Italy’s finances are a threat to the European Union


Italy population density map (Conte di Cavour)

COGwriter

Italy’s finances are an issue:

Italy is in serious trouble financially. This is virtually common knowledge at this point. What isn’t common knowledge is its Euroskeptic government led by Lega’s Matteo Salvini and Five Star Movement’s Luigi Di Maio are preparing an assault on the foundation of the European Union itself to save Italy.

And that assault comes with the most innocuous name. Mini-BOT. Mini-BOTs were originally the idea of former Greek Finance Minister Yanis Varoufakis to assist Greece get out of the stranglehold placed on it by the euro.

What is a mini-BOT? It is a small denomination (mini) Bill of Treasury (BOT) that can be issued by, in this case, the Italian government to act as a domestic currency for settling government debts, paying taxes, etc.

It would be a parallel currency which could circulate freely domestically at a discount to the euro which would work as a medium of exchange to reflect the reality of the Italian economy better than the euro does. …

Doing this bypasses the euro completely and these will trade at a discount to the euro, thereby setting a proper exchange rate for Italy’s economy relative to Europe’s as a whole and increasing money velocity.

This is what Salvini and Di Maio are in favor of and what they will likely introduce soon.

And it is imperative that you understand what this means for the European Union. It is an existential threat to the current Germany-dominated political order. https://www.strategic-culture.org/news/2019/06/25/europe-wont-admit-the-mini-bots-are-coming/

Others have also indicated that the situation with Italy could break up the Eurozone (see MishTalk: ‘Italy Will Break Up the Eurozone’).

Last year, there were also concerns that Italy’s vote last year could result in an existential threat to the Eurozone. Notice:

Italy election brings back ‘existential threat to eurozone’

March 5, 2018

Italy’s general election over the weekend showed a surprisingly strong result for the populist, euroskeptic parties, sparking fears the eurozone’s third-largest economy will be stuck with months of political instability.

Preliminary results from Sunday’s vote indicated around half of the voters cast their ballot in favor of anti-establishment parties 5 Star Movement and Lega Nord, or Northern League while the mainstream parties suffered a drop in support. The vote points to a hung parliament and political gridlock that could leave Italy in a limbo for months as the parties wrangle over possible coalitions.

The inconclusive result sent Italian stocks sharply lower on Monday, with the FTSE MIB Index I945, -1.07% down 1.3%. Italian 10-year yields TMBMKIT-10Y, +2.87% rose 7 basis points to 2.097%, in a sign investors are dumping the country’s assets. The euro EURUSD, +0.0568% initially headed lower, but trimmed losses during the European morning session.

Analysts braced for tough negotiations ahead and warned the messy result could soon lead to new elections. …

• “After 2017 ultimately proved benign for eurozone political risk, the unexpected strong performance of the 5 Star Movement (M5S) brings these threats very much back to the forefront. Though M5S officials have toned down anti-euro rhetoric in recent months, the euroscepticism within the bloc could ultimately re-introduce the existential threat to eurozone stability long thought diminished. Forming a government has many challenges, but this result could dent the strong consensus support the euro currently enjoys. Italian bond spreads also have scope to widen modestly from current levels.” — Timothy Graf, head of macro strategy for EMEA at State Street Global Markets

• “The big take away from these elections has been the extent to which the Italians have fallen out of love with the EU, voting in favour of far right and anti-establishment parties. Sweeping gains by anti-establishment, euroskeptic parties, such as the 5 Star Movement and the Lega Nord highlight the discontent felt by Italians over high levels of immigration and unemployment in Europe’s third-largest economy.

All the more surprising given that Italy is one of the founding members of the EU and has traditionally been one of its strongest supporters. A period of intense negotiations is set to begin late March/ early April in an attempt to form a government. The messy election outcome ensures a cloud of uncertainty will hover over Italy for the immediate future.” — Jasper Lawler, head of research at London Capital Group

• “We expect the formation of a wide and heterogeneous coalition that could include anti-system parties. We do not expect such a coalition to deliver meaningful structural reforms, and depending on its composition, we see the risk that previous reforms could be unraveled. Over the medium term, we remain of the view that the next legislature will be characterized by political instability that could culminate in government crisis and or snap elections.”— Barclays analysts https://www.marketwatch.com/story/italy-election-brings-back-existential-threat-to-eurozone-analyst-react-to-sundays-vote-2018-03-05#false

So, Italy, considered a strong supporter of European unity, has sent out a message that it has concerns.

There is lack of unity in many parts of Europe.

So will the dream of a united Europe die?

No.

The Bible shows that problems with unity in Europe were expected:

41 Whereas you saw the feet and toes, partly of potter’s clay and partly of iron, the kingdom shall be divided; yet the strength of the iron shall be in it, just as you saw the iron mixed with ceramic clay. 42 And as the toes of the feet were partly of iron and partly of clay, so the kingdom shall be partly strong and partly fragile. 43 As you saw iron mixed with ceramic clay, they will mingle with the seed of men; but they will not adhere to one another, just as iron does not mix with clay. (Daniel 2:41-43)

Therefore, the Bible shows that despite disunity, there will be a European kingdom that will rise up. And Italy will be part of it.

Europe is likely to reorganize at least partially because of a financial crisis. Notice the following from a sermon from the late Pastor General of the old Worldwide Church of God, Herbert W. Armstrong, given on July 7, 1984:

And I can see now, the event that is going to trigger the formation of the reunification in Europe; the resurrection of the medieval Holy Roman Empire that we’ve been looking forward to that is prophesied to come…

But I believe that some event is going to happen suddenly just like out a blue sky that is going to shock the whole world and is going to cause the nations in Europe to realize they must unite! … Well now I think I can see what may be the very event that is going to trigger…that is the economic situation in the world

The whole banking structure in the United States is a network all jointed together. But not only that, one nation has to deal with other nations and imports and exports. And so they have to have a means of transforming money from one nation to another. And so the banking structure is international and interwoven…

Now when the financial structure breaks down, all civilization is going to break down…

So, an economic or banking crisis is what Herbert W. Armstrong concluded would drive Europe to unite. Italy is having a financial crisis.

Europe and its structure will change.

The Bible shows that a European leader will arise with a relatively few supporters:

23 And after the league is made with him he shall act deceitfully, for he shall come up and become strong with a small number of people. 24 He shall enter peaceably, even into the richest places of the province; and he shall do what his fathers have not done, nor his forefathers: he shall disperse among them the plunder, spoil, and riches; and he shall devise his plans against the strongholds, but only for a time. (Daniel 11:23-24)

Consider that Adolf Hitler had relatively few supporters before he rose up.

The Bible shows that Europe will reorganize and will essentially lose democracy:

12 “The ten horns which you saw are ten kings who have received no kingdom as yet, but they receive authority for one hour as kings with the beast. 13 These are of one mind, and they will give their power and authority to the beast. (Revelation 17:12-13)

Some COG groups, like PCG and LCG, changed the historic COG understanding of this and have sometimes insisted that the ‘ten kings’ refers to 10 currently existing nations (LCG has said 10 or 11). Yet, I have long contended that this is a reference to Europe reorganizing (more details are in my article Must the Ten Kings of Revelation 17:12 Rule over Ten Currently Existing Nations?).

Consider also that the Bible foretells the rise of a militaristic power in Europe (Revelation 13:1-4), that will have a “great army” (Revelation 11:25), and that it will take over the strongest military in the world (Daniel 11:39; see also USA in Prophecy: The Strongest Fortresses) as well as a coalition of nations in North Africa and the Middle East (Daniel 11:40-43; see also Is the Future King of the South Rising Up?).

While Europe is NOT yet ready to cut ties with the USA, that is the goal. It also has a military plan called PESCO that it expects will give it military power. Enough so, that one day it will takeover the USA peer Daniel 11:39.

But Europe will have ups and downs first.

Currently, a financial crisis is brewing in the EU and Italy is part of it (and of course, there is Greece, Spain, Brexit, etc.).

Yet, despite unity and other problems, the Bible shows that Europe will unite for a time.

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