Five Reasons Italy Should Scare You

Today at prophecy luncheon we talked about the collapse of the European Union.  How long will Italy pay for Greece, and how long will France pay for Italy, and how much longer will Germany pay for France?  And then the REALLY big question;  How much money does the USA have invested over in Europe that could take a serious haircut...and then how will we pay back the Chinese who we borrowed the money from to loan it to Europe when Europe can't pay us back?

Does anyone out there REALLY have any money....or is it just one giant Ponzi scheme of one country borrowing from another so they can loan it to another...meanwhile charging interest all the way around so it all looks like a good "investment"? 

Here are the five reasons that Non-Christians should be scared about Italy;

First, Italy is not too big to fail. What I mean by that is Italy is too big to be bailed out. When Greece got itself into trouble, the European Union and International Monetary Fund could easily muster up the resources to prevent default. But with Italy's debt load bigger than that of Greece, Ireland, Portugal and Spain combined, there isn't likely to be enough money to bail out the country.

Secondly, to fix that mess, Italy has to uproot some deep economic problems. As I've mentioned before, the reasons behind Italy's descent into the euro zone debt crisis are much different than those that have undermined other countries in Europe.

Third, we should doubt whether Italy's political system can produce that rapid-fire reform. The types of reform Italy needs will be highly unpopular with voters. They mean higher taxes, fewer government services, more competition and, if we really start gutting the economic system, likely longer working hours.

Fourth, Italy could spark even wider contagion. About a year ago, analysts were questioning if Italy even deserved to be counted among the PIIGS. Financial calculations told us Italy was at much less risk of insolvency than Greece, Ireland, Portugal or Spain. The fact that Italy has sunk to where it is today shows just how deeply the euro zone debt crisis has infected the core of the monetary union.

Fifth, Italy is probably the biggest threat to the global economy right now. Just look at the sort of chaos tiny Greece has caused for global markets. A destabilizing Italy, the world's 8^th-largest economy, could send shockwaves around the world that would rival, even possibly exceed, the ones we saw extend from Wall Street in 2008.
Read more: http://curiouscapitalist.blogs.time.com/2011/11/09/five-reasons-italy-should-scare-you/#ixzz1dL3b8vII

I know what this whole mess calls for...we need the Antichrist to come riding in on a white horse and fix this whole broken system by setting up a single global currency and then a global central bank to run it all.  And then because currency trading is so massively expensive to administer....he needs to just issue everyone on the financial grid a number and a mark...so they can use that mark to buy and sell everything they need!!  What a great idea!!