LastDayWatchers consider what the May 15th Prophecy pointed out to you back in 2008
In the post May 15th Prophecy A Year In Review, God Word or Coincidence? "The May 15th Prophecy will not leave you ignorant of the Libor Rate, remember the the old saying that says "If you want to find and unravel the real mystery to anything follow the money trail!"
"The clearest indicator of trouble is when the Libor rate - the beachmark at which banks lend to each other rises significantly above the offical government interest rate. This indicates banks are hoarding cash or unprepared to lend to each other.
Co-ordinated action by the central banks in december was meant to address this, and the spread of Libor over official rates came down.
But since the Bear Stearns debacle, which should have been an emphatic signal that the Federal Reserve was there to stand behind dodgy-looking collateral from other banks, money markets have seized up again.
Libor's spread over official rates has widened by about 0.25% percentage points.
It is hard to explain this unless the bankers are afraid of something that has not yet reach the light of day."
Now as of 2012
The financial world has been shaken this month with reports that a number of British banks may be guilty of fixing London Interbank Offered Rates (LIBOR) for their own gain.
"As LIBOR rates are an international benchmark to which hundreds of trillions of dollars in loans are tied, this is a very big deal that may amount to massive fraud affecting the entire international financial system.
The more information that comes out on this story, the worse it looks. Rather than being the actions one rogue bank, the fixing seems to have been conducted across a wide number of British banks."
Leading to what the May 15th Prophecy told you would occur in the post The Defining Moment and The Economic Collapse Prophecy "City after city will go bankrupt."
San Bernardino third California city to seek bankruptcy
"The city council of San Bernardino, California, voted on Tuesday to file for bankruptcy, marking the third time in recent weeks a city in the most populous U.S. state has opted to seek protection from its creditors."
Mammoth Lakes files for bankruptcy
"The High Sierra town of Mammoth Lakes said Monday that it filed for bankruptcy because it cannot afford to pay a $43-million breach-of-contract judgment against it brought by a developer.
In a prepared statement, Mammoth Lakes officials said "bankruptcy, unfortunately, is the only option left" for the town, whose largest creditor, Mammoth Lakes Land Acquisition, had won a state court order requiring full payment by June 30, 2012.
Facing a judgment nearly three times the size of its annual operating budget and a $2.8-million shortfall in its 2011-12 fiscal year, the town had already cut many services and asked employees to take reductions in pay. Compounding problems, the adjacent Mammoth Mountain ski resort was forced to lay off 70 full-time employees last year due to a dearth of snow."
How many other California cities face bankruptcy risk?
"How far will the financial crisis spread? How will bankruptcy affect city services and employees? What other cities are on the brink?
The San Bernardino City Council's decision to file for municipal bankruptcy has generated questions and concerns across California, San Bernardino would be the third city in less than a month to seek bankruptcy protection."
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Behind the Libor Scandal
Suicide bomber kills 20 police cadets in Yemeni capital
"The attack came just over a month after an al Qaida-linked suicide bomber killed 90 soldiers at a parade ground a mile and half away from the police academy."