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11/23/2024 - Russia’s hypersonic missile attack on Dnipro two days ago was originally reported to be from... Read More
11/22/2024 - Yesterday the new Prophetic Year began. It began later than usual. Normally, it begins within the... Read More
11/21/2024 - David was a man of war; Solomon was a man of peace. David was allowed to make preparations for the... Read More
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UPDATE 2 (2:48 p.m.): ISDA has now declared that Greece’s restructuring does represent a default, meaning credit default swaps will trigger. Read the statement here.
The ISDA is the International Swaps and Derivatives Association.
Last night's bond agreement, where bondholders must take a 74% haircut, was an attempt to default without really defaulting. But the ISDA says otherwise, and that is enough to make it an "event." In other words, the insurance companies (banks) will have to pay for the losses. I don't know which big banks have insured these bonds as Credit Default Swaps, but I would not be caught holding stock in those banks.
This ruling should make them nervous. Watch for another AIG-style financial crisis, followed by another bailout. This time, though, the consequences could be far greater than in 2008.
Coming at the time of the Divine Deliverance Prayer Campaign makes this a significant event. It is comparable to the 1600-point free fall in the stock market 11 years ago, after we took captive the Prince of Usury on March 9, 2001.
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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