Behind all the happy-talk about a recovery that you will hear in many establishment media, things are not going well at all on the financial fronts of the western world. The first link below reports that in response to the global financial crises, Germany is pushing to have the EU exercise “oversight” of national European economies. Germany wants the EU to be able to “introduce financial penalties for states with persistently high budget deficits,” which could lead to the EU being able to place profligate European national governments in a kind of de-facto receivership although it would surely be given a gentler term. The first link openly opines that under such an arrangement, “Britain could be forced to have its Budget signed off by European leaders.” You can read the first link to learn more about the machinations going on behind the scenes as the EU nations try to find a way out of their fiscal crisis.

The second link gives an insight into just how bad things are within the Eurozone due to the Greek debt crisis. The banks in Germany and France are actually highly exposed to the bad debts run up by the “PIIGS” nations of Europe (Portugal, Ireland, Italy, Greece and Spain).  While German banks are on the hook for over a half-trillion dollars of the bad debts, French banks are on the hook for an even higher total. It seems to me that the “bail out” of Greece seems more and more to be engineered to bail out not Greece, but the banks to whom Greece owes money. The second link has an interesting quote from Henry Paulson’s memoir that the CEO of Deutshe Bank once asked “during the Bear Stearns melt-down” why his bank “should do business with any US investment bank.” This offers an insight into just how deep the mistrust of US investment banks really is among global financial leaders. Indeed, a previous blog noted that Goldman-Sachs was recently revealed to have helped Greece dupe its fellow EU members about its real levels of national debt via accounting tricks. The rest of the world now knows this as well, so the distrust of Wall Street’s big banks is surely growing ever deeper.

Babylon the Great (the end-time globalist financial system prophesied in Revelation 17-18 to fall in the latter days) is centered, for now, in Wall Street financial institutions and the US Federal Reserve Board (which German Prime Minister Merkel has openly criticized). Babylon the Great’s control of global financial markets is steadily weakening…even if the financial press is not likely to admit this. If the European nations are compelled to exercise discipline over their spending excesses, I think it is only a matter of time until the world finds a way to impose the same kind of disciplines on the spending excesses of the USA. Revelation 13:1-7, 16-18 foretell that some kind of global economic/financial government is going to come into existence in our future. The trends in that direction are already evident.