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After pouring out the wine upon Babylon in October of 2006, we expected to see as a result some sort of financial crisis occur in 2007. This is because Mystery Babylon is tied to finances and trade throughout Scripture including Revelation 18:11,
11 And the merchants of the earth weep and mourn over her [Babylon], because no one buys their cargoes anymore.
The “cargoes” are listed in the next two verses, ending with “human lives” (NASB) or, more literally, “the souls of men” (KJV). In other words, it includes human trafficking.
Results of the Wine
The housing market peaked in February 2007 and then began to stall and fall, as banks began to refuse to lend to each other. Interbank lending rates began to rise and then freeze up altogether. Bankers no longer trusted each other, because of the unregulated use of derivatives.
“In April 2007, New Century Financial Corp., a leading subprime mortgage lender, filed for bankruptcy. Shortly thereafter, large numbers of PMBS and PMBS-backed securities were downgraded to high risk, and several subprime lenders closed.”
On February 26, 2007 Bernanke warned of a possible recession, and two days later he assured the House Committee that the coming crisis would not arrive for at least another year. On March 2, William Poole of the St. Louis Fed said that the economy would grow 3 percent in 2007. As a result, the stock markets rebounded for a few days before dropping 242 points on March 12.
On April 10, 2007 Johnny Cash’s house burned to the ground, a sign that the financial system was soon to “burn.”
On June 19 the National Association of Realtors forecasted a drop in home sales, and in August the Federal Reserve lower its interest rates. However…
“Lowering the fed funds rate wasn't enough to restore bank confidence. Banks were afraid to lend to each other. No one wanted to get caught with bad debt on their books at the end of 2007.”
In September the LIBOR rate reached a crisis point.
“The London Interbank Offered Rate (LIBOR) rate usually is a few tenths of a point above the fed funds rate. By September 2007, it was almost a full point higher. The divergence of the historical LIBOR rate from the fed funds rate signaled the coming economic crisis.”
According to the same article, home foreclosure rates doubled in December.
“The Center for Responsible Lending estimated that foreclosures would increase by 1-2 million over the next two years.20 That's because 450,000 subprime mortgages reset each quarter. Borrowers couldn't refinance as they expected, due to lower home prices and tighter lending standards… Many warned that, if the housing bust continued into spring 2008, the correction could turn into a bear market, and the economy could suffer a recession.”
The full crisis was reached a year later on September 11, 2008, and Fed Chairman Ben Bernanke then called for an emergency meeting with bankers the next day. They decided to let Lehman Brothers collapse, causing shockwaves felt around the world. Lehman Brothers declared bankruptcy on September 15. The defaults also brought the insurance giant, AIG, to the brink of bankruptcy, requiring a government bailout on September 16.
The Federal Reserve lowered its interest rates to zero in December of 2008. Never before in history had this happened.
The banking crisis began on September 11, 2008, precisely seven years after the demolition of the Twin Towers, which we call Greed and Pride. We understood in 2001 that the Twin Towers represented Babylon and its financial system. Yet it took seven years for the prophetic type in 2001 to manifest in the earth in 2008. We had to await the seventh bowl of wine to see the financial problem emerge.
Results of the Water
The bowl of water that we poured out at Babylon, NY in 2006 prophesied that while Babylon was falling, the Spirit of God was moving to establish the Kingdom of God. Recall that on April 15, 2007 we went to the headwaters of the Mississippi River to commemorate and prophesy after 40 plus 150 days of the Flood cycle.
The half-size replica of Noah’s Ark opened in The Netherlands on April 29, which was the 400th anniversary of the cross and flag that was planted at Cape Henry in 1607. The next day, Nissi (“My Banner”) was born in Houston.
Record rains hit Minnesota on August 18 and 19 and then in Ohio, where six counties were declared to be “disaster areas.”
Finally, we planted banners at Leslie, Arkansas and at Hilo, Hawaii in late September 2007.
Those who do not understand or believe the word of the Lord tend to focus on the collapsing Babylonian system, which generates fear. Those who focus on the word of God and the supporting signs that He gives remain encouraged and full of faith. We are encouraged when we see the signs of Babylon’s fall and the signs of the establishment of God’s Kingdom occurring at the same time.
The near collapse of the Babylonian banking system on September 11, 2008 shook the world, but the system was saved by money from the American taxpayers. The bailout was at first rejected by Congress, because it was not right that the profits from the derivatives market should be kept by the banks but the risks downloaded upon the people. However, the stock market crashed 777 points, and Congress was threatened and intimidated into passing the bailout bill.
One might look at this in two ways. On the negative side, the bankers essentially stole money from the taxpayers. On the positive side, the bankers became the debtors to the people. The bottom line was that the full banking collapse was averted at that time, but we still expected a final collapse to occur at a later date that is somehow connected to September 11, 2001.