This is a fairly long article, but worth the read. Here are a few quotes:
European officials are openly admitting that the two largest banks in Cyprus are "insolvent", and it is now being reported that Cyprus Popular Bank only has "enough liquidity to cover the next few hours". Of course all banks in Cyprus are officially closed until Tuesday at the earliest, but there have been long lines at ATMs all over Cyprus as people scramble to get whatever money they can out of the banks. Unfortunately, some ATMs appear to be "malfunctioning" and others appear to have already run out of cash. You can see some photos of huge lines at one ATM in Cyprus right here. Some businesses are now even refusing to take credit card payments.
This is creating an atmosphere of panic on the streets of Cyprus. Meanwhile, the EU is holding a gun to the head of the Cyprus financial system. Either Cyprus meets EU demands by Monday, or liquidity for the banks will be totally cut off and Cyprus will be forced out of the euro. It is being reported that European officials believe that the "economy is going to tank in Cyprus no matter what", and that it would be okay to let the financial system of Cyprus crash and burn if politicians in Cyprus are not willing to do what they have been ordered to do. Apparently European officials are very confident that the situation in Cyprus can be contained and that it will not spread to other European nations.
Unfortunately, European officials are losing sight of the bigger picture. If the largest banks in Cyprus are allowed to fail, it will be another "Lehman Brothers moment". The faith that people have in banks all over Europe will be called into question, and everyone will be wondering what major European banks will be allowed to fail next.
Meanwhile, European officials have already completely shatteredconfidence in deposit insurance at this point. Everyone now knows that when there is a major bank failure that depositors will be expected to share in the pain. Expect to see "bank jogs" all over southern Europe over the coming weeks.
The banks in Cyprus had been scheduled to reopen on Tuesday, but very few people expect that to actually happen at this point. In fact,Bloomberg is reporting that EU officials are actually thinking about shutting down the two biggest banks in Cyprus and freezing their assets...
But the truth is that the EU can't really afford to allow major banks to fail or for a single member to leave the eurozone. If either of those things happen, the confidence game that has been holding the European financial system together will begin to rapidly evaporate.
If the EU thinks that they can abandon Cyprus without the crisis spreading to the rest of southern Europe they are just being delusional.
At least there are a few politicians in Europe that understand what is happening. Nigel Farage, a very outspoken member of the European Parliament, is telling people to get their money out of banks in southern Europe as quickly as they can. He is warning that a great collapse of the European financial system is coming and that people need to get prepared for it...
The article below is very interesting and probably doesn't mean a lot, but it is certainly worth watching - to see if this goes anywhere:
A message from Chuck Missler:
As we approach the “end times,” our Lord admonished us:
“As many as I love, I rebuke and chasten: be zealous therefore, and repent. Behold, I stand at the door, and knock: if any man hear my voice, and open the door, I will come in to him, and will sup with him, and he with me. To him that overcometh will I grant to sit with me in my throne, even as I also overcame, and am set down with my Father in his throne.”6Notice that the Lord is outside the Laodicean door, knocking! And His call is to the individual. How insightful… The Lord’s displeasure to Laodicean “lukewarmness” is in stark contrast to a note that was found in the room of an anonymous African martyr:7
I’m part of the fellowship of the unashamed. I have Holy Spirit power. The die has been cast. I have stepped over the line. The decision has been made. I’m a disciple of His.Some further thoughts about specific challenges for the Church in the End Times, and suggested remedies, are the subject of a featured Briefing Pack this month.
I won’t look back, let up, slow down, back away, or be still. My past is redeemed, my present makes sense, my future is secure. I’m finished with low living, sight walking, small planning, smooth knees, colourless dreams, tamed visions, mundane talking, cheap living, and dwarfed goals. I no longer need pre-eminence, prosperity, position, promotions, plaudits, or popularity.
I don’t have to be right, first, tops, recognized, praised, regarded, or rewarded. I now live by faith, lean on His presence, walk by patience, lift by prayer, and labour by power. My face is set, my gait is fast, my goal is heaven, my road is narrow, my way rough, my companions few, my guide reliable, my mission clear.
I cannot be bought, compromised, detoured, lured away, turned back, deluded or delayed. I will not flinch in the face of sacrifice, hesitate in the presence of the adversary, negotiate at the table of the enemy, ponder at the pool of popularity, or meander in the maze of mediocrity.
I won’t give up, shut up, or let up, until I have stayed up, stored up, prayed up, paid up, and preached up for the cause of Christ. I am a disciple of Jesus. I must go till He comes, give till I drop, preach till all know, and work till He stops me. And when He comes for His own, He will have no problems recognizing me—my banner will be clear!