Will Grigg's Liberty Minute

February 12, 2008

The most destructive natural force known to man is the cosmic phenomenon called a black hole -- a gravity well so powerful that nothing can escape. Its boundary ? a point of no return -- is called the ?event horizon.?

We may have already passed the event horizon of a world banking collapse that may create a global economic black hole.

In January, world stock markets lost a total of $5.2 trillion, largely due to the unwinding of the US mortgage bond market.

On January 14, the FDIC published updated rules for reimbursing depositors in the event of a bank failure. Financial analyst Mike Whitney observes that ?the FDIC has begun the `death watch' on the many banks ... currently drowning in their own red ink.?

Gerard Cassidy of the RBC Capital Markets group predicts that as many as one in 57 US banks could fail by 2010.

What's it like to fall into an economic black hole? We may soon find out.

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