It was only last week that I wrote about the ideas beginning to surface concerning the need for a one-world currency. What a difference a week can make! Since then the outcry for demoting the US dollar and coming up with a new single currency is coming from every corner of the globe.
It all started with Russia announcing that it would propose a new global currency to replace the US dollar as the international currency of choice. The fact that Iran has been calling for a single currency among the oil traders of the Middle East notwithstanding, call have now erupted from major powerhouse nations.
China’s premier Wen Jiabow demanded U.S. action to safeguard the value of China's holdings of U.S. bonds - $740 billion of U.S. Treasuries and a further $600 billion or so of other debt. “We have lent huge amounts of money to the US. Of course we are concerned about the safety of our assets” he said. This fear has caused China to join with Russia in calling for a single world currency to be put on the agenda of the upcoming G20 meeting next week. The proposal is now backed by India and Brazil among a host of smaller countries.
China's proposal is to activate the International Monetary Fund's power to issue Special Drawing Rights (SDRs). The IMF would be groomed as de facto central bank for the planet. The SDRs would gradually become an “accepted means of payment”. In theory, this world reserve bank would be above politics. The plan suggests a resource currency along the lines of the “Bancor” floated by Keynes at Bretton Woods in 1944. This was anchored on 30 commodities, giving it a broader base than the Gold Standard. Such a currency would prevent the “credit-based” debauchery of today's fiat system, says Mr Zhou.
When President Obama was asked about the proposal, he quickly dismissed it and “reassured” reporters that the dollar was sound and that this was not even being considered by the U.S. However, less than 24 hours later in testimony before the U.S. Congress this past week, U.S. Treasury Secretary Tim Geithner confessed on Wednesday that he had not read the plans by China's central bank governor for a “super-sovereign reserve currency” run by the International Monetary Fund, but nevertheless let slip that Washington was “open to the idea”.
So what has caused this acceleration of the discussion of a single global currency? All of this comes on the heels of the U.S. Federal Reserve efforts to begin monetizing the national debt by printing money to buy U.S. Treasury notes. Many experts fear that this process could inflate the amount of money in circulation and cause serious devaluation of the currency on world markets. To the average American, this move is comparable to a retail consumer in debt using a Master Card to pay a Visa credit card bill.
It is becoming painfully clear to other countries that have been supporting our national debt via U.S. Treasury bonds that some other currency needs to be created quickly to replace the dollar before it collapses and leaves their reserves worthless.
What happens exactly and what proposal or plan is chosen in the days ahead, no one knows for sure. However, those that study bible prophecy know that this is the prelude to the coming power of the Antichrist and the mark of the beast spoken of in Revelation 13.
With that in mind, Jesus gave advice that is sound today: “Lay not up for yourselves treasures upon earth, where moth and rust doth corrupt, and where thieves break through and steal: But lay up for yourselves treasures in heaven…” Matthew 6:19-20
Sounds like good advice to me…how about you?

