June 15, 2009
Steve Collins
If you are a reader of my blogs, you are aware of the growing economic crisis that will eventually lead to the collapse of the current  global financial/monetary system known as “Babylon the Great” in Revelation 17-18. A global monetary conference is now being held in Yekaterinburg, Russia at which many nations are planning how to transition from a US dollar-based global economic system to a new economic system which will bypass the US dollar. The first link below offers a somewhat lengthy report on this global monetary conference, but I urge that you read it so you will understand the financial earthquake that may unfold in the global markets in our future. The Russian-hosted Monetary Conference includes representatives from Russia, China, Kazakhstan, Tajikistan, Kyrgyzstan, Uzbekistan. All These nations are members of the Shanghai Cooperation Organization (SCO), a counterweight to NATO. Also attending this conference as observers are Iran, Pakistan, India and Mongolia (it must be important to get India and Pakistan together at the same conference!).
The above list of nations might surprise no one, but what is definitely a surprise is that the above group of nations will be joined by Brazil from the Western Hemisphere. As a prelude to what lies ahead in global finance, China has already quietly arranged to conduct its foreign trade with Brazil, Argentina and Malaysia in monetary currencies other than the US dollar. The USA (and other US allies) are being excluded from this (mostly) Asian monetary conference. However, many nations other than the ones listed above are deeply concerned about the recklessness of Wall Street and the “crony capitalism” of the USA and the UK which brought the entire world to the edge of a financial abyss in September, 2008. The bailouts of insider Wall Street “cronies” became very obvious under President George Bush and it has risen to even greater levels under President Obama. Previous blogs have noted that Germany’s Prime Minister, Angela Merkel, has openly criticized the US Federal Reserve Board’s policies. Since the entire world has been using the US dollar as its reserve currency, the recklessness of the US government and central bank is jeopardizing the well-being of all nations. I think we’d be surprised if we learned what other nations will be at this Russian monetary Conference (either represented in-person or via secure speaker phones). The growing global disgust with the “management” of the US dollar and all dollar-based markets is forcing even US allies to look for a new monetary unit which can be trusted.
What is notable is that this global monetary conference is being ignored by the establishment western media. “Censored” might even be a better word. While there are many blogs (with many “attitudes”) covering this conference, few establishment media are even mentioning this monetary conference. One establishment national media source which is discussing the monetary conference is India’s The Hindu  (see second link which reports on the demands that India and other nations are going to present to the USA and the western powers).
If the above nations someday issue a global declaration that they will no longer conduct any international trade in US dollars, the dollar’s age of global dominance will be over. These nations may even announce that the USA will need to use their currencies (or a new gold-backed or resource-backed monetary unit) in order to purchase goods from other nations. If such an ultimatum is issued to the USA, the American consumer will quickly learn that they have been living in a “La-La Land” of ignorance. President Obama might receive a rude awakening that his economic “handlers” haven’t told him all that has been happening in the world. The USA is the world’s biggest debtor nation. It may soon learn the reality of what happens when heavily-indebted people (or nations) have their creditors take charge of their future. The Yekaterinburg Conference may actually be a “creditors conference” to decide what to do with the deadbeat debtor that the USA has now become. Proverbs 22:7’s inexorable principle that debtors will serve creditors will eventually be enforced. If producer nations demand that the USA use currencies other then US dollars to buy their goods, the SCO might set a condition: As soon as the USA withdraws all its military forces from Afghanistan and Central Asia, the USA will be allowed to purchase a specific amount of foreign goods via US dollars. Or the USA might be told by China that unless the USA stays out of a Chinese effort to forcibly seize Taiwan, all US factories and assets in China will be nationalized by the Communist Chinese government to “compensate” China for the losses it will incur due to the devaluation of the US dollar on global markets. It could get really ugly.
It is noteworthy that all the nations attending this Russian-based monetary conference (India and Brazil are the possible exceptions) are also listed in Ezekiel 38 as the nations which will comprise the Russian-led “Gog-Magog” alliance that will eventually attack the USA and the western allies at the very end of our current age. I don’t think this alignment of nations is coincidental. God is guiding national destinies to eventually fulfill his prophecies.
The last link indicates just how “ugly” things might get in the future. It reports on the Baltic Dry Index, a shipping rate indictor re: cargo ships which is watched by few observers. This index reveals that China has gone on a buying rampage of raw commodities in recent months, causing the Baltic Dry Index to rise. The Chinese buying of commodities has been so prodigious that the link reports that storing the purchased raw commodities is now a problem. It adds that “90 large freighters” are sitting off Chinese ports simply holding raw iron ore reserves. This could mean several different things. It may mean that China is, like any shrewd investor, simply buying up vast quantities of commodities when the price for these commodities had declined dramatically. It may also simply indicate that China is trying to buy up “things” with its surplus of US dollars while the US dollars are still worth something on global markets.
However, it could also indicate that China has foreknowledge that a period of global currency instability is imminent, and China is amassing vast stores of commodities because it knows that a period of instability in all global financial markets could make such mass purchases very difficult. It may also fear the US Navy will be ordered to prevent commodity cargoes from reaching China in retaliation for what China intends to do in the monetary markets against the USA in the future at a time of its choosing. It may also mean that China is stockpiling all the commodities that will back a new monetary unit which is being planned by the Russian- and Chinese-led alliance of nations.
What will China, Russia and all those other nations attending the Yekaterinburg Monetary Conference decide to do and when will they decide to do it? Only those at the Russian-hosted conference now know. You, the masses in the western nations, will not be warned about what is coming. When a future global crisis occurs, you will someday be told by officials with somber expressions that it is a “surprise” to everyone. Baloney! Those same officials knew what was coming. They simply chose not to give their citizens any warning. However, there is no reason why readers of this blog should be surprised when these events unfold.