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US faces same problems as Greece, says Bank of England

Mervyn King, Governor of the Bank of England, fears that America shares many of the same fiscal problems currently haunting Europe. He also believes that European Union must become a federalised fiscal union (in other words with central power to tax and spend) if it is to survive. Just two of the nuggets from one of the most extraordinary press conferences I have been to at the Bank (

All eyes are on the sudden plunge of the euro and the fiscal problems that have befallen the EU.  But Mervyn King, Governor of the Bank of England, believes the US is plagued with many of the same problems and could be following in the footsteps of the EU very shortly.

Every country around the world is in a similar position, even the United States; the world’s largest economy has a very large fiscal deficit. And one of the concerns in financial markets is clearly – how will this enormous stock of public debt be reduced over the next few years (

Fear of collapse, Prime Minister Nicolas Sarkozy has threatened to pull France out of the euro.  It wouldn't surprise me if a number of the major European countries dropped out of the eurozone and formed a new federation of nations.  This would certainly be in line with scripture.  The Bible says, in the last days, a ten-nation federation would rule the world under the direction of the Antichrist (Daniel 7:24).  Many believe this last days empire will come out of the European Union. For years, talk of a core European Union has been debated.  It could be through this time of economic turmoil that the Antichrist will rise and form a new slimmer version of the EU.

Frankly, I do not believe that the world will plunge into another recession or depression.  However, I do believe that conditions will deteriorate to a point of fear of a relapse. It will be at this moment I feel the rapture could take place sending panic throughout the world.  With the world in a state of panic, I believe the conditions will be right for God to allow the Antichrist to surface (II Thessalonians 2:1-10).  He will do near miraculous feats turning the world around economically and bringing peace to the Middle East (Daniel 9:27).  

Whether we are living in that day and age is speculative, but I have to believe that time is drawing near.

Are you ready to meet the Lord?  If not, your time is running out!

Terry Malone

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                                                                                                                                                                      Updated May 14, 2010 

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