QE3: Dollar Killer

QE3: Dollar Killer

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It is quantitative easing or death for America; so says our top banker.

Last Thursday, Federal Reserve Chairman Ben Bernanke confirmed the worst: The economy is heading into the toilet. America’s job engine is stalled. Debt loads are unsustainable. Consumers are tapped out. The big banks are insolvent. The private sector can no longer support the public sector. And oh, the government is broke.

Okay, he didn’t say those exact words—markets would have collapsed if he told the truth—but his actions indicated how he really felt.

His official announcement said the economy is on the mend, it is just experiencing a few headwinds from Europe, and the Fed just wants to help create jobs a little quicker. He then went on to unleash a quantitative easing program (QE3) so potentially massive in scope that it could dwarf QE1, QE2, Operation Twist, and all the money-printing schemes the Fed has carried out so far combined!

If you really want to know what is going on in the economy, ignore what the Fed says and watch what it does.

So what is the Fed doing? Bernanke’s announcement says the Fed will now spend a whopping $40 billion per month—$480 billion per year—purchasing mortgage-backed securities from the big Wall Street banks.

He says this is an effort to push down mortgage rates and get more people buying and building houses, and thus create jobs. If this is the best the Fed has to offer, America is in big trouble. Mortgage rates are already at historic lows, and people are not buying houses. Pushing record low rates a few fractions of a percent lower won’t do much. What is more likely to happen is that the big banks will finally have an opportunity to unload all their garbage subprime-mortgage-backed securities at the expense of taxpayers. This is probably the real unspoken motive.

But if that part of the Federal Reserve’s announcement wasn’t shocking enough, what it said next should blow your socks off. The Fed said it was writing itself a blank check for how much it could spend until the labor market improved “substantially.” It gave itself no predefined limit on how long, or on how much it could spend under this new QE3 program. It is completely open ended. It can go on forever.

The Fed also indicated that if this did not prove enough to stimulate the job market, there were other policy weapons the Fed could unveil. For starters, it will keep the interest rate it charges banks to borrow money at zero percent until at least 2015.

Remember: This new QE3 program is in addition to the current $45 billion per month the Fed is using to purchase U.S. treasury bonds—and keep the federal government paying its bills. In the past, the Federal Reserve has only lent money to the federal government short term, but now it is going to use this $45 billion per month to lend to the government “longer term.”

For those not versed in the intricacies of Federal Reserve machinations, remember that the Fed has no money of its own. Any money it spends, it does via a printing press, or its electronic equivalent, which it uses to create dollars out of thin air.

But there is no such thing as a free lunch. Economists always forget the other side of the equation. You don’t just create $40 billion, throw it at the banks, and get magical economic growth. The failure of QE1 and QE2 should have illustrated that by now. If creating growth was so easy, why stop at only $40 billion per month? Why not $400 billion?

The problem is that when the Fed “creates” money out of thin air, it cheapens the value of all preexisting dollars.

So while dollar money supply totals may grow by $40 billion per month, and while gross domestic product may increase, it is phony growth—because the dollars are worth less. Yes, people are spending more, but they are getting less.

Printing money to buy things is “Zimbabwe policy.” We all know what happened to Zimbabwe when it tried this. Eventually it cost Zimbabweans billions of dollars to buy a banana. This is where the QE road leads.

It is happening already. Within just a few hours of Bernanke’s statement, the dollar had lost over half a percent in value. On Friday it lost more than half a percent again.

In two days, the dollar lost more than a percent of its value. And that was due to just the announcement. The dollar printing has barely started.

The Federal Reserve’s QE policy will drive the dollar “through the floor,” says Peter Schiff, ceo of Euro Pacific Capital.

“This is a disastrous monetary policy; it’s kamikaze monetary policy,” Schiff told cnbc. “The dollar … is going to be in free fall at some point … ultimately there’s going to be a currency crisis.”

Schiff is absolutely right. When America’s central bank announces that it is going to create unlimited amounts of new money to fix the economy, you need to realize that America is in serious trouble.

The truth is that America is addicted to quantitative easing. It can no longer function without it. The federal government can’t cover its bills without money printing. The banking sector would collapse without money printing. The mortgage market would no longer function without various forms of quantitative easing. And now Bernanke says the job market may not recover without QE.

America needs to prepare for massive economic upheaval. America’s top banker has signaled that it is quantitative easing or sudden death for the economy. There is no choice. If the money printing stops, America stops. But that means the dollar is going to get killed. QE will destroy the dollar, and America’s standard of living.

Tough times are coming.

Egypt-Iran Intelligence Meeting Prompts Fears of New Terror Axis

Egypt-Iran Intelligence Meeting Prompts Fears of New Terror Axis


According to the Washington Free Beacon, “U.S. intelligence agencies recently monitored a secret meeting between Egypt’s intelligence chief and a senior Iranian spy that is raising new fears the Muslim Brotherhood government in Cairo could begin covertly supporting global terrorism.”

The news has made the headlines because the Iranian spy was a senior official of Iran’s Ministry of Intelligence and Security (mois). Officials who monitored the meeting refer to the spy only by his last name, Gerami. His name is not as important as that of his employer, mois.

The mois is well known for its brutality and connection to international terrorist activity. It has conducted aggressive intelligence operations, including assassinations, and is known to support terrorist groups in the Middle East, including al Qaeda, Hezbollah and Hamas. It is also backing the regime of Bashar Assad in Syria. Added to its repertoire of misdeeds is the organization’s support of anti-U.S. and anti-Israel operations.

The United States has recognized this and has imposed sanctions on the mois. “Today we have designated the mois for abusing the basic rights of Iranian citizens and exporting its vicious practices to support the Syrian regime’s abhorrent crackdown on its own population,” David Cohen, the U.S. Treasury’s Under Secretary for Terrorism and Financial Intelligence, said in a statement.

Iran is the world’s largest state sponsor of terrorism, and mois is the hand through which Iran carries out its terrorist activities. When we consider who was at the meeting with the mois, it becomes clear that this was no low-level meeting.

Maj. Gen. Murad Muwafi, the head of the Egyptian General Intelligence Service at the time, was the one who personally met with the spy. Since that time, Muwafi has been removed from office along with a number of high-ranking pro-Mubarak officials in the government.

While there is plenty of speculation on what was spoken about in the meeting, including information about the forthcoming attack in the Sinai, the key point to note is that the meeting took place back in August.

Morsi and the Brotherhood were in office at the time, but did not have the power that they have now. The military was still deemed a considerable opposition to the fledgling government. Yet so soon after coming into power, the government was already conducting secret meetings with the Iranians! Soon after those talks, the military reshuffle began, and the Brotherhood became what we see today. We see this new Egypt growing increasingly bold as it makes plain and visible steps toward a closer relationship with Iran.

The Trumpet has long stated that Egypt would become an ally of Iran. With last week’s revelation of secretive meetings between the two countries, we can wonder just how much groundwork had been laid behind closed doors to bring about this alliance. Once thing is certain: If Egypt is holding talks with mois, the terrorist arm of Iran, we must be ready for Egypt to take a more active role in terrorism itself.

For more information on how Egypt was prophesied to side with Iran, watch “Daniel 11:42 and 43 Now Fulfilled.”

Europe’s Historic New Reality!

Europe’s Historic New Reality!

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Few commentators picked it. Yet last week a totally new reality struck home in Europe.

Up till last week, one power had demonstrated its ability to trump all in Europe—Germany’s Constitutional Court.

Last week, all that changed—powerfully!

One of Europe’s newest institutions, and certainly one of its newest technocrats, proved their power to trump the Karlsruhe-based German Constitutional Court. The European Central Bank (ecb), under its president Mario Draghi, spiked the guns of that once proud institution.

By publicizing his decision to buy the government bonds of ailing eurozone countries in advance of the German court’s ruling on the legality of the European Security Mechanism, Draghi successfully and most triumphantly ensured the ecb’s assumption of the position of Europe’s most powerful institution.

Then, when challenged by Germany’s gainsayers, he promptly faced them down by offering to instruct the German Bundestag in the finer points of his plan: “The head of the European Central Bank (ecb), Mario Draghi, threw down the gauntlet to German critics of his plan to buy the government bonds of ailing eurozone countries yesterday by suggesting they should invite him to justify his decision in person before M.P.s in the Berlin parliament” (Independent, September 15).

This is historic. It’s a game changer. It’s a sea change of tremendous proportions when one fully grasps the prophetic significance—and the timing of this action! In fact, it is one of the clearest and earliest indicators of the imminence of the final consummation of that which we have come to comfortably call the European Union into its final state as the seventh resurrection of the Holy Roman Empire.

To understand what is at stake here, one must comprehend that Mario Draghi’s political allegiance is not to Berlin; it is to Rome!

Draghi is a true European imperialist, a Jesuit-educated son of Rome. That ensures his prime allegiance is to the pope! As such, his decisions will bear in mind the continuing evolution of the European Union into its Holy Roman future. Germany is important, vitally important to this cause. He knows that. But Draghi also knows that he has the backing of a quiet diplomatic process of 2,000 years’ standing, based in Rome, that, though it looks like a lamb, when push comes to shove, speaks like a dragon to enforce its will.

Note what Herbert Armstrong declared about the ultimate power of that political union of Rome and Berlin as expressed in what Bible prophecy calls its “mark” (Who or What Is the Prophetic Beast?):

“And he [the second ‘beast’] causeth all, both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads: and that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name” (Revelation 13:16-17) ….First, from the text universally quoted (Revelation 13:16-17), notice this: The “mark” is something that will be very popular—something the majority of people will be in favor of, will seek—which custom will approve as right—because no man will be allowed to “buy or sell,” unless he receives this “mark.”Everyone wants to be able to “buy or sell.” In this scriptural usage the expression “buy or sell” more literally indicates being able to buy—not that stores or those from whom one might make purchases of the necessities of life would refuse to accept the money, but that the one refusing the “mark” would not be able to buy, would not be able to earn a living, to earn a wage or salary, or to engage himself in business.The “mark of the beast,” then, has direct bearing on ability to engage in business, or to hold a job and earn a living.

Till very recently, to those without a full understanding of this prophecy, it may have been easy to conjecture that such a mark could only be imposed by the most dominant nation in Europe—Germany. But that would belie the reality of biblical prophecy. Read carefully what God revealed to Herbert Armstrong on this matter (ibid):

But let’s look at all the facts God reveals on the subject—all the scriptures bearing on it. …Note this well! The “mark” is the mark of the beast—and the “beast” is the Roman Empire. In Revelation 17 a later stage of this same wild beast is pictured, and there a “woman”—a great church—sits astride it, guides it, rules over it. But the mark is the mark of the Roman Empire—not the Roman Catholic Church.That is fact number one. Keep that in mind.Now in verse 11 (Revelation 13) another “beast” is pictured. This beast had two horns like a lamb, but spoke as a dragon.The Bible plainly reveals this second “beast” to be the Roman Catholic Church. This church is an ecclesiastical world empire—a government. (See article “Papacy,” Encyclopedia Britannica.)This second beast of Revelation 13 is also pictured in Revelation 17 as the harlot woman who rode the beast. This fallen woman or church is different from all other churches in one respect. She is organized at the Vatican as a civil government, as well as an ecclesiastical church. Nations of the world send ambassadors to the Vatican, at Rome, the same as they do the capitals of other nations.

Now here is the crux of the matter. Recent events reveal that those educated, led and inspired by the spirit of Rome have started to exert influence on the German-dominated European Union. Keep in mind Herbert Armstrong wrote this over 60 years ago. Today it is beginning to fast become a reality (ibid; emphasis added throughout):

Notice carefully what the above text tells us:1) “He”—the Catholic Church that formed the papacy and originated human civil government modeled after that of the Roman Empire.2) “Causeth” all to receive this mark. It is the church, not the civil government, which forces this brand on people.3) It is the same power which caused the martyrdom of saints.4) It brands on the people the mark of the “beast”—that is, the mark of the Roman Empire, not the mark of the church.5) This mark is received in the right hand, and in the forehead.So the mark is that of the Roman Empire, which the Roman CHURCH did cause or shall cause the Western world to receive.”

Now, consider this. Up to very recently, the institution with the most clout in the EU was patently, and very obviously, the German Constitutional Court. But that changed dramatically last week when the court meekly rolled over like Rover and yielded to the will of that son of Rome, the world’s most powerful central banker, ecb chief Mario Draghi.

As the German news source Suddeutche Zeitung observed (September 12),

The Karlsruhe ruling does not take Europe any further, nor Germany, nor democracy. This judgment avoids, in short, the most important questions. It wants to be a landmark ruling, but fears the fundamentals. It is, as usual with the Federal Constitutional Court when it comes to Europe, a “yes, but” judgment. The “yes” of this judgment this time, though, is as weak as the “but.” The judges seek to put a lid on the German liability of €190 billion, yet they know that this will be very hard to stick to. It will be hard to stick to because the Karlsruhe lid does not fit the European Central Bank.

That is tantamount to admitting that the German Constitutional Court was trumped by Draghi.

This is the new reality in Europe.

And it all has to do with what Herbert Armstrong wrote over 60 years ago, strongly endorsed by that which our editor in chief has written more recently. It has to do with an economic system that is very selective with whom it trades—globally! A system that is inspired by a great spiritual institution!

In the November/December 2005 edition of our magazine Royal Vision, Gerald Flurry wrote, “We need to watch the great whore for signs of her riding the beast.”

Since November last year, when in short order three Jesuit sons of Rome suddenly gained high profile in the EU—Mario Draghi, head of the ecb, Mario Monti, Italian prime minister, and Herman van Rompuy, head of the European Council—the signs of the great whore riding the rising beast power in Europe have become more obvious.

Most recently, within the space of just one week, Draghi spiked the German Constitutional Court’s guns, José Manuel Barroso gave an impassioned plea for European federalization—read Holy Roman imperialism—and Mario Monti together with Van Rompuy called for a new EU summit to lay the groundwork for a fresh imperial vision of the EU.

Note that not one of the above is German. All are declared practicing Roman Catholics. Three are educated in the Holy Roman vision of the storm troopers of Rome, the Jesuits. These are the menservants of the woman who is now more overtly revealing herself as truly riding the prophesied beast power.

As Gerald Flurry declared fully seven years ago, “And, knowing that the woman will be riding the beast, I’m certain the Vatican will make it happen” (ibid).

As to the instrumentality that may be used to impose the mark of the beast, perhaps we need to be mindful of Mario Monti’s view of Pope Benedict’s powerful 2009 encyclical, “Caritas in Veritate.” Of that document, Monti, effusive in his endorsement of the pope’s encyclical, claimed it was a virtual textbook for the operation of a global economy and universal society.

La Stampa reported that as he presented Benedict xvi’s social encyclical in Saint John Lateran on Feb. 23, 2010, Monti declared that “The ‘Caritas in Veritate’ document resembles a technical governing handbook for society in which economy plays a fundamental role, as a natural outcome of ethical reflection, and even has the agreement of those who do not share in the Catholic ethical vision” (Nov. 14, 2011).

Monti used that occasion also to publicly declare himself “to be Catholic.” Mario Monti is a member of the EU splinter organization called “The Spinelli Group.” That group is committed to establishing an imperial Europe based on the Catholic social chapter that underpins the pope’s “governing handbook for society.” Endorsement of that Roman imperialist vision marks Monti out as one of those in tune with the European elites who are carving up Europe into a continent where the many will become the vassals of the few.

Today, German politics are in complete disarray. Angela Merkel survives politically simply because at present there is no strong alternative leader in the spotlight. But as Gerald Flurry declared in the same article quoted above, “I think the Vatican is going to be working behind the scenes. They may have a pope to help them do it who really knows the German system and begins to get the leader in there that can really swing things around, a good strong Catholic …. I think that the Vatican is going to help to bring that man … on the scene, and that’s when you’re going to really see the fireworks.”

Well, the German federal elections are due to take place in November 2013. Is the Vatican already beavering away behind the scenes, cultivating a prospective leader to burst onto the scene in timely fashion?

If you are truly reading the signs of the scarlet woman mounting the beast, you will know the answer to that question!

The signs are there for the enlightened to see. As our editor in chief has declared, “We need to watch the great whore for signs of her riding the beast.”

Over the past year, the Trumpet has striven to highlight those increasing signs as signifying, in turn, the closeness of the greatest sign of all—the sign of the imminent return of the Savior of mankind to overturn all other governments and install, in their place, the most righteous government of all—the government of Almighty God!

“For unto us a child is born, unto us a son is given: and the government shall be on his shoulder: and his name shall be called Wonderful, Counselor, the Mighty God, the Everlasting Father, the Prince of Peace. Of the increase of his government and peace there shall be no end, upon the throne of David, and upon his kingdom, to order it, and to establish it with judgment and with justice from henceforth even for ever. The zeal of the Lord of hosts will perform this” (Isaiah 9:6-7).

The Oil Push Is Coming

The Oil Push Is Coming


With Saudi oil running dry sooner than expected, Iran is sure to capitalize on the demand for oil.

According to a report released by Citigroup this month, Saudi Arabia may run out of oil to export within 20 years—much sooner than previously thought. This is a worrisome development, as Saudi Arabia is currently the world’s greatest net exporter of crude oil.

Making the situation worse, local consumption in Saudi Arabia is rocketing, reports Telegraph business editor Ambrose Evans-Pritchard.

With less available oil to satiate its growing national appetite, Saudi Arabia may begin protecting its own energy interests, giving other oil-producing nations like Iran and Iraq a chance to dominate the market.

Last year Saudi Arabia was the top oil exporter of the world, with Iran coming in at third. As Saudi oil becomes harder to come by, Iranian oil will become a more favorable option. This oil crunch, along with controlling sea lanes through which the precious commodity ships, places Iran’s hands firmly on the oil spigot coming out of the Middle East.

Highlighting a prophecy found in Daniel 11:40, Trumpet editor in chief Gerald Flurry wrote in 1998, “The king of the south [Iran] will most likely use oil as a big part of his push. Europe is almost totally dependent on Middle East oil! So the push will likely involve a cutting off of their oil supply.”

There are two vital points to notice here. One: The king of the south will most likely use oil as a big part of his push. And two: Europe is almost totally dependent on Middle East oil.

In his booklet TheKing of the South, Mr. Flurry wrote, “Daniel 11:40‑43 is an end-time prophecy. It is about a nation that is always pushy in its foreign policy. It pushes until it starts a war. Having such power means that it must be a large oil-producing country” (emphasis added).

The fact that Saudi Arabia’s demand for oil is increasing while its own supply runs dry will only help make Iran’s oil to be in greater demand. That might be the worst news oil-dependent Europe will ever hear.

Evans-Pritchard continued, “Jeremy Leggett, the head of the UK Taskforce on Peak Oil and Energy Security, says Britain is sleepwalking into a potential disaster by failing to prepare fully for a global supply crunch.”

Britain may be sleepwalking into a disaster, but you can be sure that on the mainland countries are fully aware of the potential oil shortage and will not allow themselves to be held over a barrel by Iran.

For more information on how Iran is using oil as its stepping stone to a bigger push against Europe, read The King of the South.

Britain to Give Up the Crown Jewel of Its Defense Industry

Britain to Give Up the Crown Jewel of Its Defense Industry


A proposed merger would make Britain’s defense completely dependent on France and Germany.

Britain is planning to hand over the single most important company in its history to a European conglomerate. British defense giant bae Systems is in talks about merging with European Aeronautic Defense and Space Company (eads), the Franco-German company that owns Airbus, it announced September 12.

bae is literally the stuff of legends. The names of the planes manufactured by the companies that eventually merged to form the conglomerate have been stamped on the minds of generations of young boys: the Sopwith Camel, the De Havilland Mosquito, the Hawker Hurricane, the Harrier jump jet, and the most legendary of Britain’s airplanes, the Supermarine Spitfire.

Just over 60 years ago, the Spitfire and Hurricane were used to save Britain. These two planes denied Germany the air superiority it needed to launch an invasion. Now Britain is planning to hand over the company that saved its life to a foreign conglomerate.

The deal would give away control over Britain’s most important defense contractor, and make the new conglomerate the top arms seller in the world.

For plans to have progressed this far, the deal must have already received preliminary approval from the British government.

Under the proposed merger, bae systems would make up 40 percent of the new company and eads 60 percent.

Without bae, Britain will have little left of an independent defense industry. It is overwhelmingly Britain’s most important defense company. Nearly one in every five pounds spent by the Ministry of Defense went to bae or one of its subsidiaries in the financial year 2009-2010. It received around £4 billion. The next biggest recipient of defense spending, Babcock, received £1.1 billion.

And it’s not just an aerospace company. Its subsidiaries built the Navy’s first operational submarine and Britain’s main battle tank.

cnn money wrote that the deal “looks like a no-brainer on the economic and financial front.” It’s probably right. It looks like bae is heading for trouble, as it gets most of its money from Britain and America, which are cutting their defense budgets. eads gets more of its money from civilian projects and has a larger presence in Europe, where defense expenditure is expected to grow as the U.S. focuses on the Pacific. The merger would help bae through a tough time and give eads access to the American market.

But if the merger goes ahead, in the long term Britain will be completely dependent on France and Germany for its defense. It would lose control of its most important aircraft manufacturer, the builder of its main battle tank, next-generation aircraft carriers and nuclear submarines, as well as its supplier for many other weapons and electrical systems.

Today, it’s considered foolish or bigoted to be concerned about Britain surrendering its defense industry. But even France and Germany aren’t doing anything as foolish as Britain. They haven’t given up control of their key defense companies.

French defense giants Dassualt Aviation and Thales Group retain their independence. eads owns 46.32 percent of Dassault, but 50.55 is independent. It didn’t sign control over to eads. Germany, too, retains control of key companies like ThyssenKrupp, Rheinmetall man Military Vehicles and many others.

eads is important for the Germany and French industries. But they could get by without it—they have other companies they could turn to.

But for Britain, bae is essential. If this deal goes ahead, Britain would have to rely on companies beyond its control for its nuclear submarines, many of its ships and planes, its tanks and much of the other equipment for its army.

Britain would be doing what even France and Germany haven’t dared. It put almost all of its key defense industry eggs in one basket, and now it wants to hand the basket to someone else to look after.

It should be obvious that this is extreme foolishness. But even Britain’s conservative newspapers have supported the scheme.

One of Winston Churchill’s many prescient quotes, from his book on World War i titled The World Crisis, attacks the attitude that surfaces time and time again in peace time—that war is “too foolish, too fantastic to be thought of” in our modern times. “Civilization has climbed above such perils,” people say. They give their multitude of excuses for why this time it is different. “Are you quite sure?” asks Churchill. “It would be a pity to be wrong. Such a mistake could only be made once—once for all.”

He warned of Germany’s history of striking like a “bolt from the blue.”

The government may not believe a bolt from the blue is coming. But surely defense planning is all about planning for the worst. Britain is betting its long-term defense on the friendliness of France and Germany.

The merger isn’t definitely set to go ahead. And the prime minister hasn’t given his final consent. But the fact that such a foolish idea has been entertained so seriously, and even been tacitly approved by the government, is deeply worrying. It shows a surprising level of foolishness for Britain.

But this is exactly what the Bible said would happen.

Hosea 7:11 calls Britain “a silly dove, without sense” (for more information on Britain’s identity in Bible prophecy, write for our free book The United States and Britain in Prophecy). It says that “they go to Assyria,” which, as we’ve pointed out, is Germany.

Who could have foreseen that Britain would hand over the company that helped save it from the Nazis? Only those relying on Bible prophecy.

For more information on what the Bible says is now coming to Britain, read The United States and Britain in Prophecy.

EU Leaders Lay Out Plan for Federation

EU Leaders Lay Out Plan for Federation


In his state of the union speech September 12, European Commission President José Manuel Barroso called for Europe to become a “federation.”

“A deep and genuine economic and monetary union, a political union, with a coherent foreign and defense policy, means ultimately that the present European Union must evolve,” he said. “Let’s not be afraid of the words: We will need to move towards a federation of nation-states. … This is our political horizon.”

Barroso also made it clear that forming “this federation of nation-states will ultimately require a new treaty.”

European Council President Herman van Rompuy made similar calls in an issues paper he published the same day. It calls for “a central budget for the euro area.” It also talked about creating a new eurozone parliament.

In his speech, Barroso called for a “federation of nation-states.” Although he said such an entity wouldn’t be called a “superstate,” that’s very much what he was describing. A spade is still a spade even if you refer to it as a blunt-edged horticultural implement.

These calls for a federation and for a new treaty come despite the fact that nearly every nation in Europe does not want a new EU treaty. Even Germany’s traditional allies, the northern eurozone states, don’t want a new EU treaty. It’s just Germany.

Barroso also made clear that he was ready to move on without reluctant states. If nations don’t want to move forward with this integration, they will be left behind.

“No one will be forced to come along,” said Barroso. “And no one will be forced to stay out. The speed will not be dictated by the slowest or the most reluctant.”

Germany is getting its way in calling for a political union as the solution to the euro crisis. Watch for Barroso and Van Rompuy’s vision to become reality.