Glenn Beck's The Blaze website as well as the guys from Zerohedge are reporting on the first casualty of the MF Global bankruptcy, which is also part of an accelerating momentum toward total economic collapse.
MF Global was one of the ten biggest bankruptcies ever, according to the Wall Street Journal last week when the news came out. The effect was that it became a purgatory for MF Global Customers, and about 33,000 Account-Holders couldn't get to their cash. 'My Entire Business Has Come to a Halt' said one, and this is true for thousands of the little people. Even the big people were affected. Gerald Celente of Trends Research said that his account was emptied and all his positions on gold were closed. The ultimate effect was on us all, as all big bankruptcies are wont to be.
Today a broker closed her business and sent a letter to her customers explaining why. She is Ann Barnhardt, of Barnhardt Capital Management, Inc. and her letter is making huge waves. Rush read it on today's program, The Blaze posted it, and Zerohedge published it too. Ms. Barnhardt is commercial hedge broker specializing in cattle and grain, representing Farmers, ranchers, etc:
"The Entire System Has Been Utterly Destroyed By The MF Global Collapse" - Presenting The First MF Global Casualty
"Dear Clients, Industry Colleagues and Friends of Barnhardt Capital Management,"
"It is with regret and unflinching moral certainty that I announce that Barnhardt Capital Management has ceased operations. After six years of operating as an independent introducing brokerage, and eight years of employment as a broker before that, I found myself, this morning, for the first time since I was 20 years old, watching the futures and options markets open not as a participant, but as a mere spectator."
"The reason for my decision to pull the plug was excruciatingly simple: I could no longer tell my clients that their monies and positions were safe in the futures and options markets – because they are not. And this goes not just for my clients, but for every futures and options account in the United States. The entire system has been utterly destroyed by the MF Global collapse. Given this sad reality, I could not in good conscience take one more step as a commodity broker, soliciting trades that I knew were unsafe or holding funds that I knew to be in jeopardy."
"Specifically, they froze customers out of their accounts WHILE THE MARKETS CONTINUED TO TRADE, refusing to even allow them to liquidate. This is unfathomable. The risk exposure precedent that has been set is completely intolerable and has destroyed the entire industry paradigm. No informed person can continue to engage these markets, and no moral person can continue to broker or facilitate customer engagement in what is now a massive game of Russian Roulette."
"I have learned over the last week that MF Global is almost certainly the mere tip of the iceberg. There is massive industry-wide exposure to European sovereign junk debt. While other firms may not be as heavily leveraged as Corzine had MFG leveraged, and it is now thought that MFG’s leverage may have been in excess of 100:1, they are still suicidally leveraged and will likely stand massive, unmeetable collateral calls in the coming days and weeks as Europe inevitably collapses. I now suspect that the reason the Chicago Mercantile Exchange did not immediately step in to backstop the MFG implosion was because they knew and know that if they backstopped MFG, they would then be expected to backstop all of the other firms in the system when the failures began to cascade – and there simply isn’t that much money in the entire system. In short, the problem is a SYSTEMIC problem, not merely isolated to one firm."
"And so, to the very unpleasant crux of the matter. The futures and options markets are no longer viable. It is my recommendation that ALL customers withdraw from all of the markets as soon as possible so that they have the best chance of protecting themselves and their equity. The system is no longer functioning with integrity and is suicidally risk-laden. The rule of law is non-existent, instead replaced with godless, criminal political cronyism."
More at links above.
So what does this mean? Well, did the Romans in 410AD know that their city had declined so deeply that the Visigoths were coming to sack it? Likely not. Though it was no longer the capital of the empire, it was still called 'the eternal city.'
And here we are again, 1600 years later in Europe, looking at a collapse yet again. Or are we? We know that the monetary system currently in place will be replaced with the mark of the beast, a mark that allows only people possessing it to buy and sell. (Rev 13:15-17). We assume that this one world economic system also means the European Union will have collapsed, but it also means that it could re-shape and reform into a geo-political entity from which the antichrist emerges.
Economist Michael Snyder wrote today, "The Coming European Superstate That Germany Plans to Cram Down the Throats of the Rest of Europe." He explains,
"A lot of people were puzzled about what German Chancellor Angela Merkel meant when she recently stated that the ultimate solution to the financial crisis in the EU would "mean more Europe, not less Europe". Well, now we are finding out. A leaked internal German government memo entitled "The Future of the EU: Required Integration Policy Improvements for the Creation of a Stability Union" actually proposes the creation of a "European Monetary Fund" which would be given the power to run the economies of troubled European nations. This "stability union" would be quickly followed by the creation of a full-fledged "political union". Essentially, this leaked memo proposes the creation of a "European Superstate" which will be crammed down the throats of the rest of Europe whether they like it or not. National sovereignty would be a thing of the past and European bureaucrats would run everything. Of course this will never be accepted by the people of Europe until they feel the bitter pain of the coming financial collapse, but we are starting to see that there is already a clear plan for what the Germans wish to implement in the aftermath of the coming crisis."
"A lot of people have just assumed that if there is a massive financial collapse in Europe and the euro crashes that it will mean that end of the euro and potentially the breakup of the EU. But that is not what the Germans have planned at all."
"An article in the Telegraph has posted details about the leaked internal German government memo mentioned above. It really is startling to see that a full-fledged "political union" in Europe is being discussed at the highest levels of the German government...."
The Telegraph 's article explains that Germany's plans, outlined in a "six-page memo, by the German foreign office, argues that Europe’s economic powerhouses should be able to intervene in how beleaguered eurozone countries are run.'
Snyder asks the $60,000 question, "Can you imagine what Europe would look like under such a plan? National sovereignty would be a thing of the past."
Precisely. The Tribulation shows us that national sovereignty is no longer existent, as the entire world is managed through the economy by one man, the antichrist. The False Prophet brings about a one world religion. In my opinion, the time between the rapture and the Tribulation is very small; days, weeks, perhaps. I don't think that when the rapture happens that years go by before the Tribulation begins. I think that it will not take years to get the infrastructure set up that will allow the antichrist and false prophet full reign to do their thing. I think that infrastructure is being built now, and is or soon will be in place. I believe that when the rapture happens it will not take much more to set in motion the events that are outlined in the prophetic books of Daniel, Zechariah, Matthew, Revelation, and many other books. As a matter of fact, an article on the website of Jerusalem Center for Public Affairs is titled "Iran signals its readiness for final confrontation."
Prepare now for the confrontation: confront your own sin and ask Him to forgive it. He is a holy God and He is a loving God and He will forgive it. However if you wait too long you are risking two things: your own death and therefore your permanent state of sinfulness being fixed forever (and therefore consigned to hell), or being though alive, having been given over to your refusals to confront your sin and thereby making it impossible to repent. (Rom 1:24; Psalm 81:12). Don't risk it! Time is ever so short. If the world was an hourglass I'd say there are only a few more grains left in the glass.
The Lord in His power directs every atom, every person, every angel, every demon, and every animal on earth (and in heaven). He created all ...
I fell in love the way you fall asleep: slowly, and then all at once.” ― John Green, The Fault in Our Stars Isn't that an evocative a...
Yesterday I looked at a popular HGTV personality, Joanna Gaines, and her testimony . She and her husband Chip are stars of a new show that a...