The background to the euro crisis

By Peter Schwarz, WSW

The survival of the European Union is now in question.


PREFACE

Europe is now at the forefront of what the elites have been up to during the past several years - TRANSFERRING THE WEALTH OF HERETOFORE SACROSANCT FIRST WORLD POPULATIONS FROM THE POCKETS OF AVERAGE WORKERS IN THOSE COUNTRIES TO THE COFFERS OF THE SUPER-ELITES. THE IMPORTANCE OF WHAT'S HAPPENING CANNOT BE OVER-EMPHASIZED.

Until recently, these populations had been largely "out of bounds" as targets of the elite's greed and avarice; but not any more!

These populations are now falling prey to the same malevolent process to which the rest of the world has been subjected for the past several years: the one described by the mysterious lyric of Revelation 6:6:

"A measure of wheat for a penny [literally - denarius, a Greek coin which represented a WHOLE DAY'S wages], and three measures of barley for a penny; and see thou hurt not the oil and the wine." (Revelation 6:6)

NOTE: The meaning of this is that the condition of man during in the "Last Days" will be reduced to such that he will have to labor (if he can find work at all) a whole day simply to buy a loaf of bread or three measures of barley. But the second part of the saying ["... and see thou hurt not the oil and the wine ..."] means that the famine in these days will not extend to what might be called a "global elite of worthies" who have evidently allied themselves to the anti-Christ's policy of conquest - only the rich in the ancient world could afford oil and wine.

As this remorseless process thrusts itself ever forward, grinding those who fall under its relentless track into pieces, it is forever altering the political, social, economic landscape of the world - though those who escape being crushed by it, whether by luck or because they have become the servants of this process, act as if it doesn't exist. BUT I TELL YOU THE TRUTH: IT'S BETTER FOR YOUR SOUL TO FALL PREY TO THIS MALIGNANT PROCESS THAN YOU SHOULD MAKE PEACE WITH IT AND BECOME ITS SERVANTS. It's not without reason that Jesus said,

"For what shall it profit a man, if he shall gain the whole world, and lose his own soul?" (Mark 8:36)

-- Antipas

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Introduction

For the last three years the world economy has undergone its deepest crisis since the 1930s [a crisis that led the people of Germany to vote the Nazis into power in 1933 to "make things right"].

Europe has been especially hard hit. The survival of the ... European Union is now in question. To understand the significance and consequences of this crisis it is not sufficient to study its immediate economic forms. It is necessary to examine the social relations that lie behind these forms.

NOTE: It is here that so many Christians are led astray, preferring to ascribe the cause of this crisis and similar ones to the Illuminati Myth and other wacko myths - myths that lead Christians away from the real cause of such calamities - GREED  (i.e., the love of money) which is resident in all of our hearts. It's precisely here that in judging what secularists such as Peter Schwarz have to say that we can begin to understand what Jesus meant when He said, "... the children of this world are in their generation wiser than the children of light." (Luke 16:8) [We URGE you to see our article, "The Origins of the Illuminati Myth."]

Insofar as myths such as the Illuminati Myth are concerned, Paul prayed that "... henceforth we be no more children, tossed to and fro, and carried about with every wind of doctrine, by the sleight of men, and cunning craftiness, whereby they lie in wait to deceive ..." (Ephesians 4:14) which is exactly what the Illuminati Myth is - a "sleight of men" designed in cunning craftiness.

It's NOT the Illuminati that is the root cause of the evil in the world today (an entity the Bible NEVER mentions - a myth that invariably leads to anti-Semitism), but GREED - which is resident in all of our hearts.

It's not without reason that the Bible says,

"For the love of money is the root of ALL evil." (1 Timothy 6:10) [Please see our article, "The Elite, Money and the 'End of Days';" also, "Capitalism and Christianity."]

In general, the crisis is presented as the result of over-indebtedness on the part of several European countries [caused by profligate spending by the "little people" of the country as well as expansive spending on social programs]. It is asserted that their debts have reached a level where they can no longer be repaid and refinanced.

NOTE: This is the kind of bold-faced elite lying we described in our recent article, "Will the Government Ever Stop Lying about the Economy."

This assertion, however, does not stand up to a closer examination. The fact is, the total indebtedness of the European Union (around 80 percent of GDP) is significantly below that of the US (100 percent) or Japan (220 percent). US debt has increased dramatically during the past five years from less than 60 percent to more than 100 percent. Nevertheless, the US is still able to finance its debt without major problems.

NOTE: GDP (gross domestic product - the total of goods and services produced by a given economy); when one asserts that a particular country is spending at, for example, 120 percent of GDP, it means that the country is spending 20 percent more than it is actually producing in goods and services.

Apart from Greece (158 percent), even the European countries affected most by the crisis are not excessively indebted: In Spain, the national debt level is 68 percent, in Portugal 102 percent, in Ireland 112 percent, and in Italy 120 percent, about the same level as when it joined the euro zone. German (82 percent), French (85 percent) and British (80 percent) government debt are around the average level of the OECD countries.

NOTE: The Organisation for Economic Co-operation and Development (OECD, French: Organisation de coopération et de développement économiques, OCDE) is an international economic organization of 34 leading economic countries founded under the leadership of the United States that are committed to the so-called market economy - i.e., the economic policies promoted by the American New World Order System.

There must be other causes to account for the fact that Europe has become the target of the international financial markets. To probe deeper it is necessary to consider the social changes that have taken place over the last three decades.

Social polarization

Following the Second World War, the elites in Western Europe were forced to make social concessions in order to prevent the continent from embracing communism ... [Please see our articles on the situation of the European countries vis a vis the United States: "Europe Is Going from Bad to Worse," "America vs. Europe" and "Reducing Europe to the Status of Greece in the Days of Rome."]

Even in the early 1970s, when an international strike movement developed on the heels of the civil rights movement in the US, the international student revolts and the anti-Vietnam war movement, the workers won considerable wage increases and other social gains.

In 1980, however, the elites went on a counteroffensive that continues to this day. This counteroffensive was closely connected with the figures of Margaret Thatcher and Ronald Reagan, but was not confined to Great Britain and the United States. US President Reagan broke the PATCO air traffic controllers union at that time, while the British Prime Minister Margaret Thatcher took on the British miners. Both combined their attack on workers with a deregulation of financial markets and a strengthening of the most parasitic elements of finance capital at the expense of their countries' industrial base.

President Reagan broke the PATCO air traffic controllers union; British Prime Minister Margaret Thatcher took on the British miners. The result was an increase in social inequality, which had significantly declined in the post-war period.

The result was an increase in social inequality, which had significantly declined in the post-war period. This development is confirmed by numerous statistical studies. From 1910 to 1970, the share of national income possessed by the super-rich declined continually across the globe. This trend reversed from 1970 onwards. This tendency was particularly pronounced in the UK and the US, where the proportion of total income held by the richest one percent fell from 20 percent in 1910 to 10 percent in 1950. Today the share held by the super-rich has returned to the level of 1910. During the past 30 years, the income of the poorest 20 percent in the United States declined by 4 percent, while the income of the richest one percent rose by 270 percent. During the same period, the share of the financial sector in the profits of the entire corporate sector rose from 10 to 40 percent. This demonstrates that the increase in social inequality was closely bound up with the growth of the financial sector [e.g., banking, stock market manipulation, etc.].

NOTE: HOWEVER, the fact that the income of the richest one percent in the United States rose an astounding 270 percent does not tell the whole story - especially as it pertains to the unholy alliance that the evangelical community has made with the ultra-rich in the country - an alliance that has to some degree guaranteed a "living wage" for most white evangelicals.

The alliance evangelicals have made with the ultra-rich

The previous figures refer to income. In terms of wealth, the social polarization is even more stark. Today 40 percent of global assets are owned by the richest one percent of the world's population, 51 percent by the wealthiest two percent and 85 percent by the richest 10 percent. For their part the poorest 50 percent of the world's population possess less than one percent of global wealth.

Chart showing where the world's "richy-riches" live. It should be noted that the millionaires (billionaires) who live outside the United States essentially possess their wealth as sycophants to the American New World Order System." [Please see our article, "The Third World as a Model for the New World Order."]

The same process of social polarization took place on the European continent, but with some delay. This delay is expressed in the ratio of public spending to GDP, which averages 46 percent in the euro zone, well above the OECD average of 41 percent. This is why Europe, notwithstanding the social and wage cuts carried out in recent decades, is still regarded as a haven of the welfare state by the international financial aristocracy. The European leader in this respect is France, with a government-spending ratio of 53 percent of GDP. [Please see our article, "Thank God for France."]

In the US, the equivalent figure is just 39 percent, and in the banking paradise of Switzerland only 33 percent. The ratio in Germany is 43 percent, only slightly above the OECD average. Due to the Agenda 2010 program introduced by the government of Gerhard Schröder it has fallen by five percent in the last ten years.

NOTE: The graph above indicates the disparity between the amount of national wealth spent by Europe on social programs as opposed to the amount of national income spent on social programs in the United States. For example, France spends almost twice as much money as a percentage of national wealth on social programs than does the United States. The second graph tells why the US does not spend as much money on social programs for its citizens: the money is being spent on the defense budget which isn't really for defense, but to keep the world trembling under the guns of the American military.

The American elites allowed this disparity to occur because it feared a communist takeover in Europe after the Second World War. It was a "sop to the masses" in Europe to keep them in line. But with the collapse of the Soviet Union, the elites are moving pell mell to curtail such spending in Europe with the savings going into their pockets.

As Peter Schwarz indicates, for the elites the sums spent by European states on pensions, education, health and other social services and infrastructure are far too high. They are determined to use the crisis to reverse all of the social gains and democratic rights won by the worker's movement in the course of the last six decades. What's happening now in Greece is indicative of what the elites want to do in the rest of Europe. (See below.)

These figures illustrate why Europe is caught in the crossfire of international financial markets. For the representatives of finance capital, the sums spent by European states on pensions, education, health and other social services and infrastructure are far too high. They are determined to use the crisis to reverse all of the social gains and democratic rights won by the worker's movement in the course of the last six decades.

Greece serves as a testing ground. The representatives of high finance are threatening the country with bankruptcy and imposing one austerity package after another. Wages are being slashed, social services cut and public services dismantled. It is calculated that the standard of living of an average Greek will shrink within a few years by 30, 40 or even 50 percent. Outside of wartime this is an unprecedented decline.

The elite's program to divert the wealth of Europe into their own hands can only be carried out under the power of the gun.

This social counterrevolution cannot be carried out by democratic means. The troika of the European Union, International Monetary Fund and European Central Bank have assumed control of the Greek budget and replaced the country's democratically elected government with an illegitimate government of technocrats ...

The IMF is a Trojan Horse for American banks and the U.S. Federal Reserve.

NOTE: Despite its name - i.e., the "International Monetary Fund" (IMF) - the IMF is controlled "lock, stock and barrel" by the US and is really nothing more than a Trojan Horse for American banks and the U.S. Federal Reserve. It is through this Trojan Horse that the American financial elites are seizing ever more control of the European economy. [Please see our article, "Inside the American New World Order System."]

European leaders have decided to transform the whole of Europe into an austerity zone along the lines of the Greek model. This is the significance of the EU summit decision of December 8-9, 2011 to insert a debt brake into the constitution of all member countries. Legally binding criteria are being introduced compelling European governments to implement rigid savings policies in spite of popular opposition.

Nazis emerge as
"champions of the German people."

This approach is reminiscent of the disastrous policy carried out by the Brüning government in the final phase of the Weimar Republic.
The right-wing Zentrum Party politician Heinrich Brüning took over as German chancellor in 1930 in the middle of the global economic crisis and unloaded the burden of the crisis onto the working class. He based his rule on the authority of the President on the one hand and the support of the Social Democrats on the other. Brüning ruled by emergency decree and relied on the SPD to cover his back in the German parliament—much as the technocrat governments in Greece and Italy do today.

Brüning's government was chronically unstable and lasted just two years. Its austerity drive ruined Germany economically and provoked fierce class struggles. The National Socialists emerged as the victor from these struggles. In 1932, Brüning was followed by the short-lived dictatorships of the Generals Franz von Papen and Kurt von Schleicher, before Adolf Hitler assumed power in January 1933.

Today ... the financial elite, which has emerged from this redistribution of income and wealth, dominates all spheres of economic and social life [in Europe] and is determined to defend its privileges at all cost.

Historically, fascism has been the answer of the elites to the threat of socialism; the mask behind which they pretend to be "champions of the people;" the facade behind which they hide their greed and avarice under the rubric of "patriotism" and "love of country."

NOTE: Historically, fascism has been the answer of the elites to the threat of socialism; the mask behind which they pretend to be "champions of the people;" the facade behind which they hide their greed and avarice under the rubric of "patriotism" and "love of country."  That was the case in the first decades of the twentieth century when Europe suffered through a deadly inflation in the 1920s, followed by an even more damaging depression in the 1930s, all of which provoked many in Europe to look to socialism as an answer to their economic woes - a solution which provoked a fascist response from the elites.

Now a similar economic crisis is taking hold of the continent of Europe, and once again great numbers of people in the "Old World" are looking to socialism to escape the economic HORROR that is beginning to encompass them. And just how terrible that HORROR is was described recently by David North:

"A growing number of economic analysts believe that the present [economic] crisis [in Europe] may eclipse that of the Great Depression. This crisis will be protracted—lasting years, not months—and its long-term consequences will be far-reaching ..."

The answer of the elites to this crisis is to enforce draconian economic measures (raising taxes, cutting social benefits, etc.) on "the people" in order to re-coup the money that they squandered gambling on the world's exchanges during the last decade.

The power of the financial aristocracy

It is significant that, despite the global economic crisis, the total assets of all European millionaires has grown faster in recent years than the combined debt of all the European governments.

The fortunes of these 3 million millionaires have doubled in the last 13 years, while it has taken government debt 15 years to record the same percentage increase.

The total assets of Europe's millionaires currently stand at about $10 trillion. This would almost suffice to pay off the entire debt of all European countries at a stroke.

Europe's financial elites. The total assets of Europe's millionaires currently stand at about $10 trillion. This would almost suffice to pay off the entire debt of all European countries at a stroke.

Some 830,000 millionaires in Germany alone have at their disposal financial assets amounting to €2.2 trillion.

This is more than the combined debt of the country's federal, state and local authorities.

Some 830,000 millionaires in Germany alone have at their disposal financial assets amounting to 2.2 trillion. Millionaires in Germany alone have at their disposal financial assets amounting to 2.2 trillion. This is more than the combined debt of the country's federal, state and local authorities.

One of Germany's leading business publications Handelsblatt has estimated that wealthy Greek individuals have stashed away €560 billion in foreign accounts, which is almost twice the entire Greek national debt.

The explosive growth of these assets is due to the intensified exploitation of the average workingman in Europe and massive tax cuts for businesses and top earners. If the tax cuts for big business and finance in Germany over the past decade were reversed, the state's coffers would be boosted by more than €100 billion.

These huge assets have been "leveraged," i.e., inflated by speculation. Interesting statistics are also available in this regard.

If capital is taken out of the economic cycle, it quickly loses its value. It derives its virility by sucking vampire-like the blood of average people throughout the world.

At the beginning of the twentieth century, the total assets of Britain's three largest banks equaled 7 percent of British gross domestic product (GDP). By the end of the century, their assets had climbed to 75 percent, and in 2007 they reached 200 percent.

The total assets of the three largest British banks thus amount to a sum more than double the size of the United Kingdom's gross domestic product, while the total assets of the entire UK financial sector are now five times Britain's GDP. In comparison to their own equity capital, British banks now allocate ten times as much in loans as they did a hundred years ago. At that time, the sum of all loans was three times the banks' capital resources; today it is greater by a factor of 30.

Here as well, Continental Europe follows the same trend, with a short delay. The sum of financial sector assets in both Germany and France is three times as large as their respective GDPs; in Switzerland, the record holder, it is six times as large.

As we have seen, these huge sums of capital are concentrated in the hands of a tiny portion of society. But the super-rich cannot simply hoard their wealth in vaults. To continue to be viable, it must continually chase after interest and profit. If capital is taken out of the economic cycle, it quickly loses its value. It derives its virility by sucking vampire-like the blood of average people throughout the world.

This is the driving force of the current austerity campaign, which, in view of the historic experience of German Chancellor Brüning (1930-1931), appears to verge on madness. Government spending on education, job training, health, pensions, public services and infrastructure is regarded by the financial oligarchy as an illegitimate diversion from their accumulation of wealth, and the same holds true for wage rates and workers' rights. Despite the deep social crisis, the financial elite is unwilling and unable to give up even a fraction of its wealth and privileges. In this respect, it resembles the French aristocracy before 1789. At that time, there was only one way to finally get rid of the aristocracy—by revolution.

Storming of the Bastille; decapitation of the French king - THIS IS THE NIGHTMARE OF ELITES EVERYWHERE. [Please see our article, "To the Barricades - the Super-Rich: Sleeping with Guns under Their Pillows."]

In this context, it is significant that all the mainstream parties, whether conservative, social democratic, Green or "left," support the current austerity programs and offer no alternatives.

Social Democratic leaders like José Sócrates (Portugal), George Papandreou (Greece) and José Luis Zapatero (Spain) have sacrificed their personal political careers and the electoral chances of their parties to enforce devastating austerity programs in the face of resistance from their own voters. Conservative leaders like Angela Merkel (Germany), Nicolas Sarkozy (France) and David Cameron (UK) set the tone for the social counterrevolution in Europe. The Greens passionately promote fiscal discipline. And the trade unions stifle any opposition to the austerity measures while cooperating closely with their respective governments.

Greeks rioting against austerity imposed on them by the elites as a result of the financial crisis the elites themselves created - an austerity program that in the end may decrease Greek living standards by 50%

The fact that not a single one of the established politicians proposes a serious alternative to the current economic course in itself shows that there is no solution to the crisis in the context of the existing social system.

For or against the euro

While the various wings of the national ruling elites agree on the need for austerity measures, the deepening of the crisis is provoking fierce national and political conflicts among them.

An aggressive minority is calling for the abolition of the euro and the European Union. This minority is composed of right-wing nationalist elements (like the National Front in France, the Northern League in Italy, the UK Independence Party in Britain and ex-Federal Association of German Industry boss Hans-Olaf Henkel in Germany).

An aggressive minority is calling for the abolition of the euro and the European Union. This minority is composed of right-wing nationalist elements (like the National Front in France, the Northern League in Italy, the UK Independence Party in Britain and ex-Federal Association of German Industry boss Hans-Olaf Henkel in Germany).

A typical representative of this viewpoint is Professor Costas Lapavitsas of the School of Oriental and African Studies at the University of London. Lapavitsas advocates Greece's return to the drachma. He justifies his proposal by arguing that this would once again make the country sovereign over its own monetary policy, devalue the currency, increase exports and bring about an economic recovery.

Professor Lapavitsas thus proposes to replace the impoverishment of the Greek working class through the austerity dictates of the troika with an inflationary policy that would slash real wages, pensions and savings and lead to the same type of impoverishment by a different route.

Lapavitsas' recommendation amounts to a proposal for the Balkanization of a Europe that has become closely interwoven economically. The consequences of such a development would be just as catastrophic as the dissolution of Yugoslavia in the 1990s. It would trigger violent armed conflicts over borders and property as well as ethnic cleansing and civil wars. A study by the Swiss banking giant UBS has warned about the consequences of a possible withdrawal of Greece from the euro zone, stating: "It is noteworthy that hardly any modern monetary union has collapsed without the emergence of some form of authoritarian or military regime, or the outbreak of civil war."

The unelected troika (upper left) of techno-crats who are ruling Italy (and Greece) today is being protected by the guns of NATO (upper right) which itself is dominated by the hydra-headed dragon of the American military (right). This is emblematic of the direction being taken by all the governments of Europe. Democracy is no longer an option in Europe - at least insofar as the elites are concerned. The elites increasingly must resort to the gun.

All this cannot but, in the end, lead to the imposition of a right-wing, fascist dictatorship over the nations of Europe, or at least the ten most important nations there - a dictatorship that is supported by the guns of an eleventh nation: BABYLON THE GREAT (i.e., the United States). [Please see Chapter XII of the New Antipas Papers, "The Beast of Revelation 17."]

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God bless you all!

S.R. Shearer
Antipas Ministries


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