Greece’s debt load is staggering the rest of Europe. The Grecian domino is about to topple Span and Portugal as well. Europe has one currency and this is a problem not only of currency, but of sovereignty. The Wall Street Journal called it “A Crisis of Sovereignty as well as Debt” stating “The European Union is in need of a new economic strategy. The veracity of that statement might seem indisputable, as various EU countries, led by Greece, struggle to avoid being crushed by their accumulated debts.”
Debt is always crushing to a nation, as evidenced by America’s inclusion on a list of nations of sovereign default risks but “The Greek budget crisis is a symptom of imbalances that will lead to the breakup of the euro region, according to Societe Generale SA strategist Albert Edwards, and Harvard University Professor Martin Feldstein said monetary union “isn’t working” in its current form.” That is because there is one European currency yet there are 27 different philosophies managing that one currency. What one nation does within the coalition may be more socialist and the next country may be more capitalist yet there is only the euro bearing the burden of these widely divergent policies, debts, and expenditures.
Joe Wiesenthal for Business Insider was even more blunt, saying “Europe’s Choice: Dismantle The Euro, Or Cede All National Sovereignty To Brussels” “As the early euro-skeptics warned, coordinating a single monetary authority across nations with their own political systems and economic objectives wouldn’t work. The founders of the euro actually knew this, but they they thought they could cheat by imposing deficit limits on each country, which were stipulated in the Maastricht Treaty. … So that leaves Europe with two real solutions: 1. Breakup. 2. Turn Brussels into a seat of real centralized authority that mandates uniformity of economic policy across Euroland.”
What those two choices add up to is a very interesting possibility of a major shakeup. Either the European coalition falls apart, its 27 nations divorce and perhaps leading to the 10-nation prophesied coalition of the antichrist regime in Daniel 7:7-8, or each nation cedes its sovereignty to Brussels and centralizes around its currency, leading to the mark of the beast as prophesied in Rev 13:16-17. Hmmm, choices choices.
A major centralized financial regulatory body was created last year. It is headed by one man, Mario Draghi of Italy. The Financial Stability Board (FSB) is a new regulator based on an enlarged vision of the once advisory Financial Stability Forum. Where it once offered guidance, it now institutes rules. This new FSB includes all G20 countries, Spain and the European Commission.
Last month, the FSB, charged by the G20 to coordinate national regulation in response to the financial crisis, welcomed U.S. proposals to limit banks’ size and trading activities. Major European economies have offered support for President Barack Obama’s plan, which could rewrite the world financial order…”
Default in Greece could spread across globe
“Since the epicenter of the latest financial crisis lies in Greece, it’s appropriate that the root issue is theoretical: Can a vast region comprising 12 disparate nations achieve economic prosperity with a common currency – but not a common government? This is not the kind of philosophical conundrum that caused Socrates to reach for the hemlock. But it could still be poison for the world economy.”
IMF waits in the wings as Greek domino teeters
“If the European Union can’t quell concerns over Greece’s debt burden, the International Monetary Fund may have to step in, whether or not its help is welcome.”
A Monetary agency forcing a nation to succumb to an economic plan? Revelation 13 tells of a re-written world financial order. It will happen. Maybe now or later, but it will happen.
The Hindu Business Line wrote today, “the G-20 emphasis on modernising the IMF’s governance process is a welcome step which should improve its credibility, legitimacy and effectiveness. The G-20 can provide the necessary political support for implementation of policies which need a coordinated effort at the global level.”
A ‘coordinated effort at a global level’ … again, a prophesied event. ‘Cede sovereignty’ … ‘One currency’ … the prophetic clock is ticking and there is movement afoot for massive change in our financial and geo-political world order. But you knew that. It’s in the bible.