The world stands on the brink of a new economic crisis, Britain’s Prime Minister David Cameron said in a speech in Ottawa on 22 September, 2011. “We’re not quite staring down the barrel, but the pattern is clear,” he said “Growth in Europe has stalled, growth in America has stalled.”

Earlier. Mr Cameron put himself at the head of a new bloc of countries from the G20 group of leading economies to tell US and European leaders that their failure to take action on budgets threatened the world economy. Is this crisis solvable or is catastrophe approaching?

Prophetically, the date of 17-22 September 2001 was defined by the Great Pyramid as a crucial terminal point in the wind-up of the corrupt system of economic Babylon. 9/11 was a symbolic, yet literal warning, in the destruction of the World Trade Centre. Seven years later in September 2008 the financial crash began in earnest. We are now ten years on from September 2001, or 120 months being significant of warning and the evidence is that we are nearing the final demolition of Babylon. This destruction is set out with graphic description in Revelation chapter 18.

The eurozone is in very deep trouble and in particular it is the European Central Bank where the buck will stop. The European Constitution (Lisbon Treaty) makes clear there cannot be a bail-out of any of the 17 eurozone Member States. So the proposed solution to the dilemma is for a European Stability Mechanism (ESM) specifically designed to finance what is in reality a slush fund.

Britain signing the Treaty of Rome Britain signing the Treaty of Rome

The proposed ESM Treaty is fundamentally undemocratic and is outside the EU treaties. It will be based in Luxembourg with a board of Governors appointed by the 17 eurozone states and will operate outside the EU. The ESM is therefore designed for part of a two-tier ‘Europe’.

In the final run up to the EU treaties including the Lisbon Treaty – which replaced all previous treaties – there were at least some discussions at national level. The ESM has been concocted in great haste with misleading publicity by the leaders of France and Germany. These leaders are dictating to the eurozone members that they have to make national balanced budget rules by next summer.

This includes the assault on the public sector spending and severe austerity policies. In other words national sovereignty, parliamentary democracy and the separation of powers in the EU are to be suspended by mutual agreement between France and Germany.

The governors will be a law to themselves as Article 27 and 30 of the ESM Treaty grants the institution and the officials “immunity from every form of judicial process”, AND, “property, funding and assets of the ESM shall, wherever located and by whomever held, be immune from search, requisition, confiscation, expropriation or any other form of seizure, taking or foreclosure by executive, judicial, administrative or legislative action”. The ESM and staff will be exempt from taxation and normal rules for financial institutions.

In other words the ESM will be a law unto itself and a parallel government to the EU in Brussels over the eurozone and national budgets which is normally the prerogative of parliaments.

Let us pray that complete withdrawal of Britain from the EU will be the eventual outcome of this immense financial crisis.

This Treaty is due for ratification by the end of 2011 without any meaningful discussion in the 17 parliaments (which does not include Britain’s). Above all else it will not resolve the financial problems of the eurozone or wider EU.

At the time of writing further extreme pressure on Greece is being exerted by Germany, France, the ECB and the IMF to get out of debt; but it is European banks themselves, stacked out with debt, that are now under threat. They are running out of time and the markets sense that the politicians do not have a solution to stabilize the eurozone.

The hyped three-way telephone chat between Germany, France and Greece on 14 September amounted to no change in policy and was designed to calm down the speculators for a short while. French banks own much of the Greek debt and want their money back. Germany wants to keep the dominant position in the EU and eurozone, but she will not bankrupt herself to keep the euro afloat.

What should and must happen for the sake of the peoples not only in Greece but other EU Member States is for the euro to be disassembled and nation-states to go back to their national currencies, to retrieve the sovereign right to control their own budgets and interest exchange rates. They will put off this until the house of cards collapses. For Britain the EU is still a huge cost at over £40 million a day, which by 2013 is due to reach £12 billion a year. The British economy cannot go on sinking billions into a black hole of failing economies. Something will give and soon.

The date 28 October, 2011, marks the 40th anniversary of the fateful ‘decision in principle’ by the British Parliament to join the European Project under the Treaty of Rome. These past forty years have been a ‘wilderness’ experience for the Kingdom of Great Britain and Northern Ireland (also for the Irish Republic and Denmark, joining at the same time). It may well be that this wandering period of trial is now coming to an end.

Let us pray that complete withdrawal of Britain from the EU will be the eventual outcome of this immense financial crisis. A revived Commonwealth is the future for the ‘company of nations’ under Almighty God.

Editor’s Note: Mr. Clark is one of the foremost Bible scholars in the Israel Truth movement today. He is a sought after speaker and it has been our pleasure on a number of occasions to have him share with us his deep understanding of the prophecies. Yet, he is more than a speaker, he assumed the presidency of the British-Israel-World Federation in the UK a few years back and has completely invigorated not only the UK organization but has contributed to the Canadian and American BIWF associations. His article published here depicts a world in great difficulty and includes a very interesting take on The Treaty of Rome as it applied to the United Kingdom.