China and Eurozone Going Bankrupt Faster than the USA?
Beijing After Rain Beijing on a Normal Sunny Day
There was an article of interest in WND today:
China going bankrupt faster than U.S.?China is going broke faster than the U.S., according to economic planner Kirk Elliott…China’s debt is about $36 trillion yuan (or $5.68 trillion USD)...China’s officially published interest rate of 6.2 percent is fabricated. In reality China’s inflation is 16 percent. This is eerily similar to the United States as well. The U.S. official inflation of around 3 percent is nowhere close to unofficial inflation estimates of 10-13 percent…China’s officially published GDP growth of 9 percent is fabricated. The real number is a negative 10 percent! http://www.wnd.com/index.php?fa=PAGE.view&pageId=372457
The reported economic figures from both China and the USA have reasons to be challenged. While whether China will be bankrupt before the USA is possible, but I believe if it occurs that other items will be a factor.
Earlier this year, RC Meredith of the Living Church of Godwrote:
Many publications have suggested that the 21st century will be “China’s century.” Even though the Chinese are fiercely moving forward, and their progress in developing their industries is obvious, these publications are dead wrong for two reasons. First, the inspired word of God describes specifically how a coming European Union will be the dominant force in this world—obviously within the next several years. Therefore, brethren, I would like to focus your mind on this matter so you can more intelligently “watch” world events along this line as they unfold before your very eyes. In the coming years, you will perhaps even see a revolt of the peasants in the outlying Chinese cities, who have lagged far behind the standard of living afforded those who have moved to Beijing and Shanghai. Plus, the tremendous pollution of the water, air and foodstuffs may bring about massive disease epidemics and other problems for the Chinese.
In addition, distracting wars and other events may— as God chooses to guide it—greatly undermine the material progress now being made by the Chinese. Meanwhile, you will soon see the European Union evolve into an absolutely powerful and dynamic force in the world— ultimately to become the “Beast” as revealed in Revelation 17 in your own Bible!
So the 21st century will not be the “Chinese century!” Rather it will appear to become the European century for a few years, until the magnificent return of Jesus Christ as King of kings and Lord of lords. From then on, the 21st century will be, indeed, “Christ’s century!” And all of us who are able to understand the “Big Picture” of world events from God’s point of view should be preparing to help straighten out the appalling degree of suffering, starvation and misconduct we find on this earth today in virtually every nation (Meredith R.C. An Inspiring and Successful Trip. Living Church News. May-June 2007, p. 21).
China will not be the great power of the 21st century. Beset by increasing financial and social problems, Chinese influence will wane and a German-led “European Empire” will surge to the fore in world affairs. (Meredith RC. What is Just Ahead for You? Tomorrow’s World magazine, Sept-Oct 2011, p. 5)
Now, the Eurozone crisis continues to be in the news. Here are some items about that:
The crisis in the euro area is turning into a panic and dragging the zone into recession. The risk that the currency disintegrates within weeks is alarmingly high. http://www.economist.com/node/21540259?fsrc=scn/tw/te/ar/bewareoffallingmasonryEuro Finance Ministers Discuss Radical Ideas to Avert Global CrisisAmong the previously taboo ideas being mentioned today are: countries ceding fiscal sovereignty to a central authority; some sort of elite group of euro nations that would guarantee one another’s loans but require strong fiscal discipline from anyone seeking membership.http://finance.yahoo.com/news/Euro-Finance-Ministers-wscheats-3060132077.htmlWashington Post – 29 November 2011As Europe’s debt crisis threatens to consume the global economy, the 17 countries that use the euro have very different solutions in mind….Chancellor Angela Merkel says in order for the eurozone to restore its financial credibility, its members need to give up more sovereignty, including surrendering some control of their budgets….New Italian Premier Mario Monti supports deeper European integration but his government has not said whether it would back a tighter fiscal union….Greece has long favored eurobonds…A small country with a big voice, Finland opposes jointly backed eurobonds.
The Bible is clear that the successor to the Roman/Byzantine Empire will be fragile and have issues of keeping together (Daniel 2:41-43).
Thus, the fact that Europe is having problems is not a surprise. The Bible is also clear that before the end, Europe will reorganize (Revelation 17:12-13), so the fact that a variety of reorganizations are now being proposed is not a surprise either.
We will see what will happen to the Euro.
On the other hand, I believe that the Bible is fairly clear that the USA will be bankrupted (whether China or Europe will be before the USA is not that clear from scripture). The USA has increased debt greatly and, unlike China and Germany, continues to import much more than it exports. And while China and/or Europe may implode, the fact that they have tended to be net exporters (and even the EU does not run a trade deficit as large as the USA does) suggests that massive economic disaster will hit the USA.
Because of China’s pollution, financial misreporting, potential for significant social unrest, and how it is discussed in biblical prophecy, this shows that the 21st century will not belong to China. China will not become number 1, but Europe, whose economy is possibly larger than the USA’s currently, will be number 1 per Revelation 13 & 18 (and yes, Europe has some of the same category of problems as China, and I believe that it will have civil unrest and perhaps riots/wars). To be number 1 does not mean that an economy has to be perfect, only that it is perceived to be stronger than the others–the USA is in the process of losing that perception, although many lack even more confidence, for the time being, in the economy of the European Union.
America itself is declining, and may be it history before the end of this decade, presuming that the Great Tribulation starts by then.
Watch and see.
Some articles involving the Asian peoples that may be of interest may include the following:
China, Its Biblical Past and Future, Part 1: Genesis and Chinese Characters Where did the Chinese people come from? This article provides information showing that the Chinese peoples must have known about various accounts in the Book of Genesis up until their dispersion after the Tower of Babel.
China, Its Biblical Past and Future, Part 2: The Sabbath and Some of God’s Witness in China When did Christianity first come to China? And is there early evidence that they observed the seventh day sabbath?
Asia in Prophecy What is Ahead for Asia? Who are the “Kings of the East”? What will happen to nearly all the Chinese, Russians, Indians, and others of Asia? China in prophecy, where? Who has the 200,000,000 man army related to Armageddon?
Europa, the Beast, and Revelation Where did Europe get its name? What might Europe have to do with the Book of Revelation? What about “the Beast”? Is an emerging European power “the daughter of Babylon”? What is ahead for Europe?
Prophecies of Barack Obama? Eight reasons why Barack Obama is apocalyptic and eight reasons why Barack Obama is not the Antichrist. This article includes many biblical and non-biblical prophecies, from around the world, that seem to discuss Barack Obama. Did Nostradamus predict Barack Obama dealing with the Antichrist? Might Barack Obama set the stage for the kings of the North and South as at least one Shiite prophecy suggests? This is the longest and most complete article on this page on Barack Obama prophecies. Read it and decide for yourself if President Obama seems to be fulfilling various prophecies.
Barack Obama, Prophecy, and the Destruction of the United States Some claim that Barack Obama is the prophesied “son of Kenya”, based up an early 20th century writing.
Anglo – America in Prophecy & the Lost Tribes of Israel Are the Americans, Canadians, British, Scottish, Welsh, Australians, Anglo-Southern Africans, and New Zealanders descendants of Joseph? Where are the lost ten-tribes of Israel? Who are the lost tribes of Israel? What will happen to the Jews in Israel? Will God punish the U.S.A., Canada, United Kingdom, and other Anglo nations? Why might God allow them to be punished first?
Will the Anglo-Nations be Divided and Have People Taken as Slaves? Will the lands of the United States, United Kingdom, Canada, Australia, and New Zealand be divided? What does Bible prophecy teach? Are there non-biblical prophecies that support this idea? Who will divide those lands? Who will end up with the lands and the people?
Who is the King of the North? Is there one? Do biblical and Roman Catholic prophecies point to the same leader? Should he be followed? Who will be the King of the North discussed in Daniel 11? Is a nuclear attack prophesied to happen to the English-speaking peoples of the United States, Great Britain, Canada, Australia, and New Zealand? When do the 1335 days, 1290 days, and 1260 days (the time, times, and half a time) of Daniel 12 begin? When does the Bible show that economic collapse will affect the United States?
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