European Central Bank, Frankfurt (Eric Chan)
Jens Weidmann, a member of the governing council of the European Central Bank (ECB), raised some eyebrows with comments he made today:
Financial Times – Sept 18, 2012…
After weeks of macro-economic sniping following his isolation at the European Central Bank over its new bond-buying policy, Jens Weidmann, on Tuesday resorted to Goethe’s Faust to make his point. The classic play highlighted, he argued, “the core problem of today’s paper money-based monetary policy” and the “potentially dangerous correlation of paper money creation, state financing and inflation”.
In early scenes from Goethe’s tragedy, Mephistopheles persuades the heavily indebted Holy Roman Emperor to print paper money – notionally backed by gold that had not yet been mined – to solve an economic crisis, with initially happy results until more and more money is printed and rampant inflation ensues.
While he did not make the comparison from Faust Part Two explicit, for Mr Weidmann there are clearly parallels with the performance of the ECB in trying to save the euro.
Mr Weidmann is the only member of the 22-strong governing council of the ECB to have voted against a plan put forward by Mario Draghi, its president, to offer to buy unlimited amounts of sovereign debt in the secondary markets to cut unsustainable borrowing costs for countries such as Spain and Italy…In Tuesday’s speech in Frankfurt, Goethe’s birthplace,he said: “The state in Faust Part Two is able at first to rid itself of its debts while consumer demand grows strongly and fuels a strong recovery. But this later develops into inflation and the monetary system is destroyed by rapid currency depreciation.” http://www.ft.com/cms/s/0/558d7996-01af-11e2-8aaa-00144feabdc0.htmlThe head of Germany’s Bundesbank has raised eyebrows across Europe after he appeared to compare Mario Draghi’s bond buying programme with the “devil’s work”.Sept 18, 2012…Jens Weidmann said that efforts by central banks to pump money into the economy reminded him of the scene in Faust, when the devil Mephistopheles, “disguised as a fool”, convinces an emperor to issue large amounts of paper money. In Goethe’s classic, the money printing solves the kingdom’s financial problems but the tale ends badly with rampant inflation…
Although the remarks were in context – Frankfurt is currently marking the 180th anniversary of the death of Goethe – they defy calls by leaders for Mr Weidmann to tone down his criticism of the ECB, particularly at a febrile moment in the crisis. The launch by Mr Draghi of an unlimited bond-buying programme has boosted both confidence and markets. http://www.telegraph.co.uk/finance/financialcrisis/9551348/Debt-crisis-central-bank-action-is-work-of-the-devil-says-Germanys-Jens-Weidmann.html
What many do not realize is that the USA has embarked on similar programs, but to a much more massive scale than the Europeans have done or have proposed to do. The United States is in more debt than any nation in the history of humanity ever has been.
The USA itself will likely experience massive inflation before its currency collapses. The Europeans could face a similar fate, but overall have been much more cautious than the USA–hence they have much less risk (and if the euro becomes the replacement reserve currency for the U.S. dollar, it instead could get away with this with direct little consequence). The euro does not have to be perfect and probably never will be (cf. Daniel 2:41-43)–it (or some possible replacement) just has to be perceived to not be nearly as weak as the U.S. dollar will be in the future.
As far as the “devil’s work” goes, the Bible tells of a time when leaders (the Beast and the False Prophet, see Revelation 13) will rise up in Europe that have very close ties to the devil. And while those leaders are likely alive now, they probably have not had the type of demonic influence yet that the Bible warns of (Revelation 16:13-14). And I personally have no facts that would suggest that those two leaders are now directly part of the ECB. But the time will come when high level leaders in Europe will directly support the devil’s work of the final Beast power there (Revelation 17:12-13).
The Bible also tells of a time of Jacob’s trouble (Jeremiah 30:7)–a time where the possessor of the “strongest fortresses” will be taken over (Daniel 11:39) by the final European Beast power. Since the Bible also tells of a time when the highly indebted will be taken over (Habakkuk 2), neither of these bode well for the U.S.A. and its Anglo-descended allies. Is not the U.S.A. the most indebted nation in the history of the world and does it now not have the “strongest fortresses” of any nation on earth? Thus biblical prophecy points to its destruction.
While Europe is not yet ready to support destructive power of the final King of the North, we of the Philadelphia remnant of the Church of God have long taught that this time will come. And despite problems with the ECB, this will come to pass.
Some articles of possibly related interest may include:
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”?
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? What MUST happen BEFORE the Great Tribulation?
Might German Baron Karl-Theodor zu Guttenberg become the King of the North? Is the German Defense Minister one to watch? What do Catholic, Byzantine, and biblical prophecies suggest?
Resurgent Germany: A Fourth Reich? Who are the German peoples and where did they come from? What is Germany’s role in end time prophecy?
When Will the Great Tribulation Begin? 2012, 2013, or 2014? Can the Great Tribulation begin today? What happens before the Great Tribulation in the “beginning of sorrows”? What happens in the Great Tribulation and the Day of the Lord? Is this the time of the Gentiles? When is the earliest that the Great Tribulation can begin? What is the Day of the Lord? Who are the 144,000?
Barack Obama, Prophecy, and the Destruction of the United States This is a 160 page book for people truly interested in prophecies related to Barack Obama and the United States, including learning about many that have already been fulfilled (which the book documents in detail) and those that will be fulfilled in the future. It also has a chapter about Mitt Romney. This book is available to order at www.barackobamaprophecy.com. The physical book can also be purchased at Amazon from the following link: Barack Obama, Prophecy, and the Destruction of the United States: Is Barack Obama Fulfilling Biblical, Islamic, Catholic, Kenyan, and other America-Related Prophecies? What About Mitt Romney?
Barack Obama, Prophecy, and the Destruction of the United States–Amazon Kindle edition. This electronic version is available for only US$2.99. And you do not need an actual Kindle device to read it. Why? Amazon will allow you to download it to almost any device: Please click HERE to download one of Amazon’s Free Reader Apps. After you go to for your free Kindle reader and then go to Barack Obama, Prophecy, and the Destruction of the United States–Amazon Kindle edition.)