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The stock markets around the world have plunged this week, and it appears that the U.S. Plunge Protection Team that was set up by Reagan is not doing anything about it. Today the Dow is down well over 500 points on top of the 358 point drop yesterday.
What is going on?
First, there are worries about China’s slowing economy. They are projecting a mere 7% growth this year. (That’s bad news??) Their stock market is down by more than a third just since June.
On top of that, there are jitters over the Greek problem that just won’t go away. Tsipras was either bullied, threatened, or bribed into agreeing to the European bailout deal, but now a revolt within his own party has cost him a majority in Parliament. Yesterday, he resigned and call for new elections.
http://www.msn.com/en-us/news/world/greek-pm-quits-and-calls-early-poll/ar-BBlVP27?ocid=iehp
Now the whole deal is back in limbo as Europe waits to see how the elections will change things. The bailout deal could easily be repudiated by a new government. At the very least, it shows chaos and division in Greece.
The markets today appeared to be the result of panic from the Greek situation.
Meanwhile, other currencies around the world are devaluing in response to China’s devaluation. Kazakhstan devalued its currency by 23% overnight.
http://www.businessinsider.com/kazakh-tenge-currency-devaluation-2015-8
It seems that everyone is trying to devalue in order to remain competitive in a world bear market. It is a currency war, which in past months and years has been relatively covert, but now is an open war.
How long will the US be able to maintain a relatively strong dollar and keep down the price of gold and silver? The pressure is building. When the pressure cooker explodes, there will be food all over the kitchen, and it is likely that the price of gold and silver will be reset considerably higher.
Dr. Stephen Jones has been writing blog posts since 2005 on a variety of topics from Bible Studies to World News, and he has been writing books since 1992. Dr. Jones' most important writings came after God brought him back into the full-time ministry in 1991. It is here that all his earlier years of searching the Scriptures began to come into clear focus. He combines a knowledge of the Old and New Testaments with a personal revelation of God that began and developed during the "wilderness" period of his life, which he often refers to as God's True Bible College... Read More
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