News and Prophecy Staff

In a recent Russian Izvestia article, Prime Minister Vladimir Putin shared his vision for a Eurasian union.  Mr. Putin noted this future union would include several former “Eastern Block” nations, and also nations from Asia and the Pacific Rim.  His vision calls for “a close integration based on new values and economic and political foundation [that] is a demand of the present time.”  Mr.

On Sunday, October 23, a 7.2 earthquake shook Turkey, destroying thousands of buildings, killing more than 500 people, injuring more than 1,600 and leaving as many as 40,000 homeless (Telegraph, October 27, 2011; Washington Post, October 27, 2011).

For the last several years, oil prices have dropped right around the time of the fall Holy Days (fall in the northern hemisphere, that is).  This year appears to be the same.  Gasoline (petrol) prices have been dropping for the last several weeks now.  Monday, oil reached its lowest price since September 2010.  It ended trading in New York at $78 per barrel.  Experts believe it will stay low to year’s end (Associated Press, October 3, 2011).

Last week President Barack Obama “rebuked EU leaders for failing to recapitalize banks and allowing the debt crisis to escalate to the point where it is scaring the world.”  Reaction from the German finance minister, Wolfgang Schäuble, was one of scorn, “I don’t understand how anyone in the European Commission can have such a stupid idea [spending one’s way out of a debt crisis].  The result would be to endanger the AAA sovereign debt ratings of other member states.  It makes no sense.”  Mr. Schäuble basically told Washington to “mind its own business” following Mr.

Last Friday the German parliament symbolically voted to continue supporting European debt relief.  Internally, the parliament was split, with representatives refusing to further support EU debt by giving up German sovereignty through a fiscal union.  A Bavarian representative warned that “…the Free State of Bavaria will not take one step further towards an EMU fiscal union or debt pool.”  According to a seasoned journalist, “Germans have begun to sense that the preservation of their own democracy and rule of law is in conflict with demands from Europe.