EU Moves Closer To Centralized Budgeting

Rev 6:5,6 NCV When the Lamb opened the third seal, I heard the third living creature say, "Come!" I looked, and there before me was a black horse, and its rider held a pair of scales in his hand. Then I heard something that sounded like a voice coming from the middle of the four living creatures. The voice said, "A quart of wheat for a day's pay, and three quarts of barley for a day's pay, and do not damage the olive oil and wine!"

“…one day soon, our entire economic system is going to fail. When it fails, only those things that have been done for Christ will have any real value.”

-Jim Bakker in “Prosperity and the Coming Apocalypse”

European Union officials announced that the group has moved closer to creating a central European treasury that would be able to override the individual budgets of member nations. The system would essentially create a government entity in Brussels that would have power over the economies of all member nations.

Several leaders in the EU want the debts of individual member nations to be guaranteed by all the members of the Eurozone instead of each member being individually a problem on the system like Greece and Spain have been in the last year.

German Chancellor Angela Merkel is the main opponent of the plan saying that fiscal responsibility and tighter regulation has to be put in place before forcing all member nations to accept the debt of other nations.

David Cameron, UK Prime Minister, stated support for efforts to stabilize the euro but said he had “concerns” about giving too much power to the central EU headquarters.

 

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