(Action has Many Geopolitical Ramifications)
March 14, 2009
Steve Collins

As the western world’s banking system still struggles to avoid a historic melt-down, one is left with the inescapable question of “What replaces the banking system” if the current one collapses? Revelation 17:12-18 prophesies that the historic system called “Babylon the Great” (or “the Great Whore”) will experience a global collapse in the latter days of our age. Indeed, this prophecy states that when it falls, the nations will “eat her flesh and burn her with fire.” This is very strong language. It very much infers that when the current economic system falls, it will be not die a quiet death, but rather it will be “put to death” by a group of many nations (called “the seven heads and the ten horns”) acting in concert.

The prophecy in Revelation mentions that one particular great city will be identified as the end-time capital of Babylon the Great’s system. Revelation 18 offers much additional detail about the events that will signal the collapse of this city’s political/economic control of the earth is imminent. The process will begin with two great “falls” (verse 2) in a seaport city (verses 17-19) which is identified with globalism and world trade (verse 3, 11-15). This city will personify a globalist system in which global multinationals (the “merchants of the earth”) will be allied with political/governmental insiders (the “kings of the earth”) in a self-serving, unholy alliance which allows them to “live deliciously” (think CEO compensation packages) at the expense of everyone else who are “slaves” to this system (verse 13). These prophesies point to New York City more than any other nation on earth.

These events will be followed by a global economic crisis in which commerce, world trade and retail sales fall dramatically (verse 11). Is this sounding a lot like modern world events? If you have not done so, I urge you to read two articles available at this website. The first is “What Kind of Captivity?” (which documents that the modern banking-based, capitalistic system originated in ancient Babylon), and “Is Babylon the Great about to Fall…Ushering in a new Beast System?” (which examines the events of 9/11 in the light of biblical prophecy).

I am not making predictions, but the global economic system could be heading for collapse. We have been told by authoritative figures that a global collapse almost occurred last Autumn. We do not know God’s specific timetables. This severe crisis may prove to be a “near death experience” for Babylon the Great’s system–a harbinger of what will come–or it may culminate in its complete collapse. The first link below indicates that European nations are reacting coldly to US proposals put forth by Treasury Secretary Geithner.

Major stresses are building up behind closed doors as other nations blame the USA (and New York City’s Wall Street insiders) for the current global economic crisis. Major media reports have documented that several Eastern European nations are at the point of economic collapse as are several Western European nations. Latvia’s government has fallen, Iceland’s banking system collapsed and others are teetering on the brink. The Eurozone is in danger of breaking apart. The second link reports that even Switzerland, the bastion of the banking industry) is at risk. Old Soviet-era nations like the Ukraine are barely above water. The third link below reports Kazakhstan, another old Soviet-era nation in Asia, is calling for a new global currency and criticizing “excessive global reliance on the US dollar.” That nation is calling on the G-20 nations to implement such a new system. Russia’s Vladimir Putin has called for this for some time.

Talking about a new global economic/banking/currency system is easy. Implementing such a system is difficult. What kind of new economic system could replace the banking system as we have known it and still clear checks, handle deposits, underwrite world commerce, etc.? An alternative system is now ready, waiting and already functioning. It is called “Sharia Banking,” and it based in the Islamic nations. You can do a  websearch for this term and find lots of explanations about its systems, but, very briefly, it is a banking system that operates without charging interest (usury) to borrowers. Banks make money based on shared equity growth with their borrowers, as I understand it, but they can otherwise perform typical bank functions. This Sharia Banking system developed so Islamic nations could participate in world commerce. Such a system was needed as the Koran forbids usury. Technically, the Bible, does as well (see Exodus 22:25, Leviticus 25:36-37, Psalm 15:1-5, Ezekiel 18: 1-17, etc.). While the Judeo-Christian nations (many of which are descended from Isaac) have long ignored the biblical warnings about usury, the Islamic world (the Arabs are descended from Ishmael and the Turks from Esau) have obeyed the Koran’s prohibition vs. usury.

The Bible and the Koran are in agreement that lending money at interest (usury) is sinful. Could the Islamic banking system become the replacement for the world’s current usury-based system which is in danger of collapse? You may be surprised who has just suggested Islamic banking as a valid alternative. The Vatican has done so.

While Americans are oblivious to the story, the Vatican has taken decisive steps to reassert its independence and sovereignty among the nations. The fourth link below is a BBC story which reports that the Vatican has “divorced [itself] from Italian national law effective January 1, 2009.” This action surprised Italy and has the effect of making the Vatican independent of Italian laws. I suspect the danger of liberalized abortion laws in Italy may have something to do with this action, but this gives the Vatican an independent voice among the nations. It didn’t take long for the Vatican to assert an independent voice. On March 7, 2009, the Vatican “said banks should look at the rules of Islamic finance to restore confidence amongst clients during the current global economic crisis.” The Vatican further urged western banks to use “Islamic bonds” as an alternative to using traditional Western interest-based loans. This report is in the fifth link below, and it further states that Islamic banking systems could be used to fund the “car industry or the next Olympic games.”

Now that the Vatican has urged the consideration of Islamic Sharia banking, it gives far greater credibility to Sharia banking as a serious alternative ready to replace the interest-based banking systems of the West. The western, usury-based banking industry will not die easily, but Revelation 17-18 prophesy that it will die sometime in the latter days. The Bible says it will be replaced by the age-ending, global “beast” system (Revelation 17:9-13). I want to stress that I do not know when this will occur, but the Vatican’s endorsement of Sharia-banking gives us a further signal that Babylon the Great’s demise is nearing. If many of the world’s nations declare “null and void” all derivatives, credit-default swaps, collateralized debt obligations, etc. in order to get those “toxic waste” investments off everyone’s books, and if they introduce a new gold and commodity-backed currency as they also forbid usury-based banking within their nations, it will collapse the great banking establishments of the West and will devastate the US dollar and force it to be restructured.

Whenever this event occurs, it will affect everyone on earth. It could dramatically rearrange the political alliances and realities on the globe.  Consider one possibility. If the Western nations adopt a new Sharia-based banking system, it will revolutionize relationships between western and Islamic nations is a positive way.  It could result in a new Mideast Peace Agreement where the Israelis and Sunni Arab nations become reconciled, a Palestinian state is born with a capital in East Jerusalem with a proviso that the Israelis gain sovereignty over a portion of the Temple Mount and can build a new Temple. The Vatican may even have a more formal role in administering the Temple Mount.

One of President Obama’s first TV interviews was with an Islamic, Arabic TV network. There are also media reports (see last link below) that President Obama may be invited to address the Turkish Parliament, which would be “a rare honor reserved for the country’s closest allies.” Turkey is a vitally-important Islamic, NATO nation. This would be quite a development, and would signal much warmer relationships between the USA and the West with Islamic nations. I expect the breach between Iran and its allies (Hamas, Hezbollah, Syria, etc.) with the West to continue because Ezekiel 38:5 prophesies that “Persia” (Iran) will remain an enemy of the West until the end of this age. However, the Arabs and Turks (Ishmaelites and Edomites) are not mentioned as being allies of Gog-Magog and Iran in the end-time global war. President Obama’s Islamic childhood may make him uniquely suited to implement a new global system which creates an alliance between the West and the Sunni Moslems.

If the West adopts Islamic Sharia banking, it could “seal the deal.” And the Vatican has now openly endorsed this course of action! I think the details of many prophecies could fall into place very quickly if such an agreement is announced. Time will tell, but let’s watch this development very closely!