Revelation 6:5,6 NCV When the Lamb opened the third seal, I heard the third living creature say, "Come!" I looked, and there before me was a black horse, and its rider held a pair of scales in his hand. Then I heard something that sounded like a voice coming from the middle of the four living creatures. The voice said, "A quart of wheat for a day's pay, and three quarts of barley for a day's pay, and do not damage the olive oil and wine!"
“Against all odds, the frameworks of the world’s economic, political, and social systems are being shaken and are beginning to crumble.”
-Jim Bakker in “Prosperity and the Coming Apocalypse”
The European Stability Mechanism, created in October as a permanent agency of the EU, has already had its credit rating downgraded by Moody’s.
The downgrade of one notch from Aa1 was attributed to the downgrade of France, one of the account’s chief backers. The largest backer of the fund, Germany, remains at triple-A status.
Moody’s said they don’t believe that France will completely contribute their pledge to the fund due to the economic problems in the nation. Moody’s also put a negative outlook on the fund indicating they believe another downgrade is a possibility.
The ESM is expected to have up to 500 billion euros to bail out countries in need by 2014. Countries who take the money are required to undertake budget reforms.
