Latest Prophecy Commentary
Is Russia's economy headed for collapse? If so, what part could it play in Bible prophecy?
"Today, the whole world is being hit by a tremendous financial crisis, but Russia is facing a perfect storm. The Russian stock market is in free fall, plummeting by 60 per cent since May 19, a loss of $900 billion. And the plunge is accelerating. As a result, Russia's economic growth is likely to fall sharply and suddenly." Gulfnews.com
Russia has been enjoying an annual growth of seven percent since 1999, but due to several in-house miscues, the global financial fallout, the sudden drop in oil demand, and the recent invasion of Georgia, Russia's stock market is a free-fall. Analysts are predicting that it could possibly be in total collapse by the end of 2009:
"Russia's leaders have earned a reputation for being unreliable, quixotic, and unpredictable, but markets like trustworthiness, stability, and predictability. Not surprisingly, foreign investors no longer favour Putin's Russia."
"Within a week of its attack on Georgia, Russia recorded a capital outflow of $16 billion, which has since increased to $30 billion. This is a small sum relative to Russia's currency reserves, but plenty for the underdeveloped banking system, which experienced a severe credit squeeze." Gulfnews.com
If indeed this is true and Russia's economy is in a free-fall headed for disaster, this certainly would not bode well for the former Soviet states. With Russia's show of defiance over their invasion of Georgia this could be just the beginning of the domino affect for the region. They've also decided to make it very difficult, if not impossible, to impose a new round of sanctions against Iran by refusing to participate in talks with the five UN Security Council permanent members. This essentially has buried any hopes of pressuring Iran through sanctions to halt their nuclear weapons aspirations. It also has sent a strong message to the world as to who's side they're (Russia) on.
With the combination of Russia's open defiance and the very real possibility that their economy could be in meltdown this could turn out to be a very explosive situation. It should also be remembered that Iran is already experiencing global isolation and virtual bankruptcy.
Apparently, the Bush administrations $700 billion financial bail out isn't getting the blank check support it was anticipating. Seems to be no one can come to terms on how the money will be distributed, who is entitled to it, or if it will even work.
Personally, I'm with those who believe we are just now entering into this global financial storm and the worst is still yet to come. Bible prophecy experts have been projecting for decades that this type of global economic disaster was coming. Many believe that the Antichrist will gain worldwide recognition by solving not only the Middle East peace problem but a simultaneous world economic problem as well. Whether or not that will be the case, this very scenario seems to be taking shape.
Are you ready to meet the Lord? If not, your time is running out!
Terry Malone
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