Prophecy Sign: The coming global economic collapseThe next big worry for Europe is the impending banking collapse in Italy. Now should this happen, watch the dominoes fall all across the globe, as every banking system all over the world is so tied in together. This is explained in a humorous fashion in the first video below. This video, featuring a pair of Australian humorists, was put together a few years ago, but is more applicable today than ever.
When the present global financial system finally comes crashing down, then what? Likely a very bad situation which we now see being played out in Venezuela where the government has now taken control of food distribution, (which is likely coming to a country near you). Michael Synder of the Economic Collapse Blog has much to say about this impending financial tsunami in the second video also featured below.
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. In the midst of his plenty, distress will overtake him; the full force of misery will come upon him. Job 20:19-22 NIV
War Is Coming And The Global Financial Situation Is A Lot Worse Than You May Think
'Europe is extremely sick', says Deutsche Bank chief economist
Brussels urgently needs a €150 billion bailout to begin a major recapitalization program for its banks, according to Deutsche Bank’s David Folkerts-Landau. In the aftermath of UK’s Brexit vote, the focus of attention has switched to Italy’s banking sector, which has accumulated €360 billion in bad loans, and growing. A former member of the ECB executive board Lorenzo Bini Smaghi, and now chairman at Societe Generale, has warned the banking crisis in Italy could spread to the entire EU. “Europe is extremely sick and must start dealing with its problems extremely quickly, or else there may be an accident. I’m no doomsday prophet, I am a realist,” he said in an interview to Welt am Sonntag.
Italy nears economic collapse - Prices of bank stocks have decreased by more than 50%
Italy is on the brink of a full-blown banking crisis. Bad debts, or “non-performing loans,” held by the banking sector total 360 billion euros, which is a remarkable 17 percent of all the outstanding bank loans in Italy and equal to about one-fifth of the annual Italian GDP. It is also many times the level of bad debt held by Italian banks at the peak of the financial crisis in 2008. Since the beginning of 2016, prices of bank stocks have decreased by more than 50%. In the case of Italy’s oldest and most troubled bank, Banca Monte dei Paschi di Siena, its share price has declined more than 75%.
Italian banks may make the next weak spot in Europe
Venezuelan military takes over food distribution
Venezuela's military has taken charge of food distribution and key ports to guarantee supplies of basic goods and medicines amid increasing shortages and mounting unrest. President Nicolas Maduro on Tuesday put his military in charge of five sea ports, giving his country's armed forces a major promotion as Venezuela struggles under a dire economic and political crisis. "Today, we are taking five fundamental ports of the country: Guanta, La Guaira, Puerto Cabello, Maracaibo and Guamache," Maduro said on state television after meeting Vladimir Padrino Lopez, his defence minister general. The military will oversee production of food and medicine in "a great operation to fight the economic war", Maduro said.