Will Debt Stalemate Mean Economic Armageddon?

Prophecy Sign:  The collapse of the global economy

Yet more bad economic news for you:
An impending economic Armageddon if America doesn't raise their debt limit?  The global economy will pay the price if the European debt problems aren't solved?  Some pretty scary stuff.  We suggest you get your house in order.  Pay off your debts, stock up your food shelves, and tuck away some raining day funds in the cookie jar.  As Christians we just don't know how much of the coming economic collapse we will have to endure.  Be ready, but be looking up as well, for your redemption is drawing very close.


From the articles:

Many in Washington are prophesying catastrophe if politicians don't reach a deal to raise the debt ceiling by Aug. 2, the day America will no longer have enough cash to meet all its financial obligations. President Obama warns those who loan America money might now say "the U.S. government doesn't pay its bills so we're going to start pulling our money out."  Both Moody's Investors Service and Standard and Poor's Ratings Service are already threatening to downgrade America's golden AAA credit rating.

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Europe's policymakers must press on with deeper economic integration to "stay the course", the global lender said ahead of Thursday's crunch summit of eurozone leaders. "To put the crisis behind, we need more Europe, not less. And we need it now," said Antonio Borges, director of the IMF's European department, as it released its assessment of the turmoil. On Tuesday night, diplomats in Brussels were warning of "bedlam" unless a deal is "more or less" sealed on Thursday. The crisis around Greek debt now poses "serious risks" that it will infect the region's core powerhouse economies, such as Germany and France, even if officials pursue a strategy aimed at avoiding a default by Athens, the IMF said.
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EU leaders must find a convincing solution to Greece’s debt crisis at a summit on Thursday or the global economy will pay the price, the head of the European Commission said in an unusually sombre warning. Jose Manuel Barroso delivered the message as officials of the 17-nation currency area and bankers struggled to pin down a package of measures to persuade markets that Greece can be saved from default and the rest of the eurozone from contagion. “Nobody should be under any illusion: the situation is very serious. It requires a response, otherwise the negative consequences will be felt in all corners of Europe and beyond,” Barroso told a news conference.

Will Debt Stalemate Mean Economic Armageddon?

http://www.cbn.com/cbnnews/finance/2011/July/Will-Debt-Stalemate-Mean-Economic-Armageddon/

Eurozone debt crisis could prove 'very costly' for the world, warns IMF

http://www.telegraph.co.uk/finance/financialcrisis/8648677/Eurozone-debt-crisis-could-prove-very-costly-for-the-world-warns-IMF.html

World economy will pay price of EU failure

http://business.financialpost.com/2011/07/20/world-economy-will-pay-price-of-eu-failure/