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17 Reasons To Be EXTREMELY Concerned About The Second Half Of 2012
The Economic Collapse Blog ^ | 07/01/2012 | Michael Snyder

Posted on 07/01/2012 7:07:58 AM PDT by SeekAndFind

What is the second half of 2012 going to bring? Are things going to get even worse than they are right now? Unfortunately, that appears more likely with each passing day. I will admit that I am extremely concerned about the second half of 2012. Historically, a financial crisis is much more likely to begin in the fall than during any other season of the year. Just think about it. The stock market crash of 1929 happened in the fall. "Black Monday" happened on October 19th, 1987. The financial crisis of 2008 started in the fall. There just seems to be something about the fall that brings out the worst in the financial markets. But of course there is not a stock market crash every year. So are there specific reasons why we should be extremely concerned about what is coming this year? Yes, there are. The ingredients for a "perfect storm" are slowly coming together, and in the months ahead we could very well see the next wave of the economic collapse strike. Sadly, we have never even come close to recovering from the last recession, and this next crisis might end up being even more painful than the last one.

The following are 17 reasons to be extremely concerned about the second half of 2012....

#1 Historical Trends

A recent IMF research paper by Luc Laeven and Fabián Valencia showed that a banking crisis is far more likely to start in September than in any other month. The following chart is from their report....

So what will this September bring?

#2 JP Morgan

Do you remember back in May when JP Morgan announced that it would be taking a 2 billion dollar trading loss on some derivatives trades gone bad? Well, the New York Times is now reporting that the real figure could reach 9 billion dollars, but nobody really knows for sure. At some point is JP Morgan going to need a bailout? If so, what is that going to do to the U.S. financial system?

#3 Derivatives

Last week, Moody's downgraded the credit ratings of 15 major global banks. As a result, a number of them have been required to post billions of dollars in additional collateral against derivatives exposures....

Citigroup’s two-notch long-term rating downgrade from A3 to Baa2 could have led to US$500m in additional liquidity and funding demands due to derivative triggers and exchange margin requirements, according to the bank’s 10Q regulatory filing at the end of the first quarter.

Morgan Stanley – which Moody’s downgraded from A2 to Baa1 – said a two-notch downgrade from both Moody’s and Standard and Poor’s could spur an additional US$6.8bn of collateral requirements in its latest 10Q. The bank did not break down its potential collateral calls under a scenario where only Moody’s downgraded the bank below the Single A threshold.

Royal Bank of Scotland estimated it may have to post £9bn of collateral as a result of the one-notch Moody’s downgrade to Baa1 in a statement on June 21, but did not detail how much of this additional requirement was driven by margin for swaps exposures.

The worldwide derivatives market is starting to show some cracks, and at some point this is going to become a major disaster.

Remember, the 9 largest U.S. banks have a total of more than 200 trillion dollars of exposure to derivatives. When this bubble completely bursts it is going to be impossible to fix.

#4 LEAP/E2020 Warning

LEAP/E2020 has issued a red alert for the global financial system for this fall. They are warning that the "second half of 2012" will represent a "major inflection point" for the global economic system....

The shock of the autumn 2008 will seem like a small summer storm compared to what will affect planet in several months.

In fact LEAP/E2020 has never seen the chronological convergence of such a series of explosive and so fundamental factors (economy, finances, geopolitical…) since 2006, the start of its work on the global systemic crisis. Logically, in our modest attempt to regularly publish a “crisis weather forecast”, we must therefore give our readers a “Red Alert” because the upcoming events which are readying themselves to shake the world system next September/ October belong to this category.

#5 Increasing Pessimism

One recent survey of corporate executives found that only 20 percent of them expect the global economy to improve over the next 12 months and 48 percent of them expect the global economy to get worse over the next 12 months.

#6 Spain

The Spanish financial system is basically a total nightmare at this point. Moody's recently downgraded Spanish debt to one level above junk status, and earlier this week Moody's downgraded the credit ratings of 28 major Spanish banks.

According to CNBC, Spain's short-term borrowing costs are now about three times higher than they were just one month ago....

Spain's short-term borrowing costs nearly tripled at auction on Tuesday, underlining the country's precarious finances as it struggles against recession and juggles with a debt crisis among its newly downgraded banks.

The yield paid on a 3-month bill was 2.362 percent, up from just 0.846 percent a month ago. For six-month paper, it leapt to 3.237 percent from 1.737 percent in May.

Needless to say, this is very, very bad news.

#7 Italy

The situation in Italy continues to deteriorate and many analysts believe that it could be one of the next dominoes to fall. The following is from a recent Businessweek article....

The euro zone’s third-biggest economy is seen as the next domino at risk of toppling after the European Union’s June 9 deal to lend Spain $125 billion in bank bailout funds. Yields on Italy’s 10-year government bonds reached 6.2 percent on June 13, up from just 4.8 percent in March. By pushing up Italy’s borrowing costs out of fear of default, investors are making a default more likely.

A recent Fortune article detailed some of the economic fundamentals that have so many economists deeply concerned about the Italian economy right now....

The main glaring risk threats that could propel Italy down the path to become Europe's next domino is the size of country's outstanding debt (at €1.9 trillion or 120% of GDP); the mountain of debt it has to roll over in the next 12 months (nearly €400 billion); and the market's cracking credibility around Prime Minister Mario Monti's ability to reduce the country's fiscal footprint and spur growth.

Further, fear around Italy's creditworthiness, which has recently been expressed by near cycle highs in sovereign CDS spreads and government yields on the 10-year bond, follow some rather glaring negative fundamentals over recent quarters and years: declining GDP over the last three consecutive quarters; a rising unemployment rate (especially among its youth); deterioration in labor market competitiveness; and increased competition for export goods to its key trading partners.

#8 Greece

I have written extensively about the financial nightmare that is unfolding in Greece. Unemployment has soared past the 20 percent mark, youth unemployment is above 50 percent, the Greek economy has contracted by close to 25 percent over the past four years and now Greek politicians are saying that a third bailout package may be necessary.

#9 Cyprus

The tiny island nation of Cyprus has become the fifth member of the eurozone to formally request a bailout. This is yet another sign that the eurozone is rapidly falling apart.

#10 Germany

German Chancellor Angela Merkel continues to promote an austerity path for Europe and she continues to maintain her very firm position against any kind of eurozone debt sharing....

Merkel, speaking to a conference in Berlin today as Spain announced it would formally seek aid for its banks, dismissed “euro bonds, euro bills and European deposit insurance with joint liability and much more” as “economically wrong and counterproductive,” saying that they ran against the German constitution.

“It’s not a bold prediction to say that in Brussels most eyes -- all eyes -- will be on Germany yet again,” Merkel said. “I say quite openly: when I think of the summit on Thursday I’m concerned that once again the discussion will be far too much about all kinds of ideas for joint liability and far too little about improved oversight and structural measures.”

In fact, Merkel says that there will be no eurobonds "as long as I live". This means that there will be no "quick fix" for the problems that are unfolding in Europe.

#11 Bank Runs

Every single day, hundreds of millions of dollars is being pulled out of banks in southern Europe. Much of that money is being transferred to banks in northern Europe.

In a previous article I included an extremely alarming quote from a CNBC article about the unfolding banking crisis in Europe....

Financial advisers and private bankers whose clients have accounts too large to be covered by a Europe-wide guarantee on deposits up to 100,000 euros ($125,000), are reporting a "bank run by wire transfer" that has picked up during May.

Much of this money has headed north to banks in London, Frankfurt and Geneva, financial advisers say.

"It's been an ongoing process but it certainly picked up pace a couple of weeks ago We believe there is a continuous 2-3 year bank run by wire transfer," said Lorne Baring, managing director at B Capital, a Geneva-based pan European wealth management firm.

How long can these bank runs continue before banking systems start to collapse?

#12 Preparations For The Collapse Of The Eurozone

As I have written about previously, the smart money has already written off southern Europe. All over the continent major financial institutions are preparing for the worst. For example, just check out what Visa Europe is doing....

Visa Europe is holding weekly meetings to discuss scenarios in the event the euro zone collapses, joining other companies that are preparing for a potential breakup of the currency bloc.

Chief Commercial Officer Steve Perry said Tuesday that management at the U.K.-based credit-card company meets weekly to explore various possible outcomes, including a total collapse of the euro zone.

#13 Global Lending Is Slowing Down

All over the globe the flow of credit is beginning to freeze up. In fact, the Bank for International Settlements says that worldwide lending is contracting at the fastest pace since the financial crisis of 2008.

#14 Sophisticated Cyber Attacks On Banks

It is being reported that "very sophisticated" hackers have successfully raided dozens of banks in Europe. So far, it is being estimated that they have stolen 60 million euros....

Sixty million euro has been stolen from bank accounts in a massive cyber bank raid after fraudsters raided dozens of financial institutions around the world.

According to a joint report by software security firm McAfee and Guardian Analytics, more than 60 firms have suffered from what it has called an "insider level of understanding".

What happens someday if we wake up and all the money in the banks is gone?

#15 U.S. Municipal Bankruptcies

All over the United States there are cities and towns on the verge of financial disaster. This week Stockton, California became the largest U.S. city to ever declare bankruptcy, but the reality is that this is only just the beginning of the municipal debt crisis....

Stockton, California, said it will file for bankruptcy after talks with bondholders and labor unions failed, making the agricultural center the biggest U.S. city to seek court protection from creditors.

“The city is fiscally insolvent and must seek Chapter 9 bankruptcy protection,” Stockton said in a statement released yesterday after its council voted 6-1 to adopt a spending plan for operating under bankruptcy protection.

#16 The Obamacare Decision

The U.S. economy is already a complete and total mess, and now the Obamacare decision is going to throw a huge wet blanket on it. All over America, small business owners are saying that they are going to have to let some workers go because they cannot afford to keep them all under Obamacare. It would be hard to imagine a more job killing law than Obamacare, and now that the Supreme Court decision has finally been announced we are going to see many businesses making some really hard decisions.

#17 The U.S. Election

It is being reported that Barack Obama is putting together an army of "thousands of lawyers" to deal with any disputes that arise over voting procedures or results. It certainly looks like this upcoming election is going to be extremely close, and there is the potential that we could end up facing another Bush v. Gore scenario where the fate of the presidency is determined in court. This campaign season is likely to be exceptionally nasty, and I fear what may happen if there is not a decisive winner on election day. The possibility of significant civil unrest is certainly there.

We definitely live in "interesting" times.

Personally, I am deeply concerned about the September, October, November time frame.

The other day, Joe Biden delivered a speech in which he made the following statement....

"It's A Depression For Millions And Millions Of Americans"

And what Biden said was right for once. Millions of Americans are out of work right now and millions of Americans have fallen out of the middle class in recent years. If you have lost everything, it does feel like you are living through a depression.

When people lose everything, they tend to get desperate. And desperate people do desperate things - especially when they are angry.

A whole host of recent opinion polls have shown that anger and frustration in the United States are rising to unprecedented levels. The ingredients are certainly there for an explosion. Someone just needs to come along and light the fuse. We truly do live in frightening times.

Let us hope for the best, but let us also prepare for the worst.



TOPICS: Business/Economy; Government; Society
KEYWORDS: 2012; economy
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1 posted on 07/01/2012 7:08:05 AM PDT by SeekAndFind
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To: SeekAndFind

“The financial crisis of 2008 started in the fall.”

Solely to kick the party of the existing president to the curb.

This, if it will happen, will solely be to KEEP the president. It would be tricky business to further trash America and still expect to keep the messiah in office.

The fact that gas prices are “plummeting” leads me to believe the rat freaks haven’t exhausted their America “SAVING” tricks to keep the president yet.


2 posted on 07/01/2012 7:13:27 AM PDT by treetopsandroofs (Had FDR been GOP, there would have been no World Wars, just "The Great War" and "Roosevelt's Wars".)
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To: Kartographer

Ping!


3 posted on 07/01/2012 7:16:25 AM PDT by FrogMom (There is no such thing as an honest democrat!)
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To: SeekAndFind

OK, so how do you really feel? One note: if the economy tanks before the election, it will not be close. No way. Romney in a landslide.


4 posted on 07/01/2012 7:17:46 AM PDT by MrChips (MrChips)
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To: SeekAndFind
DON'T hit the PANIC button.

Remember, Heaven's economy knows no recession or depression. As long as God is still on His throne and as long as your faith in Him is still intact, everything will come out alright. The more the economic malaise, brought on by Bush and exacerbated to the max by Obama, is seen now, the greater chance of ousting Obama this November.

5 posted on 07/01/2012 7:22:31 AM PDT by PapaNew
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To: SeekAndFind

I hope there is something worth saving?

Otherwise, God bless all those before us.
Who gave their lives to perserve our freedoms.
Forgive us for the cluesless idiots who still do not see what a great and wonderful exception America really is compared to the much of the despotic World.

PS: May your hand reach down from the Heavens and crush the enemies of America and our Constitution.
Whicn afterall recognises that all our rights and freedoms come you.

Amen


6 posted on 07/01/2012 7:22:37 AM PDT by Leep (Enemy of the StatistI)
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To: Leep

...and Amen.


7 posted on 07/01/2012 7:26:35 AM PDT by combat_boots (The Lion of Judah cometh. Hallelujah. Gloria Patri, Filio et Spiritui Sancto.)
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To: Leep

Amen!


8 posted on 07/01/2012 7:29:26 AM PDT by Jane Long (Soli Deo Gloria!)
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To: Jane Long

AMEN !


9 posted on 07/01/2012 7:41:00 AM PDT by nevermorelenore
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To: SeekAndFind

Throw in the attack on Pearl Harbor, the Cuban missile Crisis and 9/11 for good measure. Fourth quarters can be rough!


10 posted on 07/01/2012 7:41:53 AM PDT by JimRed (Excising a cancer before it kills us waters the Tree of LibertyI'm st! TERM LIMITS, NOW AND FOREVER!)
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To: PapaNew
Unless, of course, this nation is under judgment for our, oh what is it, fifty years of spitting in God's face and turning from Him and enshrining into law and protected status everything that He has called an abomination. Unless with the legalization of "gay marriage" and the blessing of the federal government on "gay marriage", which incidentally was happening at the time God destroyed the earth with the flood in Noah's day, we have passed the point of no return.

I don't think anything is going to get better. Quite the opposite, in fact.

11 posted on 07/01/2012 7:42:10 AM PDT by GiovannaNicoletta (In the last days, mockers will come with their mocking... (2 Peter 3:3))
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To: SeekAndFind

I am wondering when the state of Cal will admit reality and declare bankruptcy.


12 posted on 07/01/2012 7:43:30 AM PDT by morphing libertarian
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To: GiovannaNicoletta

The world is getting ready for the Antichrist.

It will need a “miraculous” financial rescue and “peace” in the Middle East, creating a Palestinian state.

The world is being set up for the big deception.


13 posted on 07/01/2012 7:51:08 AM PDT by F15Eagle (1 John 5:4-5, 4:15, 5:13; John 3:17-18, 6:69, 11:25, 14:6, 20:31; Rom10:8-11; 1 Tim 2:5; Titus 3:4-5)
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To: F15Eagle
You're exactly right, and what we see happening is exactly what you said.

There has to be catastrophic crises for the guy with all the answers to come on the scene and be embraced and loved by the world, and those crises are in the process of becoming reality right now.

It is just so painful to see the nation we grew up in whither and die right in front of our faces. But we know this is what has to happen.

14 posted on 07/01/2012 8:03:49 AM PDT by GiovannaNicoletta (In the last days, mockers will come with their mocking... (2 Peter 3:3))
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To: F15Eagle

I think we have bigger problems awaiting as December 21, 2012 will soon be upon us. We are already getting warning signs.

Be prepared and ready,

AMEN


15 posted on 07/01/2012 8:05:20 AM PDT by hapnHal (hapnHal)
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To: GiovannaNicoletta
The cross made the Old Testament "old and ready to vanish." Jesus has paid the price for the sins of the whole world. The only sin the world is accountable for now is the sin of rejecting the free gift of His Son Jesus Christ.

I think "It is finished" applies to nations as as well as people. Jesus has already paid the price for America's sins. That's how far and how great God's grace is. As far as things getting better, well, for the Christian, our lives get "brighter and brighter until the perfect day." As far as America, although the trend is toward socialist tyranny, God's people and their prayers can cause a temporary reversal as in the late 70's and 80's when, with orchestrated corporate intercessory prayer around the country and world, God placed in power and miraculously protected the likes of Ronald Reagan and Margaret Thatcher.

16 posted on 07/01/2012 8:15:47 AM PDT by PapaNew
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To: MrChips

>Romney in a landslide<

.
You underestimate the stupidity of the American voter — they voted for Bambi once, they can do it again.

Don’t forget that he is assured of the following votes: 1. blacks, 2. Muslims, 3. MSM regardless of what he does between now and November.


17 posted on 07/01/2012 8:19:07 AM PDT by 353FMG
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To: 353FMG

2010 is not a distant memory.


18 posted on 07/01/2012 8:22:02 AM PDT by MrChips (MrChips)
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To: Leep

Big Amen


19 posted on 07/01/2012 8:27:45 AM PDT by Conservative4Ever (The Obamas = rude, crude and socially unacceptable)
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To: 353FMG
"You underestimate the stupidity of the American voter"

Especially those who vote for Obama.


20 posted on 07/01/2012 8:28:49 AM PDT by F15Eagle (1 John 5:4-5, 4:15, 5:13; John 3:17-18, 6:69, 11:25, 14:6, 20:31; Rom10:8-11; 1 Tim 2:5; Titus 3:4-5)
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To: F15Eagle

“I HAVE A DRAEM”

Those signs are SO wrong, they should have read “I IS GOTS A DRAEM”


21 posted on 07/01/2012 8:32:43 AM PDT by Ditter
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To: Ditter

It shows how the simple-minded are so easily swayed by Bammy.

Barack Obama: There Will Be Bamboozling

http://www.youtube.com/watch?v=YuB_W8o_UsU


22 posted on 07/01/2012 8:36:27 AM PDT by F15Eagle (1 John 5:4-5, 4:15, 5:13; John 3:17-18, 6:69, 11:25, 14:6, 20:31; Rom10:8-11; 1 Tim 2:5; Titus 3:4-5)
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To: morphing libertarian

...and then we’ll be in for a hell of a fight over a sovereign state being bailed out for its excesses by the rest.

One thing to add to the list: all of the bad news in the second half of 2012 will be...UNEXPECTED.


23 posted on 07/01/2012 8:46:07 AM PDT by relictele
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To: PapaNew

“As long as God is still on His throne and as long as your faith in Him is still intact, everything will come out alright.”

Bunk!!!!

“God helps those who help themselves” is a popular motto that emphasizes the importance of self-initiative.

So all of you get off you butts and do something instead of waiting for help to come over the horizon to save you. It will never come…only in your fantasies.


24 posted on 07/01/2012 9:14:46 AM PDT by Gatún(CraigIsaMangoTreeLawyer)
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To: Gatún(CraigIsaMangoTreeLawyer)

you butts = your butts.


25 posted on 07/01/2012 9:18:42 AM PDT by Gatún(CraigIsaMangoTreeLawyer)
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To: SeekAndFind
#10 Germany

Considering Merkel folded last week and agreed to more bailouts at German Worker expense, I think this one's off the table.

Still, it's only a matter of time before German workers toss her ass out of office because they're sick and tired of working 2 days a week to pay for lazy Greeks, French and Italians to retire early and live extravagent lifestyles.

The rest of this article I think is pretty spot-on and well done.

26 posted on 07/01/2012 9:23:55 AM PDT by usconservative (When The Ballot Box No Longer Counts, The Ammunition Box Does. (What's In Your Ammo Box?))
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To: Gatún(CraigIsaMangoTreeLawyer)

Well put.


27 posted on 07/01/2012 9:27:21 AM PDT by Lurker (Violence is rarely the answer. But when it is, it is the only answer.)
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To: Gatún(CraigIsaMangoTreeLawyer)

You’ve got some nerve. Maybe we should all throw up our hands and expatriate like you did.


28 posted on 07/01/2012 9:37:32 AM PDT by RegulatorCountry
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To: PapaNew
for the Christian, our lives get "brighter and brighter until the perfect day"

Man, your pollyannish perspective of the end times is something to behold. Put down the happy juice. It ain't going to be like that.

29 posted on 07/01/2012 9:44:02 AM PDT by steve86 (Acerbic by nature not nurture TM)
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To: PapaNew

If you’ve got a minister telling you to sit back in the easy chair and enjoy the last days because you are a Christian and have nothing to worry about, I’d be finding another church.


30 posted on 07/01/2012 9:50:52 AM PDT by steve86 (Acerbic by nature not nurture TM)
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To: Ditter

Maybe they are trying to say “i’ll have a wee dram.”


31 posted on 07/01/2012 9:58:00 AM PDT by Fred Hayek (The Democratic Party is the operational wing of CPUSA.)
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To: Fred Hayek
No, that would read “I be havin’ a bur”. If they are white trash it would read “I have me a COLD bur” as opposed to a warm one outta tha truck, I guess.
32 posted on 07/01/2012 10:05:38 AM PDT by Ditter
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To: Lurker

“Well put.”

Thank you my dear friend Lurker.


33 posted on 07/01/2012 10:07:01 AM PDT by Gatún(CraigIsaMangoTreeLawyer)
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To: RegulatorCountry

“You’ve got some nerve. Maybe we should all throw up our hands and expatriate like you did.”

As an American civilian, I was out in the streets fighting Noriega 1988-1989.

Getting shot at was nothing.

What have you done to save the U.S.A.?

Oh wait. That is a stupid question. The answer for you is “nothing.”

You are the one with “some nerve” for doing nothing.


34 posted on 07/01/2012 10:18:51 AM PDT by Gatún(CraigIsaMangoTreeLawyer)
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To: Gatún(CraigIsaMangoTreeLawyer)

Are you even an American citizen now?


35 posted on 07/01/2012 10:28:41 AM PDT by RegulatorCountry
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To: PapaNew
Try to explain the "everything will come out alright to Jews in the 1930s. Tell it to those who got on an airplane or went into the Towers on that fine September morning.

Those who walk with God now, will be with God when it's over...but don't expect an easy time of it while you're here.

This is where you and your faith are tested.

Part of the test is to leave things better than you found them!

36 posted on 07/01/2012 10:30:34 AM PDT by GBA (To understand what is happening to America and why, read The Harbinger by Jonathan Cahn)
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To: RegulatorCountry

yes


37 posted on 07/01/2012 10:34:50 AM PDT by Gatún(CraigIsaMangoTreeLawyer)
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To: RegulatorCountry

Yes. More than you have ever been...ever.


38 posted on 07/01/2012 10:38:37 AM PDT by Gatún(CraigIsaMangoTreeLawyer)
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To: PapaNew
The cross made the Old Testament "old and ready to vanish."

No, I think that's the wrong way to take things -- didn't Jesus say "I am come not to destroy the law, but to fulfill the law."

39 posted on 07/01/2012 11:36:14 AM PDT by OneWingedShark (Q: Why am I here? A: To do Justly, to love mercy, and to walk humbly with my God.)
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To: hapnHal

I fear for the nation. I see October as a bad time.
War? Cyber Attack? Massive inflation, Crippling depression, Massive disorder (that’s coming by the way). Natural disasters like Hurricanes and floods. Toss in an earthquake as well.
Obama has an October Surprise as well. be ready! How?
1. Get emergency supplies—first aid kit, flashlight, water for three days, Food for a week in cans. A phone number all can call—landline not cell as they might be out.
2. Keep you car with a half a tank in case you need to leave quickly in an evaluation.
3. Get a battery operated radio that works!
4. Learn basic first aid and CPR from Red Cross.
5. Get to know your neighbors—you may need their help.
6. Buy a firearm and learn how to use it-—If you don’t want that buy a crossbow or black powder weapon (six shooter) at close range they are as devastating as a modern weapon.
7. Learn all about the gas shut off valve in your home.
8. Pray—go to a church you are comfortable with -— study the word of the lord—it may be the only thing that will get you and your family though the rough times to come.


40 posted on 07/01/2012 12:09:11 PM PDT by Forward the Light Brigade (Into the Jaws of H*ll)
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To: steve86

Sorry to hear that, but if you change your mind let me know and I’ll share some of my happiness with you because you have a right to it also.


41 posted on 07/01/2012 12:20:35 PM PDT by PapaNew
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To: GBA
Jesus said, "Come to me and I will give you rest. Take my yoke upon you and learn of me for I am meek and lowly and heart for my yoke is easy and my burden is light." Matthew 11:28-30

The test of faith is to learn to do just that rather than relying on our resources and self effort.

42 posted on 07/01/2012 12:28:23 PM PDT by PapaNew
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To: GBA
Jesus said, "Come to me and I will give you rest. Take my yoke upon you and learn of me for I am meek and lowly and heart for my yoke is easy and my burden is light." Matthew 11:28-30

The test of faith is to learn to do just that rather than relying on our resources and self effort.

43 posted on 07/01/2012 12:38:29 PM PDT by PapaNew
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To: PapaNew
The test of faith is to learn to do just that rather than relying on our resources and self effort.

That's one of the best frames of mind you can have to begin every day.

44 posted on 07/01/2012 12:57:37 PM PDT by GBA (To understand what is happening to America and why, read The Harbinger by Jonathan Cahn)
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To: OneWingedShark
The cross made the Old Testament "old and ready to vanish."

No, I think that's the wrong way to take things -- didn't Jesus say "I am come not to destroy the law, but to fulfill the law."

Thus the cross, which, as God's Word tells us, "blot[ed] out the handwriting of ordinances that was against us, which was contrary to us, and took it out of the way, nailing it to his cross" (Col 2:14).

God's Word tells us, "he [Jesus] obtained a more excellent ministry, by how much also he is the mediator of a better covenant, which was established upon better promises. For if that first covenant had been faultless, then should no place have been sought for the second. For finding fault with them...[and] in that he says, A new covenant, he has made the first old. Now that which decays and waxes old is ready to vanish away" (Hebrews 8:6-8,13).

Therefore, because of the death and resurrection of Jesus Christ, "sin shall not have dominion over you: for you are not under the law, but under grace" (Romans 6:14).

This is the best news I've ever heard. But that's exactly what the gospel is: GOOD NEWS!

45 posted on 07/01/2012 1:10:22 PM PDT by PapaNew
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To: steve86

You are correct


46 posted on 07/01/2012 1:34:50 PM PDT by F15Eagle (1 John 5:4-5, 4:15, 5:13; John 3:17-18, 6:69, 11:25, 14:6, 20:31; Rom10:8-11; 1 Tim 2:5; Titus 3:4-5)
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To: PapaNew
Therefore, because of the death and resurrection of Jesus Christ, "sin shall not have dominion over you: for you are not under the law, but under grace" (Romans 6:14).

But this is only to those who believe on Jesus; those who reject him are still condemned under the Law, or by the world that bears witness.

47 posted on 07/01/2012 1:47:55 PM PDT by OneWingedShark (Q: Why am I here? A: To do Justly, to love mercy, and to walk humbly with my God.)
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To: GBA
The test of faith is to learn to do just that rather than relying on our own resources and self effort.

That's one of the best frames of mind you can have to begin every day.

I think so too. In a 44 year time-span, I've gone from the dark mental pit to a bright life learning this stuff.

May I add, IMO, the greatest frame of mind we can learn is to live like the apostle John: "I am the one who Jesus loves." Anyone who wants to can say that because it's true.

However, few of us learn to focus on His overwhelming and unchanging love for us (we tend to worry about our fluctuating love for him). In 1 John, God tells us what love really is: "Herein is love, not that we loved God, but that he loved us" (1 John 4:10). The benefits of living in the knowledge and belief of His love for us moment-by-moment is wonderful:

"Herein is our love made perfect, that we may have boldness in the day of judgment: because as he is, so are we in this world (my comment: another thrilling truth we find hard to accept - that we now have the gift of righteous and are now like Jesus). There is no fear in love; but perfect love casts out fear: because fear has torment. He that fears is not made perfect in love." 1 John 4:17,18.

I think God is helping us to be effective and fruitful in these last days before Jesus comes back.

48 posted on 07/01/2012 1:54:54 PM PDT by PapaNew
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To: OneWingedShark
Therefore, because of the death and resurrection of Jesus Christ, "sin shall not have dominion over you: for you are not under the law, but under grace" (Romans 6:14).

But this is only to those who believe on Jesus; those who reject him are still condemned under the Law

True. One problem, however, is so many believers live as though they are still under the law, which actually causes them to sin. Since the law condemns sin, many live under both the law and condemnation. This is like being in a prison. But Jesus has released us from prison and set us free from the law and condemnation (Rom 6:14)! Hallelujah!

Armed with the sword of the Spirit which is the Word of God, we can we can be a shining light to as many as possible in these last days before Jesus returns for us.

49 posted on 07/01/2012 2:13:45 PM PDT by PapaNew
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To: PapaNew
Such a mindset is always best and will be extremely helpful for living through the consequences we have set in motion.

If we had never lost that mindset, we likely wouldn't be where we are today, with Isaiah 9:10 seemingly holding the clues for what what comes next.

Can't say we didn't know better...

50 posted on 07/01/2012 2:16:36 PM PDT by GBA (To understand what is happening to America and why, read The Harbinger by Jonathan Cahn)
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