Now It's Spain

The Associated Press is reporting today that Spain's borrowing costs are soaring. The latest rise in interest rates charged to the government of Spain, has the gap about 2 1/4% above what investors charge the German government.

Many readers will probably say, "So what? Who cares? What does this have to do with prophecy?"

OK...let's keep it real simple. If you borrow $100,000 at 5% interest you will need to pay the lender $5,000 per year just to hold that loan. And that doesn't take into consideration that fact that you have paid nothing back on the principal.

If the party who made you the loan finds out next year that your job is in trouble....they may refinance the loan and charge you 10% interest because you now are a riskier borrower....which is $10,000 per year just to hold the loan.

Now cut and paste this exact same situation onto a country like Greece, Spain or the U.S.

Spain now has to pay an extra $2250 per year MORE than the Germans do for every single $100,000 that they have borrowed. Take that figure and multiply it by $$billions of dollars and you are talking about some serious money that their interest payments have gone up. When you throw in the fact that Spain has high unemployment and few people paying taxes as their economy slows down....you can understand that they have fewer dollars coming into the tax system while at the exact same time they are forced to pay $billions more in borrowing costs.

That can only work for so long before the whole thing comes apart. The candle is being burned at both ends and unless drastic changes are made there will soon be nothing left to burn.

The Finance Ministry adamantly denied the latest in a series of news reports that Spain is headed for some kind of outside financial help. The business daily El Economista said the IMF, the European Union and the US Treasury are preparing a package for Spain that includes a euro250 billion credit line.

Deputy Finance Minister Carlos Ocana acknoweledged this week that Spanish banks are having trouble obtaining credit on the inter-bank market. "The situation is a problem," he said Monday at a business conference Monday.

The chairman of the country's second largest bank BBVA, Francisco Gonzalez, put it in even blunter terms.

"Financial markets have withdrawn their confidence in our country," Gonzalez said. "For most Spanish companies and entities, international capital markets are closed."

See it here; http://www.google.com/hostednews/ap/article/ALeqM5irD4zPhHZMR2gWhX_pt0o94S3crwD9GCBF6G1

Did you catch that bold print above? The IMF (foreshadowing the one world currency) and the U.S. Treasury are preparing some sort of bailout package/line of credit for the Spanish government.

Wait a second....if Spain doesn't pay back the U.S. Treasury...doesn't that mean that all the U.S. taxpayers will then be on the hook for paying back all of Spain's self-created problems?

Of course it does. To add insult to injury...we don't need to remind anyone reading here that the U.S. is also broke and is facing the EXACT same problem that Spain is currently in.

Economists are warning that by 2012 America will have their total debt equal to 100% of Gross Domestic Product....just like Greece, Spain, Italy, etc... History shows us that when countries get to that level of debt....it is usually the tipping point that seals their financial doom.

Ireland, Spain, Greece, Italy, Iceland......when will the UK, France, Germany and the U.S. be added to this list of Western governments who wanted EVERYTHING today but simply had no money to pay for it....so they borrowed themselves rich.

It's an absolute and utter moral failure that causes this irresponsibility and makes grown men act like 2 year olds.

If something doesn't change soon to turn the direction of this financial mess....the International Monetary Fund is going to have bailout packages prepared for every major nation in the world. When that happens (and it is already well on it's way) the table will be totally set for a brand new, ONE WORLD CURRENCY.

You can almost hear the hoofbeats of the Antichrist as he gets ready to ride his horse onto the world stage and seal the complete and total deception of mankind.