May 23, 2012
Tags: ECB, Economic Decline, ELA, Greece
Rev 6:5,6 NCV When the Lamb opened the third seal, I heard the third living creature say, "Come!" I looked, and there before me was a black horse, and its rider held a pair of scales in his hand. Then I heard something that sounded like a voice coming from the middle of the four living creatures. The voice said, "A quart of wheat for a day's pay, and three quarts of barley for a day's pay, and do not damage the olive oil and wine!"
“Against all odds, the frameworks of the world’s economic, political, and social systems are being shaken and are beginning to crumble.”
-Jim Bakker in “Prosperity and the Coming Apocalypse”
Secrecy is surrounding an estimated 100 billion euro addition of emergency liquidity provided by the country’s central bank. The move was approved in secret by the European Central Bank.
The use of “Emergency Liquidity Assistance” to help weak economies has been a behind the scenes activity during the euro zone crisis. The ELA helped save the financial system in Ireland and is being used more extensively in Greece.
The European Central Bank (ECB) can loan up to 500 million euro without approval of its governing council meaning the vote to help Greece was held in secret. The only way the funds could be blocked was by two-thirds of the council objecting to the application.
The ECB, in addition to secretly providing funds, wields political power behind the scenes. A threat by the ECB to pull out funding in 2010 helped force Ireland to accept an international bailout plan.