Market Selloff: 'Contagion Spreading; They've Got to Stop This'

Prophecy Sign:  The collapse of the world markets, and the global economy

So the Europeans stomp out one fire in Greece and yet another much bigger fire springs to life in Italy.  The dominoes are starting to fall and the mess that is called the EuroZone is coming down.  With it will be a global market collapse that will be the genesis from which the new economic/financial world order of the last days will evolve. (Revelation 17 & 18)

From the articles:

Fears that Italy, the world's third largest debtor nation, cannot afford its obligations shook world markets, sending investors into the relative safety of the U.S. dollar and Treasuries. The measure for pain in this latest market drama has been the yield on Italian bonds, which traded above 7 percent for the first time Wednesday, a level viewed as unsustainable by the markets and the level at which Greece, Ireland and Portugal sought help.

The warning signs were also flashing when the yield curve inverted, and 2-year yields rose above the 10-year, which was at 7.25 percent. "This is getting to be a game changer, will we have a euro one day? The market is forcing that issue much faster than any time in the past. It was one thing when it was about Greece. If you let Italy go off the cliff, you're questioning why do you have a euro in the first place," said Nomura Americas Treasury strategist George Goncalves.

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The head of the International Monetary Fund, Christine Lagarde, has warned that the global economy is at risk of being plunged into a "lost decade". Ms Lagarde said the ongoing debt crisis in Europe has resulted in an uncertain outlook for the global economy.

Ms Lagarde's comments come amid fears that the debt crisis in some peripheral countries may be spreading to some of the euro area's biggest economies. On Tuesday, Italy's cost of borrowing hit the highest level since the euro was founded in 1999. The yield on Italian 10-year government bonds rose to 6.77%, raising concerns about its capacity to service its debts. Many investors believe that Italy may have to bailed out just like Greece, the Irish Republic and Portugal. The fear is that as the eurozone debt crisis spreads, it will have a big impact on the international economy.

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Investors dumped Italian government bonds on Wednesday, leaving the nation in danger of being shut out of credit markets and underlining fears that European authorities remain unprepared to take on the sovereign-debt crisis, threatening the survival of the euro currency.

Market Selloff: 'Contagion Spreading; They've Got to Stop This'
http://www.cnbc.com/id/45225500/

IMF chief warns of a 'lost decade' for global economy

http://www.bbc.co.uk/news/business-15649985

Italy on brink as 10-year bond yield tops 7%

http://www.marketwatch.com/story/margin-boost-pushes-italy-yields-to-brink-2011-11-09?dist=countdown