In particular, Monte dei Paschi is a complete and utter basket case at this point. A staggering one-third of their loans are “non-performing”, and the stock price has fallen a staggering 57 percent since 2016 began. Monte dei Paschi is going to need a major bailout, and the same thing could be said about almost all of the largest Italian banks. Overall, the FTSE Italia All-Share Banks Index has plummeted 21 percent over the first three weeks of this year.

We normally only see numbers like this during a major financial crisis, and that is precisely what is happening. Of course trouble has been building at Italian banks for a very long time. They have been exceedingly reckless, and almost all of them are absolutely saturated with bad loans at this point.

In the US, our markets are still in better shape than most of the rest of the world, so we don’t necessarily understand the severity of the situation quite yet. But let me assure you that what we are facing is incredibly serious. Even at the best of times, most of the major banks in Europe and Asia were on shaky ground, and all it was going to take was a major financial downturn for them to start toppling like dominoes.

Many people are now beginning to speculate that Italy may be the next Greece. Those that are saying this don’t truly grasp what is going on. Greece is the 44th largest economy on the planet. Italy is the 8th. We have already seen how the rest of Europe really struggled to come up with a bailout for tiny Greece. What in the world are they going to do when Italy goes down?

Those that believed that the European crisis was “finished” were sadly mistaken. The European crisis is not over. The truth is that the European crisis is just beginning. Italy will probably be first, but economic and financial problems are going to spread like wildfire. And by the time it is all said and done, European society is going to be fundamentally altered, trillions of euros will be lost, and the face of the continent will change.

A fall in Germany's prosperity could drag the eurozone down with it - a scenario becoming more likely amid growing signs of the country's slowdown. The country has the biggest economy in Europe and is where a large portion of the bloc's wealth is created. Germany's money has helped the eurozone struggle ahead, despite the ailing finances of Italy, Spain and Greece.

If the German economy crumbles it could start a domino effect that would pull down other countries' economies with it. That would also be a huge hit to Britain as Europe is one of the UK's biggest trading partners. The biggest shock facing Germany is the slowing global economy, which spells disaster for its export-driven growth.

China is one of Germany's biggest markets, and its falling demand is expected to hit home hard. France is one of Germany's closest trading partners and its economy is struggling, further dampening demand for German exports. Expert Peter Lundgreen, head of investment firm Lundgreen's capital said: "German exporters are feeling the pain from the slowdown in business investments in many emerging market countries, as commodity prices have tumbled."

As you will see below, some of the big banks have a tremendous amount of loan exposure to the energy industry, and now they are bracing for big losses. And the longer the price of oil stays this low, the worse the carnage is going to get.

All over the planet, big banks are absolutely teeming with bad loans. And to be honest, the big banks in the US are probably in better shape than some of the major banks in Europe and Asia. But once the dominoes start to fall, very few financial institutions are going to escape unscathed. In the coming days I would expect to see more headlines like we just got out of Italy.

Apparently, Italian banks are nearing full meltdown mode, and short selling has been temporarily banned. To me, it appears that we are just inches away from full-blown financial panic in Europe. However, just like with the last financial crisis, you never quite know where the next “explosion” is going to happen next.

But one thing is for sure – the financial crisis that began during the second half of 2015 is raging out of control, and the pain that we have seen so far is just the beginning.

The figures were the weakest in 25 years, coming in below expectations and prompted alarm among investors. But some critics believe China's growth could actually be less than four per cent, which would unleash a very nasty surprise and sting for the global economy in the months to come. The slowdown of the world's second-largest economy is one of the reasons that stock markets across the world have been crashing since the start of 2016.

If China was in reality growing at an even smaller pace than authorities let on, markets would have reacted even worse than has already been seen. China makes up around 17 per cent of global GDP, in today's inter-connected world its financial health is crucial to trade and economies across the world - including Britain.

Yet it's thought that policymakers frequently fiddle official data to make it better than it really is. Marc Faber - dubbed Dr Doom as publisher of 'The Gloom, Boom and Doom report' - is just one critic who believes growth in China is much lower than official estimates. He told CNBC: "An economy is very complex and you have some sectors of an economy expanding and some sectors contracting. My sense is that at the very best, the economy is growing at around four per cent per annum but it could be lower."

But Mr Faber is not alone in his fears, and many investors believe that China's official economic figures must be taken with a pinch of salt.

The most controversial element of TTIP is the ‘corporate court’ system, formally called ISDS. This system allows multinational corporations and other foreign ‘investors’ to sue governments for enacting regulation which damage their profits. Proponents argue that this offers investors, like small businesses, protection against ‘arbitrary’ government action.

Gus van Harten’s new report shows that the really big winners of these cases are, unsurprisingly, really big corporations (over $1 billion in annual revenue) and super rich individuals (over $100 million wealth). Almost 95% of all compensation awarded in the corporate court cases studied went to these groups.

On January 17, Francis crossed Rome to visit the city’s historic Great Synagogue, his first visit to a Jewish place of worship since his election to the papacy in March 2013. It marked the third time a pontiff has gone to the Rome synagogue, located within the boundaries of what was once a papally-imposed Jewish ghetto.

On January 25, as popes do every year, Francis will go to Rome’s Basilica of St Paul Outside the Walls to mark the close of the Week of Prayer for Christian Unity, which falls on the feast of the conversion of St Paul. Generally, it’s the most important annual occasion for popes to reflect on ecumenism.

Though it’s not yet confirmed, reportedly Francis will leave the Vatican yet again on January 27 to visit the Mosque of Rome, one of the largest Islamic places of worship outside the Arab world. If so, he’ll become the first pope to do so, and historically it will be just the ninth time a pontiff has entered a mosque.

In light of the flurry of activity, one has to ask: Why is interfaith and Christian unity so much on the pope’s brain right now? Whether by luck or design, January 2016 is giving Pope Francis a platform to broadcast that message in unusually high-profile fashion. What remains to be seen is whether his frenzy of outreach will pay off in terms of changing hearts and minds where it counts.

Here’s the kicker: the settlement is the largest in the bank’s history, but still small potatoes compared to some of its cohorts in crime who have already reached their settlements, such as Bank of America ($16.6 billion) and JPMorgan Chase ($13 billion).

Goldman had its most profitable year to date in 2007 as the market started to turn with a staggering $17.6 billion profit. By 2009, in the depths of the crisis that they helped bring about and as the rest of the world faced total financial armageddon, they did even better, netting just shy of $20 billion profit.

So, just to recap: Goldman makes tens of billions by selling the very toxic assets they were secretly betting against and in the end they pay a $5 billion penalty…

Oh, and (needless to say) the Injustice Department practically fell over themselves to announce at the earliest possible opportunity that no one would even be prosecuted for this fraud (let alone go to jail)…

Oh, and poor Goldman will make a slightly smaller profit this year as a result of this golden wrist slap, equivalent to one measly fiscal quarter of profit for the banking behemoth.

“The situation is worse than it was in 2007. Our macroeconomic ammunition to fight downturns is essentially all used up," said William White, the Swiss-based chairman of the OECD's review committee and former chief economist of the Bank for International Settlements (BIS).

"Debts have continued to build up over the last eight years and they have reached such levels in every part of the world that they have become a potent cause for mischief," he said. "It will become obvious in the next recession that many of these debts will never be serviced or repaid, and this will be uncomfortable for a lot of people who think they own assets that are worth something," he told The Telegraph on the eve of the World Economic Forum in Davos.

“The only question is whether we are able to look reality in the eye and face what is coming in an orderly fashion, or whether it will be disorderly. Debt jubilees have been going on for 5,000 years, as far back as the Sumerians."

Mr White said the Fed is now in a horrible quandary as it tries to extract itself from QE and right the ship again. "It is a debt trap. Things are so bad that there is no right answer. If they raise rates it'll be nasty. If they don't raise rates, it just makes matters worse," he said.

It was before officials in Russia had to cancel flights near the Zhupanovsky volcano on Russia's eastern coast after it spewed lava FIVE MILES into the air, also yesterday. Although the two volcanoes are separated by around 3,000 miles, they are on interconnected tectonic plates – sparking fears of a major seismic shift, more volcanic activity and even earthquakes and tsunamis, due to recent activity.

The Russian volcano is on the Phillippine Plate which joins the Java Trench, which Mount Egon lies close to. The region is one of the most volcanic parts of the globe.

Scientists moved to allay fears after an article reported a quake could send tsunami waves crashing over the coast of Washington and Oregon, and even trigger the eruption of volcano Mount Hood. Locals fear it could be on the cards following a "seismic shift". Superstation95.com reported a reading from an ocean data buoy showed the water level fell sharply, "signalling a land sink - the type of event often followed by a severe earthquake."

Details of the seismic scare emerged today as Express.co.uk also revealed how TWO large volcanoes erupted, causing 1,200 people to flee their homes in Indonesia and flights to be cancelled in Russia

Its report, said of the land drop: "This means a tectonic plate in the Ocean named the "Juan de Fuca Plate" has made a sudden, eastward movement and slipped beneath another tectonic plate named the "North American Plate."

"This type of event is usually followed by a massive upward movement of the North American Plate causing a very severe earthquake."

"After news reports said that the Saudi king has decided to leave the power to his son, the Saudi crown prince has held some meetings with the tribal leaders to destabilize domestic conditions in Saudi Arabia," the activist who called for anonymity for security reasons told FNA on Tuesday.

Noting that the details of these meetings are not known, he said it seems that Mohammed bin Nayef sees himself entitled to the throne, and he, thus, seeks to spark internal problems and insecurity with the help of certain tribes to stir crisis and prevent the deputy crown prince, Mohammed bin Salman from ascending to the throne. Reports in August had informed that the Saudi crown prince had enhanced security arrangements for fear of assassination plots of rival princes in the royal family.

Clearly a lot more needs to be done if we want to avoid the “post-antibiotic era” that the World Health Organization warns about. Most importantly, the FDA needs to reconsider its stance towards natural health alternatives like vitamin D to stay healthy; grapefruit seed extract and other herbs to fight bacterial illnesses; and silver, high-dose vitamin A, intravenous and lipospheric C, and olive leaf extract to fight viral and bacterial illness.

It is very difficult, for example — perhaps impossible — for bacteria to become resistant to silver. It is safe enough to be commonly used to purify water in developing countries. It is approved by the EPA for use in consumer products as a sanitizing agent! If medical authorities think it is safe enough for people to drink routinely in their water and to use as a sanitizing agent, why does the FDA oppose its use in medicine?

Presumably because it isn’t patentable and therefore won’t make big money for Big Pharma, the FDA’s partner and the source of its funding. The agency doesn’t even approve its use in hospitals! Must millions die because of this corruption?

“Look how many countries in Africa, for example, depend on the income from oil exports,” Schwab said in an interview ahead of the WEF’s 46th annual meeting, in the Swiss resort of Davos. “Now imagine 1 billion inhabitants, imagine they all move north.”

Whereas much of the discussion about commodities has focused on the economic and market impact, Schwab said he’s concerned that it will also spur “a substantial social breakdown.” That fits into what Schwab, the founder of the WEF, calls the time of “unexpected consequences” we now live in. In the modern era, it’s harder for policy makers to know the impact of their actions, which has led to “erosion of trust in decision makers.”

“First, we have to look at the root causes of this,” Schwab said. “The normal citizen today is overwhelmed by the complexity and rapidity of what’s happening, not only in the political world but also the technological field.” That sense of dislocation has fueled the rise of radical political leaders who tap into a rich vein of anger and xenophobia. For reason to prevail, Schwab said, “we have to re-establish a sense that we all are in the same boat.”