European Financial Tremors :: by Wilfred Hahn

So many secular trends that we witness today around the globe align with events of future Bible prophecy. Saying this, we must of course be very careful to avoid speculating or to attempt to predict near-term events. However, all the same, any Bible-reading watcher will surely recognize the approaching season. Moreover, he/she likely will be intrigued by several recent developments.

For one, the financial gyrations in Europe over the past year are of great interest. While many seem sure that the US dollar is destined to collapse, they forget that virtually all of the world’s currencies are fiat. Currencies are valued relative to each other. And so, as the euro is again tremoring due to the sequential collapse of the periphery countries in the Eurozone, further dollar weakness will have to be delayed. However, there could yet be a very surprising twist to this development as we will explain.

The sovereign debt and banking crises of Greece and Ireland this year have already taken a big financial bite out of the bail-out lending facilities available to member countries in the European Union (EU) and the Eurozone. There is the European Monetary Stability Mechanism (EMSM) available to all EU members and the new European Financial Stability Fund (EFSF) exclusively for the Eurozone members. While calm may return over the next several months, there are sure to be further crises if not sooner. The problem is that if one of the bigger country members of the Eurozone is forced to seek a bail-out, the great experiment of European Union could crumble. For example, should Spain (perish the thought that Italy or France might) need to turn to the support of the EMSM or the EFSF, these two support funds will be overwhelmed. More financial chaos would ensue. Or so, most market observers seem to believe.

While further European financial crisis are virtually guaranteed given the large interconnected sovereign debt holdings of the European banking system, the, ultimate outcome could catch most observers by surprise. Actually, it is very possible that the Eurozone members may shrink down to a much smaller core membership of financially-stable countries. The result? The euro would then soar. Why? The remaining core members would be relieved of the duty of contributing financially to the bail-outs of the weaker countries. Then, it would be only financially-stronger members supporting the euro. If so, the euro would be sought after by a world starved for “relatively” safe and secure assets.

The Bible clearly mentions that a coalition of 10 nations comes together for a brief time during the last days, just before the Antichrist comes on the world scene. Could the European Union or the Eurozone shrink down to 10 nations? Readers of past EVRissues will recall several articles referring to these last-day 10 kings. It is possible that all or at least the majority of these nations could be European. While this is not the only scenario that would satisfy Bible prophecy in this regard, there is no reason to discount it. Very definitely, any major shifts or changes in Europe should especially not be ignored.

Recently, the Chancellor of Germany, Angela Merkel, reaffirmed the Christian identity of that nation. According to a Stratfor update, she stressed “[…] that ‘whoever wants to live here must learn German … (and) obey our laws,’ adding, ‘whoever won’t must expect sanctions.’ She concluded by saying, ‘It’s not that we have too much Islam, but rather that we have too little Christianity … We speak too little of our Judeo-Christian heritage.”

Such comments are more than just interesting given the current times and the rapidly changing geopolitical landscape of the world. Why? The Bible indicates that the endtime political structures of the world will embrace the emblems of “great religiosity.” For example, we read Apostle Paul’s warning about the last days: “But mark this: There will be terrible times in the last days. People will be lovers of themselves, lovers of money, boastful, proud, abusive, disobedient to their parents, ungrateful, unholy, without love, unforgiving, slanderous, without self-control, brutal, not lovers of the good, treacherous, rash, conceited, lovers of pleasure rather than lovers of God — having a form of godliness but denying its power. Have nothing to do with them.” (2 Timothy 3:2-5). Here we see juxtapositioned “godliness” with a state of affairs that is totallyand morally bankrupt.

How is this possible? In fact, such affairs play out in grand type across the globe. In Revelation 17 is shown an apostate religious system, in the form of a woman riding on the back of a scarlet beast. She is riding comfortably upon the sovereign power system of that future world.

Possibly, it is this very “appearance of godliness” — perhaps also the common emblems of so-called Christianity such as the crucifix and other symbols adopted from pagan religions — that so surprises Apostle John when he sees the vision of the Mother of Harlots sitting upon the beast. He says, “When I saw her, I was greatly astonished” (Revelation 17:6). What else would have astonished John after having seen the grisly visions  outlined in chapters 4 through 16 that come before?

Trends are accelerating. Recently, the G-20 announced that 20 of the world’s largest financial institutions would be classified as “too important to fail.” As such, they would be subject to different regulation and scrutiny. Though they all are very large companies, it is nevertheless a small number. It stands to be a very powerful, influential group. Even while the G-20 organization is fragmenting, the world’s financial system will remain at center stage.