Next Financial Crisis Will Be Hellish

I believe we have all heard of Forbes Magazine.  Today they had this headline;
THE NEXT FINANCIAL CRISIS WILL BE HELLISH AND ITS ON ITS WAY

“There is definitely going to be another financial crisis around the corner,” says hedge fund legend Mark Mobius, “because we haven’t solved any of the things that caused the previous crisis.”

We’re raising our alert status for the next financial crisis. We already raised it last week after spreads on U.S. credit default swaps started blowing out. We raised it again after seeing the remarks of Mr. Mobius, chief of the $50 billion emerging markets desk at Templeton Asset Management.

Speaking in Tokyo, he pointed to derivatives, the financial hairball of futures, options, and swaps in which nearly all the world’s major banks are tangled up.

Estimates on the amount of derivatives out there worldwide vary. An oft-heard estimate is $600 trillion. That squares with Mobius’ guess of 10 times the world’s annual GDP. “Are the derivatives regulated?” asks Mobius. “No. Are you still getting growth in derivatives? Yes.”

See it here;  http://blogs.forbes.com/greatspeculations/2011/06/01/the-next-financial-crisis-will-be-hellish-and-its-on-its-way/

Friends...we are crashing towards disaster.  Some that I talk to in our industry tell me if everyone would quit talking about bad news...then the bad news would disappear.  That's funny.  It's a little bit like closing your eyes as a tiger is charging you because if you can't see it, nothing bad will happen.

Can you even imagine what is going to unravel if $600 trillion in derivatives come crashing down?

Hope we all have a .22 rifle because we all might be out hunting squirrels until a new financial system gets cooked up!  Hopefully none of us will be here when that happens because all signs are pointing to that new financial system being the one that will be run by the Anti-christ.

"When you see all these things begin to happen look up for your redemption is near."  Jesus