By Jeff Wehr
Just over 22% of all residential properties with a mortgage were in negative equity at the end of the fourth quarter of 2011. When it comes to young adults (ages 18-24) in the US, the employment rate is just barely above half, or 54%, which just happens to be the lowest in 64 years.
Japan’s budget deficit is now 56% larger than government revenues.
German economist Hans-Werner Sinn discovered a gigantic risk on then balance sheets of Germany’s central bank. Were the euro zone to collapse, Bundesbank losses could be half a trillion euros—more than one-and-a-half times the size of the country’s annual budget.
We know that countries like Greece, Italy, Spain, and Portugal have serious debt problems. It sounds like China’s economy is slowing down. The question is, Can the world climb out of its current debt crisis? We were told that money would suddenly lose its value, and that leaders would try in vain to put things on a solid foundation. Is our current worldwide economic crisis that time spoken about in Inspiration? We need to be prepared spiritually for the coming crisis.