Thursday, March 19, 2009

Losing the Loonie

Will we be losing the Canada 'loonie'(dollar) for a world wide currency?

Here is a snip from Joel C. Rosenberg


"A U.N. panel will next week recommend that the world ditch the dollar as its reserve currency in favor of a shared basket of currencies, a member of the panel said on Wednesday, adding to pressure on the dollar," the story noted. "Currency specialist Avinash Persaud, a member of the panel of experts, told a Reuters Funds Summit in Luxembourg that the proposal was to create something like the old Ecu, or European currency unit, that was a hard-traded, weighted basket. Persaud, chairman of consultants Intelligence Capital and a former currency chief at JPMorgan, said the recommendation would be one of a number delivered to the United Nations on March 25 by the U.N. Commission of Experts on International Financial Reform. 'It is a good moment to move to a shared reserve currency,' he said."

The "Euro" is the model many are looking to, in part because 20% of the world's foreign exchange reserves are already held in euros. Last year, the EU celebrated the 10 year anniversary of the creation of the "euro."

These are curious developments given that scholars of Bible prophecy have long noted that according to the Scriptures, in the "last days" the world will see the emergence of an entirely new international financial architecture, complete with a single common global currency created and mandated by the leaders of Europe.

The Bible indicates that eventualoly no one on earth will be able to engage in commerce without "buying in" to the new cashless system. The prophecy is found in Revelation 13:16-17, which reads: "And he [the world leader that emerges from a revived Europe] causes all, the small and the great, and the rich and the poor, and the free men and slaves, to be given a mark on their right hand or on their forehead, and he provides that no one can buy or to sell, except the one who has the mark, either the name of the beast or the number of his name."

Cynics and skeptics have long dismissed such talk as the province of "religious nuts" and "prophecy buffs." But the discussion is now being advanced by major world leaders. It's too soon to say where this will all lead, but these are certainly developments worth watching.


Anonymous said...

According to Reuters, Truman has returned to the U.S. Treasury for the last six weeks to explain his proposal to revitalize the IMF Special Drawing Rights facility with at least a $250 billion commitment from the Obama administration.

"The direction in which the IMF proposal to utilize SDRs in this novel way appears aimed at elevating the IMF to the status of a one-world bank," Chapman said.

Chapman explained the problems that began in the U.S. with the meltdown of the subprime mortgage market have now carried into Western European banks and threaten to end up with Eastern Europe simply defaulting on trillions of dollars in EU bank loans.

Johnny said...

Wow! How sobering. We live in Croatia, and have been using the Euro for sometime. We've slowly watched the dollar loose ground. As Europe unites in preparation for the anti-christ. Thanks for the post.