June 28, 2009
Steve Collins

Previous blogs have commented on the growing pressure against the US dollar being exerted by other nations who are increasingly disgusted with the reckless management of the US federal budget and the US currency. Since the US dollar is the global reserve currency, mismanaging the US economy and currency affect all other nations. Russia and China have been in the lead in urging that the world adopt a new currency unit to replace the US dollar, but they have hardly been alone. Rumors of a gold-backed currency being started by the Arab/Gulf Coast nations have been floating for some time, and even Germany’s Prime Minister publicly recently slammed the US Federal Reserve Board’s policies. It is ominous that leading nations in both the Western and Eastern Blocs are finding common interest in rebelling against the US dollars’ global hegemony.

This international desire to “dump the dollar” as the global reserve currency is growing. With each new massive bail-out of well-connected “crony capitalists” on Wall Street, the Obama administration and Congress are hastening the day when the dollar will fall from its global pinnacle. China is not kidding. China is also the holder of so much US debt that it alone has the power to move many nations to assist it in a global “dump” of the dollar. Indeed, it is already doing so in a low-key manner. It has already negotiated bilateral agreements with Argentina, Brazil, Malaysia and who-knows-how-many other nations to bypass the US dollar in global trade deals and use Chinese currency arrangements.

This blog is intended to inform readers that China has issued another public call for the replacement of the US dollar. The link below (from Bloomberg News) reports that the Chinese Central Bank has issued another call for “a new global currency,” and called for the International Monetary Fund to “manage” more foreign exchange reserves which are currently managed by individual nations (such as the USA). In calling for what is, in effect, an IMF receivership of the USA’s finances, China is cleverly avoiding (for now) a direct attack on the US currency unit, but it is attack nonetheless. The Chinese statement openly states the US dollar “should depreciate,” but the dollar’s role as the global reserve currency keeps that from happening. China is clearly looking for a way to de-throne the US dollar as the global reserve currency so the US dollar will depreciate and the financial influence and military power of the USA in the entire world will be diminished. The link below notes that In a recent statement, Russia, China, Brazil and India all called for action to “reduce dependency on the greenback.”

We do not know how long it will be until the US dollar experiences such a major crisis on global markets that the nations are forced to develop a global alternative to the US dollar. Revelation 17: 9-18 prophesy that a powerful group of 17 entities (“seven heads and 10 horns”) will overthrow the global system of world finance dominated by the US dollar–the currency of “Babylon the Great’s” global system of crony capitalism which enriches the multinational companies and the complicit political leadership of various nations (Revelation 18:3). The 17 entities which will eventually topple the current system could be nations, central banks, sovereign wealth funds, etc. We will have to wait to see who they are, but this will come to pass. The above blog names some of the nations which have a joint interest in reigning in the reckless policies now shaping the US federal budget, central bank and currency due to the damage these policies are causing all nations. As the article below notes, China has vast foreign currency reserves and it can implement major changes in the global financial markets when it decides to do so. When China has gathered enough nations to support it in imposing global “change” in world currency and financial markets, it will “pull the trigger” on the US dollar. Will it happen in months? In years? I don’t know. However, Revelation 17-18 prophesy it will happen, so this event will occur when the Creator who guides the destinies of the nations decides his prophetic timetable calls for the event to occur. China is clearly making arrangements with other nations to join it in de-throning the US dollar. It is openly calling for such an outcome. It is now only a matter of time till this happens. The American people will be shocked because the establishment media won’t warn them about this growing danger. There will no reason why readers of this blog should be surprised when it happens.