Signs of the Times

Economic Issues

Key Scriptures
Current Events
Insights from 2008 In Review - The Year In Prophecy
Commentary: The Connection Between The Economy and Prophecy

Key Scriptures

Click on one of these
references to see
the passage.
Thanks to the services of:

<I>Bible Gateway</I> And

<I>Blue Letter Bible</I>

Go To Bible GatewayGo To Blue Letter Bible
NIV & Other VersionsIncludes Commentary
Economic Issues
Revelation 6:5-6 Further Study

Return to Top

Current Events and Links

See also:
Mark of the Beast

Notice: Sources often remove their news links after a period of time. Some of them move older stories to a subscription-only section. Even if the story is no longer on line, our summary will still be available on this page.

See Articles after Dec. 31, 2008

Futures Fall As Auto Deal Collapses

Dec. 12, 2008 - As soon as the day began on Wall Street today, The Dow Jones Industrial Average Futures plunged 255 because a deal to provide financial assistance to the U.S. auto makers collapsed overnight. The plan was opposed by Senate Republicans, and some Democrats.
According to FOX News reports, Republicans would not accept any proposal that would not force United Auto Workers to cut labor costs by a date certain in 2009. The earliest the union was able to accept cuts was 2011.
Source: FoxBusiness
World Markets Plunge on News of Auto Bailout Collapse - Fox

And now for a world government

Dec. 9, 2008 - Because there are global warming, global financial problems and a global war on terror, there may be acceptance of the concept of a world government. Jacques Attali, an adviser to President Nicolas Sarkozy of France, says that that the "core of the international financial crisis is that we have global financial markets and no global rule of law".
A "world government" would involve much more than co-operation between nations. It would be an entity with state-like characteristics, backed by a body of laws. The European Union has already set up a continental government for 27 countries, which could be a model.
President-elect Obama is more inclined to global governance than President Bush. He has appointed Susan Rice, one of his closest aides, as America's ambassador to the UN, and given her a seat in the cabinet.
Source: Gideon Rachman - Financial Times - UK

US job losses surge in November

Dec. 5, 2008 - US employment figures show a loss of 533,000 jobs in November. This is the biggest monthly cut since 1974.
In a dramatic indication of the worsening economic situation, the US jobless rate rose to a 15-year high of 6.7% from 6.5% in October.
Analyists say that the figures show that the world's biggest economy may be set for a deep, long downturn.
Source: BBC

Russian Professor Says U.S. Will Break Up After Economic Crisis

Nov. 24, 2008 - Igor Panarin, a professor at the diplomatic academy of Russia’s Ministry of Foreign Affairs predicts that the U.S. economic crisis will cause the country to break into six regions.
Panarin said in the interview that the financial crisis will worsen, unemployment will rise and people will lose their savings -- factors that will cause the country’s breakup.
He says that once the nation discovers that President-Elect Obama can't really work miracles economic problems will escalate.
Source: Bloomberg

U.S. Pledges Top $7.7 Trillion to Ease Frozen Credit

Nov. 24, 2008 - With apparently no limit on the extent of its lending, the Federal Reserve leads the government rescue of the failing economy.

Latest tabulations of what the government is prepared to provide comes to more than $7.76 trillion. This amounts to half the value of everything produced in the nation last year. Another way of looking at it, is that it equals $24,000 for every man, woman and child in the country. This total could pay off more than half the country’s mortgages.

The commitment dwarfs the plan approved by lawmakers, the Treasury Department’s $700 billion Troubled Asset Relief Program. Federal Reserve lending last week was 1,900 times the weekly average for the three years before the crisis.
Citigroup Inc.will receive $306 billion of these funds to help stabilize the economy.
Source: Bloomberg
Government unveils bold plan to rescue Citigroup - My Way
Two in a Row: Dow Jumps 397 - Fox

Financial Crisis Tab Already In The Trillions

Nov. 18, 2008 - Since the floodgate has been opened for bailouts, the total crisis spending is almost beyond comprehension.
Try $4.28 trillion dollars. That's $4,284,500,000,000 and more than what was spent on WW II, if adjusted for inflation, based on our computations from a variety of estimates and sources*.
This sobering article has a list and a slide show of "The biggest budget items in history."
Source: CNBC
Detroit's Big 3 Make $25 Billion Plea - CBS

Dow sheds 486 points
Post-election worries about the weak economy are front and center.

Nov. 6, 2008 - It is unclear whether the decline is related to the election of Barak Obama or just a return to the realities that have caused the struggling economy.

Wall Street Freefall

October 24, 2008 - Bloody Start On Wall Street
Reflecting the global cascade of stock values, the Dow Jones opened with a massive drop of 319.95 (Down 3.71%, to 8374.41 points) in the first three minutes of trading! Standard and Poors 500 dropped 3.86%, and the Nasdaq Composit fell 6.08%.
“We’ve got a global market meltdown going on right now and it's indiscriminate of geography and sector," said Art Hogan, chief market strategist at Jefferies & Co.
Source:Fox Business
Current Stock Market Values - Fox
Current Stock Market Values - CNN

Markets surge after crisis talks

Oct. 13, 2008 - Reacting to a five-point economic action plan by the Group of Seven (G7) richest nations, stock prices rose dramatically in early trading.
Echoing gains in Europe and Asia, Wall Street's main Dow Jones index rose 395 points, or 4.7%, shortly after opening.
Source: BBC
Asia Markets Gain after Central Bank, Government Action - Voice of America
Oct. 14 - Dow jumps 936 as governments pledge bank aid - Associated Press
Oct. 15 - Stock roller coaster continues its rocky ride - Newsday
Oct. 16 - Dow plunges 733 as new data points to recession - Associated Press

Bush: U.S. to Work With Other World Powers to Combat Credit Crisis

Oct. 11, 2008 - While meeting with the G-7 officials, President Bush took time out to meet with reporters in the White House Rose Garden. He said that the group (representing The US, Japan, Germany, Britain, France, Italy and Canada) will work together to craft a global solution to the credit crisis.
It was the 21st time in 26 days that the president has spoken publicly about the credit crisis gripping the financial markets.
Source: Fox

Fear grips global stock markets

Oct. 10, 2008 - Today the Dow Jones index opened down 6% at 8,056 points.
Wall Street has lost more than 20% of its value in ten days and is heading for one of its biggest weekly falls since it was created 112 years ago.
Stock markets also plunge globally as investors still have fear and doubt, even after huge cash injections by central banks. The Nikkei index in Japan suffered its biggest one-day drop since the 1987 stock market crash. Moscow and Jakarta stock markets remain suspended because of excessive volatility.
Source: BBC

Global financial crisis: does the world need a new banking 'policeman'?

Oct. 8, 2008 - The International Monitary Fund (IMF) is 64 years old, and it is apparently out of date. Neither the IMF nor the World Bank has the power to police the global financial system in time of an economic crisis like the one we now face.
A more recent creation, the G8 group of industrialised nations, looks hopelessly out of date without the emerging economic giants of Brazil, India and China among its ranks.
An IMF-World Bank conference will gather the world's central bankers in Washington DC to discuss the crisis. The big question for them will be whether or not to establish a global economic "policeman" to keep this kind of crash from happening again. Gordon Rayner, Chief Reporter for the UK's Telegraph wonders if this group is up to the task.
If they are, the first foundations of that new world could be laid in Washington this week.
Source: Telegraph - UK

IMF says rapid and decisive global action needed to stem crisis

Oct. 7, 2008 - A report from The International Monetary Fund says that the world’s leading economies must take decisive and aggressive action to keep the global markets from beginning a vicious downward spiral.
Source: Times Online

Financial crisis pummels stocks

Oct. 6, 2008 - In spite of the $700 billion US bank bail-out that was passed late last week, banks were still unwilling to lend money, resulting in steep stock market losses.
Key UK and German share indexes lost 6%and France's Cac-40 slumped 7%. On Wall Street, the Dow Jones fell below 10,000 points for the first time since 2003.
Source: BBC
Global panic on markets as US bailout fails to stem credit crisis - Times Online
Fed's Fisher says not time for investors to panic - Reuters

Reaction To Bailout Plan: US shares fall in opening trading

Oct. 2, 2008 - The U.S. Senate passed a revised $700 billion bail-out bill, and the House of Representatives will discuss it today.
US shares have fallen in early trading with investors cautious over whether the House of Representatives will back the revised bank rescue plan.
Source: BBC

Dow Jones plunges 777 points after House rejects rescue

Sept. 30, 2009 - Yesterday the House of Representatives rejected the proposed $700 billion financial bailout package, resulting in fear and uncertainty in the stock market.
The Dow Jones Industrial Average finished at 10,365.45, down 777.68 points, or 7%, giving the blue-chip index its worst point loss in its history, topping Sept. 17, 2001, when it plunged 684 points.
Source: Market Watch
Stocks open higher a day after huge drop - MSNBC
Commentary: The Connection Between the Economy and Prophecy

Wall Street bail-out goes to vote

Sept. 29, 2008 - Congress is debating passage of a $700bn plan to bail out Wall Street.
President Bush has urged the House of Representatives to pass the bill - designed to end the credit crunch - and send a strong signal to the markets.
Meanwhile Wachovia, the fourth largest US bank, was bought by rival Citigroup. In the UK, the Bradford & Bingley bank was nationalised. In Europe, Benelux giant Fortis was bailed out by three governments.
Source: BBC

Bailout Negotiations in Disarray

Sept. 26, 2008 - The President and top political leaders, including Presidential candidates McCain and Obama, met yesterday to try to settle details of a $700 billion bailout plan. The long day ended with no agreement.
It was the Republicans' surprise championing of a competing plan late Thursday that derailed a carefully crafted compromise previously taking shape.
Source: Wall Street Journal
US ‘will lose financial superpower status’ - Prophecy Central New World Order Section
Commentary: Finding a Christian Perspective on the Economic Crisis - Albert Mohler

WaMu Is Seized, Sold Off to J.P. Morgan, In Largest Failure in U.S. Banking History

Sept. 26, 2008 - After a wave of deposit withdrawals, Washington Mutual was taken over by federal regulators, who then sold most of its operations to J.P. Morgan Chase & Co for $1.9 billion. This was the largest bank failure in U.S. history. But the takeover averted the need for payment to depositors from the bank-insurance fund.
All WaMu depositors will have access to their cash, but holders of more than $30 billion in debt and preferred stock will likely see little if any recovery.
Source: Wall Street Journal

Bush to Meet With Presidential Candidates, Lawmakers on Bailout Plan

Sept. 25, 2008 - President George W. Bush has called a crisis financial summit and has summoned Barack Obama, John McCain and legislative leaders to attend. The President is in favor of a $700 billion financial industry bailout, and warned in a speech last night that failure to act could lead to "a long and painful recession."
Source: Fox

How Did We Get Into This Mess?
Action in a Congressional committee could have stopped it in 2005 but every Democrat voted against action and every Republican voted for it!

Sept. 24 - In 2005 Fed chairman Alan Greenspan told senators that Fannie Mae and Freddie Mac were engaged in risky business practices and that there was a risk of insolvency and crisis without restrictions on those institutions.
The Republicans, in a bill co-sponsored by John McCain, tried to impose oversight regulations on Fannie Mae and Freddie Mac comparable to those that are used by bank regulators.
In the U.S Senate Committee on Banking, Housing, and Urban Affairs, every Republican voted for the bill and every Democrat voted against it!
Alan Greenspan and the Federal Reserve Warned Congress - IUSB Vision
Testimony of Chairman Alan Greenspan - The Federal Reserve Board - April 6, 2005
How Did We Get in this Wall St. Mess? -Michael Graham (WTKK, Boston, MA) and Jim Angle (FOX) - 9/24/09
MRC/NB's Bozell: Media Covered Enron More This Year than Fannie Mae, Freddie Mac Corruption - NewsBusters

Gingrich On Why Bailout Plan Is 'Just Wrong'

Sept. 23, 2008 - Newt Gingrich, the former speaker of the House of Representatives, warns that the Founding Fathers believed congress should move slowly in order to avoid sudden panic and unwise decisions.
In a conversation with NPR's Melissa Block, Gingrich says he thinks the bailout plan is "just wrong," and that "it's likely to fail, and it's likely to make the situation worse over time."
Source: NPR

Dollar May Get `Crushed' as Traders Weigh Up Bailout

Sept. 22, 2008 - The U.S. Treasury plans to spend $700 billion on soured mortgage-related assets and $400 billion to guarantee money-market mutual funds will boost U.S. borrowing as much as $1 trillion. However, the dollar itself may suffer large losses against other world currencies.
``As we get to the other side of this, the dollar will get crushed,'' said John Taylor, chairman of New York-based International Foreign Exchange Concepts Inc., the world's biggest currency hedge-fund firm, which manages about $15 billion.
Source: Bloomberg

The coming one-world currency

Sept. 21, 2008 - The Gulf Cooperation Council approved a proposal last week to create a monetary union and move toward a single currency.
The six Islamic states constituting the Gulf Cooperation Council are Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates. Oman pulled out of the agreement last year.
Jerome Corsi, editor of the online newsletter, "Red Alert," sees this as a major step in the worldwide movement to abandon national currencies in favor of regional currencies, and eventually result in a one-world currency.
Source: WorldNetDaily

Shares surge on US bail-out plan

Sept. 19, 2008 - Government plans to correct the problem of bad mortgage-related loans has resulted in a market rebound today.
The Dow Jones jumped 230.5 points to 11,250.2 in the opening minutes of trading and continued to plough ahead, recovering from steep falls earlier in the week.
The government will buy unstable mortgage loans to allow the financial institutions to recover. There will also be restrictions on short-selling - a practice that puts financial pressure on banking institutions. In addition, the Treasury will guarantee US money market funds to help restore confidence in pension funds.
Source: BBC
Bush Administration Proposes $700 Billion Financial Bailout - Fox

Central bank moves cheer markets

Sept. 18, 2008 - U.S. stocks opened higher today after a severe plunge during the past few days. The Market was cheered by news that six of the world's top central banks will release $180bn (£99bn) to lift the amount of credit available.
The main Dow Jones index was up 1.34%, or 142.2 points, at 10,751.8, in early exchanges in New York.
Source: BBC
Bush: Economy Strong Enough to Handle Turmoil - YouTube

Survey: Americans losing sleep, sweating over economic woes

Sept. 18, 2008 - According to a recent survey published by Compass Bank. Americans are very worried about the troubled economy. Even before the current stock market plunge, their economic woes included skyrocketing gasoline and food prices. Nearly 50 percent of families are trying to reduce spending, eating out less and driving less.
... 38 percent of Americans said they couldn't sleep because of financial worries, 34 percent experienced the butterfly feeling in their stomachs for the same reason - while 9 percent have even broke out in cold sweats after toiling over their finances.
Source: Washington Times

Special Report From Forbes: Crisis On Wall Street

Sept. 16, 2008 - This report is really an index to many insightful articles about the economic crisis. Major categories include: The Overview, The Leaders, The Firms, The Future, and Commentary. One of the commentaries, "Barack Obama and John McCain on the Financial Crisis," explores the impact of the crisis on the elections. Carl Lavin concludes that
The more voters worry about the security of the financial markets -- and the general state of the economy -- the more they will tend to support the Democratic ticket.
Source: Forbes
Global market turmoil continues - BBC

World Stock Markets Tank on Wall Street Crisis

Sept. 15, 2008 - Financial giant Lehman Brothers will declare bankruptcy and Merrill Lynch is being sold to Bank of America. As Wall Street and the U.S. government take a series of steps aimed at bringing an end to the credit crisis that has plagued the financial world for more than a year. The major changes are causing alarm in foreign markets and will surely have a huge negative impact on U.S. stock markets.
In Europe, the FTSE index was down 2.72 percent in London, the Paris CAC-40 was off 3.52 percent and Germany's DAX 30 index of blue chips sagged 2.99 percent.
Source: Fox
Greenspan: U.S. in 'Once-in-a-Century' Financial Crisis - NewsMax
`Tectonic' Shift on Wall Street as Lehman Fails, Merrill Sold - Bloomberg
Meltdown Monday - BBC

The global economy is at the point of maximum danger

June 21, 2008 - British analyist Ambrose Evans-Pritchard looks at the big picture of the global enonomy, and concludes that excessive American debt, failing banks, the oil crisis, ineptitude of the International Monetary Fund (IMF), and other factors place the economy of the entire world at risk. Some of his comments are interesting from a prophetic point of view. Here are some of these comments:
No world leader seems able to discern the problem, let alone forge a solution...

True "mean-reversion" would imply debt deflation on such a scale that would, if abrupt, threaten democracy...

If we are lucky, America will start to stabilise before Asia goes down. Should our leaders mismanage affairs, almost every part of the global system will go down together. Then we are in trouble.

Source: Telegraph - UK

Bank troubles continue but consumers seem unfazed

July 16, 2008 - After the government had to take over IndyMac Bancorp Inc. last Friday, consumers are beginning to wonder if any bank is safe.
Those companies that did not go heavily into the subprime mortgage market are generally in better shape. But financial institutions of all sizes are nonetheless facing problems with souring debt in a weak economy.
However, analysts are pleasantly surprised that most people are not fleeing from their current banks in search of safety elsewhere.
Source: Business Week

Royal Bank of Scotland issues global stock and credit crash alert

June 19, 2008 - Clients of RBS have been advised to prepare for a full-fledged crash in the global stock market. Inflation threatens to paralyze the major central banks.
"A very nasty period is soon to be upon us - be prepared," said Bob Janjuah, the bank's credit strategist.
According to their report, the S&P 500 index of Wall Street equities is likely to fall by more than 300 points to around 1050 by September.
Source: Telegraph - UK

'Hysteria' drives oil to record high: Oil surges $11 to record $138

June 6, 2008 - Oil prices reached a new high on Friday at $138.54 a barrel. This was a jump of nearly $11/ barrel and was the largest single-day increase in oil prices on record.
Stocks fell more than 400 points Friday due to the rally in crude prices and a report from the Labor Department that showed the unemployment rate rose to 5.5% in May ... the biggest monthly jump in more than two decades.
Source: Money/ CNN
Bush Weighs New Policies to Help Economy - NewsMax
Brace Yourself for Fifteen-Dollar Gas - Money News - We may be near peak now, but in the future it will rise higher.
Oil hike sparks 'serious concern' - BBC

Global Food Crisis Expected to Produce Social Unrest

Apr. 5, 2008 - A growing global food crisis demands immediate attention of world leaders. World Bank President Robert Zoellick says the prices of staples have jumped 80 percent since 2005. Corn, rice and wheat prices have all reached new highs.
"As financial markets have tumbled, food prices have soared," Zoellick said in a speech on Wednesday. He said the situation is not expected to get better any time soon -- and he is pushing what he calls a "new deal for global food policy."
Without immediate action by The United States, the European Union, Japan, and other donor countries, the UN's World Food Program will not have the $500 million of additional food supplies to meet emergency calls. The result will be that many more people will suffer and starve.
Source: Crosswalk
Corn Hits $6 a Bushel on Tight Supplies - ABC News
Huge job losses set off recession alarms - Yahoo

USA 2008: The Great Depression

April 1, 2008 - The Independent, a British Newspaper, claims that the U.S. is in a Depression. Their evidence is that 28 million people in the US will be using government food stamps to buy essential groceries. This is the highest level since the food stamp program began in the 1960s. This rise is partly due to recent efforts to increase public awareness of the program.
But above all it is the pressures being exerted on ordinary Americans by an economy that is suddenly beset by troubles. Housing foreclosures, accelerating jobs losses and fast-rising prices all add to the squeeze.
Source:The Independent - UK

Fed Poised to Cut Rates Again

Mar. 18, 2008 -
The Federal Reserve is expected to aggressively lower interest rates in its intensified battle against the credit crisis and spreading economic weakness. The question is whether all of the effort will turn the tide.
Source: NewsMax

Markets slump on banking worries

Mar. 17, 2008 - Wall Street's fifth-largest investment bank, Bear Stearns came close to collapsing when JPMorgan Chase agreed to purchase it for a mere $2 a share. The US Federal Reserve will also hel0p by lending $30bn.
In New York the Dow Jones Industrials tumbled 194 points, more than 1.5%, in early trading before recovering.
Fear of worsening economy in the U.S. is causing trouble in other stock markets world-wide.
Source: BBC
Rescue for troubled Wall St bank - BBC
Housing meltdown hits US economy - BBC

Stocks Plunge, Then Post Big Gains

Jan. 23, 2008 - The Stock Market responded to yesterday's 0.75-point interest rate cut by the Federal Reserve Board. It began with a plunge of more than 300 points but reversed the trend midday, ending nearly 300 points above the day's starting number.
By day's end, the Dow had swung 631.86 points from its low point to its high — the largest single-day turnaround in more than five years.
Source: Associated Press

World Economic Forum Opens in Davos

Jan. 23, 2008 - Representatives to the World Economic Forum in Switzerland are discussing the liklihood of recession in the U.S. and the global effects of such a downward course.
Source: NewsMax

Fed slashes rates in shock move

Jan. 21, 2008 - Reacting to the plunge in stock values and the threat of a world-wide recession, The Federal Reserve has cut interest rates to 3.5%, a shocking three-quarters of a percentage point reduction. Major concerns that have led to the crisis are the slump in the US housing market and increased unemployment levels.
"Unfortunately they have no power to reverse what in my opinion is the worst post-war recession," said Michael Metz, chief investment strategist at Oppenheimer in New York.
The Federal Reserve has not cut interest rates this much since August of 1982. Analysts say the move should help, but if it doesn't, panic could ensue because people will think there is nothing else the Fed can do.
Source: BBC
Recession in the US 'has arrived' - BBC
It's a Black Monday as stock markets tank in every corner of the globe - New York Daily News
Market Meltdown? U.S. Worries Ricochet Around World - ABC

Stock sell-off drives Dow down 307 points on economic fears

Jan. 18,, 2008 - Because of economic fears, The Dow Jones average dropped almost 307 points.
For the first half of January, the Dow has lost more than 1,000 points.
Economic factors include: A 16-year low for housing starts, the Federal Reserve's report that manufacturing fell to a six-year low in the Philadelphia region, and calls by the President and by Fed Chairman Ben Bernanke of a temporary stimulus package to jump-start the economy.
Source:USA Today
Markets open big on stimulus hope - CNN
Bush to outline stimulus plan - CNN

World Rides to Wall Street's Rescue

January 16, 2008 - In the midst of financial turmoil in America, foreign investors from Japan, Korea, Singapore, Saudi Arabia and Kuwait are helping by investing in troubled institutions.
The list of players that agreed yesterday to pump a combined $19.1 billion of capital into Citigroup Inc. and Merrill Lynch & Co. spotlights a dramatic shift in power.
Source: Wall Street Journal
Inflation rate is worst in 17 years - Yahoo
7-year plan aligns U.S. with Europe's economy - WorldNetDaily

See Articles before January 1, 2008

Notice: Ads are not necessarily endorsed by Prophecy Central.

More News Stories

Return to Top | Prophecy Central Home

Last Updated: 12/30/08
Copyright © 1999-2008 by Ron Graff. All rights reserved.