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Bill Bonner wrote an article with this title that will give you an idea of the results of worshiping at the altar of Free Trade and worshiping the god of Babylonian Banking.
Most of us can only stand back and watch this great Babylonian image collapse as the Stone hits its feet. Yesterday's collapse of Indymac was the second largest failure in U.S. history. On its heels we find the Bobsey Twins, Freddie and Fannie, fighting for their financial lives. Fannie has over $5 billion more in liabilities than assets, causing the St. Louis Fed chief to declare it "insolvent." The government will, no doubt, bail it out, but all that means is that the government itself takes a giant step toward insolvency. How can it assume $6 TRILLION in mortgage liabilities when it is already in a perilous financial condition?
Perhaps there is something to the 7-year cycle since 7-11-01, which is when we saw (in spiritual warfare) that America was being attacked. At least, that is how I put it in my notes for the day. There has been an old and reliable revelation that July is like September. Back in 2001, we took note that 7-11 was like 9-11. Yes, we saw America attacked in the spirit on 7-11, and it occurred two months later in 9-11. Headlines ran, "AMERICA ATTACKED."
So now we are living 7 years later. The failure of Indymac and the insolvency of Freddie Mac and Fannie Mae on 7-11-08 makes me wonder if there is some sort of repeat performance going on, only this time in the financial realm. It is something to watch.