Protecting the Euro… And the Union · April 06, 2011
European Union finance ministers agreed on an €80 billion ($114 billion) permanent bailout fund to keep the European Union finances stable. The move is designed to keep the monetary union together. Without the monetary union, the European Union would not likely survive.
European finance leaders are determined to protect the union and the Euro. In addition to the €80 billion, “the fund will also be backed by €620 billion of so-called callable capital, which will be made available should it become necessary,” making the total volume of the fund, €700 billion, which will be in operation by 2013.
In the mean time, the euro-zone member countries have to start building their share of the fund so that the cash is available by mid-2013. The reason for the fund is to prevent high borrowing costs for countries in financial trouble.
Needless to say, Germany will carry the biggest load at 27.1 percent, but even presently troubled countries have to pitch in their share.
The current temporary fund is based on the guarantees of the lender countries of the Eurozone. This has not cost actual money. But the permanent fund will be based on actual monetary contributions.
In spite of dire predictions, the European Union is not going away. Nor is the Euro. Finance ministers have previously committed themselves to do whatever they had to do to stabilize the monetary union. They really have no choice. Breaking up the eurozone would create havoc for all of Europe and would perhaps have substantial risks for the rest of the world’s financial markets. If the nations were obligated to return to their own former currencies, the weaker nations would have serious borrowing problems. Even the stronger ones would likely lose their financial standing, let alone their political power. Germany and France would certainly do what they had to do to keep the Union together.
Prophecy tells us that the whole world will come together in the last days around the worship of the beast. That necessarily requires that the nations approximate a global government in a resurrected Babylon to enforce it. The European Union is a key element in that global structure which is in the back yard of Rome. If Europe cannot stay together, there is no hope for a world government. While the angels may be holding back the winds of strife by all this trouble in Europe, it is also a time for the mechanisms of control to be developed by the “merchants of the earth,” so that larger and wider globalization projects can proceed.
In the end it will all come crashing down.
“Who hath taken this counsel against Tyre, the crowning city, whose merchants are princes, whose traffickers are the honourable of the earth? The LORD of hosts hath purposed it, to stain the pride of all glory, and to bring into contempt all the honourable of the earth.” Isaiah 23:8-9.
“And a mighty angel took up a stone like a great millstone, and cast it into the sea, saying, Thus with violence shall that great city Babylon be thrown down, and shall be found no more at all. And the voice of harpers, and musicians, and of pipers, and trumpeters, shall be heard no more at all in thee; and no craftsman, of whatsoever craft he be, shall be found any more in thee; and the sound of a millstone shall be heard no more at all in thee; And the light of a candle shall shine no more at all in thee; and the voice of the bridegroom and of the bride shall be heard no more at all in thee: for thy merchants were the great men of the earth; for by thy sorceries were all nations deceived.” Revelation 18:21-23.
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