Prophecy Sign: The collapse of world markets and the global economy
Another day, which means a new batch of bad economic news reports. The worry now is that the bank runs that are occurring in Greece will spread to other European nations that are similarly in economic distress. Italy and Spain with much, much larger economies than Greece are simply to large to bail out. Should the contagion now afflicting Greece make its way to these other nations, then game over.
It's like a deadly disease; The first victim, (Greece), is now near deaths door, while another couple of patients are hacking up a storm in the next beds, (Spain and Italy). However it would appear that the dangerous disease is spreading as other patients are trickling into the ward with distressing signs, (see articles below related to India, Indonesia and the U.K).
It's all coming to a head, just as bible prophecy warned:
Another day, which means a new batch of bad economic news reports. The worry now is that the bank runs that are occurring in Greece will spread to other European nations that are similarly in economic distress. Italy and Spain with much, much larger economies than Greece are simply to large to bail out. Should the contagion now afflicting Greece make its way to these other nations, then game over.
It's like a deadly disease; The first victim, (Greece), is now near deaths door, while another couple of patients are hacking up a storm in the next beds, (Spain and Italy). However it would appear that the dangerous disease is spreading as other patients are trickling into the ward with distressing signs, (see articles below related to India, Indonesia and the U.K).
It's all coming to a head, just as bible prophecy warned:
The time has come, the day has arrived. Let not the buyer rejoice nor the seller grieve, for wrath is upon the whole crowd. The seller will not recover the land he has sold as long as both of them live, for the vision concerning the whole crowd will not be reversed. Because of their sins, not one of them will preserve his life. Ezekiel 7:12-13 NIV
For he has oppressed the poor and left them destitute; he has seized houses he did not build. “Surely he will have no respite from his craving; he cannot save himself by his treasure. Nothing is left for him to devour; his prosperity will not endure. Job 20:19-21 NIV
From the articles:
The bank runs that we are watching right now in Greece are shocking, but they are only just the beginning. Since May 6th, nearly one billion dollars has been withdrawn from Greek banks. For a small nation like Greece , that is an absolutely catastrophic number. At this point, the entire Greek banking system is in danger of collapsing. If you had money in a Greek bank, why wouldn't you pull it out? If Greece leaves the euro, all euros in Greek banks will likely be converted to drachmas, and the value of those drachmas will almost certainly decline dramatically. In fact, it has been estimated that Greek citizens could see the value of their bank accounts decline by up to 50 percent if Greece leaves the euro.
So if you had money in a Greek bank, it would only make sense to withdraw it and move it to another country as quickly as possible. And as the eurozone begins to unravel, this is a scenario that we are going to see play out in country after country. As member nations leave the eurozone, you would be a fool to have your euros in Italian banks or Spanish banks when you could have them in German banks instead. So the bank runs that are happening in Greece right now are only a preview of things to come. Before this crisis is over we are going to see bank runs happening all over Europe .
The World Bank has announced it's ready to provide Indonesia with a $2 billion loan, a backstop against a potential debt crisis in one of Asia 's fastest growing economies. The World Bank said the loan, requested by the Indonesian government, would be held as a contingency against "possible future shocks and volatility''. While Indonesia has long seen growth rates that would be the envy of the United States or European nations, the economy has slowed recently thanks to a drop in export demand.
Amid fragile global economic recovery and its impact on India , Congress member and former Planning Commission member Bhalchandra Mungekar on Tuesday warned that if government does not take "urgent" steps, the country could face a bigger crisis. If we do not adopt some of the urgent economic measures, I apprehend that a bigger crisis may be awaiting the country," he said participating in the discussion on the Finance Bill, 2012 in the Rajya Sabha.
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The Bank of England governor said the single-currency bloc was "tearing itself apart without any obvious solution" while the Prime Minister said the area faced a "make up or break up" scenario. The stark warnings came as financial markets suffered further losses as Greek leaders braced themselves for fresh elections after talks to form a coalition government failed. Presenting the Bank's quarterly inflation report, Sir Mervyn confirmed he and his colleagues were working on contingency plans in the event of a worst-case scenario for the euro. Warning that the UK was at risk of being in the path of the eurozone storm, the Governor ruled out a return to pre-financial crisis levels of growth before 2014 - with the Bank now expecting insignificant growth in 2012.
The Bank Runs In Greece Will Soon Be Followed By Bank Runs In Other European Nations
http://theeconomiccollapseblog.com/archives/the-bank-runs-in-greece-will-soon-be-followed-by-bank-runs-in-other-european-nations
World Bank agrees $2b loan for
Bigger economic crisis if no urgent steps, warns Congress MP in Rajya Sabha
http://timesofindia.indiatimes.com/business/india-business/Bigger-economic-crisis-if-no-urgent-steps-warns-Congress-MP-in-Rajya-Sabha/articleshow/13152518.cms
David Cameron and Sir Mervyn King urge eurozone action
http://www.independent.co.uk/news/business/news/david-cameron-and-sir-mervyn-king-urge-eurozone-action-7757147.html
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