The euro crisis continues

The financial crisis that has gripped Europe for many months now seems to be coming to a climax. Billionaire investor, George Soros, has indicated that he believes that there is just a window of three months to save the euro and the whole monetary union project. This is putting massive pressure on Germany as the de facto banker of Europe. To date the Germans have resisted the pressure to bear the costs of absorbing the national debts of European countries into a single pan-European debt and uniting the individual economies in an even more dramatic way. The pressure for Germany to shoulder this burden may well yet be the means of forcing her out of the euro and out of European monetary and economic union. Certainly such an event would be in line with what the Scriptures reveal about the territory which forms the confederacy over which Antichrist rules.

The emergence of that ten kingdom phase of the Roman Empire, predicted by Daniel the prophet and John the Apostle, looms increasingly large on the political horizon in Europe. The following is from a Daily Telegraph columnist commenting on the crisis:

As everyone has been saying, in order to be viable in the face of market pressures, a genuine currency (as opposed to a pretend one) must have a “lender of last resort” – a true central bank like the US Federal Reserve System. But this is impossible within the EU because the constitutions of member states are not compatible with each other or with the principle of underwriting debt across national boundaries (as the states of the US are under their genuinely federal system). So, either the existing democratic institutions and historical principles of all EU countries must be forcibly reconciled in a Year Zero political reconstruction, or there can never be a monetary union (let alone fiscal union) that will be sustainable. This is where we are.


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