The New Reserves

While studying for this Daniel series at CT, I’ve done quite a bit of research on global economic issues, particularly because the global economy lies at the heart of the New World Order controlled by “The Beast” in Revelation:

And no one could buy or sell anything without that mark, which was either the name of the beast or the number representing his name. Wisdom is needed here. Let the one with understanding solve the meaning of the number of the beast, for it is the number of a man. His number is 666. (Revelation 13:17-18)

This world leader comes to power peacefully by controlling the global economy. It surprises me how well-developed the global economy is since I last studied it a few years ago. Let me first explain a few economic facts. The American dollar is the foundation of the global economy, as everyone knows. It was established in 1944 at the Bretton Woods economic conference, where “730 of the world’s leading politicians from all forty-four allied nations convened…Their purpose was to stabilize and reorganize the world economy…to facilitate international trade, and to stabilize international exchange rates.”1 They established the global institutions so familiar today—the International Monetary Fund (IMF), the World Bank Group, and General Agreement on Tariffs and Trade (GATT).

Reserve currency is the biggest concern in our global economy. It is “the currency that is used as the value standard for other currencies. It is the most trusted, stable currency in the world by virtue of the issuing nation’s stability and trustworthiness.”2 Currently, “almost two-thirds of foreign currency reserves are held in dollars. That fact has helped make the United States the world financial leader for the past sixty years.”3

But the financial crisis in 2008 was “the worst in over 75 years,”4 together with our national debt (now $13 trillion and growing) are creating pressures to move the global reserve currency to something more stable. The Wall Street Journal reported:

Trends are shifting the world’s center of gravity away from the United States…This historic crisis raises the question of whether a new global approach to controlling currencies and banking and financial systems is needed.5

I’ve often wondered when one of our loaning nations might stop loaning us money, or worse, call for loan payback. Certainly it would cause panic as confidence in the U.S. dollar drops, and economic chaos would follow. It’s not a knuckle-headed concern.

Not only is there a growing movement among important economists to establish a new, global reserve currency, but it was actually proposed at the 2009 G8 Economic Summit by our Russian “friends” (they are such a pain!):

We should not be surprised that at the April 2009 meeting of the G8 nations in London, consisting of the heads of state of the world’s eight richest industrialized nations, Russia’s president Dmitry Medvedev called for the creation of a new “supranational currency”—a currency that would transcend national boundaries and national authorities. This new currency would replace the U.S. dollar as the world reserve currency…Medveclev [later] proudly showed off a sample coin of “a united future world currency.” The coin bears the imprint, “Unity in Diversity.” …French president Nicolas Sarkozy added his voice, saying, “We cannot stick with just one single currency.”6

So here’s the coin endorsed by the Russian and French presidents:

Conditions are developing quite fast towards a truly global economy. Later in 2009, the G20 Economic Summit was held with 20 nations, “representing 90% of the world’s gross national product and 80% of world trade.”7 The British prime minister said of this summit, “Historians will look back and say this was no ordinary time but a defining moment: an unprecedented period of global change, and a time when one chapter ended and another began.”8 At this monumental summit, the NY Times reports these G20 nations, including the European Union.

The result of the G20 Summit seems to have flown under the radar for most Americans. A global plan was adopted that called for uniform regulations and bylaws that will be governed by the Financial Stability Board (Fr8). This board includes representatives from all G20 countries…Whether or not they intend to keep their commitment, all the G20 members have agreed to put their important financial institutions, instruments, and markets under the authority of a single regulatory agency: the Financial Stability Board.9

The Financial Stability Board (FSB) is apparently endowed with unparalleled authority over “important financial institutions, instruments and markets.” I’m not sure what it means, precisely, but I must agree with David Jeremiah:

It will not require the introduction of a new idea in the end times for a real global bank to come into existence—a bank with real control of the ‘world’s economy.10

1. David Jeremiah, Economic Armageddon, p. 58. [↩]
2. Ibid., p.59 [↩]
3. Ibid., p.60. [↩]
4. Former U.S. Deputy Treasury Secretary Roger C. Altman, Foreign Affairs Magazine., January/February 2009, Volume 88, Number 1. http://www.foreignaffairs.com/articles/63714/roger-c-altman/the-great-crash-2008 retrieved 3/2011. [↩]
5. Altman, Ibid. [↩]
6. Economic Armageddon, p. 62. [↩]
7. Ibid., p.65. [↩]
8. Ibid. [↩]
9. Ibid., p.65 [↩]
10. Ibid., p.64. [↩]

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