Eastern Europe continues to edge closer to a financial abyss that further threatens the stability of the global financial system. While America has banks that are too big to let fail, Europe has banks that are too big to save. Some Austrian banks have loaned out more than 70% of Austrian GDP–clearly an untenable system.
You might want to watch this short video segment on Yahoo Finance that gives a helpful summation.
Bible prophecy tells us a future power will arise from the turbulent scene that is anchored on the Mediterranean basin. Look at Daniel 7:1-3 Daniel 7:1-3  In the first year of Belshazzar king of Babylon Daniel had a dream and visions of his head on his bed: then he wrote the dream, and told the sum of the matters.
 Daniel spoke and said, I saw in my vision by night, and, behold, the four winds of the heaven strove on the great sea.
 And four great beasts came up from the sea, diverse one from another.
American King James Version×. “In the first year of Belshazzar king of Babylon, Daniel had a dream and visions of his head while on his bed. Then he wrote down the dream, telling the main facts. Daniel spoke, saying, “I saw in my vision by night, and behold, the four winds of heaven were stirring up the Great Sea. And four great beasts came up from the sea, each different from the other.”
The fourth beast of this system, in its end time configuration, will be a political/religious system that controls the commerce and wealth of the world. It arises out of a time of turmoil that threatens global stability. We are watching scenes that could very well be the prologue to what we see described in Daniel.
The present world financial scene shows the confusion of a world that is spiritually, morally and ethically blinded. Old solutions do not seem to be working. Each week brings more revelations and understanding of just how deep the financial morass really is. We hear about the greed, dishonesty and incompetence involved in the collapse of banks and financial houses. These are spititual matters that strike to the basic questions of our times.
Our age is steeped in a post-modern form of idolatry that values the power, status and celebrity that comes with money. The developed world is vastly wealthy. But we have seen the fabric of that wealth wealth can come apart with lightening speed. When a house is built on a shaky foundation it will ultimately collapse. It will not stand the stress and strains created by a world blinded to the true spiritual law of God. That is what we are seeing with today’ financial turmoil.
It will take God’s intervention and the imposition of His rule through His Kingdom to effect the restoration of the kind of world that will guarantee long term stability. We are not there yet. But we should pray every day for its coming.