• Economy, Gas Prices

    Posted on March 3rd, 2011

    Written by Rob Robinson

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    $4.00 a Gallon Gas in the United States by June

    $4.00 a Gallon Gas in the United States by June

    Intelligence sources close to the crisis in the middle east are reporting that the shutdown of oil production in some of the middle east countries who are experiencing uprising and revolution, will cause a further decrease in oil production. This decrease in production in countries such as Libya who supply only 2% of the world’s oil supply cause fear in the global oil markets.

    All that is required for gas prices to spike sharply is a belief that there will be a shortage in crude oil. Oil is a global currency that is traded world-wide and those who hedge against these prices are reporting that we may see $4.00 gas prices in the U.S. by June.

  • National Debt Reaches 14 Trillion

    National Debt Reaches 14 Trillion

    For the first time in history, the United States national debt has reached 14,025,215,218,708.52. That is 14 Trillion!

    Just seven months ago the National debt was 13 Trillion dollars. Within days the statutory limit set by the Obama administration for the debt ceiling will be at 14.294 Trillion. At that point the Federal government cannot borrow any more money and could default on it’s former obligations.

    If the Federal Government of the United States should default on any loan as a result of this, it would be the first time in history this has happened.

    If you and I reach our limit on how much we can borrow, we have to stop borrowing. We then cannot spend more than we have earned. This is not true for our Federal Government. When they reach their limit they simply print more money and keep on spending. Over the past 50 years, the Federal government has gone past their budget limit 44 times.

    The Federal Government sells U.S. Treasury bills which are really I.O.U’s that are used to pay off the money that it has borrowed. If the debt limit is enforced and we cannot issue any more Treasure bills/I.O.U.’s to ourself, then the government will cease to function.

    That is how serious our situation is and how close we are to National bankruptcy.

  • America In Prophecy, Economy, Signs on the Earth

    Posted on November 10th, 2010

    Written by B.P.U Contributor

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    Signs of the Last Days: China Lowers U.S. Credit Rating

    Signs of the Last Days: China Lowers U.S. Credit Rating

    Dagong Global Credit Rating Co., the Chinese rating company that was recently rejected in its bid to be an officially recognized bond rater in the U.S., just downgraded the entire U.S. The always objective Xinhua has the “scoop.”

    The United States has lost its double-A credit rating with Dagong Global Credit Rating Co., Ltd., the first domestic rating agency in China, due to its new round of quantitative easing policy. Dagong Global on Tuesday downgraded the local and foreign currency long-term sovereign credit rating of the U.S. by one level to A+ from previous AA with “negative” outlook.

    The Chinese rating agency said the downgrade reflected the U.S.’s deteriorating debt repayment capability and drastic decline of the U.S. government’s intention of debt repayment. “The serious defects in the U.S. economy will lead to long-term recession and fundamentally lower the national solvency,” Dagong said in a report.

  • America In Prophecy, Economy, Signs on the Earth

    Posted on November 6th, 2010

    Written by B.P.U Contributor

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    Bankruptcy of the U.S. is a ‘Mathematical Certainty’

    Bankruptcy of the U.S. is a ‘Mathematical Certainty’

    John Allison, who for two decades served as chairman and CEO of BB&T, the nation’s 10th largest bank, told CNSNews.com it is a “mathematical certainty” that the United States government will go bankrupt unless it dramatically changes its fiscal direction.

    Allison likened what he sees as the predictable future bankruptcy of the United States to the problems at Fannie Mae and Freddie Mac, whose insolvency he also said was foreseeable to those who studied their business practices and financial situation.

    “I think the first thing we have to realize is where we’re going and to face it objectively,” Allison told CNSNews.com, when asked about the trillion-dollar-plus deficits the federal government has run for three straight years, the more than $13 trillion in federal debt, and the $61.9 trillion long-term shortfall the government faces (according to the analysis of the Peter G. Peterson Foundation) if the government is to pay all the benefits it has promised through entitlement programs.

    “If you run the numbers, on all those numbers that you just talked about, which I think are accurate, very accurate, in 20 or 25 years, the United States goes bankrupt,” said Allison. “It’s a mathematical certainty.

  • Signs of the Last Days: 4 Trillion in World Debt

    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.

  • America In Prophecy, Economy

    Posted on October 5th, 2010

    Written by B.P.U Contributor

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    IMF Warns That U.S. Economy is ‘Near Depression’

    IMF Warns That U.S. Economy is ‘Near Depression’

    A new report by the International Monetary Fund paints a brutally grim picture of the global economic outlook, warning that continued European belt-tightening combined with possible deficit-cutting in the United States could lead to a global double-dip recession. Ambrose Evans-Pritchard, international business editor of the Daily Telegraph newspaper, wrote that the report suggests Western economies are stuck in a “near depression.”

    In the near term, the report suggested, nations seeking to stabilize their economies by cutting their budgets will only make the global economy worse. Evans-Pritchard reported the IMF analysis “more or less condemns southern Europe to death by slow suffocation and leaves little doubt that fiscal tightening will trap North Europe, Britain, and American in a slump for a long time.”

    Nobel Prize-winning economist and former World Bank chief economist Joseph Stiglitz used even more drastic imagery. He said some governments may be caught in a “death spiral.”

  • Breaking News, European Union, Signs on the Earth

    Posted on September 30th, 2010

    Written by B.P.U Contributor

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    Signs of the Last Days: World Markets Destabilize

    Signs of the Last Days: World Markets Destabilize

    World markets were mixed Thursday as investors booked profits at the end of a month of solid gains and amid upbeat signs about the U.S. economy. Ireland’s announcement that it would sink billions more into its failed banks was greeted with equanimity. European stocks fluctuated all day, torn by worries of a flare-up in the debt crisis and hopes that governments were facing their debt problems head on.

    U.S. jobs and growth figures later offered some support, but investors who have enjoyed the strongest gains for the month of September since 1939 seem to be taking their profits off the table. Britain’s FTSE 100 closed down 0.4 percent at 5,548.62 while Germany’s DAX ended 0.3 percent lower at 6,229.02. France’s CAC-40 was down 0.6 percent at 3,715.18.

    Asian markets closed lower and Wall Street slid after an initial rally. The Dow industrial average was down 0.6 percent at 10,773.22 while the Standard & Poor’s 500 fell 0.5 percent to 1,139.44. U.S. government data showed that first-time claims for unemployment benefits fell more than economists had predicted last week. Furthermore, the official estimate for economic growth was raised to 1.7 percent for the second quarter, up from 1.6 percent estimated a month ago.

  • America In Prophecy, Economy

    Posted on September 30th, 2010

    Written by B.P.U Contributor

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    U.S. Practically Owned by China

    U.S. Practically Owned by China

    The US supremacy as the top world economy will end sooner than many people believe, so gold is a better investment than the dollar despite it hitting a new record, Tom Winnifrith, CEO at financial services firm Rivington Street Holdings, told CNBC.com Monday. Gold hit a new record high Monday and silver rose to another 30-year peak as investors were worried about the dollar weakening further after the Federal Reserve hinted at more quantitative easing last week.

    The US trade deficit and debt continue to grow and the authorities are reluctant to address the problem, preferring to print money, Winnifrith said. “America is practically owned by China,” he said. He reminded of the fact that in 1900, sterling was the world’s reserve currency but by 1948, that was no longer the case as the British Empire collapsed.

    “America is doing what Britain did,” Winnifrith said. “America spends much more than it can afford and it’s not addressing the issue.” In 1832, China and India were the world’s two largest economies and by 2032, they will regain that status, he predicted. “The 200 years when Britain and the US were the top two economies were an aberration and that will change,” Winnifrith said. “The decline of empires has happened much faster than folks think. I believe that gold will be a far better bet in 20 years than the dollar,” he added.

  • Economy, Rob Robinson, Signs on the Earth

    Posted on September 14th, 2010

    Written by Rob Robinson

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    Signs of the Last Days: Gold Hits an All Time High

    Signs of the Last Days: Gold Hits an All Time High

    Revelation 3:15-18 “I know your works, that you are neither cold nor hot. I could wish you were cold or hot. So then, because you are lukewarm, and neither cold nor hot, I will vomit you out of My mouth. Because you say, “I am rich, have become wealthy, and have need of nothing’—and do not know that you are wretched, miserable, poor, blind, and naked— I counsel you to buy from Me gold refined in the fire, that you may be rich; and white garments, that you may be clothed, that the shame of your nakedness may not be revealed; and anoint your eyes with eye salve, that you may see.”

    Jesus was speaking to the church at Laodicea, a church which had become large, wealthy and self sufficient. And Therein is the problem. Today we have a new phenomenon, the “Mega Church”. They are rich, have incredible programs and entertainment for every member of the family, but there is one thing missing: The expositional teaching of the Word of God.

    As a result of the worldwide increase in wealth, the church has become wealthy also. And when Jesus wrote to the church at Laodicea, he was writing to that final generation of churches just before He returns to earth that will have become wealthy and self reliant. It is not the size of the ministry that is important to Jesus, but the hearts of the people within that particular church. A church of 100 people with hearts right before the Lord, loving Him and living for Him, is more desirable than a church of 17,000 who are living for themselves and the next exciting spectacle at their church.

  • Economy, Signs

    Posted on August 13th, 2010

    Written by B.P.U Contributor

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    Current World Disasters Could Cause Food Prices to Soar

    Current World Disasters Could Cause Food Prices to Soar

    WASHINGTON: Fires, floods, locusts and droughts - a combination of crises that could mean higher food prices around the world over the next 12 months. The US agriculture department will released a report today assessing world grain supplies. Many analysts expect it will forecast a two-year low for wheat inventories - an estimate that would likely send wheat prices, which have climbed steadily all summer, moving even higher. Russia, the world’s third-largest wheat exporter, imposed a four-month ban on grain exports last week because of drought. The decision will pull millions of tonnes of wheat out of world markets. The World Bank has urged other nations not to follow suit, fearing a supply crunch like the one that drove 2008 prices to twice their current levels and prompted food riots in Africa and Asia. Severe winter frosts and a summer drought have damaged the crop in Ukraine, the world’s sixth-largest exporter, and Kiev is expected to impose its own export ban later this month.

  • Breaking News, Economy

    Posted on August 11th, 2010

    Written by B.P.U Contributor

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    The United States is Bankrupt

    The United States is Bankrupt

    Let’s get real. The U.S. is bankrupt. Neither spending more nor taxing less will help the country pay its bills. What it can and must do is radically simplify its tax, health-care, retirement and financial systems, each of which is a complete mess. But this is the good news. It means they can each be redesigned to achieve their legitimate purposes at much lower cost and, in the process, revitalize the economy. Last month, the International Monetary Fund released itsannual review of U.S. economic policy. Its summary contained these bland words about U.S. fiscal policy: “Directors welcomed the authorities’ commitment to fiscal stabilization, but noted that a larger than budgeted adjustment would be required to stabilize debt-to-GDP.” But delve deeper, and you will find that the IMF has effectively pronounced the U.S. bankrupt. Section 6 of the July 2010 Selected Issues Paper says: “The U.S. fiscal gap associated with today’s federal fiscal policy is huge for plausible discount rates.” It adds that “closing the fiscal gap requires a permanent annual fiscal adjustment equal to about 14 percent of U.S. GDP.”

  • Economy, The Antichrist, The Last Days

    Posted on August 7th, 2010

    Written by B.P.U Contributor

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    The Rise of the Central Banks

    The Rise of the Central Banks

    Normally, when a country expands its money supply, it will offer bonds to other countries. The lending countries will buy the bonds and then the borrowing country will use that money to issue paper currency to the lending banks at a set interest rate. The problem many countries have now is that lending countries are not buying. This puts the borrowing country in a bind. Since slowing the rate of increase of the money supply will invite a recession (a way for the economy to readjust itself back to reality), politicians will want to “boost” the economy by increasing the money supply. With no one buying a country’s debts, the debtor country is reduced to printing money that is backed by nothing. This is called “monetizing the debt.” Ben Bernanke, the chairman of the United State’s central bank, the Federal Reserve, has been accused of gearing up the printing presses. Of course, in these days of electronic funds transfers (EFT), a printing press isn’t even required. A simple computer entry into a balance sheet will suffice. In the last two years, the United States has put $2.5 trillion into the world’s economy.11 Continuing to expand the money supply in such a manner could cause a hyperinflation only seen in recent history in developing nations and post-World War II Germany. (We will visit the topic of hyperinflation and its effects on society in the third and final section of this series.)

  • Bible Prophecy Updates, Economy, The Antichrist

    Posted on August 6th, 2010

    Written by B.P.U Contributor

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    Signs of Antichrist: IMF Blueprint for Global Currency

    Signs of Antichrist: IMF Blueprint for Global Currency

    Authored by Reza Moghadam, director of the IMF’s strategy, policy and review department, it discusses how the IMF sees the International Monetary System evolving after the financial crisis.Which means, in the eyes of the IMF at least, the best way to ensure the stability of the international monetary system (post crisis) is actually by launching a global currency. And that, the IMF says, is largely because sovereigns — as they stand — cannot be trusted to redistribute surplus reserves, or battle their deficits, themselves.
    The ongoing buildup of such imbalances, meanwhile, only makes the system increasingly vulnerable to shocks. It’s also a process that’s ultimately unsustainable for all, says the IMF. Or as they put it: The global crisis of 2008/09, for all its costs, has not jeopardized international monetary stability, and the IMS is not on the verge of collapse. That said, the current system has serious imperfections that feed and facilitate policies—of reserves accumulation and reserves creation—that are ultimately unsustainable and, until they are reversed, expose the system to risks and shocks that a reformed system could minimize.

  • Bible Prophecy Updates, Economy

    Posted on August 2nd, 2010

    Written by B.P.U Contributor

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    Oil Hits a New 3 Month High on Economic Optimism

    Oil Hits a New 3 Month High on Economic Optimism

    Oil rose to its highest level in nearly three months on Monday, topping $81 a barrel as a sharp rise on equity markets and a weak dollar raised optimism about the strength of the global economic recovery and the outlook for energy demand. U.S. September crude rose $2.64, more than 3 percent, to $81.59 a barrel by 11:39 EDT, the highest price since May 5. ICE Brent rose $2.78 to $80.96, the highest level since May 13. U.S. stocks rallied as strong earnings results and better-than-expected manufacturing data prompted investors to build on last month’s run-up. European stock markets set the tone early, hitting a three-month high following strong results from leading banks HSBC (HSBA.L) and BNP Paribas (BNPP.PA). The U.S. dollar fell to a three-month low against a basket of currencies .DXY as investors moved to riskier assets, which supported oil prices. A weaker greenback makes commodities cheaper for holders of other currencies.

  • Bible Studies, Economy, Signs on the Earth

    Posted on July 19th, 2010

    Written by B.P.U Contributor

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    A Bushel of Wheat For a Penny

    A Bushel of Wheat For a Penny

    We learn in Genesis that Abram (renamed later by God to Abraham) was a rich man. How do we know? We are told that “he had sheep, and oxen, and he asses, and menservants, and maidservants, and she asses, and camels.”1 In Biblical times, these things were all media of exchange. No king decided this; he didn’t call in his magi to decide what the medium of ex-change would be. Ordinary people, or “the market” made the decision. Let’s say a king did decree that rocks could be used as money. Would anyone use them? Probably not, because they would not know the value of those rocks. Unless you are building a lot of things (or stoning a lot of adulterers), rocks fail to meet a standard for money: they have no intrinsic value. If a civilization was to advance though, it had to come up with a convenient way to save and exchange value to buy things. Leather was used in ancient Rome. (Contrary to popular belief, Roman soldiers were not paid in salt. The term salary [from the Latin salārium] was money given to Roman soldiers to buy salt.2) Animal pelts, whiskey, and tobacco leaves were used in the former British Colonies, wampum (strings of beads) was used by the American Indians, dried fish were used in the Canadian maritime colonies, maize or corn was used in Mexico, and salt, iron and farming tools were used in Africa. These things are called “commodity money.” As civilizations became more complex, most forms of commodity money be-came very cumbersome. (Who would want to give or get 300 sheep to buy a car?) Another medium of exchange had to be found.

  • Breaking News, Economy

    Posted on July 16th, 2010

    Written by B.P.U Contributor

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    One Million Foreclosures in 2010

    One Million Foreclosures in 2010

    More than 1 million American households are likely to lose their homes to foreclosure this year, as lenders work their way through a huge backlog of borrowers who have fallen behind on their loans. Nearly 528,000 homes were taken over by lenders in the first six months of the year, a rate that is on track to eclipse the more than 900,000 homes repossessed in 2009, according to data released Thursday by RealtyTrac Inc., a foreclosure listing service. “That would be unprecedented,” said Rick Sharga, a senior vice president at RealtyTrac. By comparison, lenders have historically taken over about 100,000 homes a year, Sharga said. The surge in home repossessions reflects the dynamic of a foreclosure crisis that has shown signs of leveling off in recent months, but remains a crippling drag on the housing market.

  • America In Prophecy, Bible Prophecy Updates, The U.N.

    Posted on July 2nd, 2010

    Written by B.P.U Contributor

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    Dollar Plunges After UN Call to Ditch Greenback

    Dollar Plunges After UN Call to Ditch Greenback

    The dollar plunged today following a United Nations report which called for the greenback to be replaced as the global reserve currency by the International Monetary Fund’s special drawing rights (SDRs). The dollar’s trend of moving inversely to the stock market has seemingly been snapped, with the Dow Jones falling over 100 points at one stage today. However, as soon as markets began to claw back losses, the greenback failed to follow suit, indicating that whichever way markets move, the dollar is in big trouble. The UN report called for “abandoning the U.S. dollar as the main global reserve currency, saying it has been unable to safeguard value,” according to Reuters. “A new global reserve system could be created, one that no longer relies on the United States dollar as the single major reserve currency,” stated the report, adding that this new system should not be based on a basket of currencies, but on IMF-controlled SDR’s.

  • Bible Prophecy Updates, Economy, Signs on the Earth

    Posted on June 29th, 2010

    Written by B.P.U Contributor

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    Signs of a Third Depression

    Signs of a Third Depression

    Recessions are common; depressions are rare. As far as I can tell, there were only two eras in economic history that were widely described as “depressions” at the time: the years of deflation and instability that followed the Panic of 1873 and the years of mass unemployment that followed the financial crisis of 1929-31. Neither the Long Depression of the 19th century nor the Great Depression of the 20th was an era of nonstop decline — on the contrary, both included periods when the economy grew. But these episodes of improvement were never enough to undo the damage from the initial slump, and were followed by relapses. We are now, I fear, in the early stages of a third depression. It will probably look more like the Long Depression than the much more severe Great Depression. But the cost — to the world economy and, above all, to the millions of lives blighted by the absence of jobs — will nonetheless be immense.

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