Moody’s cut the credit ratings of Belgian and Dutch banks, attributing the cuts to the current euro zone crisis.
“Dutch banks will face difficult operating conditions throughout 2012 and possibly beyond,” Moody’s told the BBC.
Long-term ratings were cut at least one level with most getting cut two levels. Continue reading
Struggling banks led Spain to be the fourth and largest European Union nation to ask for a bailout. The country will receive up to 100 billion euro, however, some of the member nations, like the UK, are not contributing to the loan.
The news of the bailout initially sent worldwide stock markets soaring but the enthusiasm quickly wore off and many markets were trading lower than opening by mid-morning. Ratings agency Fitch downgraded the rating for two Spanish banks two ranks from A to BBB+. Fitch attributed the move to last week’s downgrade of Spain’s sovereign credit rating. Continue reading
Rick Joyner recently said that the Chinese word for “crisis” is the same word for “opportunity”. How very appropriate for the times we live in.
If you take Katrina as an example, the crisis certainly initiated emergencies of all types. People needed to be rescued, relocated and restored extensively with everything from material things to healing of the traumas caused by the crisis. Families were separated, loved ones were lost or missing – some injured and in hospitals, some injured and unable to get help, and some fatally wounded by the ferocious storm.
During this crisis, the government could not meet the needs of the people – not in the short term or the long term. There was mass-confusion in trying to organize and deploy food, water and medical help. The news media reported the deplorable and inadequate attempts of government to provide relief for the suffering.
I remember the pleas of those taken to the Superdome for water, diapers, baby formula, and food. It was heartbreaking.
As the hours and days wore on, the churches stepped in and attempted to help with food, water, clothing and other basic necessities. But it was clear from the beginning; neither the government nor the churches were prepared to deal with a disaster of this magnitude.
If we were to have a complete economic collapse, conditions in this country could become every bit as devastating as those we previewed in Katrina. Experts have said that the inner cities would be out of food and water within ONE day. This would not be a regional crisis, but a national and probably international crisis.
Are we, as the church, going to be prepared to help ourselves and others? An economic collapse will provide unprecedented opportunity for ministry. Those who understand it and are prepared for it, will have the opportunity to be Jesus to others. Biblical prophecy indicates that those prepared will be God’s people. We must address this with clarity to be prepared and to offer help, hope and healing for the hurting.
It’s time we all get ready.
Love,
