As readers of this blog know, Revelation 17-18 contain many details about the collapse of the global financial/commercial system called Babylon the Great. This collapse will occur in the latter days just prior to the emergence of the global beast system (Revelation 17:9-16). Babylon the Great is a self-serving alliance of the elites of the “merchants of the earth” (global multinational banks and corporations) and the “kings of the earth” (the political/governmental leaders). Past blogs have focused on this process of collapse. This blog will offer more evidence that more cracks are appearing in the global foundations of Babylon the Great’s system. Some of these cracks appear to be growing in severity, confirming the collapse of Babylon the Great is drawing ever nearer.

You may have noticed that 30 senators opposed the renomination of US Federal Reserve Chairman Bernanke. Such renominations are usually routine events. That so many senators openly opposed Bernanke shows that trust of the Fed in Congress is eroding. Even greater evidence of that erosion of trust is the fact that Rep. Ron Paul’s bill to audit the Fed already has more than enough co-sponsors to easily pass the House of Representatives. Speaking of Ron Paul, he recently won a conservative straw poll as the most favored person to be nominated for President to oppose Obama in 2012 (see first link below). Paul, formerly seen as a Libertarian gadfly, is now so mainstream even conservatives are flocking to his standard. This bodes very ill for the Federal Reserve Board. If Ron Paul were nominated by the GOP for President, the actions and existence of the Federal Reserve Board would be a major issue in the campaign.

The Federal Reserve Board is under attack on other fronts as well. The second link reports the Fed is being sued to disclose its internal records about the oft-alleged reports that the Fed is suppressing the gold price via secretive actions. This lawsuit complements Rep. Paul’s bill to extensively audit the Fed’s past actions. In a shocking development, CBS News reports that the South Carolina legislature is considering a bill to ban Federal Reserve Notes as being legal tender in South Carolina and requiring the use of gold and silver coins as legal money (see third link below). I give the bill no chance of passing in the current legal/political environment, but the fact that it is being considered at all in a State Legislature speaks volumes about the revolt that is now brewing across the USA against the Federal Reserve Board (which I regard as the beating heart of Babylon the Great’s system because the Fed creates the money supply of the U.S. dollar—the reserve currency of the current global economic system).

The fourth link below reports that various large U.S. banks have become “zombie banks” because of their damaged balance sheets. The fifth link contains a harbinger of what lies ahead whenever the next banking crisis hits the USA. This link reports that Citibank has told its customers that it may limit their ability to withdraw deposited funds in their accounts. Indeed, Citibank announced that, effective 4-1-10, they reserve the right to require seven (7) days advance notice before permitting a withdrawal from all checking accounts (emphasis not added).” This could be taken to mean that Citibank is already in financial trouble itself or it may indicate what all banks will be doing in the next banking/financial crisis. Presumably, if that rule was invoked, ATMs would no longer dispense any cash on demand. Be forewarned. You may want to be sure that you have an adequate supply of cash on hand in the event this type of regulation is suddenly imposed by many (or all) banks in a future crisis.

The sixth link reports that the financial crisis raging in the Eurozone is expected to get worse, not better. It was precipitated by revelations that Greece has “cooked its books” to hide its real debt levels from its people and other nations. Even more ominous was the further revelation that Goldman-Sachs had helped Greece deceive citizens, investors and nations about its financial affairs. This makes the financial reports of all nations doing business deals with Goldman Sachs or other large banks suspect in the eyes of world investors. More sovereign nations and large sovereign wealth funds now have further reason to be angry at Wall Street (and other global) banks. My 2-18-10 blog addressed the Goldman-Sachs role in helping Greece dupe investors and other nations. Dissension is spreading within the Eurozone. The PIIGS nations (Portugal, Ireland, Italy, Greece and Spain) are rumored to be in danger of being expelled from the Eurozone due to their inability to control their budgets. The final link reports that Spain is fighting back by ordering its intelligence agency to investigate the “Anglo-Saxon media” to see if it is undermining Spain’s economy. This could get very, very ugly.

All the above stories reveal that more and more cracks are developing in the world monetary/financial system. Eventually, the global financial system called “Babylon the Great” in Revelation 17-18 is prophesied to collapse. I claim no revelation or knowledge re: when such an event will occur, but since the Bible foretells it (and the Bible’s record on prophetic fulfillments is impeccable) I believe it will happen.

A word of caution about these trends. While the inevitable collapse of Babylon the Great’s system will mean the return of Jesus Christ is very near, its collapse will surely cause great traumas and instabilities for all nations and peoples. None of us will be unaffected bystanders. None of us can foresee all things that will occur, but disruptions of normal supply lines and product availabilities are all but certain. I hope you are taking at least some actions to prepare for this prophesied event. Practical tips from government agencies on preparing for hurricanes and natural disasters are an appropriate starting place for your personal preparations. These tips are included in my article Should Christians Prepare for Future Hard Times?, available at the articles link at this website.

Remember what happened in Hurricane Katrina? It took days for the government to mount a serious response. If the entire system goes down (as prophesied) it is likely that you will be “on your own” in your neighborhood or within your local faith community to make do as best you can for a prolonged period of time. Societal norms we take for granted may disappear in such circumstances. I hope you prayerfully prepare for this time. As much as you can, plan to be part of the local solution to human needs in your area when this happens. Remember Matthew 25:31-46’s parable. Your Lord will be watching your actions in a time when there are major human needs to be met.