We’re talking about a crisis of biblical proportions.
Conservative political commentator and radio host Glenn Beck believes a global economic crash is due. “Please have your ducks in a row,” Beck warned on a Facebook post.
He referred to economic experts and, to a lesser extent, the Jewish time of Shemittah to point out that a worldwide debt crisis is imminent.
Debt ratios have reached extreme levels. In fact, the Swiss-based Bank for International Settlements has pointed out that total debt ratios are significantly higher now than they were at the peak of the last credit cycle just before the global financial crisis in 2007.
Furthermore, Yale University market scholar Robert Shiller said many investors fear U.S. stocks remain overvalued and that fear is greater now than just before the breaking of the dotcom bubble in 2000.
“It looks to me … like a bubble again with essentially a tripling of stock prices since 2009 … and at the same time people losing confidence in the valuation of the market,” Shiller said.
He cautioned, however, that predicting the time of a stock-market crash remained problematic and that he wasn’t sure if it would be precipitated by a possible impending rise in interest rates by the U.S. Federal Reserve (H/T Financial Times).
Rabbi Tuly Weisz told CBN News, “People from all over the world who’ve never heard of Shemittah are all of a sudden looking and trying to explore what is the significance of Shemittah because of all the global events that are happening that seem a bit unusual.” he said.
This is the week of Shemittah, and Cahn has predicted that this will be a time of economic disaster for America.