You may view the 5 minute update this week via audio:
In this week’s 5 minute update, we focused on:
1) The European Debt Crisis
Greece will miss 2011 and 2012 budget deficit targets set by the EU and the IMF. Imposed austerity measures by the EU and IMF has plunged Greece into a deeper recession than expected. Greece is now caught in a Catch-22. The government must slash spending and raise taxes as a condition for getting the bailout cash it needs but the deeper Greece cuts, the more the economy shrinks and the less revenue it generates to manage its debts and eliminate its deficit. Despite this, Eurozone finance ministers will not concede on EU-IMF demands for deeper cuts to Greek spending. Inspectors from the International Monetary Fund, EU and European Central Bank, known as the troika, are examining the finances of Greece in order to determine if further loans should be made to them. A decision will not be made until November.
Italy’s debt rating has been downgraded by Moody’s. European Commission President Jose Manuel Barroso said that the EU was in its “deepest ever crisis” and that the bloc needed a more closely coordinated economic policy in order to stabilize the euro zone and the entire EU. He called for more power for EU’s institutions. Barroso announced that he would submit proposals for closer economic policy coordination between all 27 countries in the coming weeks. Barroso along with German Chancellor Angela Merkel announced that at the G20 summit in Cannes, France November 3-4 that they will call for a global financial transaction tax. German Chancellor Angela Merkel said that the international currency system is in transition and that it will probably move in the future from reliance on the US dollar to a multipolar currency system. Finally, Ex-Bush economics advisor, Philippa Malmgre said that Germany is printing deutsche marks in preparation to leave the euro common currency.
Worldwide economic collapse resulting in a one-world currency is a tribulation event.
The link to these articles are as follows:
1) Greece to miss deficit targets
2) No more Greece concessions, warns eurozone finance ministers
3) Eurozone finance ministers refuse immediate bailout for Athens
4) Greek crisis may threaten euro zone’s survival
5) World facing worst financial crisis in history, Bank of England Governor says
6) Ex-Bush Adviser: Germany Prints Old Currency in Case Euro Ditched
7) Moody’s cuts Italy ratings by 3 notches
8.) EU calls for global tax, Canada says can block it
9) Barroso Calls for More Power for EU Institutions
10) Dominant Dollar May Give Way to ‘Multipolar’ System, Merkel Says
From a Biblical prophetic perspective, the reason why the God of Israel would allow these events to happen is because it will result in the end of the exile of the house of Jacob and the reunification of the 12 tribes of Israel (Ephraim and Judah).
We will to be “watchmen on the walls of Jerusalem” and we will not rest until the God of Israel makes Jerusalem a praise in the earth (Isaiah 62).
Shalom in Yeshua the Messiah,
Eddie Chumney
Hebraic Heritage Ministries Int’l