Comment from UTT:

The current financial meltdown that is taking place, may very soon lead to a global economic solution that will set up a one world system. These are the things that Bible prophecy scholars were warning about 20 years ago. The pieces of the puzzle are falling in place at the present time.

September 16 - Draghi: Deeper Crisis Would Call for Global Solution

National solutions have been enough to stem the financial-sector crisis so far, ECB Governing Council member Mario Draghi said in a Berlin speech Thursday, but they may not be enough if things get worse.

"Policies are taking a variety of shapes that can be grouped within two broad categories: emergency and structural responses," said Mr. Draghi, who also heads Italy's central bank. "Until now, the first remained typically national since each crisis was unique to the financial structure of the country and so were the remedies. However, if the crisis were to become systemic - and the past weekend has shown just how sudden and dramatic the turn of events can be - I believe that an internationally coordinated effort will be necessary."

Mr. Draghi's words have international heft, since he chairs the Financial Stability Forum - a group of global regulators and central bankers working on solutions for preventing the next blowup. He indicated the framework of the global financial system is undergoing a gut check: "A resilient infrastructure is one that is capable of withstanding the effects of the failure of a large financial institution. As we speak, this objective is being tested by reality."

Overall, he said, the global banking system has enough capital to meet its needs "under reasonable scenarios." He offered no prediction about whether market conditions would continue to be "reasonable" but did say banks will need to raise "at least once again the amount of capital raised since the crisis began." Mr. Draghi's estimate of that amount, according to a person familiar with the matter, is $350 billion.