June 27, 2008
I’m sure many of us remember media stories about the International Monetary Fund (IMF) having to investigate the financial affairs of “banana republics” and to impose international remedies upon those nations to restore financial discipline to their economies. Such actions essentially placed those investigated nations into a kind of de facto “international receivership.”
Guess what? According to the link below from the German Magazine, Der Spiegel, an IMF investigation is going to be imposed on the USA! This could be a prelude to a form of “international receivership” being placed on the USA by the rest of the world. The link notes that “…the IMF is charged with the supervision of the international monetary system,” and the IMF investigation by its global officials will ask for access to the confidential files and information of “the Fed, the SEC, the major investment banks, mortgage banks and hedge funds” and they will all be “required to answer the questions they are asked during the interviews.” The rest of the world has, apparently, lost patience with the wild and reckless financial scams and schemes of Wall Street which have caused financial pains in many other nations and almost caused the world monetary and economic system to collapse.
This IMF investigation was reportedly allowed by President Bush only under the condition that “the review…begin in Bush’s last year of office” and that it “not be completed until he has left the White House.” The means the IMF report would not be made public until sometime after the US elections. The new US President in 2009 may find his hands quickly tied concerning what he can/can’t do once he is in office. The IMF may issue a scathing indictment of the leaders of the US financial system and the complicit US government officials and politicians who have permitted such reckless financial schemes and who have spent the USA into near-insolvency. The IMF final report is expected to be released in 2010. American voters are not being told about this IMF action by the American media.
Depending on what is in the IMF report, the world may conclude the US dollar is too debased and manipulated to continue as the sole international reserve currency. A new weighted “basket of currencies” may become the new global monetary standard and/or an entirely new monetary unit may be introduced. The world administrators of the new monetary system could require the US government to “knuckle under” to necessary financial disciplines which US politicians cannot bring themselves to impose on the nation or their own spending habits. This would amount to a de facto “receivership” of the US financial institutions by the world community, but it will not be openly called that. It will likely be called “an international financial rescue package” or a “global currency stabilization agreement.”
The link cites the “official” US inflation rate of 4%, which was revealed by a previous blog at this site (and many media and website sources) to be a bogus figure. Such emergency action by the IMF would hardly be necessary for a 4% inflation rate. The US government’s “hedonic” adjustments to the “official” CPI data dramatically understate inflation, as can be documented at www.shadowstats.com and many articles at www.financialsense.com. To give an idea of the real rate of inflation, recent media reports have reported that steel is up 100% in one year, oil is up nearly that much and the June 27, 2008 USA Today’s daily summation of world commodity markets (see page 4B) states that the average price of all commodities (the CRB index) is up 29.1% so far just this year! This means current trends are on pace for an annualized inflation rate of about 60% in the commodities markets in 2008. Skyrocketing oil prices mean the price of all imports and everything which is shipped by sea, truck, rail or air must rise accordingly. No wonder the IMF has been forced to step in and treat the USA like a “banana republic”
US government officials and the US financial leaders are now poised to receive a powerful rebuke from the rest of the world. Given the decades-long record of increasing profligacy by US Presidents and Congresses, such an action would hardly be a surprise. Proverbs 22:7 states an inviolable biblical economic law that even atheists and evolutionists must abide by: “borrowers are servants to lenders.” The USA has become an almost hopelessly-indebted nation, and the rest of the world is the USA’s creditor. Americans are apparently going to feel the full consequences of their wayward financial and economic actions sometime soon. Even nations must eventually bow to the authority of God’s economic law in Proverbs 22:7. America’s major creditors include Communist China, Saudi Arabia, oil-rich nations like Venezuela, etc. It won’t be pretty.
Indeed, given the insoluble debts in the US financial system and the trillions of dollars of unfunded US future obligations, the USA may face a fate worse than financial receivership. It may face de facto economic liquidation. China may be permitted to seize American factories in China to pay off US Treasury debts in a collapsing US dollar. Foreign nations may be allowed to impose liens on US properties all over the 50 states. The USA may be submerged into a new North American Union (NAU) in a merger with Canada and Mexico. The NAU may issue its own new monetary unit which is expected to be called the Amero (feel free to do a websearch on the NAU or Amero to see how this option is already being openly pursued). The US dollar may be allowed to die or descend to ignominious banana republic status. The US dollar will certainly not be allowed to be the world’s sole international reserve currency any longer once the IMF takes action. Americans may learn that debts can be a conquering force greater than foreign armies (see my article “What Kind of Captivity?” available at this website for documentation on this assertion).
I hope and pray the USA will not suffer such a fate, but it is possible. Revelation 13:11-18 prophesies that a global economic/monetary system will emerge at the end of our age which will be headed by a globally-popular political figure called the “Beast” who will unite the nations under his global leadership. We may be closer to the end of our age than we realize.