Debt Crisis Leading World to Financial Brink

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


The global debt crisis is like some sort of deadly disease pandemic. When the world faces a pandemic it frantically attempts to stomp out the contagion before it can spread to the next town or country. The same is happening with the debt crisis. Currently the major contagion is in places such as Greece where currently there is a run on banks as worried citizens pull out their cash reserves to both live on and to keep hidden in the event of a total collapse, (sounds much like the terrible days of the Great Depression doesn't it?).

However this contagion has started to spread across Europe, and is now threatening to skip across the oceans to effect the Asian and North American markets. Once this happens it's game over. With America's debt levels of some $15 Trillion dollars and the incredibly high Debt to GDP ratios in Japan, a global debt meltdown would collapse markets in Asia, North America and Europe and would then take down the entire global economy.

This is how the final 10 Kingdoms of bible prophecy and the Antichrist will come to power to implement the final economic world order of mankind. (During the Millennium, Jesus Christ will implement a new and perfect economic system, one designed by God Almighty).


From the articles:

In Europe, economists warn that years of overspending by some governments there have led to current debt problems. It's a mess that may bring about a recession in Europe, which could easily spread to the United States and lead to a global financial crisis.

"The world is in a danger zone," World Bank President Robert Zoellick said. "In 2008, many people said they did not see the turbulence coming. Leaders have no such excuse now." So where does the world go from here? Can America find a way to deal with national debt before the deficit causes serious damage to the economy? Will European leaders find a way out of a debt mess that never seems to end? These are questions that have economists and investors watching and waiting, and hoping the world doesn't fall off the financial precipice.

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The threat of a credit downgrade to the euro zone's top economies leaves the bloc's EFSF bailout fund dangerously exposed, piling yet more pressure on the European Central Bank to step in as lender of last resort. The fund has struggled to attract investors even with the backing of six AAA-rated governments, and on Tuesday S&P followed up a warning of possible downgrades for 15 euro economies by saying it is also reviewing the EFSF. Expanding the lending reach of the European Financial Stability Facility (EFSF), agreed at an emergency summit in October, is central to the euro zone's plan to show investors it can stand behind its wayward sovereigns.

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Georgios Provopoulos, the governor of the central bank of Greece, is a man of statistics, and they speak a clear language. "In September and October, savings and time deposits fell by a further 13 to 14 billion euros. In the first 10 days of November the decline continued on a large scale," he recently told the economic affairs committee of the Greek parliament.

The hemorrhaging of bank savings has had a disastrous impact on the economy. Many companies have had to tap into their reserves during the recession because banks have become more reluctant to lend. More Greek families are now living off their savings because they have lost their jobs or have had their salaries or pensions cut. In August, unemployment reached 18.4 percent. Many Greeks now hoard their savings in their homes because they are worried the banking system may collapse.

Debt Crisis Leading World to Financial Brink

http://www.cbn.com/cbnnews/finance/2011/December/Keeping-Economies-from-Toppling-the-Financial-Cliff/

Downgrade threat could prove final blow to euro rescue fund

http://uk.reuters.com/article/2011/12/06/uk-eurozone-efsf-idUKTRE7B51MN20111206

Anxious Greeks Emptying Their Bank Accounts

http://www.spiegel.de/international/europe/0,1518,802051,00.html