As many readers realize, the Eurozone is continuing to experience one fiscal/monetary trauma after another. Each time a “fix” is announced in the media, it is usually only a short time until the crisis deepens and a new “fix” is needed. It may be that the Eurozone crisis is actually not fixable—that all the Eurozone nations can do is delay the collapse of the Euro as we now know it. It is time for another update on this continuing (and worsening) crisis.
As readers of this blog know, the global banking system and the global central banks, the sovereign nations themselves and the large global multinational corporations are all parts of the latter-day global economic/financial system called “Babylon the Great” in Revelation 17-18 (especially note Revelation 18:1-3). The system is prophesied to undergo a tremendous collapse at some point in the latter days, after which it will be followed by a global “beast” system which will rule for a mere 42 months before the end of this age arrives (Revelation 13:1-5).
Let’s quickly review the cascading crisis events that just keep coming. The first four links [1, 2, 3, 4] relate that Italy, Portugal, Spain and many Spanish banks have all had their debt ratings downgraded by ratings agencies. The fifth link notes that even Germany, the pillar of the Eurozone, has had its debt rating downgraded by one ratings agency! Germany’s efforts to control and manage the Eurozone crisis took a severe hit when the French election put the Socialists in power and removed Sarkozy from the French Presidency. Sarkozy had been Germany’s closest ally in the Eurozone crisis, and his removal from office left Germany without a major ally among the larger nations of Europe in dealing with the Eurozone crisis.
The above would be bad enough, but we recently learned that Barclay’s Bank of the UK has been guilty of rigging the important LIBOR (London Interbank) lending rate. This is a huge financial sector scandal and it has already forced the head of Barclay’s to step down (sixth link). This scandal is widening as the seventh link reveals that 20 additional banks are being investigated as being part of this banking industry scandal. I wonder how many top bankers will go to prison over this very large insider corruption scandal?
Americans should not be smug and think “this is just Europe’s problem.” I’m sure many readers heard the news that derivatives trades gone bad had caused J.P. Morgan Bank to lose $2 billion when the story first broke. Now some estimates of the real extent of J.P. Morgan’s losses on derivatives trading have reached the $9 billion level (eighth link)! Given the unregulated nature of the derivatives trading business, no one may actually be able to calculate its true level of accumulated losses. J. P. Morgan’s troubles do not end there. The ninth link alleges that J.P. Morgan is also involved in the manipulation of precious metals markets.
Did you think the rigging of financial markets was limited to the above reported media stories? Think again. Recent readers of this blog may not realize that Goldman Sachs was caught with a proprietary software program that manipulates financial markets in the USA. That story came out a couple years ago, but was quickly “swept under the rug” as the powers-that-be in the US government and the private financial market sector wanted to shut that story down fast! The tenth link is the result of a websearch on this quickly “spiked” story about market-rigging software at Goldman Sachs. You can examine any of the top stories that Google recommended to readers on this story, but I was quite surprised to see that two of the top ten links on this websearch were my own posts on this subject! The eleventh link is one of my primary posts on this subject and it includes links to the original media stories which revealed this apparent insider manipulation scandal at Goldman Sachs. The twelfth link is a websearch about the “Plunge Protection team,” an anecdotal term for a group of market and government insiders who work together to either (A) stabilize financial markets or (B) manipulate and control financial markets for their own benefit. You can read the links on the websearch about this group and decide for yourself which is its true role. Revelation 18:2-3 gives us the correct answer, I believe.
I wonder if the gut-wrenching “flash crash” that saw the Dow Jones average suddenly plummet almost 1000 points occurred while the Plunge Protection Team was on a coffee break? At any rate some powers behind the scenes quickly “stabilized” or “manipulated” prices back upward to a normal level. The “flash crash” was the equivalent of another coronary attack which hit the financial markets. The previous one was the Fall, 2008 near-global crash of the financial and monetary markets. If you think that a sudden nearly 1000 point price drop in the DJIA and a miraculous recovery of about 1000 points a few minutes later indicates a normal, free or healthy financial market, I think you may be new to this planet.
All the above information further confirms that the current global financial/banking/monetary system is headed for a colossal crisis. We do not know when it will occur, or what will be the triggering event (or events) that sets in motion a cascading set of events which collapses the global financial and monetary markets as we have come to know them. It may happen when unnamed market insiders want it to occur to prepare the way for the new “beast” system, or it may happen at a time that God selects when the insiders are not ready for the global system to collapse. One thing is certain. It will collapse. Revelation 17-18 guarantee it, and Isaiah 41:21-26 record the Creator God’s challenge to everyone to watch his ability to make his prophecies come to pass as a proof of his invisible reality and his absolute sovereignty. For a much more in-depth examination of this subject and the biblical prophecies about this coming traumatic event in global geopolitics, I recommend that you read my free article, Is Babylon the Great about to Fall…Ushering in a Global Beast System? You will also find my article, What Kind of “Captivity?” (on the Babylonian origin of the modern banking system), to be very informative. That article will make it abundantly clear why the Bible refers to our modern banking/financial system as “Babylon the Great.”