Zero Hedge: The possible, even likely, collapse of the European economy would inflict some heavy costs to present European institutions. In this entry, Dr. Peter Nyberg and I detail why we believe we are likely to see some rupturing of the European Union (EU) as originally conceived.
This may occur in two ways: Either the European Union disintegrates completely, or it mutates into something unrecognizable to its original purpose. This comment concentrates on some of the factors causing disintegration.
The functioning of the EU has, until recently, been built on two political pillars that now appear to be crumbling. Primarily, German growth has made possible the joint financing (through low-cost debt, the EU budget, and the central banks’ clearing system) of unsuccessful economies without the EU forcing them to commit to politically unacceptable reforms. Beneficent global developments have made possible the concentration on economic integration while going slow on the much more contentious integration of cultural, social, and foreign policies.
The deterioration of the global economy, together with EU policies, now threaten industry and living standards in EU member states, reduce the scope of joint economic support, and force member states to rapidly evaluate their readiness for possibly radical reductions in their political self-determination. This is most evident in Italy.
The yields of Italian sovereign debt have reached levels that can be considered unsustainable, given the country’s high indebtedness and low rate of economic growth. For example, the yield of the Italian 10-year bond breached the 4 percent line late this past week. The maturity structure of Italian debt is also rather unfavorable. At the end of June, for example, Italy had issued only 52 percent of its needs for external financing in 2022. In addition, 35 percent of her outstanding debt will come due already in 2024. Half of her total debt will come due within five years.
Without active country-specific support from the European Central Bank (ECB), which the newly introduced Transmission Protection Instrument is designed to facilitate, Italian debt is unsustainable at current yields. Disagreements among member states on the wisdom of filling the ECB with Italian bonds is bound to weaken the glue keeping the EU together as before.
The energy crisis is also sowing seeds of serious inner conflict. The politics in the EU are becoming less forgiving as difficulties mount.
Opinion: Prophetic events cast a shadow before them. Bible prophecy indeed calls for a rupture in the EU, it is only the timing that is in question.
In Bible Prophecy 101 chapter 10 we compiled a possible order of events with the help of Bible Knowledge Commentary (Walvoord/Zook), along with possible adjustments based in new events that were not known at the time of Dr. Walvoord’s commentary.
“But you, Daniel, shut up the words, and seal the book until the time of the end; many shall run to and fro, and knowledge shall increase.” Daniel 12:4
After the last adjustment made in January 2022 that includes a gap between the rapture and the onset of the tribulation, here is the possible order:
Rapture of the church and Bema Seat judgment – (1 Thessalonians 4:16-17; 1 Corinthians 15:51-52; 2 Corinthians 5:10)
Countdown to tribulation
Damascus is destroyed in one night (Isa. 17:1, 14)
A coalition of 7 Arab nations marches on Israel (Ps. 83:1-8)
Israel is victorious (Psalm 83:9-12), the war ends, and Israel becomes an exceedingly great army (Ezek. 37:10)
Israel dwells securely (false peace); the wall of separation comes down (Ezek. 38:11)
Gog Magog alliance: Russia (Iran/Turkey/North Africa) launch a surprise attack to take plunder (Ezek. 38:1-6, 12)
God intervenes (Ezek. 38:18-23) no nation comes to Israel’s defense – God turns the nations against each other in confusion
Jews recognize God’s hand in victory “from that day forward”, return to covenant relationship and demand a temple (Ezek. 39:22)
The diaspora is complete and the House of David returns to the land “not leaving any behind” (Ezek. 39:28)
Seven years of tribulation begin
(We have no information how long the gap will be but the restructured European Union comes next)
Antichrist arrives (Revelation 6:1-2)/Peace Treaty is confirmed between Israel and many (Daniel 9:27)
7 Seal Judgments (Rev. 6:1-17, 8:1-6)
Temple is built – animal sacrifice restored (Dan. 9:27)
Revival of the Roman Empire, 10 nation confederacy formed. (Dan. 7:23)
If all that is correct, what will come next is the rise of Antichrist HERE