Disgruntled Germans call it “transfer union.” And they aren’t convinced that their portion of the 440 billion bailout for Greece and other euro zone countries will be limited to the present quote of 150 billion euros, even though the IMF and European Commission are supposed to contribute. Their deepest concern, according to a Financial Times article that www.cnbc.com posted on Thursday, is that they will end up shouldering the “entire burden of debt guarantees.” What Americans would call “transfer of wealth” is named “transfer union” by the Germans because it involves taking the money of the more financially stable German taxpayers and transferring it to European Union member countries that didn’t exercise more fiscal responsibility.
But as it’s been stated before, the countries using the euro aren’t the only ones in trouble. There has been news that the UK, the US, Venezuela and even China are in trouble. In fact, it’s believed that China only has between 9 and 12 months before their housing bubble bursts.
But getting back to the euro zone, German finance minister Wolfgang Schaeuble is pushing for “effective regulation in the sense of creating a properly functioning market mechanism.” He feels that such a view is now “getting very strong in Europe” because it is shared in Washington.
It would appear that the euro zone is Washington’s model for the US.
Interestingly, French finance minister Christine Lagarde isn’t recommending that Europe spend its way out of debt, in spite of the fact that the EU apparently supports such action. His thought on that was, “That is crazy.” He added that troubled countries must each reduce their deficit. However, he agreed with US Treasury secretary Tim Geithner regarding a need for Germany to do more to stimulate its growth, and suggested job creation — the idea being that it could then contribute more – just as Germany fears.
At the same time, he also suggested making budget cuts. If Europe is the pattern for the future of the US, then those who are presently on unemployment will be getting thrown under the wheels of the Obama bus in the near future. Lagarde is also of the opinion that Germany’s long-term unemployment benefits are one area that needs to be cut in order for Germany to gain some savings in its budget to put toward the bailout effort. Although, one would hope that the Obama Administration would wait until the US unemployment rate of nearly 10 percent changes to about 3 percent or lower before taking such action.
Nevertheless, as the global financial tsunami grows and continues to threaten to wipe out world banks, it seems that all the talk of bank regulatory reforms and the redistribution of wealth (or “transfer union” if one is a European) may lead to the countries of the world instituting a One World currency, which will eventually bring about that One World dictator and One World religion (which will include worshiping that One World dictator) highlighted in Revelation 13.