No doubt, all readers are familiar with the unfolding debt crisis in Greece and other European nations that threatens the stability of the Eurozone and the Euro itself. There are various theories that this crisis may lead to an end of the euro currency as we have known it and that the Euro will be transformed into a “northern Euro” or “core Euro” while the weaker European nations are essentially cut loose to fend for themselves. The weaker European nations are Portugal, Ireland, Italy, and Greece, who are now known ingloriously as the PIIGS nations in the financial press.
A previous blog at this website cited reports that Goldman Sachs helped Greece deceive the other European nations by hiding a significant part of its actual debt from disclosure. This revelation has likely made Goldman Sachs to be mistrusted by many nations around the world, and it likely also has raised many questions about the financial stability (or honesty) of any nation that has been aided or guided by Goldman Sachs. Needless to say, huge stresses are building in the global financial/monetary system that are becoming harder to either conceal or control.
The first link below has an excellent analysis of the monetary stresses that threaten to blow apart the Euro currency as it has been structured to date. The internal financial relationships within the Eurozone are much more complicated than any layman would guess, and this link does an excellent job of explaining them. Note particularly the profound export strength of Germany and its superior productivity compared to the southern European nations. The Netherlands is also mentioned as a healthy exporter within the Eurozone.
The second link below (sent by a reader) mentions the social disruptions being caused by this monetary crisis as Greek citizens angrily protest the budgetary disciplines which are being required of their government by other Eurozone nations. Principal among the “other Eurozone nations” is Germany, whose government and citizenry have no enthusiasm for bailing out the Greeks from their financial woes. This obviously is leading to deepening divisions between the “have” and the “have not” nations within Europe. As an aside, some religious denominations have expected a “United States of Europe” to be born from within the Eurozone union of nations. The deep internal financial stresses and national rivalries that are now starting to boil to the surface within Europe make it look like any “United States of Europe” entity is likely to be stillborn before it ever comes into existence. If the currency union comes unglued, the political union of Europe is in great jeopardy as well.
What is happening in Greece is likely a harbinger of the social unrest which will be spreading to other nations in the future. Eventually, I expect that such social unrests will spread to the USA and the UK when its citizens are deeply (and negatively) affected by the budgetary disciplines that creditor nations will eventually impose upon the American and British governments. Proverbs 22:7 requires that “lenders” will eventually be able to impose conditions on “borrowers.”
This crisis has a long way to go. Revelation 17-18 prophesy that the global financial system of Babylon the Great (identified as an alliance of the “merchants of the earth” –the global multinational corporations–and the “kings of the earth”–the political leaders in bed with the corporate leaders to enable their mutual lavish lifestyles) will experience a very hard crash in the latter days of this age (Rev. 17:9-16). The Greek debt crisis and the Eurozone monetary crisis are two growing fractures which are developing in the current global monetary/financial system. The prophecies in Revelation 17 and 18 are steadily heading toward their fulfillments. When the current financial system will collapse is not yet known. None of us knows how long we have to prepare for the inevitable severe dislocations that will occur when this collapse comes. I hope that you are taking God’s warnings seriously and that you are making some preparations for that time. New readers of this blog are urged to read my article, Should Christians Prepare for Future Hard Times?, available at the articles link of this website.