As some of you will already know, there is a widespread, popular belief
amongst some Christians -- which I don't fully embrace -- which says that
the coming world leader, which the Bible refers to as the Beast, and which
some people refer to as the Antichrist, will lead a group of ten European
nations -- the Ten Horns of the Book of Daniel and the Book of Revelation --
in a revived Holy Roman Empire. Those of you who are history buffs may
already know that Germany -- and not Rome -- was the center of the original
Holy Roman Empire.

With those points in mind, you mind find the following commentary -- written
by a German professor emeritus of economics -- rather interesting. What this
professor is essentially proposing is that Germany scrap the current
European Economic Union, and start all over again from scratch, because the
economically weak nations of the European Union -- such as Greece -- are not
pulling their weight, and are dragging everyone else down.

So the question is: What if Germany decides to follow this route, and ten
other nations choose to follow its lead?

Hitler was an archetype of the Antichrist. What if another such leader were
to eventually arise in Germany, and succeed where Hitler failed?

Interesting thoughts indeed. Even more so when you consider that the current
pope is also of German descent. Let us not forget that the Beast and the
False Prophet will work together towards common goals.


Euro Trashed

By JOACHIM STARBATTY, Professor Emeritus, University of Tuebingen, Germany

March 28, 2010


THE European Monetary Union, the basis of the euro, began with a grand
illusion. On one side were countries -- Austria, Finland, Germany and the
Netherlands -- whose currencies had persistently appreciated, both within
Europe and worldwide; the countries on the other side -- Belgium, France,
Greece, Italy, Portugal and Spain -- had persistently depreciating
currencies. Yet the union was devised as a one-size-fits-all structure. As a
result, some countries had to use creative accounting to satisfy the fiscal
criteria for entry -- Greece, it's long been known, went so far as to
falsify its debt and deficit numbers.

Germany and other "euro-optimists" hoped that the introduction of a common
currency and the global economic competitiveness it spurred would quickly
lead to sweeping economic and societal modernization across the union. But
the opposite has occurred. Rather than pulling the lagging countries
forward, the low interest rates of the European Central Bank have lured
governments and households, especially in the southern part of the euro
zone, into frivolous budgetary policies and excessive consumption.

The Greek crisis is only the first of what could be several tremors
resulting from the euro's original sin. While few are willing to say it yet,
the solution is clear: the only way to avoid further harm to the global
economy is for Germany to lead its fellow stable states out of the euro and
into a new and stronger currency bloc.

The notion of a single euro zone economy is false. Unlike their northern
neighbors, the countries in the zone's southern half have difficulty placing
bonds -- issued to finance their national deficits -- with international
capital investors. Nor are these countries competitive in the global
economy, as shown by their high trade deficits.

These problems are only worsened by euro membership. If Greece were outside
the euro zone, for example, it could devalue its currency to make it more
competitive, and its foreign debts could be renegotiated in an international
conference.

Instead, the fiscal strictures of the euro zone are forcing the country to
curtail public expenditures, raise taxes and cut government employees'
salaries, actions that may push Greece into a deep depression and further
undermine its already weak international credit standing. The alternative to
this collapse, having other members of the euro zone assume its debt
payments, is no better. Doing so would be a signal to other debtor countries
that they could abandon their own remedial efforts and instead count on
foreign assistance. The creditor countries would be brought to their knees.

In short, the euro is headed toward collapse.

Despite a ban on bailouts within the monetary union, last week the euro zone
states agreed on a plan to provide Greece with an economic relief package if
no other solution is found in the next few months. The plan not only
undermines a core justification for the euro -- continental fiscal
discipline -- but, according to a 1993 ruling by the German Federal Court,
it would violate the monetary union's founding treaty and therefore allow
member states to withdraw.

If Germany were to take that opportunity and pull out of the euro, it
wouldn't be alone. The same calculus would probably lure Austria, Finland
and the Netherlands -- and perhaps France -- to leave behind the high-debt
states and join Germany in a new, stable bloc, perhaps even with a new
common currency. This would be less painful than it might seem: the euro
zone is already divided between these two groups, and the illusion that they
are unified has caused untold economic complications.

A strong-currency bloc could fulfill the euro's original purpose. Without
having to worry about laggard states, the bloc would be able to follow a
reliable and consistent monetary policy that would force the member
governments to gradually reduce their national debt. The entire European
economy would prosper. And the United States would gain an ally in any
future reorganization of the world currency system and the global economy.

Moreover, should the United States fail to put in place a politically
credible strategy to lower its own debt and move away from its zero interest
rates, the new, more powerful euro could easily supersede the dollar as the
global safe-haven currency.

This is not necessarily in anyone's interests. Though it might benefit
Europe in the long run, a move away from the dollar would cause global
economic instability that would hurt surplus and debtor nations alike. But
with the United States nowhere near to reducing its debt, the possibility of
a catastrophic plunge in faith in the dollar cannot be ignored.

Better, at least, to have a solid fallback currency to which global
investors could flee. The euro, as it now exists, could not be that
currency. But a stable, revitalized euro could.

Joachim Starbatty is a professor emeritus of economics at the University of
Tuebingen. This article was translated by John Cullen from the German.


Jeff Snyder, SysOp - Armageddon BBS  Visit us at endtimeprophecy.org port 23
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