FINANCIAL COLLAPSE IN THE THIRD WORLD? - Michael A Snyder - November-December 1983

Michael A Snyder

A miscalculation could plunge the world into an unparalleled financial debacle. Will the crisis be averted? Can the West survive? Never have we faced a world crisis like this one. Descending rapidly on us is the specter of a world debt collapse. Countries in Latin America, Africa, Asia and Eastern Europe have amassed an incredible debt of about $700 thousand million in loans. And it appears they can't pay them off. At the time of writing, the overheated financial caldron was threatening again to explode. For the last year and a half, the International Monetary Fund (IMF), the U.S. Federal Reserve System under chairman Paul Volcker, and' numerous government and private agencies, have struggled to stave off a major disaster. As one economist told The Plain Truth. a debt collapse could " plunge the Western world into the deepest depression in recorded human history." - Information Supplied By: Herbert W Armstrong Library