Banking is the Problem


Astounding summary of the world’s economic problem by a 12-year old girl. (See video below)

Also: The Bank Runs In Greece Will Soon Be Followed By Bank Runs In Other European Nations 

Source: http://theeconomiccollapseblog.com/

Note: This article comes from an American/Canadian source but it applies equally elsewhere. In particular, the European banking system is about as profligate and irresponsible as you can get; plus the Euro currency system was set up as a vanity project without any safeguards and it was INEVITABLE that this situation would happen. Our only hope is to abandon both the Euro and the EU, but I know that’s never going to happen. Continue reading

New World Order Called For


Prime Minister Calls for New World Order

Prime Minister Gordon Brown will today set out a five-point plan to create a “stronger and more just” world order in the wake of the worst financial crisis since the Great Depression.

By Nick Allen 10:44AM GMT 10 Nov 2008
Mr Brown wants agreement on a world trade deal and reform of the international financial system

Mr Brown will call on fellow world leaders to use the current worldwide economic downturn as an opportunity to thoroughly reform international financial institutions and create a new “truly global society” with Britain, the US and Europe providing leadership.

His call comes ahead of an emergency summit of world leaders and finance ministers from 20 major countries, the G20, in Washington next weekend.

Mr Brown will say that the Washington meeting must establish a consensus on a new Bretton Woods-style framework for the international financial system, featuring a reformed International Monetary Fund which will act as a global early-warning system for financial problems.

The original Bretton Woods agreements, signed in Bretton Woods, New Hampshire in 1944, established post-war international monetary protocols governing trade, banking and other financial relations among nations, including fixed exchange rates and the IMF.

Mr Brown’s plan for strengthening the global economy 60 years later involves recapitalisation of banks to permit the resumption of normal lending to households and businesses, better international co-ordination of fiscal and monetary policy and a new IMF fund to help struggling economies and stop financial problems spreading between nations.

He also wants agreement on a world trade deal and reform of the international financial system based on principles of “transparency, integrity, responsibility, sound banking practice and global governance with co-ordination across borders”.

As Britain moves into a painful recession Mr Brown has staked his own leadership on helping to find a way out of the global crisis.

In a speech to City financiers at the annual Lord Mayor’s banquet in London he will say: “The British Government will begin to begin a new Bretton Woods with a new IMF that offers, by its surveillance of every economy, an early warning system and a crisis prevention mechanism for the whole world.

“The alliance between Britain and the US, and more broadly between Europe and the US, can and must provide leadership, not in order to make the rules ourselves, but to lead the global effort to build a stronger and more just international order.

“My message is that we must be internationalist not protectionist, interventionist not neutral, progressive not reactive and forward-looking not frozen by events. We can seize the moment and in doing so build a truly global society.”

Mr Brown has already discussed IMF reforms with French President Nicolas Sarkozy and German Chancellor Angela Merkel and has called on countries including China and the oil-rich Gulf states to fund the bulk of an increase in the IMF’s bailout pot.

The Prime Minister wants the markets to be subjected to morality and ordinary people’s interests are put first.

He believes that in electing Barack Obama, US voters have showed their belief in a “progressive” agenda of government intervention to help families and businesses through the current crisis.

He will say: “Uniquely in this global age, it is now in our power to come together so that 2008 is remembered not just for the failure of a financial crash that engulfed the world but for the resilience and optimism with which we faced the storm, endured it and prevailed.”

However, the head of the IMF played down expectations of a new Bretton Woods system ahead of the G20 summit.

Dominique Strauss-Kahn, the IMF’s managing director, said: “Expectations should not be oversold. Things are not going to change overnight. Bretton Woods took two years to prepare. A lot of people are talking about Bretton Woods II. The words sound nice but we are not going to create a new international treaty.”

The European Union has called for an overhaul of the IMF with French President Nicolas Sarkozy, whose country holds the EU’s rotating presidency, saying: “We want to change the rules of the game”.

The US, however, has been more lukewarm on the possibility of radical change.

 

The Bible and the Third Seal


By Dana G Smith

Oct 9th, 2008

Zephaniah 1:18 Neither their silver nor their gold shall be able to deliver them in the day of the LORD’S wrath; but the whole land shall be devoured by the fire of his jealousy: for he shall make even a speedy riddance of all them that dwell in the land.

Zephaniah 2:3 Seek ye the LORD, all ye meek of the earth, which have wrought his judgment; seek righteousness, seek meekness: it may be ye shall be hid in the day of the LORD’S anger

The world saw the dark day in which the Dow dropped 777 points in a one day nose dive at the beginning of the Jewish Holiday celebrating the New Year known as Rosh Hashanah. Putting this in perspective many analysts have been trying to calm the fears as major governments joined in the move to save the world economic system by buying up bad debt. Fox business news quoted Frank Davis, the director of sales and trading at LEK Securities who said “We’ve got fear selling going on. It’s hard to control logical when you have fear selling.”

Luke 21:25 And there shall be signs in the sun, and in the moon, and in the stars; and upon the earth distress of nations, with perplexity; the sea and the waves roaring; Men’s hearts failing them for fear, and for looking after those things which are coming on the earth: for the powers of heaven shall be shaken. And then shall they see the Son of man coming in a cloud with power and great glory.

“Global Economic Trouble”

Revelation 6:5 And when he had opened the third seal, I heard the third beast say, Come and see. And I beheld, and lo a black horse; and he that sat on him had a pair of balances in his hand. And I heard a voice in the midst of the four beasts say, A measure of wheat for a penny, and three measures of barley for a penny; and see thou hurt not the oil and the wine.

Moreover, with the Nikkei index dropping to its lowest level in two decades, the world financial crisis is taking its toll. On this day, the day in which Yom Kippur begins at sundown, world markets are greeted by the Federal Reserve lowering its prime interest rate by a half point. The move to lower the rate was an historic one as the Bank of England, the European Central Bank, the Swiss Bank, Chinese Bank, and numerous others joined in to save the world economy.

This is a sign of the times, prophetically. First on Rosh Hashanah we find the down dropped 777, a triumviral number of 7’s. Seven is a perfect, complete number, one of completion. With three of them on the downward spiral of the Dow, this signals a staunch warning. The year we have entered will be one of a financial crisis. It is one where the governments will not be able to handle. It is one where we find the LORD God shaking up the systems of government and their monetary markets as well.

James 5:1 ¶Go to now, ye rich men, weep and howl for your miseries that shall come upon you. Your riches are corrupted, and your garments are motheaten. Your gold and silver is cankered; and the rust of them shall be a witness against you, and shall eat your flesh as it were fire. Ye have heaped treasure together for the last days. Behold, the hire of the labourers who have reaped down your fields, which is of you kept back by fraud, crieth: and the cries of them which have reaped are entered into the ears of the Lord of sabaoth. Ye have lived in pleasure on the earth, and been wanton; ye have nourished your hearts, as in a day of slaughter.

The fall feasts all look forward to prophetically to the coming of the LORD Jesus Christ [Yeshua Ha Massiach]. Included in these is the time of repentance, examination, and seeking the LORD God, known as Yom Kippur. Add to this the time known as Sukkot or Tabernacles and you have a picture of the coming Messiah, Jesus Christ who will rule and reign in his Tabernacle from Jerusalem. He will also have all the nations come once a year to celebrate this ‘Feast of Tabernacles’. The economy, money crisis, credit crunch, debt, and global ability to finance will be affected to the point that fear and panic will spread as never before. Add to this the full signs found in Matthew 24, Mark 13, and Luke 21 and you will have a true picture of what is coming.

Isaiah 55:6 ¶Seek ye the LORD while he may be found, call ye upon him while he is near:

Acts 15:17 That the residue of men might seek after the Lord, and all the Gentiles, upon whom my name is called, saith the Lord, who doeth all these things.

Dana G Smith is the author of D-Day For America, a prophecy book of what is coming to America. Published by Xulon Press, ISBN: 1-59781-843-7. Dana is the editor of the W.I.B.R. online Web Sites. http://write-wing.blogspot.com/

More Bank Crashes (2008)


Halifax Building Society loses third of its value in 48 hours.

The High Street Crash: Billions wiped off value of big banks
By Clinton Manning Business Editor 17/09/2008

High street banks were sucked into the financial quagmire yesterday as the fallout from the Lehman Brothers collapse sent their shares plummeting for a second day. Royal Bank of Scotland, owner of NatWest, had a fall of around 10 per cent. And Barclays, which had said it was in talks to take over some of Lehman’s US operations, also saw shares tumble although they later staged a recovery to end 2.5 per cent down.

But the biggest casualty was HBOS – the parent company of Halifax, Britain’s biggest mortgage lender. Its shares plunged almost 22 per cent yesterday following a 17 per cent drop on Monday. Astonishingly, that means the bank is worth £5billion less than it was two days ago.

The news was not much better for the rest of the firms on the FTSE 100 – the index of our top 100 companies. As panicking investors unloaded shares the total value of the Footsie fell by 3.4 per cent – on top of a plunge of almost four per cent on Monday. It means that in two days a total of £93billion has been wiped off the value of the UK’s leading shares – the Footsie’s worst result since July 2002.

Troubled insurance giant AIG, sponsors of Manchester United, plunged for a second day on Wall Street on growing fears that it might file for bankruptcy. Meanwhile, banking giant Goldman Sachs fuelled the sense of panic by revealing its profits had slumped 70 per cent in the past three months.

One Wall Street expert said: “People were hoping for some good news in a sea of gloom but they didn’t get it.”

There was a similar gloom worldwide as financial markets in Europe, Australia, Japan, Shanghai, Hong Kong, Singapore and South Korea were all battered by the knock on from Tuesday’s announcement that Lehman Brothers had gone bust.

The “Daily Express” commented on its front page today (17th September) that huge fortunes have been made by bankers on the back of reckless gambles with the life savings of small inventors. As I have been trying to say in this website and blog, it’s corruption and greed, selfishness and the rejection of the biblical standards of behaviour that have brought us to the brink of economic collapse.

If you want to avoid going down with the ship, now is the time to get your spiritual and financial life in order

Bank Collapse Warning! (2008)


The pages created in 2010 are being reposted as “posts” today, simply to move them to a new category. If you had not read them before, you might find them interesting, but otherwise please pass over them as older news.

Bank Collapse Catastrophe Warning

The possible collapse of one of world’s biggest investment banks could be “catastrophic” and lead to the “implosion” of the banking sector. British bank Barclays had appeared to be the frontrunner to take over the struggling Lehman Brothers but has pulled out of the bidding, a source close to the deal said. And a consortium led by the Bank of America is reported to have also dropped out.

US government officials and top Wall Street bankers are desperately trying to sell Lehman to avert a collapse that could severely disrupt global markets. Last week the bank revealed massive losses of around £2.2bn ($3.9bn) in the last quarter and announced it was cutting 1,500 jobs. “First of all, let’s recognise that this [the financial crisis] is a once-in-a-half-century, probably once-in-a-century type of event… There’s no question that this is in the process of outstripping anything I’ve seen, and it still is not resolved and it still has a way to go.

Bear Sterns Collapse (March 2008)