EU Borrowing and Deutsche Mark

European Union Tower of Babel Poster
European Babylonian Unity Poster

EU banks borrowed less than feared, which helped the Euro:

EU banks borrow less than feared

EU banks have borrowed less than expected from the European Central Bank, easing concerns about liquidity among financial institutions.After Tuesday’s sharp falls, stock markets and the euro stabilised on news that the ECB had agreed three-month loans worth 131.9bn euros (£108bn).

This compared with the 150bn to 200bn euros many had expected.

The euro rose almost a cent against the pound, while European stock markets also made gains.

“It certainly implies that strains in the wholesale funding market are less acute than some feared, and that fewer banks than it was thought are being deprived of finance from commercial sources,” said BBC business editor Robert Peston. http://news.bbc.co.uk/2/hi/business/10460181.stm

On the other hand, at least half of Germans are wondering if the Deutsche Mark would be better than the Euro:

Half of Germans want the Deutsche mark back

The Local – June 29, 2010

Eleven years after the introduction of the euro every second German still longs for the return of the Deutsche mark, according to a new poll published on Tuesday.

Some 51 percent of those surveyed by market research institute Ipsos admitted they wanted their old currency back.

Just 30 percent said that they rejected the idea, while another 18 percent were undecided, the Hamburg-based institute reported.

German confidence in Europe’s single currency has been rocked in recent months by the Greek debt crisis and the eurozone’s ensuing bailout of Athens. Though it remains considerably stronger versus the US dollar than the mark was back in 1998, the euro’s precipitous decline has sparked concern in Europe’s largest economy…

Some 1,000 representative Germans between the ages of 16 ad 64 were interviewed between April 9 and 12 for the results. http://www.thelocal.de/money/20100629-28177.html

As I have written before, the Euro may or may not be the final world reserve currency. And despite concerns about Greece and Germany (to name only two), there was always expected to be problems with European unity according biblical prophecy (e.g. Daniel 2:41-42).

But as the recent G20 meetings also showed, the Europeans appear more committed to actually reducing their deficits than the USA does. Notice one news report:

G20 summit agrees on deficit cuts by 2013…

US President Barack Obama warned against fast and deep budget cuts, fearing damage to global growth.

But European members, including the UK, France, and Germany, have already led moves to slash record public deficits, despite opposition from the United States which is expected to run a $1.3tn deficit in 2010. http://news.bbc.co.uk/2/hi/business/10429446.stm

As I have written before, for the Europeans to be considered the economic replacement for the USA, their finances do not have to be perfect, they only need to be perceived as being in better shape than the USA’s. And they seem to be taking steps for this to happen. Do not be surprised if the EU’s President, Herman von Rompuy, does not propose and implement some type of tax increase (cf. Daniel 11:20). This would also probably reduce the EU’s debt faster than any debt reductions in the USA.

This does not mean that there will not be economic or other problems in Europe. It just seems that the Europeans are more determined to come out on top in the long run than the Americans do. And that is consistent with biblical prophecy.

For more information, please check out the following:

Prophecies of Barack Obama? Are there biblical and non-biblical prophecies about Barack Obama. Did Nostradamus predict Barack Obama dealing with the Antichrist? This is a lengthy article with many prophecies that Barack Obama may end up fulfilling.
Barack Obama, Prophecy, and the Destruction of the United States Some claim that Barack Obama is the prophesied “son of Kenya”. Might Bible prophecy be fulfilled by him?
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?
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? Will God punish the U.S.A., Canada, United Kingdom, and other Anglo nations? Why might God allow them to be punished first?