Given the many crisis situations in the world and nation that are currently consuming all the media attention, a noteworthy story has surfaced that has a possible biblical relevance. It also could impact your life in the future.
Congress held a committee meeting at which US Federal Reserve Chair, Janet Yellen, was the star witness. The topic was whether the Fed and US governmental regulatory agencies had done their Congressionally-mandated duty to determine whether the big US banks had adopted credible “living wills” in the event they collapse. The “living will” refers to a corporate “living will,” not a personal one. As the link relates, Fed Chair Yellen was “skewered” by Senator Elizabeth Warren whose questions put it on the record that the banks are not ready for another banking crisis. The link’s report also adds that Fed Chair Yellen tried to “duck” every question with obfuscating answers, but Sen. Warren finally tersely asked Fed Chair Yellen: “Have you ever gotten to a plan that you can say with a straight face is credible?” As the link notes, even the governmental agencies were finally forced to admit that none of the big banks’ plans for meeting a new major financial/banking crisis were credible. You can read in the link the specific reasons why none of the big US banks had plans that were credible, and the article names the 11 banks that are supposed to have been working on credible plans to how to be able to implement their own bankruptcies without damaging the US economy and financial markets during a fiscal crisis. The link specifically focuses on how vast the effect on US markets would be if the mega-bank, J.P Morgan, went bankrupt.
So, even though the big banks came close to an existential fiscal crisis in 2008 that could have collapsed global economies and markets, they have done apparently nothing in terms of being ready for the next big fiscal/monetary crisis. This is very much a cause for concern, as the Russian-Ukrainian crisis and China’s amassing of vast quantities of gold and silver may be harbingers of a future financial/monetary crisis that could be deliberately precipitated by Russia and China in retaliation for current US sanctions against Russia. I’m not specifically predicting this will happen, but it is a possibility. I have little doubt that Russia and China, being strategic allies, are likely considering such a move behind closed doors to “put the USA in its place.”
The article makes the further observation that the US regulators of the big US banks really don’t have their hearts in regulating the big banks with any serious oversight. Why is that? Could it be that the top regulators of the US governmental agencies don’t want to antagonize the big banks because they want cushy jobs at those banks when they leave “government service?”
Prophetically, this has ramifications for the eventual fulfillment of the prophecy in Revelation 17-18 that the world will experience a global financial/monetary meltdown at the end of this age just prior to the arrival of the “beast” system on the earth. This prophecy came within a few hours of being fulfilled in 2008 as that is how long former US Secretary of the Treasury Paulson said the global economy was to collapse at that time. The big banks, US regulators and the US Federal Reserve have apparently taken none of the warnings of the 2008 near-collapse to heart. The link’s content indicates that the USA and world are just as vulnerable to a big banking collapse today as they were in 2008. This little-noticed Congressional Hearing brought to light the fact that the big US banks are very vulnerable to a fiscal crisis, and that their vulnerability makes the entire nation vulnerable to the consequences of the big banks’ failure to prepare “credible” plans to deal with their own future bankruptcies. While I’ve mentioned it in several previous posts, Revelation 17: 8 and 10 foretell the prophesied collapse of the current world economic order will occur in “one day” and “one hour.” Now that all global stock, currency and commodity markets are digitally electronically linked together, a cascading crisis in one market could easily spread to all markets within an hour or a day. That almost happened in 2008. In order for this biblical prophecy to be literally fulfilled, the God who inspired the book of Revelation had to know in advance that mankind’s knowledge level would progress so far that such a digitally enabled, global collapse would be possible. Daniel 12:4 and Matthew 37 anticipated just such an exponential knowledge explosion in the latter days. For in-depth, historical information on why the Bible calls our current global financial system “Babylon the Great,” I urge you to read my article, The Babylonian Origin of the Modern Banking System. I think you will find it most revealing.
While it may be only coincidental, it may be worth noting that the modern nation located where ancient Babylon was located, Iraq, is in the process of disintegration, crisis and possible national collapse. I wonder if the crisis and apparent collapse of the modern nation where ancient Babylon used to be located is an omen that the modern, global, financial system named after ancient Babylon might be nearing its fall as well? I suggest readers, if they have not done so, read my recent post examining the possibility that three biblical indicators are simultaneously pointing to the year 2015 as a crucial year for biblical prophetic fulfillment.
One last thought. The aforementioned Senator Warren is being touted as a possible competitor to Hillary Clinton in the Democratic presidential nominating process in 2016. She is a liberal, but it’s worth noting that the link indicates that she is no friend or fan of the US Federal Reserve Board or the big US banks. That may prove to be important in the future.