This post offers commentary about a news story which surfaced in 2009 and was quickly snuffed out of the establishment media’s attention. Although the dates of these news links are from 2009, it has very strong current implications. A recent post was devoted to reports that India (and perhaps China) may soon pay for Iranian oil in gold. In 2009, there were reports that finance ministers and central bankers of a group of nations was holding secret meetings to create a new oil market pricing system which would end the pricing of oil in US dollars. Instead, oil would be priced in yen, yuan, euros, gold and perhaps a basket of other currencies or commodities. The nations that were named as holding these secret meetings were Saudi Arabia, China, Russia, Japan, France, Abu Dhabi, Qatar and Kuwait. You will notice that this list includes both important producer and consumer nations in the oil market.
The first three links [1, 2, 3] reported the details of this secret meeting. The links are from the British media source which broke the story, the Huffington Post and a private blogger. The story was very quickly and officially denied in an establishment new media source, and the entire establishment media acted afterwards as if the story had never even existed. Personally, I think the secret meetings did take place and that more such meetings have occurred since 2009. The quick snuffing out of this critically-important story reminds me of the old adage: “never believe anything until it is officially denied.”  Well, this story was very quickly “officially denied” as soon as it surfaced.
The reason why the powers that be do not want such stories surfacing in the media is obvious. Such stories undermine the US dollar’s global reserve currency status and the power of the US Federal Reserve Board to create an endless supply of “fantasy” money which is turned into “real” money when it is loaned into existence. If (and when) the oil market is no longer priced in US dollars, the US dollar’s role as a global reserve currency will effectively end. The recent report that India and China may soon pay for Iranian oil in gold instead of US dollars gives more credence to this 2009 story. In 2009, the US army was present in great strength in Iraq and Kuwait and acted as a force to pressure nations into not abandoning the dollar’s link to oil, but the US army is now gone from Iraq and only a small force remains in Kuwait, so the USA cannot force its will on Mideast nations the way it once did.
Biblically, this is significant as Revelation 17-18 prophesy that the global financial/monetary system known as “Babylon the Great” will experience a complete collapse in the latter days when it is overthrown by a group of nations called the “seven heads and ten horns.” I fully expect that the nations named above as preparing to dump the US dollar’s role in the global oil markets will be part of the “seven heads and ten horns” who overthrow the US dollar. This will have a huge impact on Americans and all dollar-based investments as the removal of the US dollar from the oil market would create a situation where there is a massive “supply” of dollars and a sudden vacuum in the “demand” for dollars, leading to a dramatic drop in the value of the US dollar and sudden inflation in the USA as all things imported into the USA would suddenly leap in price.
Biblical students know that the fall of Babylon the Great will usher in the reign of the prophesied “beast” system which will be Divinely limited to 42 months (Revelation 13:1-5) at which time it will be destroyed by the return of Jesus Christ at the head of a heavenly army coming to take charge of and rule the earth for 1000 years, whether mankind wants it to happen or not (Revelation 19:11-20:5). Keep watching world events to see if more reports surface which indicate that there may be an imminent break in the connection between the US dollar and the oil markets. If more reports surface, it will be a sign that the fall of Babylon the Great is drawing nearer. For more information on this epic future series of events, I urge you to read the following articles available at my website: Is Babylon the Great about to Fall, Ushering in a New Beast System and What Kind of Captivity?.