What do I mean by this? I mean the day before a major crisis that completely changes the economy in which we must function, just as the world dramatically changed in a matter of hours between 9/10 and 9/11/2001.

Since I last wrote to you, the world's financial markets have gone through a crisis caused by falling confidence in what is called the subprime lending market. Banks, brokerage houses and mortgage lenders in America and Europe were stung by the rising defaults on risky loans made to homebuyers of limited means on reckless terms. Buyers took out loans on the gamble that housing prices would continue to rise. Lenders extended credit to them on a gamble that the buyers would not default on the loans. These low interest adjustable loans, made to many who were unable to really afford owning a home, were resold to other financial institutions that offered the potential for high returns to investors willing to take a high risk. That risk was spread among many to the point where no one could really identify where the risk was. The result was fear in the markets and the money that banks needed to do daily business began to dry up.

Many people who took these loans and were unable to pay will suffer the loss of housing, money and a credit rating. Many thousands who work in mortgage lending will lose their jobs as companies reorganize this part of their business. Already the Federal Reserve has taken steps to lower interest rates and loosen the money supply. The dive has leveled off and markets seem to be returning to normal. But what could be the effect of this recent crisis to you?

The Western world's financial markets have created a major problem that threatens the bedrock of global finance. The system is so precarious that it threatens the financial security of all citizens, regardless of their exposure to financial markets. You may be completely free of debt and still be impacted by this latest trouble.

Foreign investors have taken on hundreds of billions of dollars of American debt. In essence, they are the ones who have borne the risks; they have financed the unrealistic housing boom and irresponsible consumer spending of recent years. China is one of the major creditors that holds this debt. This can work as long as America is the major market for goods made in China, (read cheap prices at Wal-Mart). But one report I read this week says that soon the European Union will become China's largest export market. Now we have seen significant default in a major segment of the American economy. The confidence other nations have in the American economy has been shaken.

For this, and other reasons, there is a real problem with the Western economies that could lead to some major corrections thus impacting jobs, income and growth in America and Great Britain. America has fewer dollar reserves than other emerging nations such as India and the U.S. has the largest trade deficit in the world. Britain has the world's third largest trade deficit. There exists the potential for an unprecedented financial meltdown. Many experts see this problem and predict a major shift in investment toward other nations that seem to be healthier and better investment.

That is why I ask whether we are living in a 9/10 economy? The signs of economic change have been in front of us for many years but we go blindly on as if nothing will change. Our publications have consistently warned of the coming change.

This current crisis will stabilize but the fundamental problems will remain and unless there is significant change, they will only worsen. Obviously, greed is an underlying factor in all facets of the subprime crisis. God is ever merciful but there will be a day of judgment unless a deep repentance is experienced. Don't let complacency lull you to sleep when it comes to world events. World News and Prophecy will continue to keep you informed.

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