A prominent ratings agency, Fitch, has warned that it is about to downgrade the sovereign debt ratings of six European nations by either one or two notches. This is a significant development, and it indicates the Eurozone crisis is not only far from over, but is worsening. The six nations for which downgrades appear imminent are Italy, Spain, Slovenia, Cyprus, Belgium and Ireland, although the first link (from Business Week) warns that Italy is in the most danger from the Eurozone debt crisis. Greece has already been downgraded heavily, and Greece and Italy are now being governed by unelected technocratic governments that were installed essentially by Germany, France and the EU bureaucrats. To me this indicates that the nations of Italy and Greece have essentially been placed into a kind of “receivership” by the EU.

The second link offers a more in-depth report on this matter, and it includes a particularly ominous warning. It mentions a statement made by Fitch in December, 2011 that “a ‘comprehensive solution’ to the eurozone crisis is technically and politically beyond reach,” and also adds that “episodes of severe financial market volatility” can be expected. Please read that sentence again to really let its significance sink into your awareness. It means that no solution to the eurozone crisis appears possible, which means it is only a matter of time until a severe financial crisis strikes again.

Given the information in the links below, I think we should all take the comforting reassurances we hear about this crisis from media “talking heads” with more than a few grains of salt. A full-blown eurozone crisis will unquestionably have major consequences for the US and global markets. American readers should not take time to gloat over the eurozone region’s difficulties. The USA is heading toward an inevitable financial/currency crisis as well. The third link reports that the USA’s federal government debt is now as large as the entire annual economy of the USA itself! Actually, the article understates the problem as the $15 trillion figure cited in the article is far less than the approximately $60 trillion figure I’ve seen cited in other articles as the true size of the total US federal debt when the debts of Freddie and Fannie are included as well as the entire unfunded liabilities for all payable US entitlement programs which will be due in the future. If the USA did not have the luxury of having the global reserve currency to monetarily inflate at will, the USA might already have gone the way of Greece.

For years, I have been warning in this blogĀ that Revelation 17-18 foretells that the current global financial system is going to experience a severe collapse in the latter days of this age, and be replaced by a new global financial system which the Bible calls the “beast” system. I never set dates, but each new trauma experienced by the current global financial system means that we are edging closer to the fulfillment of the prophecy in Revelation 17-18. For an in-depth discussion of how the prophecy of Revelation 17-18 applies to our modern world, I urge you to read two articles available at this website’s homepage. The first article is “Is Babylon the Great about to Fall…Ushering in a Global “Beast” System?, and the second article is Are We Living in the Biblical Latter Days? (which cogently confirms that we are living in the “latter days” period of our age which is the subject of many biblical prophecies discussed in this article).