The news of President Obama's speech in Cairo this week has permeated the news around the globe.  To be as concise as possible, I have included author Joel Rosenberg's summary of the highlights of the speech:

THE PRESIDENT'S GOAL: I have come here to seek a new beginning between the United States and Muslims around the world...

THE PRESIDENT'S MUSLIM HERITAGE: I am a Christian, but my father came from a Kenyan family that includes generations of Muslims. As a boy, I spent several years in Indonesia and heard the call of the azaan [the Muslim call to prayer] at the break of dawn and the fall of dusk...

MUSLIMS IN AMERICA: Much has been made of the fact that an African-American with the name Barack Hussein Obama could be elected president. But my personal story is not so unique. The dream of opportunity for all people has not come true for everyone in America, but its promise exists for all who come to our shores - that includes nearly 7 million American Muslims in our country today who enjoy incomes and education that are higher than average….There is a mosque in every state of our union, and over 1,200 mosques within our borders. That is why the US government has gone to court to protect the right of women and girls to wear the hijab, and to punish those who would deny it. So let there be no doubt: Islam is a part of America...

U.S. RELATIONSHIP WITH ISLAM: America is not - and never will be - at war with Islam. We will, however, relentlessly confront violent extremists who pose a grave threat to our security. Because we reject the same thing that people of all faiths reject: the killing of innocent men, women, and children. And it is my first duty as president to protect the American people...

ISRAEL AND THE JEWS: America's strong bonds with Israel are well known. This bond is unbreakable. It is based upon cultural and historical ties, and the recognition that the aspiration for a Jewish homeland is rooted in a tragic history that cannot be denied. Around the world, the Jewish people were persecuted for centuries, and antisemitism in Europe culminated in an unprecedented Holocaust. Tomorrow, I will visit Buchenwald, which was part of a network of camps where Jews were enslaved, tortured, shot and gassed to death by the Third Reich. Six million Jews were killed - more than the entire Jewish population of Israel today. Denying that fact is baseless, ignorant, and hateful. Threatening Israel with destruction - or repeating vile stereotypes about Jews - is deeply wrong, and only serves to evoke in the minds of Israelis this most painful of memories while preventing the peace that the people of this region deserve...

PALESTINIANS: On the other hand, it is also undeniable that the Palestinian people - Muslims and Christians - have suffered in pursuit of a homeland. For more than 60 years they have endured the pain of dislocation. Many wait in refugee camps in the West Bank, Gaza, and neighboring lands for a life of peace and security that they have never been able to lead. They endure the daily humiliations - large and small - that come with occupation. So let there be no doubt: the situation for the Palestinian people is intolerable. America will not turn our backs on the legitimate Palestinian aspiration for dignity, opportunity, and a state of their own...

IRAN: Since the Islamic revolution, Iran has played a role in acts of hostage-taking and violence against US troops and civilians. This history is well known. Rather than remain trapped in the past, I have made it clear to Iran's leaders and people that my country is prepared to move forward. The question, now, is not what Iran is against, but rather what future it wants to build. It will be hard to overcome decades of mistrust, but we will proceed with courage, rectitude and resolve. There will be many issues to discuss between our two countries, and we are willing to move forward without preconditions on the basis of mutual respect. But it is clear to all concerned that when it comes to nuclear weapons, we have reached a decisive point. This is not simply about America's interests. It is about preventing a nuclear arms race in the Middle East that could lead this region and the world down a hugely dangerous path...

RELIGIOUS FREEDOM IN THE REGION: Islam has a proud tradition of tolerance. We see it in the history of Andalusia and Cordoba during the Inquisition. I saw it first-hand as a child in Indonesia, where devout Christians worshipped freely in an overwhelmingly Muslim country. That is the spirit we need today. People in every country should be free to choose and live their faith based upon the persuasion of the mind, heart, and soul...1

The thing that should concern Christians the most, and all Americans for that matter, is the new direction our administration is taking towards Muslims and away from Israel.  Though the President clearly said that our bond with Israel is "unbreakable," it is not without stress fractures that could easily lead to a significant divide.

"Benjamin Netanyahu will have to come to a decision soon. It's either 'yes' to Obama or 'no' to Obama," wrote columnist Ben Caspit in the Israeli daily Maariv on Friday.  So far there is little indication Netanyahu will answer "yes."

"With all due respect to President Obama, and there is respect, and to the deep friendship between Israel and the United States, no foreign leader of another country will set policy in Judea and Samaria," lawmaker Ofir Akonis of Netanyahu's Likud Party told Army Radio. Judea and Samaria are the Hebrew terms used for the West Bank.2

With companies in no mood to hire, the U.S. unemployment rate jumped to 9.4 percent in May, the highest in more than 25 years. But the pace of layoffs eased, with employers cutting 345,000 jobs, the fewest since September.

If laid-off workers who have given up looking for new jobs or have settled for part-time work are included, the unemployment rate would have been 16.4 percent in May, the highest on records dating to 1994.

The average work week in May fell to 33.1 hours, the lowest on records dating to 1964. The number of people out of work six months or longer rose to more than 3.9 million in May, triple the amount from when the recession began.3

Remember the stress tests? The baseline scenario had unemployment in 2009 at 8.4%, rising to 8.9% under the more adverse scenario. Well, we're only up to May, and already it's at 9.4%.

Have you considered what you might do if you or your spouse were unexpectedly laid off?  Do you have adequate reserves?  Are you putting more into savings?  Have you adjusted your budget to eliminate unnecessary expenses?  The time to prepare is before the unexpected happens.

Oil prices spiked briefly above $70 per barrel on Friday for the first time since October on the back of a U.S. Labor Department report that showed the pace of layoffs eased in May.

Crude's stellar rise -- it now fetches roughly twice what it did only four months ago -- is leading analysts to revise forecasts upward, with many now saying they expect a barrel to cost $80 or more by year's end.

Hedge funds and other investors have piled into commodities like oil as the dollar weakens on expectations that the U.S. government's massive stimulus spending will cause inflation. Investors buy oil to protect against the inflationary effects of a weaker dollar.4

The recession is driving the safety net of government benefits to a historic high, as one of every six dollars of Americans' income is now coming in the form of a federal or state check or voucher.  Benefits, such as Social Security, food stamps, unemployment insurance and health care, accounted for 16.2% of personal income in the first quarter of 2009, the Bureau of Economic Analysis reports.

"We're not seeing the hunger we saw in the 1930s because the food stamp program is doing what it's supposed to do," says Florida food stamp director Jennifer Lange.  Adam Lerrick, economist at the conservative American Enterprise Institute, says the benefits' explosion will eventually lead to an economic crisis.  "We've seen this movie before in many countries. It always has the same ending," he says.5

The stock market shot to new highs for the recovery this week. The high in the Dow was 8839 on Friday, which is just a stones throw away from our target of 9000. The market has been on a rather unabated bear market rally since the March lows and now should have more 2-sided trading.

The market is due for another breather before going on its last gasp rally. The market has gotten very expensive over the past 2 months and offers more risk on a valuation basis alone.

Treasuries have gotten bombed recently which makes it difficult for any housing recovery when mortgage rates go up in lockstep with the yields on longer maturities. It appears the perfect storm is beginning to once again gather some force. I still see new lows ahead and investors should take advantage of this rally to raise cash and buy hard assets.

The treasury market took it on the chin again this week as foreigners are replacing longer dated maturities for short-term instruments. The reason is very clear: they see a declining dollar and higher rates down the road so they don't want to be locked into cheap long-term rates. The only thing now that could hold the treasury market would be a big sell off in the stock market. The U.S. is not in an enviable position. Look for lower prices/higher yields until the stock market tips over.

The dollar broke to new lows for the year early in the week then came back late in the week to post a reversal. One pattern is still in play: when stocks have a meaningful decline the dollar catches a bid from risk unwinding. That said, when stocks do rollover, we need to pay attention to the dollar. Does it rally one more time as stocks decline?

It's no secret that all corners of the globe are out to replace the U.S. dollar as the reserve currency. This obviously is a huge negative. Cycles point to a major low in the dollar in 2013. I believe the dollar is set to lose 50% of its value by then. Take a 4-year time horizon and protect yourself!

Gold and silver offered more head turning than the French Open. They reversed themselves in dramatic fashion every day this week. We could never get the multiple closes above 1000, which is necessary to get a breakout that measures 1300. Until that happens, we will be vulnerable to some profit taking.

It has been a very impressive rally especially in the silver market as it plays catch up to gold. Again, the long-term prospects are very bright indeed for the metals and commodities in general do to the lower dollar forecast.6

We are still working feverishly to produce our Prepare2Share small group curriculum as well as our preparation guide and other helpful materials.  Until that information is ready, I encourage you to begin your preparations now!  Do not wait!  This link is an excellent source for information to help you in your preparations.

1http://flashtrafficblog.wordpress.com/

2http://www.chron.com/disp/story.mpl/ap/world/6459320.html

3http://finance.yahoo.com/news/Jobless-rate-hits-94-percent-apf-15448590.html?.v=13

4http://finance.yahoo.com/news/Oil-prices-briefly-above-70-apf-15449561.html?.v=9

5http://www.usatoday.com/news/washington/2009-06-03-benefits_N.htm

⁶ Market commentary is provided by Mr. Steve Meyers of Grainbelt Commodities, Marco Island, FL