By Bill Wilson
The London Financial Times is reporting that the eurozone has only days before it comes face to face with financial collapse. This event, if it occurs, should be watched very carefully by those discerning the times. The collapse of Europe’s financial system is the throw-down of the earth’s oldest remaining financial system. This reaches deep into the old money of the world. Financiers are trying their best to put a system in place to avoid a total collapse. Problem is, they are seeking to prop the current system with the same policies that caused it to fail in the first place–debt and debt financing. The potential collapse of the eurozone has long reaching impact, described by some as viral.
Beyond debt and debt financing through manipulation of unlimited bonds backed by the European Central Bank, another very interesting concept is being discussed–a fiscal union. Wolfgang Munchau of the Financial Times writes “This would involve a partial loss of national sovereignty, and the creation of a credible institutional framework to deal with fiscal policy, and hopefully wider economic policy issues as well. The eurozone needs a treasury, properly staffed, not ad hoc coordination by the European Council over coffee and desert.” The key words in this report are a “partial loss of national sovereignty.” This is the prophetic direction that Europe is taking and if it is indeed viral, this concept will spread.
It was revealed Monday that the Federal Reserve had secretly boosted banks in the US by far more than was reported. Bloomberg reports: “Add up guarantees and lending limits, and the Fed had committed $7.77 trillion as of March 2009 to rescuing the financial system, more than half the value of everything produced in the US that year.” Bloomberg says that the Fed never disclosed the details of the bank bailout to Congress “even as Congress doled out more money and debated new rules aimed at preventing the next collapse.” Now the American people are indebted to the government to the tune of $14 trillion, and both Europe and American politicians are demanding more debt to finance this debt.
When you look at the financial landscape, who has the money? China, you might say. But China is so very dependent on the US and Europe for its economy, same with Japan. Those who have the money are Islamic. Every nation mentioned in the Bible regarding the end time attacks on Israel are Islamic. First, there will be a “partial loss of national sovereignty” for the nations to accept and submit to the Revelation 13:17 scenario “that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name.” World financial collapse, Islam arising, loss of sovereignty–seems the ingredients are there for the march of prophecy, in type and shadow or in reality. Watch and pray.
By Bill Wilson