July 17, 2012
Tags: Economic Collapse, economic crisis, great depression, recession
Revelation 13:7 NLT With each passing day more and more nations are surrendering their sovereignty to larger global institutions such as the European Union, the United Nations, the International Monetary Fund, and the World Court. 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!"
Editor's Notes: Globalization is not just a trend, it's a soon-coming reality and a clear sign of the Last Days and the rise of the antichrist. The antichrist will institute a universal government, monetary system, and religion.
“…the manipulation of money and goods is soon to be revealed as the main method of control imposed upon society by the Antichrist.”
-Jim Bakker in “Prosperity and the Coming Apocalypse”
Just when you think things can’t get worse, we hear; there is the risk of a new depression, a sustained, severe recession. Fears like this strike the very heart of markets and drives monetary policy.
Richard Duncan, author of “The New Depression,” warned on CNBC, “We’re in a very unfortunate position. When we broke the link between money and gold, this removed all constraints on credit creation. This explosion of credit created the world we live in, but it now seems that credit cannot expand any further because the private sector is incapable of repaying the debt it has already, and if credit begins to contract, there’s a very real danger that we will collapse into a new Great Depression. If this credit bubble pops, the depression could be so severe that I don’t think our civilization could survive it.”
Everyone is quick to blame “cheap credit” for the global financial crisis. The problem is no one seems to have the answer. There is loads of blame to go around but no solution on how to fix the credit problem.
Roger Nightingale, economist and strategist says, “We could keep deferring the depression, but that could just encourage the bad guys. If you do this, you possibly do more harm than good. You can defer, but not prevent.”
The only answer that world banks seem to have is to plug the big hole in the dike with your fingers. It’s called “pumping liquidity into the financial system. In Banking jargon refers to this as, “quantitative easing.” In simple terms that means; long term refinancing. “When the central banks realize what is going on and raise interest rates, it will fling the world economy into a depression.”
Richard Duncan says the increase in government debt is making total debt grow, otherwise we would already have collapsed in to a debt-deflated death spiral.”
Duncan also argues that governments in the developed world should borrow “massive” amounts of money at the current low interest rates. “Even if this is wasted, at least we could enjoy this civilization for another ten years before it collapses.”