Financial Crisis Spreading Like Wildfire Across Former Soviet Bloc

Update on the Beast Economy....

Europe Currency Crisis Meltdown

The financial crisis spreading like wildfire across the former Soviet bloc threatens to set off a second and more dangerous banking crisis in Western Europe, tipping the whole Continent into a fully-fledged economic slump.

Currency pegs are being tested to destruction on the fringes of Europe’s monetary union in a traumatic upheaval that recalls the collapse of the Exchange Rate Mechanism in 1992. "This is the biggest currency crisis the world has ever seen, " said Neil Mellor, a strategist at Bank of New York Mellon.Experts fear the mayhem may soon trigger a chain reaction within the eurozone itself. The risk is a surge in capital flight from Austria – the country, as it happens, that set off the global banking collapse of May 1931 when Credit-Anstalt went down – and from a string of Club Med countries that rely on foreign funding to cover huge current account deficits. More

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Rejoice in the Lord alway: and again I say, Rejoice.

Let your moderation be known unto all men.

The Lord is at hand. Be careful for nothing;

but in everything by prayer and supplication with thanksgiving let your requests be made known unto God.

Philippians 4:4-6

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Tag: Europe Currency Crisis, Beast Economy, Europe Financial Meltdown