Portugal Latest Stop on Euro’s Well-Traveled Path to Failure

The European Union in it's present form is likely to change in the months and years to come.  We have expressed our opinion in previous blog entries that the current economic mess that is the European Union will likely collapse under its own massive sovereign debt burden.  From this collapse will arise a much stronger European Super State, with a far more centralized financial and governmental structure;  The basis for what will then become a global entity, just as bible prophecy warns about. 
We should not be surprised to read articles that tell us that the Euro is on borrowed time and that the European financial system is on the verge of collapse.

“He gave me this explanation: ‘The fourth beast is a fourth kingdom that will appear on earth. It will be different from all the other kingdoms and will devour the whole earth, trampling it down and crushing it. The ten horns are ten kings who will come from this kingdom. After them another king will arise, different from the earlier ones; he will subdue three kings. Daniel 7:23-24 NIV

From the news articles:

As the world’s eyes remain riveted on disaster and recovery in Japan and political upheaval in the Mideast, Eurozone nations continue their struggle to salvage the euro. But as is true of all fiat currencies, the euro is living on borrowed time—and from the way things are going in Portugal, its demise may come sooner rather than later.  The latest flap comes from Portugal’s refusal to accept austerity measures needed to start digging its way out from under mountains of debt and entitlement obligations. Earlier this week Portugal’s Socialist Prime Minister Jose Socrates resigned after parliament rejected his proposed reforms, effectively shutting down the government.

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Most Americans have no idea just how bad the financial problems over in Europe are right now.  The truth is that the entire European financial system is teetering on the brink of disaster.  Ireland and Greece have already received bailouts and Portugal, Spain, Italy, France and Belgium are all drowning in an ocean of unsustainable debt.  Sovereign credit ratings all over Europe have being slashed in recent months. 

Portugal Latest Stop on Euro’s Well-Traveled Path to Failure

http://wealthcycles.com/blog/2011/03/25/the-portuguese-financial-crisis-is-just-the-latest-threat-to-euro-and-fiat-currency-

Will Financial Problems In Portugal Cause The European Debt Crisis To Spiral Out Of Control?

http://theeconomiccollapseblog.com/archives/will-financial-problems-in-portugal-cause-the-european-debt-crisis-to-spiral-out-of-control