World Currencies
COGwriter
The steps that the United States has taken to increase debt and recklessly print money has gotten the attention of many the past few days.
Here is some of today’s LCG commentary on that:
By Wyatt Ciesielka | Saturday, November 06, 2010
Will America’s economy collapse in 2011? From Ireland to Zimbabwe, and from Iceland to Greece, the world has learned that a modern economy can suddenly and painfully come crashing down. Now, a leading U.S. senator warns that the United States may be next, and the crash may be imminent. What can America do?…
The Fed’s most recent “quantitative easing” (or “QE2”) measures have many economists very worried. But short of implementing unimaginably severe austerity programs, the reality of a colossal U.S. debt, coupled with a crippling trade imbalance, has left the Fed with few choices. Not only is severe inflation a possible outcome, but as The Guardian summarizes, the U.S. risks further alienating its few remaining international allies as it tries to fend off looming “currency wars” that could be the death-nail in the U.S. economy (“Who pays the bill for the Fed’s QE2?,” November 3, 2010).
Not only does the U.S. appear poised to further alienate the rest of the world by deluging the world markets with a fresh influx of U.S. dollars, but it also appears to be on the way to making its currency nearly worthless and impoverishing its citizens.
Politicians such as Senator Gregg and political pundits like Glenn Beck are right to sound the alarm. But, their warnings are incomplete messages. It is sin that is the root of U.S. economic trouble – not Keynesian versus Austrian economics, or Republican versus Democrat versus Tea Party politics, or FOX News versus CNN News versus NPR analysts! What America really needs to understand and do is repent from breaking God’s biblical laws!
Because of America’s greed and sin – which includes breaking God’s weekly Sabbath (Saturday), His annual Holy Days, condoning and practicing sexual sins, violence, drunkenness, and pagan religion – end-time “Israel” will be punished. Without real, national repentance, the punishments foretold in Deuteronomy and elsewhere will come upon America. The once-great nation will be humbled and forced to serve its enemies “because of the wickedness of your doings” (Deuteronomy 28:15, 25-34). America will find itself dependent on foreign credit (vv. 43-44) and “in need of everything” (vv. 47-48) because it does “not obey the voice of the Lord your God, to observe carefully all His commandments and His statutes” (v. 15).
While sound economic policy is important, there is a Creator God in heaven who watches the affairs of men and who allows nations to be punished for breaking His laws (Psalms 96:10; Ezekiel 5:7-8; Daniel 5:21, Revelation 19:15)!
Because as a nation we have rejected God, as Hosea 7:9–13 predicts, America will become weak and strangers will devour her strength. But instead of turning to God for help in real repentance, America continues to violate God’s laws, prints more money, and continues to hope other nations will float its debt. God warns this wayward people, “Woe to them, for they have fled from Me! Destruction to them, because they have transgressed against Me!” (v. 13).
For much more insight into the coming catastrophe and beyond, please read, the powerful Tomorrow’s World articles, “Signs of Christ’s Second Coming,” “Debt, Disobedience and Demise of Nations,” and “Heading for Economic Catastrophe?” And watch the powerful Tomorrow’s World telecast “Hope for the Future.”
Today, the head of the Federal Reserve tried to minimize complaints about what he and his supporters just did:
Ben S. Bernanke, the Federal Reserve chairman, continued on Saturday to rebut critics who feared the central bank’s latest bid to stimulate the economy could trigger dangerous inflation down the line and antagonize other countries by weakening the dollar…Mr. Bernanke said the Fed’s decision on Wednesday to pump $600 billion into the economy by mid-2011 was a response to the rate of inflation being too low and an attempt to mitigate high unemployment, though he suggested that the first problem was easier to fix than the second…
Mr. Bernanke said that the new approach “will work, or not work, in much the same way that monetary policy — ordinary, more conventional, familiar monetary policy — will work” and that there was “not as much discontinuity as people think.”
The statement seemed directed both at inflation-fearing critics and overseas critics — from Germany and Brazil — who say the central bank is effectively weakening the dollar with its approach. http://www.nytimes.com/2010/11/07/business/economy/07fed.html?src=busln
Ben Bernanke also indicated that he does know what he is doing with this. But he really does not know where this will lead. It will ultimately lead to a total collapse of the value of the US dollar.
If the collapse and end of the US dollar seems far-fetched to some of you, notice what the Wall Street Journal reported about what happened yesterday:
NICE, France (Dow Jones)– French President Nicolas Sarkozy, after a meeting with his Chinese counterpart, on Friday called for world economic powers to stop squabbling and hammer out a new international monetary system.
France has set reform of the international monetary system as its chief priority for its upcoming presidency of the G-20 group of leading nations.
The country’s ambition is for all countries “to accept to sit around a table to lay the foundations of a new system that guarantees the stability of the world,” Sarkozy said after a meeting with China’s Hu Jintao.
Sarkozy’s push for a new monetary system comes at a time of widespread unease about the status quo, with its large pools of currency reserves, worldwide exposure to U.S. monetary policy due to the dollar’s preeminence, and concerns over the volatitly of exchange rates. (Mitchell A. UPDATE: Sarkozy Urges New Monetary System After China Talks Wall Street Journal, November 5, 2010. http://online.wsj.com/article/BT-CO-20101105-715584.html)
The policies of the US are causing the rest of the world to realize that they more quickly have to come up with a replacement for the US dollar. A “new international monetary system” means a system that replaces the US dollar’s role as the world’s primary reserve currency.
Notice headline from yesterday’s news out of the UK:
The age of the dollar is drawing to a close
Americans, by and large, have no idea how much their standard of living has been propped up by foreigners in the past several decades. And now that the rate of being propped up has accelerated, the nations of the world have realized that they must do something. And it will result in the end of the US dollar and the end of the USA itself.
The Bible is clear that this something will ultimately involve plundering the nation in the end time that has the most debt. And since moral repentance from the USA does seem likely, the fulfillment of related prophecies is getting closer.
The US dollar has long been “the pride” of American power. According to Bible prophecy it will be broken (Leviticus 26:19). And there will be a sudden collapse.
Here are just a couple of scriptures about this risk:
26 O daughter of my people, Dress in sackcloth And roll about in ashes! Make mourning as for an only son, most bitter lamentation; For the plunderer will suddenly come upon us. (Jeremiah 6:26)
12 Therefore thus says the Holy One of Israel: “Because you despise this word, And trust in oppression and perversity, And rely on them, 13 Therefore this iniquity shall be to you Like a breach ready to fall, A bulge in a high wall, Whose breaking comes suddenly, in an instant. (Isaiah 30:12-13)
The Bible is clear that disaster can come suddenly. And that it will. Does not the government of the USA trust in perversity?
But as the Apostle Paul wrote, Christians do not have to be unaware of this (1 Thessalonians 5:4). He also said (as did Jesus in Luke 21:36) to watch (1 Thessalonians 5:7).
Quantitative easing will apparently help fulfill the prophecy in Habakkuk 2:3,6,7. Notice that God mentions that that destruction will happen to those that increased their debt at the end time:
3 For the vision is yet for an appointed time; But at the end it will speak, and it will not lie. Though it tarries, wait for it; Because it will surely come, It will not tarry…5 Indeed, because he transgresses by wine, He is a proud man… 6 “Will not all these take up a proverb against him, And a taunting riddle against him, and say, ‘Woe to him who increases What is not his–how long? And to him who loads himself with many pledges’? 7 Will not your creditors rise up suddenly? Will they not awaken who oppress you? And you will become their booty. 8 Because you have plundered many nations, All the remnant of the people shall plunder you (Habakkuk 2:3,5,6-8).
The above prophecy will be fulfilled at the time of the end and seems to be directed to one or more nations like the USA. It makes little sense that it would be directed towards the modern nation of Israel as it does not have enemy creditors. It must be a nation or group of nations with some prominence.
Since the USA has the most debt of any nation of all time, it seems to be a leading (though not necessarily only) candidate to be included in it. Increasing deficits puts the USA in a dangerous position that Bible prophecy indicates that it will not be able to recover from, irrespective of what Ben Bernanke publicly believes.
And those in Europe, China, and elsewhere are taking steps to do something as they do not believe that the USA has down what it should do or will do what it needs to.
Some prophetic articles of possibly related interest may include:
Anglo – America in Prophecy & the Lost Tribes of Israel Are the Americans, Canadians, British, Scottish, Welsh, Australians, Anglo-Southern Africans, and New Zealanders descendants of Joseph? Where are the lost ten-tribes of Israel? Who are the lost tribes of Israel? Will God punish the U.S.A., Canada, United Kingdom, and other Anglo nations? Why might God allow them to be punished first?
Will the Anglo-Nations be Divided? Will the lands of the United States, United Kingdom, Canada, Australia, and New Zealand be divided? What does Bible prophecy teach? Are there non-biblical prophecies that support this idea? Who will divide those lands? Who will end up with the lands and the people?
Prophecies of Barack Obama? Eight reasons why Barack Obama is apocalyptic and eight reasons why Barack Obama is not the Antichrist. This article includes many biblical and non-biblical prophecies, from around the world, that seem to discuss Barack Obama. Did Nostradamus predict Barack Obama dealing with the Antichrist? Might Barack Obama set the stage for the kings of the North and South as at least one Shiite prophecy suggests? This is the longest and most complete article on this page on Barack Obama prophecies. Read it and decide for yourself if President Obama seems to be fulfilling various prophecies.
Barack Obama, Prophecy, and the Destruction of the United States Some claim that Barack Obama is the prophesied “son of Kenya”, based up an early 20th century writing.
Who is the King of the North? Is there one? Do biblical and Roman Catholic prophecies point to the same leader? Should he be followed? Who will be the King of the North discussed in Daniel 11? Is a nuclear attack prophesied to happen to the English-speaking peoples of the United States, Great Britain, Canada, Australia, and New Zealand? When do the 1335 days, 1290 days, and 1260 days (the time, times, and half a time) of Daniel 12 begin? Where is the nation of Israel in all of this?
Does God Have a 6,000 Year Plan? What Year Does the 6,000 Years End? Was a 6000 year time allowed for humans to rule followed by a literal thousand year reign of Christ on Earth taught by the early Christians? When does the six thousand years of human rule end? Does the Bible give any indication about 2018?
Can the Great Tribulation Begin in 2010, 2011, or 2012? Can the Great Tribulation begin today? When is the earliest that the Great Tribulation can begin? What is the Day of the Lord?
Europa, the Beast, and Revelation Where did Europe get its name? What might Europe have to do with the Book of Revelation? What about “the Beast”? Is an emerging European power “the daughter of Babylon”? What is ahead for Europe?
Asia in Prophecy What is Ahead for Asia? Who are the “Kings of the East”? What will happen to nearly all the Chinese, Russians, Indians, and others of Asia? China in prophecy, where? Who has the 200,000,000 man army related to Armageddon?
