Russia and Fed Chairman: Euro Can Replace Dollar
Dmitry Medvedev
Russia seems to realize that the ruble will not be the world’s reserve currency and that the euro makes more sense at this time:
The Ruble as a Global Reserve Currency? No!Moscow Times – Sept 23, 2009…President Dmitry Medvedev…acknowledged the poor performance of the Russian economy in his web article of Sept. 10, in which he asked, “Should we drag ourselves also into the future with a primitive economy based on raw materials and endemic corruption?” After one year, not one single reform has been accomplished, although crises usually render necessary reforms politically possible.Berkeley professor Barry Eichengreen is the foremost researcher of reserve currencies and his conclusions are unequivocal. In the last two centuries, the world has seen three significant reserve currencies. The pound sterling dominated in the 19th century. In the course of half a century, the U.S. dollar gradually overtook sterling. In the last decade, the euro has emerged with 27 percent of global currency reserves, while the dollar still holds two-thirds. Sterling and yen account for 3 percent to 4 percent each, leaving less than 1 percent for other currencies.The real question is whether the dollar will disqualify itself as a reserve currency and give way to the euro, or possibly the Chinese renminbi in a few decades. But the ruble hardly complies with any of the arduous demands for a reserve currency, having become convertible as late as July 2006…
Today, the euro has become a realistic alternative to the dollar…
Anders Åslund, a senior fellow at the Peterson Institute for International Economics, has together with Andrew Kuchins authored “The Russia Balance Sheet.”
The former Chairman of the Federal Reserve in the USA is realizing something similar:
Euro could replace dollar as top currency-Greenspan
Reuters – Sept 17, 2007BERLIN (Reuters) – The euro could replace the U.S. dollar as the world’s primary reserve currency, a German magazine quoted former Federal Reserve Chairman Alan Greenspan as saying on Monday.
Greenspan told weekly Stern it was “absolutely conceivable that the euro will replace the dollar as reserve currency, or will be traded as an equally important reserve currency,” the magazine said in a preview of this week’s edition.
The dollar no longer had much of a lead over the euro, he said, adding that the European Central Bank had “developed into a global economic force to be taken seriously.” http://www.reuters.com/article/bondsNews/idUSL1771147920070917
When the British pound ceased to the world’s reserve currency, that had negative effects on the British economy. If the dollar is replaced (and it will be) this will have more profound effects on the US economy than most Americans realize. The UK simply did not have anything like the type of debt the USA now has when the sterling was being replaced.
The Europeans have been more concerned about the value of the euro during this economic crisis and have refused to greatly increase debt. This has raised the value of the euro among many as the logical replacement for the USA dollar as the world’s reserve currency. And while that could change, right now it looks like the Europeans have taken steps for that to come to pass.
The Bible tells of a time when a European economic power will rise up, and we are starting to see this before our very eyes right now. And even though there will sometimes be drops in the value of the euro, the long term outlook for the USA is that it will ultimately be worth nothing.
Some articles of possibly related interest may include:
Russia: Its Origins and Prophesied Future Where do the Russians come from? What is prophesied for Russia? What will it do to the Europeans that supported the Beast in the end?
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”? What is ahead for Europe?
Prophecies of Barack Obama? Are there biblical and non-biblical prophecies about 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 his timing and at least one Shiite prophecy suggests? This is the longest and most detailed of the articles here at COGwriter related to prophecy and Barack Obama.
Barack Obama, Prophecy, and the Destruction of the United States Some claim that Barack Obama is the prophesied “son of Kenya”. Might Bible prophecy be fulfilled since he is to be the USA president?
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?
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