Collapse of Italy's Banks Could Bring Chaos

Isn't it funny how just a few years ago the media was all over how bankrupt Greece, Italy and Spain are?  And then one day, suddenly Greece was "bailed out" (so media believe it's fixed) and Italy somehow also got off the hook of its financial mess.

But was anything really fixed in Greece or Italy?

(comments below come from article on ECONOMIC COLLAPSE BLOG)

The Italian banking system is a "leaning tower" that truly could completely collapse at literally any moment.  And as Italy's banks begin to go down like dominoes, it is going to set off financial panic all over Europe unlike anything we have ever seen before. 

I wrote about the troubles in Italy back in January, but since that time the crisis has escalated.  At this point, Italian banking stocks have declined a whopping 28 percent since the beginning of 2016, and when you look at some of the biggest Italian banks the numbers become even more frightening.  

On Monday, shares of Monte dei Paschi were down 4.7 percent, and they have now plummeted 56 percent since the start of the year.  Shares of Carige were down 8 percent, and they have now plunged a total of 58 percent since the start of the year.  This is what a financial crisis looks like, and just like we are seeing in South America, the problems in Italy appear to be significantly accelerating.

So what makes Italy so important?

Well, we all saw how difficult it was for the rest of Europe to come up with a plan to rescue Greece.  But Greece is relatively small they only have the 44th largest economy in the world.

The Italian economy is far larger.  Italy has the 8th largest economy in the world, and their government debt to GDP ratio is currently sitting at about 132 percent.

There is no way that Europe has the resources or the ability to handle a full meltdown of the Italian financial system.  Unfortunately, that is precisely what is happening.  Italian banks are absolutely drowning in non-performing loans, and as Jeffrey Moore has noted, this potentially represents "the greatest threat to the world s already burdened financial system"...

I know that a lot of people have been eagerly anticipating a complete and total global economic collapse for a long time, and many of them just want to "get it over with".

Well, the truth is that nobody should want to see what is coming.  Personally, I rejoice for every extra day, week or month we are given.  Every extra day is another day to prepare, and every extra day is another day to enjoy the extremely comfortable standard of living that our debt-fueled prosperity has produced for us.

Most Americans have absolutely no idea how spoiled we really are.  Even just fifty years ago, life was so much harder in this country.  If we had to go back and live the way that Americans did 100 or 150 years ago, there are very few of us that would be able to successfully do that.

So enjoy the remaining days of debt-fueled prosperity while you still can, because great change is coming, and it is going to be extremely bitter for most of the population.

Here;  http://www.prophecynewswatch.com/article.cfm?recent_news_id=176

I put the last paragraphs in bold so that you would maybe re-read them.

It's true that we have become so spoiled that we could barely survive the way things were just 40 years ago.  I grew up at a time when when our family had one car and it was even't a very good one. My dad had an MBA and an important job downtown but he RODE THE BUS everyday after walking through dark and snow for 3 blocks to the bus stop!  

Today if your 16 yr old child has to RIDE THE BUS (Heaven forbid!!) instead of drive their own car to school....it can cause a mental and emotional breakdown for your child. (I witnessed this first hand)

Our family vacation consisted of going to see my grandparents for a week in the summer.  We NEVER ate at restaurants and NEVER went to places like Disneyworld....but neither did any of the kids I hung out with so no one really cared.

For sure those of us who read God's Word should be able to look around the world and understand that life as we know it could change in the blink of an eye and NEVER BE THE SAME.  The reason I post so many articles about these topics is because it is my hope that my readers and I will not be totally surprised, shocked and blown away if/when the meltdown happens.

Jesus told us not to fear.  He told us that he would take care of us whether we were in jail, penniless, persecuted, beaten down or even about to be martyred for our faith.

So let's all have our eyes open to the events transpiring around us.  Let's keep looking up as we watch for Jesus to return for us....but let's not be surprised if some serious shaking happens to America, and the World, which rocks a lot of people's foundations.

"Give us our daily bread and forgive us of our sins as we forgive those who sin against us.  Save us from time of trial and deliver us from evil."