Dear Good News Magazine Subscriber,

"Collapse of the Euro Is 'Inevitable.'" What a headline! Inconceivable! Yet that is the headline The Daily Mail posted online on Feb. 13, 2010.

How could this happen? The euro, the European common currency, has been a success story for the past decade, but the economy of Greece (and a few other euro nations), is facing an economic disaster. According to the article, "Strategists at Paris-based Société Générale said that any bailout of the stricken Greek economy would only provide 'sticking plasters' to cover the deep-seated flaws in the eurozone bloc…

"Claims that the euro could be headed for total collapse are particularly striking when they come from one of the oldest and largest banks in France—a core founder-member.

"In a note to investors, SocGen strategist Albert Edwards said: 'My own view is that there is little "help" that can be offered by the other eurozone nations other than temporary, confidence-giving "sticking plasters" before the ultimate denouement: the break-up of the eurozone.' He added: 'Any "help" given to Greece merely delays the inevitable break-up of the eurozone.'"

Mr. Edwards also argued that "Portugal, Ireland, Greece and Spain are too economically weak to withstand the rigours of eurozone membership."

Of course other economists and politicians disagree and see the euro as a remarkable success.

However, Mats Persson, director of the Open Europe think tank, also gave warning. "The eurozone is facing a fully-fledged crisis. The Greece episode has made it painfully clear how flawed the euro project was from the very beginning. Even if Greece receives a one-off bailout it would not solve the real problem, which is the huge differences in competitiveness between the eurozone's richest and poorest members.

"If these differences are to be evened out, the EU would need a single budget and common taxes so it can redistribute resources."

So, what do these developments mean for Europe and the rest of the world? Will this crisis lead to greater powers for the European Union? Will the economy continue to deteriorate? There is global concern about the total economic system. We've heard the news. Government spending is out of control, debt is rising, and inflation may be rearing its ugly head.

A number of the readers' comments posted to the Daily Mail article called for going back to the gold standard—a gold-backed euro. Could the financial problems with the euro, dollar, yen and pound eventually lead to a new world economy and even currency? Possibly.

In Revelation 18, we read of a great financial system that will lead the world in merchandising. The merchants of the earth will be made rich because of this economic superpower. The Bible calls it "Babylon the Great," but says it too will eventually fall.

The Bible shows that at the time of the end, just prior to the return of Christ, even the gold and silver will have lost their value and won't save anyone. Notice Ezekiel 7:19: "They will throw their silver into the streets, and their gold will be like refuse; their silver and their gold will not be able to deliver them in the day of the wrath of the Lord; they will not satisfy their souls, nor fill their stomachs, because it became their stumbling block of iniquity."

Once Christ returns and sets up His Kingdom, there will be a new system of finances that will lead to wealth and prosperity for all. Notice Psalm 112:1-3: "Praise the Lord! Blessed is the man who fears the Lord, who delights greatly in His commandments. His descendants will be mighty on earth; the generation of the upright will be blessed. Wealth and riches will be in his house, and his righteousness endures forever."

For further information based on the prophecies of what will occur before and after the return of Jesus Christ, please read our booklet You Can Understand Bible Prophecy. And keep reading The Good News and our monthly newsletter World News and Prophecy for analysis of how today's news will affect your future.

Warm regards,
John Foster
United Church of God pastor in West Virginia

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