Prophecy in today's headlines

Bailout – Too Little…Too Late or Just The Beginning?

The world’s financial markets face an uncertain and possibly volatile week as investors await details about how the Treasury will implement the government’s financial rescue package — and watch for any further fallout from the credit crisis around the globe.

The markets have switched their focus to the world economy now that the $700 billion bailout plan has become law. And there’s reason for their concerns — governments across Europe are rushing to prop up failing banks. On Sunday, Germany said it would follow suit with Ireland and Greece in guaranteeing all private bank accounts.

Those steps are the latest sign that the troubles of U.S. banks, which have all but paralyzed credit markets, are affecting the financial systems of other countries. Banks’ hesitation to lend to one another and to many businesses and individuals is the consequence of the bad mortgage debt that the financial rescue is supposed to sweep up. But it’s still unclear how quickly financial institutions will be able to hand that debt to the U.S. government and convince the markets they are healthy again.


Bob Moriarty, founder of predicts a freeze-up of the banking system to happen shortly. In fact he states that he believes there is a 95% chance the world financial system will comletely collapse within 10 days.

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