World Events and the Bible

A site dedicated to World Events and Study of the Bible.

Date: December 17, 2014

A Full-Blown Economic Crisis Has Erupted In Russia

(Source: Economic Collapse Blog) – The 8th largest economy on the entire planet is in a state of turmoil right now.  The shocking collapse of the price of oil has hit a lot of countries really hard, but very few nations are as dependent on energy production as Russia is.  Sales of oil and natural gas account for approximately two-thirds of all Russian exports and approximately 50 percent of all government revenue. So it should be no surprise that the fact that the price of oil has declined by almost 50 percent since June is absolutely catastrophic for the Russian economy.

And when you throw in international sanctions, wild money printing by the Central Bank of Russia and unprecedented capital flight, you get the ingredients for an almost perfect storm.  But those of us living in the western world should not be too smug about what is happening in Russia, because the nightmare that is unfolding over there is just a preview of the economic chaos that will soon envelop the whole world.

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Pentagon confirms military buildup along Russian borders for ‘peace and stability’

(Source: RT) – The Pentagon has confirmed the military buildup along Russia’s borders to ensure long-term “peace and stability” in the region. Earlier Moscow accused NATO of a sharp increase in air activity and intelligence flights in the border zone.

Replying to RIA Novosti’s query on the increased number of NATO flights around Russia’s borders, a Pentagon representative told the news agency that the military presence of the alliance has increased, but all operations are carried out under utmost “transparency.”

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Russia risks Soviet-style collapse as rouble defence fails

(Source: Telegraph) – Russia has lost control of its economy and may be forced to impose Soviet-style exchange controls after “shock and awe” action by the central bank failed to stem the collapse of the rouble.

“The situation is critical,” said the central bank’s vice-chairman, Sergei Shvetsov. “What is happening is a nightmare that we could not even have imagined a year ago.”

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Banks loosen lending standards to levels seen before financial crisis

(Source: LA Times) – The largest U.S. banks have lowered their standards for some of the riskiest lending in a sign that weak underwriting is returning to levels seen before the 2008 financial crisis, according to a regulator’s report.

The banks have continued to erode standards, especially in large corporate loans, consumer loans and in leveraged lending, according to an annual Office of the Comptroller of the Currency survey of examiners released Tuesday. Leveraged lending is the risky financing often used to fund corporate buyouts.

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