The Collapse of the Economy
The collapse of the economy is predicted and described in the Book of Revelations, Chapter 18, where it is referred to as the fall of “Babylon the Great.” The collapse will signal the start of the seven years of “tribulation.”
Islamic nations have their own financial system, sharia finance, and while their trade with the West will be severely impacted, their banking system will probably survive a collapse of Western banks; and thus their economy will also survive. If it does, this will have dire consequences, not only for Western nations but for all non-Islamic nations, because supremacy over all nations is the fundamental aim of Islamic Extemists.
The Consequences of the Collapse
Our financial system is based on trust, trust supported by contracts and laws. But when financial institutions fail that trust evaporates, and when it happens on a broad enough scale those contracts and laws lose their authority and become meaningless. Then those who have counted on their income, their savings, their pensions and their investments for financial security, peace of mind and happiness will realize to their horror that they no longer exist. In fact all wealth and financial security is predicted to disappear.
Triggers that can Cause the Collapse
What will trigger a complete collapse of the economic system? We need no longer speculate about this. We were given a glaring example and a warning of a complete financial collapse in the fall of 2008:
Robert Kelly, the chief executive of the Bank of New York Mellon -- reported in the National Post as one of America's largest and healthiest banks -- described the weekend before the Lehman Brothers' collapse and what happened to the credit markets as a result, as the U.S. financial system literally walking to the edge of an abyss. "It was extraordinarily scary. The average person doesn't realize how dire the state of the economy was at that particular time. We could have slipped into a global depression. I could have pictured any and potentially all financial institutions disappearing during that period."
We know the rest of the story.
However, the repercussions from the ensuing rescue package could have equally, if not more serious consequences: The trillions of dollars that the government injected to keep the system afloat, coupled with its own colossal burden of debt -- and with little prospect of repayment -- points to the likelihood that the whole thing will be monetized (with fiat money, monopoly money). This has the potential of debasing the currency and create a crisis more serious than the crisis the authorities sought to mitigate.
But there is another trigger, and, while the risks inherent in the financial markets — the stock market, the derivatives market, the banking sector and the currency market (by far the world’s biggest, trading in excess of an average approaching $3 trillion daily), — in and of themselves may not cause an economic collapse, they will nevertheless all materially contribute to it when the collapse is triggered.
The government at present having to rescue financial institutions with a multi-trillion dollar rescue package is indicative of the seriousness of the problem. And governments in other countries that are also forced to bail out their financial institutions is indicative of the very fragile state the global financial system is in. America is among the most prosperous nations in the world and the most powerful militarily; but her financial system has made her very vulnerable and there are elements in the Islamic world that are working hard to take advantage of this vulnerability.
A collapse will indeed occur, and there is another trigger to consider!