Israel warns of new global financial meltdown

[Chris]

Israel warns of new global financial meltdown

Israel warns of new global financial meltdown
By Ryan Jones

Israel, which was one of the few nations to successfully weather the last global financial crisis, is now warning that a new economic meltdown is on the horizon.

Speaking at the Herzliya Conference on Wednesday, Bank of Israel Governor Stanley Fischer said the international community is facing an "approaching crisis" of which "we have a partial description."

Fischer pointed to newly published International Monetary Fund (IMF) forecasts that predicted a feeble 3.3% rate of economic growth for the coming year.

"When I was at the IMF ten years ago, we were talking about 3.5 for the global economy as the point between growth and recession," noted Fischer. "This figure (3.3%) is in recession."

Fischer is an internationally-recognized economic expert, and under his watchful eye Israel has continued with prudent policies that are likely to help it stand firm in the face of the next storm. But that doesn't mean Israel won't be affected.

"There is one figure here that influences all of us, and that is growth rate for world trade," Fischer explained. "For world trade [the IMF figure has] gone down from 6% to 4%. That is a very big drop."

[Suzanne]

I hope that the rapture happens before anymore meltdowns take place.

[Cricket55]

The world's economies and finances are in very precarious position for sure. One little teetering and the whole thing could come tumbling down.

[SonSeeker]

I hope that the rapture happens before anymore meltdown's take place.

Me too, Suzanne. But I believe we will still see more of a recessionary trend while we're still here.

[MikeD]

Well, SonSeeker, in view of what's going on, I do believe the results we'll be seeing will be a little more than "recessionary".

For one thing, because of the supposed "lack of supply of oil" prices for oil are about to explode! Can you even imagine what $5 a gallon at the punps will do to most, if not all, families, businesses, and anyone and everyone that purchases gas? But, then again, given the current Administration, energy is not incuded in inflatonary figures and doesn't really count high gas prices as a problem. Go figure.........

[Carl]

The newsletters that I get say that for the world it is 3.3% growth or less except for China which is 5+%. Only I am having trouble with who will China sell too if no one has money?

China has been wheeling and dealing with oil fields around the world so energy will not be a problem for them. That should keep their prices down somewhat. But here we sit with our government giving us meaningless statistics that make our mess sound better than it is. While EU is doing the same thing to its people.

What industry that we have left is being strangled by regulations while China doesn't care unless it hurts their pocket book.

[readyforhome]

All I can say about $5.00 a gallon gasoline is YIKES. That would definitely hurt the wallet of myself and many others. Was it Obama who said that he wouldn't have a problem paying $5 for gas? It was someone on the left I think, and I believe it was Obama. All I could think was, "Good for you." I don't think anyone really wants that. I just might have to invest in a bicycle again. Keep in shape too. Course that price would make eveything else go up.

[GlennO]

readyforhome said:

All I can say about $5.00 a gallon gasoline is YIKES.

Yup! It will be hard on all sectors and classes. It should squash any further effort on the part of the IMF to purloin any addition US subsidies to the EU.

[SonSeeker]

All I can say about $5.00 a gallon gasoline is YIKES. That would definitely hurt the wallet of myself and many others. Was it Obama who said that he wouldn't have a problem paying $5 for gas? It was someone on the left I think, and I believe it was Obama. All I could think was, "Good for you." I don't think anyone really wants that. I just might have to invest in a bicycle again. Keep in shape too. Course that price would make eveything else go up.

Why should BO care what anything costs? He buys everything with our money anyway.

Our business is not the greatest, and at $5 a gallon, we would dry up.

[livin_in_the_Son]

The whole $5 a gal thing....the news has been saying that it was gonna get there by summer, cuz, and get this...because the economy was getting better.

Obama has already started to pave the way to keep this from being his fault. Gas is either that high because Israel nuked Iran, lr because of big oil and this would have been prevented if more wind turbines were built last year.

[OnceWasLost]

readyforhome said:

Yup! It will be hard on all sectors and classes. It should squash any further effort on the part of the IMF to purloin any addition US subsidies to the EU.

The same lefties stating $5 would be OK were saying that the oil lobby was being paid back when W was in charge. So, following leftist logic, if W was paying back rich oil fat cats who is obama paying back and is $4 better than $5?

[Robert]

The way this world has gone, greed, manipulation and the exploitation of the flow of money is nothing new. Scripture tells us that the love of money is the root of all troubles, and we are seeing first-hand the trouble it is causing. Sadly, the ones suffering the most are those who are simply trying to work hard and quietly make a living, and it is these same folks who are slipping through the cracks, and this is not limited to any one nation.

Israel is seeing on the horizon a coming storm, and it is more than just oil. I feel that other basics of conducting the responsibilities of life, which are already under assault, are going to be squeezed even more tightly. But even more than that, I think all of this is a spiritual squeezing of people all across the globe, as the final pieces are moving into place. By nature, when people worry, they start looking to someone to do something about the trouble. And when it gets bad enough, in a world where God is not welcome and many societies have thrown Him out of their schools, courts and everyday life, many will look to the secular arena for someone to step up and handle the situation.

All I can say is this: the best thing we can do right now is to continue what we were instructed to do, and that is to keep preaching the Gospel to this world, and being witnesses by the way we live and treat those around us. We warn where we can, do what the Lord puts on our hearts, pray constantly and continually, and trust Him in all things. The "ride" is going to get even bumpier from here, that is true, and the "rubber" of our faith is going to hit the "road" of life in ways we may not even conceive of. But rather than fear the future and worry about how we are going to "get by", we should instead look to these times not as adversity, but opportunity to serve the Lord and minister, spiritually as well as physically, to a world that is helpless, hopelessly lost, and in desperate need.


Remember: it isn't in our ability to be self-sufficient, but in our resolve to be God-sufficient and depend upon Him alone. He will do what is needed; what He asks of us is to be willing to be used by Him when He moves and to be sensitive to His voice and will.

[Carl]

Gasoline prices/petroleum prices follow inflation as well as supply and demand. In general we are paying the same price for gas as we did at the turn of the century.

[livin_in_the_Son]

Gasoline prices/petroleum prices follow inflation as well as supply and demand. In general we are paying the same price for gas as we did at the turn of the century.

So there was a $.20 swing in price from one day to the next back then too? No wonder only very few people had cars back then.

[WKUHilltopper]

All I can say about $5.00 a gallon gasoline is YIKES.

We'll be lucky if it's not five dollars a drop. And yet there are some who applaud the idea of much higher prices.

[Duncanmc]

I'm not a historian but the reading I've done tells me we are repeating a scene from just prior to WWII. Hitler rose to power to fix the economic crisis in Germany and did an outstanding job of it before going all megalomaniac. I wonder if this meltdown will lead to a global common banking/currency. The debt of the US CANNOT be paid. It's simply impossible. When the "powers that be" offer a solution there will be massive strings attached I'm sure. Make the people hungry and afraid and they will do most anything and follow anyone who can return security to their lives.

[GlennO]

See the uproar in Greece caused by the entitlement class resulting from the implementation modest austerity measures.


IT IS HEADED HERE..... (no Fear, Uncertainty, Doom) Just viewing the news.

We are not immune

I found it interesting that Israel has NO gold bullion listed by the World Bank

The countries with the largest gold reserves - Telegraph

[ShilohRose]

Maybe the amount is too small for the World Bank to list it, or maybe it's something the Israelis have kept secret?

[GlennO]

Best I can make of it.

[AndyM]

I hope that the rapture happens before anymore meltdowns take place.

You can say that again Sister