Will Grigg's Liberty Minute

September 12, 2007

If you listen carefully, you might hear the pillars of our debt-based economy collapsing beneath us.

The Sunday Telegraph of London reported on September 9 that Britain's largest banks faced a ?10-day debt timebomb,? with some 70 billion pounds in short-term loans coming due. Because of the impending call on credit lines, the paper noted, ?Banks have been stockpiling cash ... [and] lending between banks has ground to a halt....?

This is the stuff of which bank runs are made. This one could quickly spread across the Atlantic.

Bear in mind that the British banking crisis comes after the Federal Reserve and the European Central Bank pumped hundreds of billions of dollars into the international banking system. This was done to prevent a credit crunch of the sort we see happening right now.

The coming economic meltdown can be a blessing ? albeit a disguised one -- if it inspires a return to hard money and radically reduced government spending.

Let us take back the liberty wherewith Christ has made us free.