Signs of the Last Days: 4 Trillion in World Debt

One of the events that will precede the coming of the world ruler known as the ‘antichrist’ in the Bible, is a need for world-wide leadership in economic affairs. There will be such a catastrophic climate present just before the antichrist comes on the scene, that the world will welcome his plan of rescue to save the world markets.

Banks in Europe and the United States have recently revealed that the world-wide debt is in excess of 4 Trillion Dollars. Today on the national news channels it was revealed that during the past 12 months the national debt has risen by 1.6 trillion dollars. Within just a short time, the economy of the United States of America will be bankrupt and we will have greater debt than we can pay interest on.

As the financial markets in the United States fail, so also will those financial markets in Europe and Asia. Within the next year a global crisis will overtake our world and necessitate a rescue.

Bible prophecy teachers such as myself, have often wondered how one man could capture the attention of the world so quickly so as to become the leader of all financial, military and religious systems in just 3 1/2 years. When the antichrist comes on the scene, according to the Bible, he will have only seven years to propagate his kingdom of world wide dominance as allotted to him by the Lord.

The Jewish leadership in Israel will hail him as their long awaited Messiah as he will make peace between Israel and the surrounding nations in a 7 year peace treaty. He will allow the religious in Israel to rebuild the third temple on the temple mount and the daily sacrifices will begin again after a 2,000 year absence.

In the midst of the 7 sear, this new world ruler will announce that “he is God” and that all the world should worship him. He will order that all the citizens of earth should take “his mark” either on their right hand or forehead” and that “no one will be able to buy or sell anything without his mark”. This mark will be tantamount to giving worship to the beast.

From the appearance of the current global meltdown of the financial markets, it appears that this 7 year period described in the ninth chapter of Daniel, Matthew chapter 24 and 1 and 2 Thessalonians, is about to begin.

For those who already love Jesus, this will mean the complete removal of “The Church”, which is made up of all those who Love Jesus Christ, no matter what their denomination or religious affiliation. The church must be removed before the 7 year tribulation begins as this time is called “The wrath of the Lamp”. Jesus will be pouring out His wrath on the world that has rejected and insulted His amazing offer of pardon for all sin and has trampled underfoot His sacrifice and counted it as nothing.

It is inconceivable that Jesus who gave His life for all those who have received Him as Lord and Savior, will then pour out His wrath on these who are trusting Him for their Salvation. Jesus church is “not appointed to wrath but to obtain salvation”.

If you have given your life to Jesus then you can rest assured that when He comes, He will be coming for you. If you do not yet know Jesus as your Lord and Savior, time is running out on your ability to make a decision for Him and to be spared the wrath that is fast approaching. Jesus gave everything He had so that you could be forgiven and have eternal life, but He will not “strive with man forever”. Soon His patience and forbearance will be at an end and the time of Great Tribulation will begin. Better to make the decision to surrender your life now rather than have to endure the suffering of the upcoming Great Tribulation in which two-thirds of those who dwell on the earth will perish in twenty-one plagues of judgement as described in vivid detail in the Book of Revelation.

Rob Robinson

The Following is an article in today’s news regarding the Global financial meltdown that is already upon us:

The Telegraph, London

by Philip Aldrick

Banks’ $4 trillion debts are ‘Achilles’ heel of the economic recovery’, warns IMF

Lenders across Europe and the US are facing a $4 trillion refinancing hurdle in the coming 24 months and many still need to recapitalise, the Washington-based organisation said in its Global Financial Stability Report. Governments will have to inject fresh equity into banks — particularly in Spain, Germany and the US — as well as prop up their funding structures by extending emergency support.

“Progress toward global financial stability has experienced a setback since April … [due to] the recent turmoil in sovereign debt markets,” the IMF said. “The global financial system is still in a period of significant uncertainty and remains the Achilles’ heel of the economic recovery.”

Although banks have recognised all but $550bn of the $2.2 trillion of bad debts the IMF estimates needed to be written off between 2007 and 2010, they are still facing a looming funding shock that will need state support. “Nearly $4 trillion of bank debt will need to be rolled over in the next 24 months,” the report says.

“Planned exit strategies from unconventional monetary and financial support may need to be delayed until the situation is more robust, especially in Europe… With the situation still fragile, some of the public support that has been given to banks in recent years will have to be continued.”

Although the IMF does not mention individual countries, it is clear it has concerns about the UK. According to the Bank of England, British banks need to refinance £750bn- £800bn of funding by the end of 2012, £285bn of which is emergency support that expires in the same period.

The IMF adds: “Without further bolstering of balance sheets, banking systems remain susceptible to funding shocks that could intensify deleveraging pressures and place a further drag on public finances and the recovery.”

The report welcomed banks efforts to recapitalise, noting that the average tier one ratio rose above 10pc in 2009, but cautioned that “despite these improvements, banking system risks are more elevated today”. Europe’s financial system, in particular, “remains vulnerable to downside risks and further funding strains if capital buffers are not strengthened”, the IMF said, naming the regional Cajas of Spain and Landesbanken in Germany.

Even US banks may need an extra $13bn of capital if “real estate prices fell significantly”. The research shows that the UK has been relatively prudent on bad debts and capital, having wirtten off all but $50bn of the bad debts identified by the IMF — just 10pc of the total.

The IMF also called for urgent global co-ordination of banking reforms, chiding regulators for having failed to agree on the details: “The sooner reforms can be clarified, the sooner financial institutions can formulate their strategic priorities and business models. In the absence of such progress, regulatory inadequacies will continue for some time, increasing the chances of renewed financial instability.

“Policymakers cannot relax their efforts to reduce refinancing risks, strengthen balance sheets, and reform regulatory frameworks.”

Governments must also address their budget deficits and public debts to help resurrect confidence in the banks and “reduce the risk that sovereign debt concerns compromise financial stability”.

“Fiscal risks remain high, particularly in advanced economies and significant structural weaknesses remain in sovereign balance sheets, which could spill over to the financial system, and have adverse consequences for growth over the medium-term,” the IMF said.

However, it added that governments now face a challenge in balancing “fiscal consolidation to reduce debt on the one hand while ensuring sufficient growth on the other”.

The IMF estimates in its “baseline” scenario that Britain’s debts will reach 86.4pc of GDP in 2015. But should the austerity measures result in “growth of 1pc less than the baseline”, debts will rise to 99.2pc of GDP in the same period.



This entry was posted on Thursday, October 7th, 2010 at 11:56 am and is filed under Bible Prophecy Updates, Economy, Rob Robinson, The Antichrist, The Book of Revelation, The Last Days, The Rapture of the Church, The Tribulation. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.