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Endgame for the euro?
Italy's crisis: Endgame for the euro?
You know the old saying: It ain't over until the fat lady sings. Well, in the case of the euro zone debt crisis, that lady is Italy, she's plump enough to cause quite a bit of trouble, and the orchestra looks to be tuning up.
We're in the middle of yet another global financial rout, with stocks plunging around the globe, the sort of panic we've witnessed with sickening regularity in recent months. And as usual, Europe sits at ground zero. Italian government bonds got hammered on Wednesday, smashing through the important 7% level to a new euro-era high. Once Italy's fellow PIIGS – Greece, Portugal and Ireland – broke through the 7% level, their borrowing costs escalated, eventually forcing them to seek European Union bailouts. Italy's plight completely alters the situation in Europe, from a potentially manageable crisis to a potentially unmanageable crisis. Let's put in perspective what's happening here. Italy is not some half-baked emerging market or even a small, developed-world basket case like Greece. Italy is Europe's fourth-largest economy; its bond market is the world's third largest. And in a matter of no time, the liquidity in that market is drying up. And what's scary here is that there may not be any way to rescue Italy if this spiral continues.
This is serious stuff, folks. For two years, grim voices in financial circles have been worried about just this type of scenario – when the debt crisis in Europe bit into the core of the euro zone, at the big boys that were too big to bailout. Now that worst-case scenario looks more likely to play out in real life. The endgame could be a renewed global financial crisis, a collapse of the monetary union, who knows. Here's what economist Ken Courtis wrote me today:
In a sense Greece, Portugal, Ireland have been side shows. With Italy, we are moving to the main event. There is simply no way that Italy can conduct the massive refundings it has in the coming weeks with this situation…This is like when you see a movie of which you have read the initial scenario beforehand. The film is different in places, perhaps even the sequence of scenes is changed, some it has been chopped, but you still recognize it…The scenario no one (except the shorts of course) has wanted to see unfold is now playing itself out before our eyes unfortunately.
So is this the “big one” we've all been dreading? The moment when the euro zone crisis spins out of control, and we all suffer?
Read more: http://curiouscapitalist.blogs.time.com/2011/11/10/italy%e2%80%99s-crisis-endgame-for-the-euro/#ixzz1dIQcsnAZ
My Comment: The Bible warns us that in the end of days we will not be able to buy or sell without the mark of the beast. Before this can happen, the current system has to crash. You listen to the American news commentators and you keep hearing, “but we are Americans and we will never get that bad”. Well guess what, take away Americas ability to print their own money and they are without question the worse nation on this planet when it comes to impending economic Armageddon.
As more and more headlines pop up around the world, warning us of the deepening economic crisis, the more obvious it is becoming that the ones we are relying on to fix the problems are the ones most worried.
As we watch the political leaders along with the money movers and shakers, they are looking more like Deer caught in headlights, are we to believe the words that everything is under control or believe prophecy?
6 weeks, 6 months or 6 years, I do not know when, but it is now clear that yes the current world economic system is on life support and not expected to live. And when that happens we will see the rise of the beast, Lucifer in all his glory.
Today's Devotional Commentary by Charlotte_Irene
Psalm 101…Thursday November 10th, 2011
COMMITMENT TO A HOLY LIFE
For help to walk a blameless path living with integrity which involves both our efforts and the Help of God
I will sing of your love and justice; to you, O Lord
I will be careful to lead a blameless life
When will you come to me?
I will walk with a blameless heart
I will set before my eyes no vile thing
The deeds of faithless men I hate; they will not cling to me
Men of perverse heart shall be far from me
My eyes will be on the faithful …that they may dwell …he whose walk is blameless
MAY WE SO DWELL AND STAND IN YOUR PRESENCE
TO LEAD A BLAMELESS LIFE WE NEED GOD’S HELP IN ALL ASPECTS
What do we focus on? Whom do we associate with? What do we so hear and respond to? What affects our inner being?
GOD’S WORD SHOWS US THE STANDARD BY WHICH WE ARE TO LIVE
Would we choose as our friends those who are godly and truthful whom have such a profound influence on us. May our choices be in accordance to those who so abide with You; Lord Jesus and so connect with Your Word with the Power of the Holy Spirit being thus our guiding influence
May we then be your hands extended of Your love and grace to whosoever
TO BE BLAMELESS WITHOUT SPOT or BLEMISH with our WORDS and ACTIONS reflecting of YOUR LOVE AND GRACE DEAR LORD
No Condemnation to those who are in Christ Jesus
TIS A RELATIONSHIP THAT GOD HAS MADE POSSIBLE AND AS WE SO CONNECT WITH CHRIST OUR LORD AND OUR SAVIOR SO THE BENEFITS THEREOF WE FIND OURSELVES BEING DRAWN IN; TO SO PARTAKE THEREOF
To be blameless is to be innocent without guilt being a partaker of the righteousness of Christ with the Holy Spirit doing a work of Inner Healing in our heart and life.
OUR RELATIONSHIP WITH CHRIST WILL CREATE A DESIRE TO LIVE BY HIS STANDARDS
May we guard our eyes that our inner life is affected by the
meditations that You dear Jesus so unfold and impart
Study by Charlotte…November 2011
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