RT: Russia urges allies to dump dollar and euro in trade
Russia is encouraging the world to drop the US dollar as the world’s primary reserve and trading currency:
Russia urges allies to dump dollar and euro in trade
April 25, 2022
Russia should increase settlements in national currencies with partner countries, Denis Manturov, head of the Russian Ministry of Industry and Trade, said at the plenary session of the Innoprom international exhibition in Uzbekistan on Monday.
He was addressing countries within the Eurasian Economic Union (EAEU), BRICS and the Shanghai Cooperation Organisation (SCO), of which Russia is a member.
According to the minister, in 2021, the growth of Russia’s trade turnover with partners within these associations amounted to about 38%, while together these unions make up roughly half of the global economy. According to Manturov, the future of their successful cooperation depends on how fast Russia’s partners move away from the US dollar and the euro toward national currencies in mutual settlements.
“What is happening today in the global economy and in the world gives us a hint about how we need to rebuild our logistics, industrial cooperation, in what directions we can develop our economies. This [is] de-dollarization, and now we have added de-euroization, that is, the transition to our own currencies in order to be as independent as possible in terms of mutual settlements,” Manturov said. https://www.rt.com/business/554431-russia-dump-dollar-currencies-trade/
But it is not just Russia that wants to do this. China wants to as well. Furthermore, part of the reason that BRICS (Brazil, Russia, India, China, and South Africa) formed a coalition years ago was to work to bypass the USA dollar.
Notice that even Israel, a close ally of the USA, is getting involved:
For first time: Israel’s Central Bank replaces US dollar reserves with Chinese currency
April 24, 2022
Israel added four new currencies – among them the Chinese Yuan (RMB) – to its central bank holdings in an unprecedented move in the country’s history. Additionally, Israel’s Central Bank will cut US Dollar (USD) and EUR holdings to diversify its foreign reserves.
Israel’s foreign currency reserves, which surpassed $200 billion last year for the first time, were traditionally comprised of US dollars, Euros, and British Pounds. Israel will now consist of Canadian dollars (CAD) and Australian dollars (AUD) in their foreign currency holdings. It will also include the Japanese Yen and the Chinese Renminbi.
Deputy Governor Andrew Abir called the decision a change in Israel’s “whole investment guidelines and philosophy.” https://www.israel365news.com/268702/for-first-time-israels-central-bank-replaces-us-dollar-reserves-with-chinese-currency/
By increasing its debt and weaponizing its dollar via sanctions, etc. the USA has been increasing the motivation of many nations to bypass its dollar. Notice some comments published by Newsweek:
Will the U.S. Dollar Lose Its Place as the World’s No. 1 Reserve Currency?
Valery Giscard d’Estaing, French Finance Minister, in the 1960s, said the dollar’s standing as the world’s reserve currency gives the U.S. an “exorbitant privilege.” …
Gary Hufbauer, a nonresident senior fellow at the Washington-based Peterson Institute for International Economics, a Washington-based think tank, said the dollar faces four long-term threats to its standing as the world’s key reserve currency.
The first is “profligate U.S. fiscal deficits,” he said in comments sent to Newsweek.
Hufbauer called the second threat “the widespread use of dollar-based financial sanctions to punish China, Iran and other ‘bad boys’ which in turn call into question the sanctity of dollar assets.”
His last two threats come from overseas, with the third originating in the largest global rival to the U.S., with the “probability that China will take necessary steps to make the yuan a true rival to the dollar: free convertibility, free capital flows, free floating, bank secrecy, cyber money.”
Hufbauer’s fourth threat is that the European Central Bank will take steps to make the euro an “attractive reserve currency” challenging the dollar’s dominance. …
Usha Haley, the W. Frank Barton Distinguished Chair in International Business and Director of the Center for International Business Advancement at Wichita State University said … “Currently, no alternative safe havens exist for foreign investors,” 02/05/21 https://www.newsweek.com/will-us-dollar-lose-its-place-worlds-no-1-reserve-currency-1567224
Well, the Europeans are hoping their currency will be the replacement, despite current Russian concerns.
Europe has NOT produced as many trillions of Euros of debt, at least not yet, that the USA has with its dollar. Plus, several of the nations there have been accumulating and/or repatriating gold.
Understand that the Bible shows that the time will come when Europe will prosper mightily and be involved with gold (cf. Revelation 18).
Now, consider a story, I have reported here before:
There once was a movie that had two men camping outdoors. Suddenly, one man yells, “Run, a bear!” The other man yells back, “You can’t outrun a bear.” The first man responded with, “True, but all I have to do is to outrun you.”
The implication is that the first man only needed to be better runner than the second man, which presumably the bear would consider to be weaker, and then catch and destroy. This would, supposedly, allow the first man to survive.
From an economic perspective, the story basically is that the debt and economic situation in Europe does not need to be perfect, only perceived to better (or at least similar) than that of the USA to someday surpass it.
While the Bible shows that gold and silver will one day be considered worse than useless (cf. Ezekiel 7: 19), it also shows that it will have value after the USA is defeated (cf. Daniel 11:39-43).
That being said, yes the USA dollar will collapse one day–and some type of European back currency, possibly the Euro or perhaps some type of international basket of currencies will replace the US dollar as the world’s reserve currency.
The USA will face incredible problems and losses once its dollar is no longer the world’s true reserve currency. Notice the following perspective:
When The Dollar Is No Longer A Reserve Currency
The government has been borrowing so much money, that soon, we will not be able to afford even the interest on the loans.
Income tax receipts are roughly $900 billion a year.
Corporate taxes are roughly $200 billion annually.
Our current annual deficits are nearly $1.3 trillion, meaning we’re spending $900 billion + $200 billion + $1.3 trillion = $2.4 trillion.Even if you doubled tax revenue, we would still be running a deficit!
Even if all U.S. citizens were taxed 100% of their income, it would still not be enough to balance the Federal budget! Tax increases will not even make the smallest dent on the true size of our debt.
There is not a single credible plan, by any political party, to merely end our annual deficits, never mind actually paying back our debts.
Here’s the kicker… the costs of maintaining our debts are about to skyrocket.
For years, the Federal Reserve has been keeping interest rates very low, to almost zero, and as a result, the interest rate at which the U.S. government borrows money from the Federal Reserve is an incredibly low level. This won’t last forever.
How much interest? Right now we’re paying about 15% of federal tax receipts (about $200 billion a year). If the government had to spend a ‘real’ market-based rate of interest, say 6%, it would cost $840 billion a year on interest (76% of tax receipts), just for what we owe right now, today.
We are trapped. The main-stream-media does not want you to know how precarious our government’s finances really are. …
The U.S. is the only country in the world that doesn’t have to pay for its imports or its debts in a foreign currency.
Example: A German wants to buy oil from Saudi Arabia – the German cannot pay for the oil in German marks (or Euro’s) because the oil is priced in dollars. You have to buy dollars first, then buy your oil.The U.S. has been able to consume as much as we want without worrying about acquiring the money to pay for it, because U.S. dollars are accepted everywhere around the world.
As our creditors continue to figure out what’s happening (printing more and more dollars), we’re going to have very BIG problems. The creditors will either begin to refuse payment in dollars, or they will greatly discount the value of these new dollars. It’s already happening.
Most Americans have no clue what the repercussions are of losing the status of world currency. …
As the U.S. dollar continues to lose it’s position as the world’s currency, gas, oil, and other commodities will continue to skyrocket. Almost everything we consume will immediately get more expensive. It’s happening right now. Everything is getting more expensive. …
It’s only going to get worse, because we can NOT stop printing because we can’t actually afford our existing debts. …
The Chinese are getting out of the dollar as fast as they can via strategic commodities.
With less demand for the dollar around the globe, interest rates will skyrocket. …
When the U.S. dollar loses its spot as the world’s reserve currency, the brutal downturn will be about 10-times worse than the mortgage crisis of 2008. …
The U.S. dollar has remained the world’s reserve currency for more than 50 years. It seems as though its days are numbered. Don’t remain in denial. 01/31/21 https://modernsurvivalblog.com/money/when-the-dollar-is-no-longer-a-reserve-currency/
In several ways, the above is actually optimistic. What will happen will be MORE than “0-times worse than the mortgage crisis of 2008.”
Most Americans do not realize is that the largest export from the USA is actually its currency–which is basically debt notes.
Russia, China, Europe, and some others are looking at gold as at least a partial replacement. Related to that, the Continuing Church of God (CCOG) put out the following video on our Bible News Prophecy YouTube channel:
China introduced something that was called the gold-petro-yuan back in 2018. Since then, the global share of US-dollar-dominated exchange reserves have dropped to 59.0%. In April 2021, China became the first major economy to unleash a Central Bank Digital Currency. China also has given its banks permission to import large amounts of gold. Is China preparing for a gold-backed yuan to push aside the US dollar or to help it survive a US dollar cataclysm? Are other nations preparing to push the US dollar aside? Do Europeans seem to have the most gold? Are Europeans prophesied to gain more gold? Is the US debt trajectory sustainable per Fed Chairman Jerome Powell? Does the Bible warn of the end coming to the highly indebted in Habakkuk 2:6-8? Why does it looked like a gold-backed currency will replace the US dollar? Will the US dollar, ultimately, become essentially worthless? Dr Thiel addresses these issues and more.
Here is a link to our video: Gold Backed Currency to Replace the US Dollar?
Here is something related to debt and the US dollar being the primary reserve currency from my book Biden-Harris: Prophecies and Destruction:
Joe Biden and many other American politicians have not run away from increasing U.S.A. debt—that will be to the nation’s peril.
The Bible warns about something that will happen to a heavily indebted nation. Notice what the Hebrew seer Habakkuk wrote over 2,600 years ago:
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 2:2-3,6–8).
Notice that what is to happen is so bad, that people who read the prophecy should run, when it is time for it to be fulfilled. Since that prophecy is to be fulfilled at the appointed time of the end, it is still for the future, but perhaps not too far distant in the future. No nation has ever been in as much total debt as the U.S.A.
The “U.S. is highly vulnerable to loss of confidence by foreign creditors.”[i] U.S. government debt is “extremely vulnerable to foreign attack because of the high percentage of foreign ownership — almost 40% of the market.”[ii]
Interestingly, in the past, one foreign creditor, China, has raised concerns about the U.S. debt that are so serious, that its potential dumping of that debt has been called China’s “nuclear option”[iii] against the U.S.A.—an option that involves no military intervention, but that could greatly harm the U.S.A.
Others have been concerned that Russia will perhaps encourage something like this when the timing is right. European leaders have been working for years to establish a new reserve currency for the world, partially with the intent to remove the U.S. dollar from its position as the world’s primary reserve currency.
Those in Iran and some of the Arab lands, along with nations such as Brazil and India have discussed plans for the removal of the dominance of the U.S.A. in global trade as well. The former President of Brazil, Lula, even claimed that eliminating the U.S. dollar’s reserve currency status was one of the reasons that the BRICS alliance (Brazil, Russia, India, China, and South Africa) was formed. [iv]
The Bible clearly warns against cheapening the money supply and encourages having money hold its value (Proverbs 25:4 Isaiah 1:25, Ezekiel 22:18-22). Yet policies enacted under the Obama and Trump Administrations, following certain other administrations, have ignored these warnings.
No nation in the history of humankind has ever accumulated as much debt as the United States of America (because the U.K. may have close to the highest amount of per capita debt,[v] its fate would be similar). Destruction is coming.
However, the relationship between debt accumulation and prophesied destruction remains unapparent to many. Because there is a time lag, many ignore that there will be real consequences (cf. Ecclesiastes 8:11; Habakkuk 2:3,6-8). Yet, these increases of debt are utterly dangerous.
When the time comes when the Federal Reserve is no longer able to keep interest rates artificially low, the U.S.A. will continue past the point of no return. That will become one of the final factors that will cause creditors to rise up and destroy the U.S.A.
The Economy
While pushing biblically immoral ideas is bad for the economy, it should be noted that economies vary. A modern reality is that being the world’s de facto reserve currency has helped prolong the U.S.A.’s dominance.
When the U.S. dollar is no longer the world’s reserve currency, this will hurt the U.S.A. financially. Increasing debt, including “quantitative easing,” is a form of dishonest profits that is not something that God approves of and will punish the U.S.A. for (cf. Ezekiel 22:13-16).
Inflation will eventually hit the U.S.A. extremely hard. As the world becomes less attached to the American dollar, many financial jobs and opportunities will be in places other than the U.S.A. Eventually, but not yet, the U.S.A. dollar will become worthless (worth no more than the scrap or sentimental value of the cotton-paper it is printed on).
Will it always be straight downhill for the economy of the U.S.A.?
No.
There are some reasons to have some temporary optimism. The longer there is some economic stagnation in parts of the economy that governmental COVID-19 policies contributed to, the more demand tends to build up, and an increase in demand may prolong the economy. In addition, technological and other developments may temporarily support the U.S. economy—as can reductions of regulatory burdens.
Some policies of the Biden-Harris Administration may help. Others see problems. The Biden-Harris team looks to increase various regulations and impact some industries negatively (such as the fossil fuel industry). Various ones see their proposed policies and cabinet selections as a refreshing change that they hope will fuel economic growth and shared prosperity.
Notice what was told to a king whose was prophesied to lose his kingdom:
27 Therefore, O king, let my advice be acceptable to you; break off your sins by being righteous, and your iniquities by showing mercy to the poor. Perhaps there may be a lengthening of your prosperity. (cf. Daniel 4:27)
Repentance can prolong prosperity, but promotion of sin leads to destruction. But, it is not expected that Joe Biden or Kamala Harris will push for scriptural national repentance.
[i] Rickards J. Axis of Gold. The Daily Reckoning, December 20, 2016
[ii] Ibid
[iii] Gertz B, China Debt Threat. Washington Times, March 2, 2011
[iv] Escobar P. BRICS was created as a tool of attack: Lula. Asia Times, August 28, 2019
[v] Conway E. Britain showing signs of heading towards 1930s-style depression, says Bank. Telegraph, March 16, 2009
A dominant world reserve currency loses its position if enough nations do not want it to be.
Historically, world reserve currencies have come and gone–remember that the British pound held that role for over a century.
The end of US dollar dominance is coming.
There will be a new world order coming and it will not be one dominated by the Anglo-Americans.
If you think that the USA will continue to be number 1 and claim to believe the Bible, please consider biblical prophecies such as Daniel 11:39; Habakkuk 2:6-8; Isaiah 10:5-11 (see also USA in Prophecy: The Strongest Fortresses and/or watch Do these 7 prophesies point to the end of the USA?).
Some items of possibly related interest may include:
Europa, the Beast, and the Book of Revelation discusses the largest church since the second/third century, which in a real sense is the eighth church mentioned in the Book of Revelation (it also endorses “eighth day” worship). What church would support the Beast? Here is a link to a video titled: Europe and the ‘Holy Roman Empire’.
The End of US Dollar Dominance Is the USA losing its economic status? What about the petro-gold-yuan? A related video is also available: US Dollar being challenged by Gold-Petro-Yuan.
Is God Calling You? This booklet discusses topics including calling, election, and selection. If God is calling you, how will you respond? Here is are links to related sermons: Christian Election: Is God Calling YOU? and Predestination and Your Selection. A short animation is also available: Is God Calling You?
Christian Repentance Do you know what repentance is? Is it really necessary for salvation? Two related sermons about this are also available: Real Repentance and Real Christian Repentance.
The New World Order Is Leaving the US Behind Bloomberg reported that the New World Order is leaving the USA behind. Other secular news sources are also reporting the rise of a new world order and decline of the influence of the USA. What about NAFTA, the Paris Accords, TPP, TWO, and NATO? Russia, China, and Europe are all working towards reducing dominance of the USA. Is this consistent with biblical prophecy? When did the time of Anglo-American dominance begin? Will the coming world order be dominated by a European Babylonian power? What will happen to the USA, United Kingdom, Australia, and New Zealand after military actions by the coming order and the Great Tribulation? Are there any ties to Armageddon? Dr. Thiel addresses and more from the Bible. This is a video.
USA in Prophecy: The Strongest Fortresses Can you point to scriptures, like Daniel 11:39, that point to the USA in the 21st century? This article does. Two related sermon are available: Identifying the USA and its Destruction in Prophecy and Do these 7 prophesies point to the end of the USA?
Who is the King of the West? Why is there no Final End-Time King of the West in Bible Prophecy? Is the United States the King of the West? Here is a version in the Spanish language: ¿Quién es el Rey del Occidente? ¿Por qué no hay un Rey del Occidente en la profecía del tiempo del fin? A related sermon is also available: The Bible, the USA, and the King of the West.
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? Does God have 7,000 year plan? What year may the six thousand years of human rule end? When will Jesus return? 2029 or or 2031 or 20xx? There is also a video titled 6000 Years: When will God’s Kingdom Come? Here is a link to the article in Spanish: ¿Tiene Dios un plan de 6,000 años?
Might the U.S.A. Be Gone by 2028? Are there prophetic reasons to believe that the USA will not last two complete presidential terms? Yes. There is a tradition attributed to the Hebrew prophet Elijah that humanity had 6,000 years to live before being replaced by God’s Kingdom. There are scriptures, writings in the Talmud, early Christian teachings that support this. Also, even certain Hindu writings support it. Here is a link to a related video: Is the USA prophesied to be destroyed by 2028? In Spanish: Seran los Estados Unidos Destruidos en el 2028?
When Will the Great Tribulation Begin? 2022, 2023, or 2024? Can the Great Tribulation begin today? What happens before the Great Tribulation in the “beginning of sorrows”? What happens in the Great Tribulation and the Day of the Lord? Is this the time of the Gentiles? When is the earliest that the Great Tribulation can begin? What is the Day of the Lord? Who are the 144,000? Here is a version of the article in the Spanish language: ¿Puede la Gran Tribulación comenzar en el 2020 o 2021? ¿Es el Tiempo de los Gentiles? A related video is: Great Tribulation: 2026 or 2027? A shorter video is: Can the Great Tribulation start in 2022 or 2023? Here is a video in the Spanish language: Es El 2021 el año de La Gran Tribulación o el Grande Reseteo Financiero.
Biden-Harris: Prophecies and Destruction Can the USA survive two full presidential terms? In what ways are Joe Biden and Kamala Harris apocalyptic? This book has hundreds of prophecies and scriptures to provide details. A Kindle version is also available and you do not need an actual Kindle device to read it. Why? Amazon will allow you to download it to almost any device: Please click HERE to download one of Amazon s Free Reader Apps. After you go to your free Kindle reader app (or if you already have one or a Kindle), you can go to: Biden-Harris: Prophecies and Destruction (Kindle) to get the book in seconds.
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