Prophecy Sign: The collapse of the global economy
Now listen, you rich people, weep and wail because of the misery that is coming on you. Your wealth has rotted, and moths have eaten your clothes. Your gold and silver are corroded. Their corrosion will testify against you and eat your flesh like fire. You have hoarded wealth in the last days. James 5:1-3 NIV
From the articles:
EU plans crisis summit as contagion fears grow
Sorry to be the constant bearer of bad economic news, but things are getting far worse rather than getting much better. From the 14 trillion dollar U.S. debt debate that is going on in America these days, to the sovereign debt crisis in the European Union that threatens to take down the E.U., (as well as the rest of the world economy), things are not good.
But of course, the amazing book called the bible foretold of all this future economic malaise many centuries ago. The Apostles John and Peter both gave us clear indication that the global economy would be brought to ruin at the time of the end. We are of the opinion that it will be a two staged take-down. First a major tumbling that would usher in the economic policies of the Antichrist, (Revelation 13), followed by a total economic annihilation that God would bring about near the end of the Tribulation, (Revelation 18)
Now listen, you rich people, weep and wail because of the misery that is coming on you. Your wealth has rotted, and moths have eaten your clothes. Your gold and silver are corroded. Their corrosion will testify against you and eat your flesh like fire. You have hoarded wealth in the last days. James 5:1-3 NIV
From the articles:
Financial markets hammered the euro and European assets on Tuesday after euro zone finance ministers opened the door to a possible Greek default and failed to prevent contagion spreading to Italy and Spain. The euro fell for a third straight day and diplomats said European Council president Herman Van Rompuy was trying to convene an emergency summit on Friday to deal with the latest dangerous lurch in the euro zone’s debt crisis. “It is essential that euro area member states and the IMF act in the coming days to avoid market developments spinning out of control and risk contagion acceleration,” the Institute of International Finance (IIF), a major banking lobby, warned ministers in a report.
_____________________________________If the ECB's Jean-Claude Trichet is right in claiming that Europe was on the brink of a 1930s financial cataclysm a year ago - and I think he is - it is hard see how the threat is any less serious right now. Fall-out from Greece flattened Portugal and Ireland last week. It is engulfing Spain and Italy, countries with €6.3 trillion of public and private debt between them.
"We believe the European sovereign crisis might be entering a new phase with contagion reaching the larger economies," said Jacques Cailloux, chief Europe economist at RBS. "It is unclear to us how this latest negative shock to confidence is going to be undone in the absence of a 'shock and awe' policy response."
EU plans crisis summit as contagion fears grow
Sovereign Debt Crisis Menaces Italy
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