Moral decline is the real reason for the global economic collapse

By: Curtis Wayne 0 Comments   12/30/2015

U.S. Banks Have Hundreds of Trillions in Derivatives

The Glass-Steagall Act was supposed to keep commercial banks out of security investments, but the creation of derivatives and by basing subsidiaries outside the US, America banks can do as much underwriting and trading as they like. 

The derivatives market is better than ever, here is what a recent article points out.

“Overall, the biggest U.S. banks collectively have more than 247 trillion dollars of exposure to derivatives contracts.  That is an amount of money that is more than 13 times the size of the U.S. national debt, and it is a ticking time bomb that could set off financial Armageddon at any moment.  Globally, the notional value of all outstanding derivatives contracts is a staggering 552.9 trillion dollars according to the Bank for International Settlements.” 

The real problem is not deregulation - rather is it moral decline, which manifests in a loss of honesty and an increase in corruption.  The real issue is not who controls the investing, rather what makes up the worldview of those that make the investments.

This is why trying to control who invests and who does not by regulations like the Glass-Steagall Act have never worked in any nation throughout history.

As Nicholas Dunbar wrote in his book “The Devil’s Derivatives”, “The great arbitrage that powered all this activity was unethical …”p113

It is impossible to control the wickedness of man with government regulation.  God has the only solution, and as the nations’ have moved away from God, they are moving towards economic collapse.

Nicholas describes what led to the housing market collapse as “… Countrywide were encouraging borrowers to lie on their applications … “ p166

Derivatives allow loans based on lies to be transmitted around the globe.

In response to the 2008 housing and stock market collapse, July 15, 2010 the US Senate passed the Dodd-Frank bill.  “The country’s biggest overhaul of the financial regulation since the Great Depression.”p239

“But how much has really changed? Has the world been set on a new path that will avoid a repeat of the financial disasters of the past few years?  On the contrary. The big banks have only gotten bigger, and the regulatory changes – while in some cases positive – haven’t been nearly enough to cure the global financial system of its dysfunction.” P240

This is just what the scriptures predict, as man moves away from God, financial collapse will soon follow.

The collapse will renew the understanding of simple scripture passages like, “Man cannot live by bread alone, but by every word that comes from the mouth of God.”  Matthew 4:4

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