust their businesses for both the short and long terms and minimize the sensitivity of their businesses to the possibility of future government restrictions even after reopening the hospitality economy.

They also have to consider innovations in their businesses in terms of social distancing and keeping a sanitized environment. Owners and hospitality service-related vendors such as airline companies, cruise companies and multinational hotel chains must cooperate with each other, and enforce strict protocols for the handling and preparing of food. Travel agencies can encourage people to travel by offering flexible rebooking options and free health insurance that covers COVID during the trip. Fast COVID tests before departure and after landing will help airline companies and airport authorities restore confidence in the safety of travel, which will encourage tourism and prevent infection in public areas.

For national policy makers, our results highlight the devastating response of the capital market to interventions, particularly closures. The main factor hurting the hospitality sector and other related industries is uncertainty. Indeed, at this point, there is still great uncertainty about the rapidity of the spread of the disease and its lethality, whether a second wave of infection will occur, the time required to develop and distribute vaccines to the public, the real effectiveness and outcomes of social distancing and whether government policy responses and interventions will become permanent.

Therefore, governments should try to be as transparent as possible in devising a clear plan and definitive goals for the near and far future. They should do so by working with the other state economic authorities in order to minimize the negative impact of uncertainty. This approach is crucial because the cumulative evidence indicates that uncertainty reduces economic growth and firms postpone investment and hiring [ 46 ]. Our results also underscore the adverse effect that closures have on the performance of the hospitality industry. Therefore, governments should be extremely transparent before enacting such regulations. They should also follow them with economic support to reduce not just the negative effect of the closures, but also the negative effect of the uncertainty about when the restrictions will be lifted.

An important recommendation derived from our results is providing financial assistance alongside regulations that close workplaces. As our results hint, it is a key condition for providing significant relief from the detrimental impact of labor market closures. Since the labor market is an important component of the soundness and growth of the economy, especially in the hospitality industry, governments should consider mitigating the negative impact of closures with financial measures that support employees, employers and the economy.

Beyond their immediate impact, the measures put in place today will shape the future of hospitality. This outbreak is an opportunity for governments and businesses to develop new concepts of hospitality by reducing costs, utilizing green and clean energy and implementing new health protocols for safe travel. Governments should encourage the digital, low carbon, structural transitions needed to build a stronger, more sustainable and resilient hospitality economy. Finally, scholars can use our findings to explain why the performance of the hospitality industry deviated so much from that of other service-oriented and economic sectors.

They can incorporate the uncertainty resulting from infectious diseases and interventions into their pricing kernels. To conclude, the massive fiscal stimulus adopted during the subprime crisis of showed that the intervention of government as well as other monetary and economic authorities was crucial in halting the financial deterioration of the finance sector and, consequently, the real economy e.

Thus, the outcomes could have been even more destructive without the quick, massive, generous government measures. While these measures did not have an immediate positive effect because of the great uncertainty and public panic at that point, they might have had a lagged effect. Fig 2B depicts the gradual effect following the economic steps during the pandemic outbreak. Nevertheless, stimulus plans are controversial. Politicians must decide whether they want to stimulate the economy by increasing debt-financed spending, increasing balanced-budget spending financed through higher taxes in the future or providing debt-financed tax cuts.

This study explored the effects of interventions by the U. We used an event study methodology to explore the impact of four types of interventions: economic, health, closures and mixed types of interventions. Closures had a consistently negative effect on the hospitality industry. The closing of public transportation e5 , domestic travel restrictions e7 and stay at home requirements e6 had a strong negative impact on the hospitality industry. Such interventions had a direct negative impact on the revenues of this industry. Possible explanations for these results might be the uncertainty originated in the unclear and inconsistent government policy itself.

The latter is viewed in the public finance literature as a source of ambiguity with a direct effect on the stability of key macroeconomic variables. In addition, the hospitality sector expected more meaningful and substantial government support, especially, due to the expectation that this industry would have a late recovery. Similarly, the package provided payments to firms that were explicitly linked to payroll or salaries but did not compensate companies in the hospitality sector or closely related industries for their massive loss of revenue. Furthermore, the resulting uncertainty driven by the pandemic in terms of the spread of the pandemic, its lethality, time required to develop vaccines, unknown economic implications, etc.

In periods of uncertainty, firms always invest less and hire fewer people. Similarly, people tend to save money rather than spend it. Accordingly, such unprecedented uncertainty was translated into a sharp decline in the value of hospitality firms. These conclusions are relevant to both regulators and the leaders of the hospitality industry. Government policy is not just about choosing a deficit level, but also about influencing public expectations. Hence, leaders of the hospitality sector must prompt regulators to develop clear policies aimed at reducing economic uncertainty and persuade them that a gradual lifting of the closures will allow the hospitality industry to recover. Browse Subject Areas? But as a Master he could but advise, for under the Cosmic Law he was bound to respect the free will of those involved.

He could but hope that his extraordinary feats demonstrated before their very eyes would add more validity to his words of counsel. As a Master, the Comte de St. Germain could clearly see the future fate of the royalty if they continued on their path of arrogance and war. He laid out these dangers to the powers that be, including the famous Marie-Antoinette, Queen of France. But his visions of the future fell on deaf ears. Instead internecine court plotting took precedence over the looming events. Finally, their arrogant blindness led them into direct confrontation with the masses in the French Revolution. A decade before, the Comte de St. Germain took time off in Europe to externalize as a gentleman in the back of the room at the Philadelphia State House when the Declaration of Independence was before the body of colonial leaders for signing.

Sanctus Germanus would nurture this creation just as he did as Joseph, the father of the child Jesus. Back in Europe , Sanctus Germanus could not use his powers to strike back at those who sought to kill him. And indeed plot after plot to incarcerate or kill him followed him. No, as an ascended Master, that due his enemies would have to be left to the Laws of Karma. Both the American and the French Revolutions came about in part from the liberal ideals advanced during the Age of Enlightenment of which Sanctus Germanus was an integral part in his incarnation as Sir Francis Bacon.

The revolutionary ideas that swept over the European continent following the fall of the French monarchy would level the influences of the royal courts forever. More is not known about his role in the birth pains of America. Germain dealt with creating the governing and social context for the liberation of mankind from tyrannical authority and poverty. During the 19th and 20th centuries, Sanctus Germanus would turn his attention to the more difficult and arduous process of soul liberation. Sanctus Germanus and the Process of Soul Liberation.

All these movements would have in common the message of Soul Liberation. It was no accident that this first embodiment of the Ancient Wisdom to the west would start in America when Helena P. Madame Blavatsky only hints of the role that Sanctus Germanus played in her training and teachings, although one sees him in the precipitated photo in About Us. It revealed to the western world that Christianity had its roots in the Ancient Mystery Schools of Egypt and India and that Jesus had indeed traveled there and received instructions from the Masters of the Great Brotherhood of Light. That the very foundations of Christianity came from the same source as Buddhism and other religions would plant the seeds for the coming World Religion. He would have to look inward, reconnect with his own soul and then allow it to infuse his physical body and express itself.

This was soul liberation and the salvation of mankind. The Theosophical movement would spread throughout the world by the first quarter of the Twentieth Century, then wane, kept alive by the rich research and insights done by the founders and luminaries during its initial stages of development. Today, their publications continue to provide a firm foundation establishing the Ancient Wisdom in the western world. The Tibetan Master Djwal Khul stepped in, as internal strife in the Theosophical Movement caused it to lose momentum, and dictated an impressive body of teachings to Alice A. Bailey over a period of forty years. As with his appearance as the Comte de St. As an ascended Master Sanctus Germanus worked through his messenger Mr.

In , Mr. This movement attempted to formalize the teachings of the ascended Masters into a university curriculum to train disciples and initiates for the Great Brotherhood of Light. But as is often the case, the movement became the target of the dark forces, and misrepresentations from the astral plane bearing look-alikes of the Masters began to skew the teachings of the movement, leaving many disillusioned followers in its wake. We have seen in the various incarnations of the Great and Holy Master Sanctus Germanus a constant theme of liberating mankind from the clutches of dark thinking and superstition.

From the time as Joseph he nurtured the child Jesus and saw to it that he was instructed in the tradition of the Ancient Wisdom. In his subsequent incarnations he continued to keep the ancient mysteries alive in the Rosicrucian and Masons secret societies that survive until this day along with other embodiments of the Ancient Wisdom such as Theosophy. With centuries of experience on earth in various incarnations behind him, the ascended Master Sanctus Germanus has now been given the responsibility as the growing hierarch of the New Age. The Masters of Wisdom, as you know, play no favorites. If there is a favorite amongst them it is simply that the will of God be done and fulfilled. And the Master St. Germain obviously is no exception to this.

And so to him. Yes, yes, yes, of course, those have all been his stomping grounds. But literally the whole planetary body is subject to his will. Today his presence is felt everywhere in the world. Unbeknownst to most, Sanctus Germanus has been the inspiration and promoter behind the tremendous explosion of innovations involving the computer and the Internet. Each time you sit down at your computer and log on to the Internet, think of the Great and Holy Master Sanctus Germanus. Email is right now the crude precursor to mental telepathy, which will be the basis of communication in the advanced stages of the New Age.

Of course, the greed that accompanied the dot. It will just be a matter of time before the earth will experience forms of the Internet heretofore inconceivable, and Sanctus Germanus uses this innovation in ever more frequency and power to get his message of soul liberation to mankind. But before these great promises of soul liberation and peace can be realized on earth, we must pass through yet another period of earthly turmoil. Time will fly, so to speak, but the temporary result will be a world engulfed in insanity. What will appear to the material eye as a collapse of the financial, economic, and political structures in the world and the rise of terrorism, war, and plain insane behavior worldwide must be interpreted as a grading process, the weeding out of the evil influences on earth, the separation of the tares from the wheat.

The story of how this change will occur, takes us back to Tudor England. There was an enigmatic character by the name of Saint Germain. He learned the secrets of alchemy by studying ancient esoteric knowledge into the occult he was literally able to turn lead into gold, rocks into diamonds, and later was able transmute his mortal body into a immortal angel conquering death itself. He who succeeds in raising himself above his emotions, in suppressing in himself anger and the fear of illness, is capable of overcoming the attrition of the years and attaining an age at least double that at which men now die of old age.

Comte de Saint Germain. Comte de Saint Germain was noted for rubbing elbows with the monarchies. No one knew the source of his income. Then around he shared his secret money making techniques to certain German bankers in hopes that they would use the money to help humanity. Using his techniques, they along with the monarchies choose to squander the money for themselves.

Even to this day, these bankers have continued to keep this knowledge secret. Bank Roll Programs. Together they invested some of their families money into secret money roll programs, to be used for humanitarian purposes. The bank roll programs, allow wealthy investors to make insane profits by ripping off the assets and resources from third world nations. The profits from these programs are utterly astronomical as monthly returns can be in excess of , and , The news of these programs spread by word of mouth and especially via multi-level marketers.

Thousands of people invested and great wealth was generated, but little, if anything was ever paid back to the investors. Trustees such as Clyde Hood and Mike Kadoski where sent to jail under false charges. Then corruption, greed, and fraud became wide spread among the bankers, government, and even some trustees who wanted to steal the money for themselves. Even the Bush family had their hands in the pot, using Promis Software they could transfer stolen funds without being traced. Many have died because of this wealth, but God has another plan for humanity. This money will be used to buy out all oil corporations, banks, pharmaceutical cartels, and zero out all debt. This is enough money to buy a gold cube the size of the orbit of Saturn. So astronomical most people will not believe it!

The money from the World Trust will be distributed in the following manner. Level One — World Trust. This is under the trusteeship of Master St. At his direction The World Trust can only be activated for payout at only two times during any given year, Easter and Christmas. At St. This process continues down through the four lower levels of trusts to the people, and under certain conditions the funding window remains open until the next holiday funding window begins. For example, if the Easter window is activated, the window can remain open until December 24, the day before Christmas, at which time it closes. The window remains open only if significant funds are moved to certain designated trusts during a set period of time.

If not, the funding window is closed when such deadlines are not met. Level Two —. These are the Royal Trusts under the control of trustees in various sovereign countries. Level Three —. Level Four —. These are the plus Corporate Trusts under the control of trustees from powerful companies and corporations. There are trustees per trust which means that approximately trustees must sign documents to move money through these trusts.

Level Five —. These are the Prosperity Program Trusts which represent the various bank roll programs which are under the control of designated program trustees. Again, there are trustees per trust or some persons who must sign documents to activate these trusts. The largest trust is Freedom and it must be funded first. Then finally the funds will be released to the common man. Should this process be activated and then be stalled by deceitful bankers, deceitful trustees, etc. This is the problem members of the Bush family are blocking the release of these funds. There is much disinformation on the Internet pertaining to this law. Sources such as quatloos. The information on the Wikipedia even has its facts wrong.

If you look closely this law it stands for National Economic Stabilization and Recovery Act, which would reform the economy and replace the income with a national sales tax. The pioneers of our new republic knew the threat that faced the young nation. To ensure its survival a nobility amendment was passed to prevent anyone who had loyalties to the crown from holding public office. The 13th Amendment was approved by congress and the House of Representatives in It was ratified by all the necessary states into law on March 12, It reads as follows. If any citizen of the United States shall accept, claim, receive or retain, any title of nobility or honour, or shall, without the consent of Congress, accept and retain any present, pension, office or emolument of any kind whatever, from any emperor, king, prince or foreign power, such person shall cease to be a citizen of the United States, and shall be incapable of holding any office of trust or profit under them, or either of them.

It would also mean anyone who is a member of the BAR Lawyer association would not be allowed to hold public office. Remember the B. This amendment is technically still in effect today and therefore all the laws that have been made by lawyers remains unconstitutional, as they are not allowed to be US citizens. This is why England fought in a war with us in Washington D. The British monarchy knew the American people would never tolerate British rule again, so they offered back the republic to the people with one exception, the 13th amendment was to be removed from the constitution.

Then we had the Federal Reserve Act of which put America into slavery. The farmers soon realized the banks where not only charging exorbitant and illegal amounts of interest, but they where illegally foreclosing on their homes. When these farmers began to seek legal action against the banks they soon realized that the government and banks where working in collusion with each other. A series of lawsuits where initiated against the banks and the government. Over , Farm Claims filed for fraud against the U. In retaliation the banks and the government sent the IRS against the farmers. When the farmers realized they where being unfairly targeted by the IRS they began looking for ways to fight back.

They requested help from military generals such as General Ray Swasinger, to sit in the court room to ensure the bribed judges would vote according to constitutional law. Then in , the farmers appealed their case to the US supreme court. Almost unanimously the U. Furthermore the court ruled the shocking truth that the IRS and the Federal Reserve where unlawful, that the income tax amendment was never ratified by the US states, and that the US government had illegally foreclosed on farmers homes with the help of federal agencies. Irrefutable proof of such was presented by a retired CIA agent. The Justices recognized that to remedy this situation, massive reformations would be required.

Now, when rulings are made by the U. Supreme Court, one or more Justices are assigned to monitor the progress on how the rulings are carried out. In this case, five Justices were assigned to a committee to develop steps to implement required government and banking reformations. As the Justices went about developing the required reformations they enlisted the help of experts in economics, monetary systems, banking, Constitutional government and law, and many other related areas.

After the trial, the damages process name was changed to Bank Claims. From through , U. Treasury Department to obtain payment for the damages as specified by the U. Supreme Court. Due to the ground breaking changes required, an extremely strict gag order was placed on everyone, directly involved and the court case records. Anyone who broke this gag order would receive the death penalty.

Furthermore all court records where sealed until after all the reforms are completed. As a result doing a search for this case will fail to reflect the correct information until after the reformations are made public. At every step of the process, anyone directly involved has been required to sign an agreement to keep the U. This gag order was placed on all media personnel, government officials, and bank employees. This is why Alex Jones or TV news anchors will not talk about this on air. Nor will wikipedia tell you the truth behind the law. Minnesota Senator Paul Wellstone, was about to break the gag order, but before he could his small passenger plane crashed killing his wife, daughter, and himself.

To implement the required changes, the five Justices spent years negotiating how the reformations would occur. The U. Plus remedies will need to be made to U. Zeros out all credit card, mortgage, and other bank debt due to illegal banking and government activities 2. Abolishes income tax 3. Increases benefits to senior citizens 5. Returns Constitutional Law to all our courts and legal matters. Monitors elections and prevents illegal election activities of special interest groups 8. Initiates new U. Treasury Bank System in alignment with Constitutional Law Eliminates the Federal Reserve System Restores financial privacy Retrains all judges and attorneys in Constitutional Law Ceases all aggressive, US government military actions worldwide Establishes peace throughout the world Initiates first phase of worldwide prosperity distribution of vast wealth which has been accumulating for many decades.

The law requires that the farmers claims to be paid first before the general public receives funds. Remember, these funds will come from the Level 5 Trust, bank roll programs. Releases enormous sums of money for humanitarian purposes Enables the release of new technologies such as free energy devices, pollution cleanup, and sonic healing machines. This law was passed secretly on March 9, by Congress. It was voted on by seven members congress, which where the only ones constitutionally allowed to hold office. This is because the nobility amendment prevents anyone with ties to the crown from holding office. Plus, NESARA requires all congress members to resign immediately, so all the corrupt members of congress refused to vote. From its very inception Bush Snr.

Secrecy was maintained by revising the official congressional registry. The details of the bill number for NESARA were revised to reflect a commemorative coin and revised again more recently. Our members of congress will not tell us any of this because they have been ordered by the U. This why there are no public Congressional Records! So, the military generals enlisted the help of the elite Naval Seals and the Delta Force. This occurred on October 10, Before NESARA is announced to the public it is stipulated that the original farm claims must be paid out first in with gold or precious metals backed currency as stipulated by the constitution.

Therefore they cannot be paid in Federal Reserve notes which is not money anyway. This money will come from the bank roll programs originally set up by benevolent illuminati families. The only catch is to release these funds they must first be released by Goldman Sacs and Bank of America which are owned by the Rockefeller and Bush cabals. The drivers of these Fed Ex trucks are heavily bribed and many of are afraid of reprisals from the Bush family if they deliver their payload as required by law. One time when these packets where returned to Washington D. Federal judges ordered him to release the funds, G.

Bush replied. This has been going on for some time, so the IMF, and World Bank got together along with the Rothschild family to set up a new global banking system backed by gold. This will ultimately kill the Federal Reserve System which is worthless fiat money. It was approved by congress on September 19, On October 19, , at midnight the U. On September 10, George Bush Sr.

EDT on September 11, Just before the announcement, Bush Snr. Treasury Bank system. George Bush Snr decapitated any hopes of returning this government back to the people. Without a gold backed treasury system our country is headed to economic collapse, and eventual civil war. We are all familiar with the official story of September 11th: Four jetliners where hijacked by groups of four and five Arabic men armed with box cutters, who flew three of the four jets into the Twin Towers and Pentagon. The World Trade Center weakened by the fires collapsed into piles of rubble.

Later that afternoon, the 47 story Building 7, collapsed due to fire a fact which most people are unaware of. The problem is when one investigates the conflicts of interest and red flags we find a long series of improbable coincidences. It is standard operating procedure SOP to scramble a jet fighter whenever an airliner goes off course or radio contact is lost. Between September and June , interceptors where scrambled 67 times. In jets where scrambled times. The air traffic control system continuously monitors air traffic and notifies NORAD of all deviations. NORAD is responsible for monitoring, air and space traffic continuously, and is prepared to act immediately to threats and emergencies.

It has the authority to order units from the Air National Guard, the Air Force and other armed services in pursuit of airliners in trouble. With this in mind what would cause the massive breakdown in the chain of command? Norman recalled an officer coming in every few minutes to question the Vice President if NORAD should continue to stand down and not shoot the airplanes out of the sky. The airplanes which flew into the twin towers where military aircraft as no normal could maneuver the way they did. Remember the hijackers nearly flunked out of flight school, how are they able to maneuver an airplane in such a way even expert pilots could not. These planes were most likely flow using autopilot because all 5 planes had their black box in flight recorders turned off at the same time.

The recorder is turned off when the Airborne Warning and Control System takes over the craft. The Planes where controlled using the U. The truth is the September 11th attacks where carried out using remote processes. It was planned out by a CIA unit of people Aquarius? This group carried out the attacks and staged the so-called cell phone calls purported to be from passengers on the commercial airlines by using voice impersonation technology and other remote technologies. This same CIA group also created the conspiracy story of 19 Arab hijackers, many of whom where either dead or in jail in the middle east. Explosions in WTC. Yet the report fails to mention how the buildings could collapse due to fire without a historical precedent of any steel framed skyscraper collapsing other than a controlled demolition.

In the entire report only two sentences in a half page section gives us hints as to what really happened. A striking distinction of the World Trade Center collapse was the pulverization of the concrete into dust and gravel before it hit the ground. This can been seen in videos which show the towers mushrooming into vast clouds as they fall, leaving only twisted pieces of steel and no large pieces of concrete.

While the building is collapsing you can see puffs of smoke exploding each floor out in a timed demolition. These puffs of smoke are called Sprites; which explode outward 10 to 15 floors below the rubble as the building collapses. This would suggest the detonators where on a timed circuit set to go off in a controlled manner. This also explains why the building collapsed in a free fall. An unobstructed freefall using Newtonian physics would be 6 seconds. Logic would dictate as the building collapsed the floors below it would reduce the speed, however the World trade center collapsed in 7 seconds.

All of this make s sense especially when you consider the testimony from the firefighters. They reported hearing bombs going off but the media ignored their testimony. Even Columbia Observatory recorded minute explosions on their seismograph, moments prior to the collapse. William Rodriguez who worked as a janitor reported hearing explosions in the basement just moments prior to the airplane colliding into the world trade center. Hilary Clinton promised him a high position in her government if he remained silent about this. Instead he refused, even today the media continue to ignore and distort his testimony.

There is no way Jet fuel could burn hot enough to melt the steel in the WTC, this is because steel melts at 2, degrees Fahrenheit, and Jet fuel burns at 1, The truth is the fire burned around degrees and was about to extinguish itself. This can be confirmed by the black smoke which occurs in an oxygen deprived fire. There is no way the fires could have burned as hot as the government claims especially when the videos show people sitting at the edge of the impact hole waiting to be rescued.

Furthermore, Steven Jones, professor of physics at Brigham Young University found that the rubble had evidence of evaporated steel, and thermite which is used in controlled demolitions. In order for steel to evaporate it would require temperatures in excess of 5, degrees Fahrenheit. Even three weeks after the world trade collapsed their where still areas of rubble which where so hot fire fighters could not go near it. This was crime scene, and by removing the evidence the government violated crime scene laws. So now the question is how did those explosives get into the building without anyone noticing it? For 36 hours there was no electrical supply from the 50th floor and up. This would mean there would be no security cameras, security locks on doors.

Even more red flags are raised when one considers the fact that bomb sniffing dogs patrols where halted on September 6, So who allowed this to happen? Securacom later renamed Stratesec was responsible for the security of the WTC complex. Marvin Bush, G. The only problem with this is, fires have never leveled a steel skyscraper before. The team that investigated the collapse was kept away from the crime scene; by the time their report was published in May the evidence had been destroyed. Building 7 had a number of fires of limited extent and unknown duration before the total collapse at PM. Official reports assume the debris from the North Tower ignited the fire at A.

NIST suggested it was cause by severe structural damage. However other skyscraper fires exhibited more extensive burns and longer lasting than Building 7, but none of these other buildings collapsed. From the video evidence, it is clear building 7 collapsed in a controlled demolition type manner. Maybe the smartest thing to do is pull-it. Pulling is a term used in controlled demolitions. Now it takes weeks of planning and installation of detonators for a successful controlled demolition. How could all these detonators be conveniently in place unless Silverstein had foreknowledge the attacks would occur?

The truth is the world trade center was loaded with asbestos. So not only is it cheaper to do a controlled demolition Larry Silverstein made money from it too! Buildings which where much closer to the World Trade center sustained more damaged yet did not collapse due to fire. Maybe this can be answered when we look at who has the most to gain from the destruction of this building. Conveniently these document where destroyed when the building collapsed. It had bullet and bomb-resistant windows, its own water and air supply, the ability to withstand mph winds, and a full commanding view of the entire WTC complex. He decided instead, to set up a makeshift command center down the street.

What else are they hiding from us? What happened to the debris from flight 93 in Pennsylvania? It was mysteriously missing, with the only evidence left, a 15 foot hole in the ground. The truth is flight 93 was intended to hit Camp David. If you go to YouTube you can hear the actual sound bites from the new networks which announce flight 93 hit Camp David. By blaming the Muslims it would have given our government another excuse to bomb the Middle East. Why was their no investigation in the put options on American Airlines stock? The questions go on and on. The government will not answer them because they are at fault. The whores in the media will not tell us the truth, as many of the major news networks have been paid off to lie to the American people.

Its all about the money! There is no way a foot wide Boeing airplane could fit into a hole feet wide. Unfortunately the government confiscated most evidence covering up what happened. After the impact, pentagon officials confiscated 80 video cameras which where focused on the pentagon, and eyewitnesses had to sign nondisclosure agreements. To date only one of these videos has been released and this video is only 4 frames.

All we can conclude from the video is a blurry metal bogey of some sort hit the pentagon. It is safe to rule out a , because such a large aircraft flying at mph would literally be torn apart from turbulence created while flying under 60 feet in altitude. The truth is Bush ordered the destruction of the Pentagon building to prevent this country from returning back to constitutional law.

Remote pilot technology was used to fly a small white private plane loaded with explosives into the Pentagon at the exact location of the White Knights in their new Naval Communications Center. Patriot Acts I and II will eventually take away basic constitutional liberties such as a trial by jury and search warrants. When one takes a closer look at the secret memos and executive orders the intent of the elite is clear. We are now living in a police state just like our Nazi leaders have always planned for us.

The Bush family and the Bin Laden family are in fact best friends. They where both business partners in Saudi Oil and members of the Carlye Group. He checked into the Mayo Clinic in Rochester, MN prior to September 11, seeking medical treatment for his kidney problems. The hospital gave him and his family a floor unto themselves for privacy. He later died on December 26, from kidney renal failure and lung complication.

The big lie by the US government is to keep the people believing there are terrorists out there to get us. Furthermore the media refuse to investigate how a dying man can survive on a dialysis machine in remote Pakistani caves for over six years. This fictional story has given Bush an excuse to send the U. Now our country remains at war and the media covers up the amount of body bags coming out of Iraq. The actual death count is 30, So they have no way of knowing how many truly died, especially when their government lies to them.

The following death totals comes from the Pleiadian Commander in Chief Hatonn more on who he is later. Casualties Report March till January Iraq War U. Iraqis killed , Iraqis injured , Official Data of the U. S soldier, hostile injuries 22, U. Afghanistan War U. Afghans killed 36, Afghans injuries 67,

If you go to Becoming A Pediatric Surgeon Essay you can hear the actual sound bites from the new networks which announce flight 93 hit Camp David. The Makers Eye: Revising Your Own Manuscripts United States is The Makers Eye: Revising Your Own Manuscripts an individualistic culture, where emphasis is put on individual The Makers Eye: Revising Your Own Manuscripts and success. Summary and conclusions This study explored the effects of interventions by the U.

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