THE CLOSING ACT
by Brooks Alden
The prophet Ezekiel wrote so much that we now see as
prophecy but nowhere in his writing is the outlook so frightening
as the one he describes in Chapter 7. Several times he echoes
"the end is come." In Verse 7, he describes the same thing in
slightly different terms, ".... the time is come and the day of
trouble is near." Then in verse 12 he warns, "The time is come,
the day draweth near..." In his scenario, the Israel lands will
all be under the rod. The lands will be full of bloody crimes,
the cities full of violence, the worst of the heathen will
possess our houses, our holy places will be defiled and
destruction will come upon us.
This is a scary picture but could it be the reality in the
years just before the fall of Babylon. Remember God said through
Ezekiel (Verse 3) "I will recompense upon thee all thine
abominations." Are we in those years now, in fact, are we
arriving at the pinnacle?
Let's look at a few of the symptoms of a very sick world and
as we do, think particularly of what has come upon us since 911.
Sadly, the world is like two super charged planes headed for
one another at top speed and a crash is inevitable. Don't pay
attention to the spin politicians place on events; they
invariably interpret truth in the most convenient light. The fact
is, the economic world is broke and like Humpty Dumpty, all the
king's horses and all the king's men cannot put it together
again.
In August 2001 I wrote an article (published in September
that year just before 911) warning of the excesses of money
supply and the dangers of derivatives. I had said we were in a
no-win situation and that the day of reckoning was just round the
corner. I also wrote, "As America, the world's greatest economy,
goes, so goes the world." And America is clearly in trouble
today. The painful cost of shipping millions of jobs and
thousands of plants to third world countries, along with wars,
illegal immigration, excessive money supply growth are only some
of the ills coming home to roost. America has spent its way to
poverty. As an aside, one has to wonder why America became the
spender of last resort. Yet, they did, particularly since the
Asian meltdown of 1997 and now every American is paying
the price. Don't think the other Israel nations are immune; they
all played the same game but with fewer chips.
Who could have guessed that 2001 would have been such a
disastrous crossroad for Israelites? In a future article I will
speculate how the harvest period began for the Esau Dominion. But
suffice to say, it was the beginning of true sorrows for the
Israel nations. We all lived through the years since so I will
look at the cancerous results in just one area.
Space prevents a full analysis but let's at least look at
the world of no reality, the little known dark cloud lurking over
the entire world economy. It goes by a number of names, like
hedge funds, off balance sheet products or derivatives. Perhaps
the best way to describe the derivatives to which I am referring
is to relate them to an insurance scheme where one party
underwrites another party's risk. The great danger, of course, is
that the party who assumed the risk will not be able to fulfill
the obligation. Let me give you an example, "Why was Lehman
Brothers sent to bankruptcy whereas other financial biggies were
saved by taxpayers through rescue plans." Well, according to a
local economist I talk to often, one reason is that Lehman held
only 10 billion oz of silver but had issued 120 billion in
derivatives and as the party who assumed the risk, they were
unable to fulfill their obligations.
Relating derivatives globally, think on this! The world
economy is somewhere around 60 trillion dollars whereas the
issued derivatives are somewhere in the neighbourhood of 900
trillion. Scary isn't it when you think of the potential risk?
But something even scarier, there is approximately 10 billion oz
of silver produced annually, 9 billion is used for commercial
purposes so 1 billion is available.
But, some suggest that in the past six months or so, 100
billion of derivatives have been issued. That's a lot of "based
on nothing." My economist acquaintance mentioned that another
major bank with 1.5 trillion in assets and 1.2 trillion in debt
has 97 trillion in derivatives outstanding. It reminds me of what
I wrote in 2001, "As the majority of derivatives pass as off-
balance sheet products, the risk factor cannot be spotted through
financial statement analysis. There is simply no central clearing
system to measure the overall risk. One analyst put it this way,
"If all the houses in New York burnt down, the insurance
companies wouldn't have the money to cover the insurance. Yet,
every financial house in America is potentially burning because
of the risk of derivatives, yet no one is keeping track of the
risk factor." We do know that 136 banks in the United States went
broke so far in 2010, worse than the depression days of 1929.
I wish I could go into a myriad of other ills, like the
fragility of pension plans the world over, why at least one state
is either issuing or considering issuing I.O.U.'s for tax
refunds, why England is in even worse condition that America,
what's in store for real estate and on and on. Still, what has
been written, particularly on derivatives, may help us understand
the staggering equity market correction of 2008, the recent 1,000
drop written off as a trader error and why more of the same is on
the horizon.
Remember, the system is broke and there is not enough
fingers to plug every hole in the dam. It must ultimately
collapse. As Revelation tells us, "Alas, alas, the great city
Babylon, that mighty city! For in one hour is thy judgment come."
......
From the October "Thy Kingdom Come" - a publication of the
Assiciation of the Covenant People, Burnaby, B.C. Canada.
Note:
While the world is in DEEP trouble in many ways, there will be a
pull out of sorts, actually a BIG sort. Europe/Babylon is yet to
be the trading/economical POWER of the world. She will be yet
MIGHTY and the world center for trade and economy. The fall of
this mighty economical/military/religious Empire, the last
resurrection of the Holy Roman Empire, called in the last verse
quoted in the above article, ""the great city Babylon, that
mighty city" of the book of Revelation, will come smashing down
in an hours judgment. She will rise swiftly to bring her havoc on
the world when this age reaches its last 42 months, and she will
FALL quickly. All explained to you in the New Testament Bible
Story under the book of Revelation, on this Website, and in my
new book called "The Prophets For Today" which will be obtainable
from various places such as Amazon.com (when it comes off the
press by January 2011).
There will be a recovery of the world's economy eventually, with
Europe as the leading Empire. So there is yet more time, more
years, before the end of this age, and the beginning of the
promised age to come.
Keith Hunt
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