Prince of Rosh II

The Beast out of the Earth
11Then I saw another beast, coming out of the earth. He had two horns like a lamb, but he spoke like a dragon. 12He exercised all the authority of the first beast on his behalf, and made the earth and its inhabitants worship the first beast, whose fatal wound had been healed. 13And he performed great and miraculous signs, even causing fire to come down from heaven to earth in full view of men. 14Because of the signs he was given power to do on behalf of the first beast, he deceived the inhabitants of the earth. He ordered them to set up an image in honor of the beast who was wounded by the sword and yet lived. 15He was given power to give breath to the image of the first beast, so that it could speak and cause all who refused to worship the image to be killed. 16He also forced everyone, small and great, rich and poor, free and slave, to receive a mark on his right hand or on his forehead, 17so that no one could buy or sell unless he had the mark, which is the name of the beast or the number of his name.
18This calls for wisdom. If anyone has insight, let him calculate the number of the beast, for it is man's number. His number is 666.

Russian action yesterday was further proof that the Russians, prominent people and other nations are working against the United States. The Russians announced public support for George Soros’ idea to turn the Special Drawing Rights (SDR) of the International Monetary Fund (IMF) into the world’s super currency. Soros and the Russians believe the dollar has become too risky.

Some of the others who called for a world currency are:
1. Kazakh President Nursultan Nazarbayev proposed a global currency called the 'acmetal'
2. Columbia University professor Robert Mundell, who was awarded the Nobel Prize in 1999 for his role in creating the euro
3. Iranian President Mahmoud Ahmadinejad called for a single regional currency for 400 million Muslims in the Middle East.
4. Libyan leader Muammar Ghadafi, newly elected leader of the African Union of states, called for a single continental currency for all of Africa. Ghadafi "envisages a single African military force, a single currency and a single passport for Africans to move freely around the continent."
5. Currency specialist Avinash Persaud, a member of the U.N. financial reform panel, said the UN will recommend next week that the world switch to basket of currencies, The UN proposal would create something like the old European Currency Unit (ECU) that was a hard-traded, weighted basket. Persaud, said the recommendation would be one of a number delivered to the U.N. on March 25 by the U.N. Commission of Experts on International Financial Reform. Persaud said, “It is a good moment to move to a shared reserve currency.”

In other economic news, the markets oil jumped more than 6% to above $51 a barrel after a move by the Federal Reserve to buy government bonds hit the dollar and revived expectations the U.S. economy could soon begin its recovery. The Fed announced on Wednesday it would pump another $1 trillion into the U.S. economy by buying long-term government debt for the first time since the 1960s and expanding purchases of mortgage bonds. The dollar eased against a basket of currencies today after posting its biggest daily fall since 1985. A weak dollar can boost investor demand for oil and other commodities priced in the U.S. currency.

Russia plans to ask the IMF to study the possibility of creating a new reserve currency. Russian officials plan to set forth their suggestions to world leaders during the G20 summit.

The Russian statement said, “We believe that one should consider the role of the IMF in the process and decide whether measures should be taken to let SDRs become the globally recognized reserve currency.”

The idea to replace the dollar as the world’s reserve currency with something else is not new. Many well-known scientists and financiers believe that SDR can become the new international currency. The global financial crisis caused some people to call for foreign reserve reform.

US investor George Soros set out his views regarding the creation of the new money in the world. He wrote in one of his articles that the future of the IMF and the World Bank depended on their handling of the problems of developing economies under the conditions of the financial crisis. Soros believes the IMF does not have enough resources to support developing states.

Andrei Gangan, an analyst with Calita-Finance, said that SDR represent the reserve asset, which the IMF created in 1969 as an instrument of payment between IMF members. The SDR cost is based on the basket of world’s basic currencies.

The specific weight of each currency in the SDR basket is based on the share of a country in international trade. The basket currently consists of 44 percent of the US dollar, 34 percent of the Euro, 11 percent of the Japanese yen and 11 percent of the British pound.

Mr. Gangan said, “The US dollar, which presently plays the role of world’s major reserve currency, cannot keep its status anymore for a number of reasons. One of the most important one of them is connected with irresponsible crediting policies of the US Federal Reserve System, which serves as the dollar’s issuing center. The balance between the dollar holdings and the growth of the US economy was broken at the end of the 1980s. The money, which the Reserve System has been printing for over 20 years, is not ensured with the US GDP.” The economic data reflect that the dollar is weak and the budget deficit of the USA will exceed 12% this year with 0% or 3% being the norm.

Andrei Gangan said, “The structure of the world currency system, in which one and the same currency serves as both the national and the international reserve currency, has proved to be corrupt. When people purchase dollars, they accept the national risks of the US economy, which remains afloat due to international investors’ infinite faith in it. They still believe that the US economy is stable and solvent, and that the US dollar is still the international reserve currency.”

The Russians and Soros claim that it is incorrect to keep dollar reserves against the background of the uncontrollable and irresponsible financial policies.

The United States has the largest number of votes at the IMF, 17.5%. Japan has 6.3% and Germany has 5.53% of votes. For the time being the United States will keep the control of the world’s reserve currency.

If we examine history we find that the gold standard was suspended at the outbreak of World War I, with Bank of England and Treasury notes becoming legal tender. Prior to World War I, Great Britain had one of the world's strongest economies, holding 40% of the world's overseas investments. However, by the end of the war Great Britain owed £850 million, mostly to the United States, with interest costing the country some 40% of all government spending. In an attempt to resume stability, a variation on the gold standard was reintroduced in 1925, under which the currency was fixed to gold at its pre-war peg, People were only able to exchange their currency for gold bullion and not coins. This was abandoned on 21 September 1931, during the Great Depression, and sterling suffered an initial devaluation of some 25%. Americans should notice that British interest payments on its debt ultimately caused a devaluation of its currency.

The Bretton Woods regime, established in 1945 a fixed exchange rate regime based on a gold-backed dollar. In 1971, President Richard Nixon abandoned the Bretton Woods regime and suspended the dollar's peg to gold as U.S. fiscal deficits from overseas spending caused a massive drain in U.S. gold holdings.

The following three developments permitted “dollar hegemony” in the 1990s. First, in 1973 oil was denominated in dollars after the 1973 Middle East oil crisis. Second, the emergence of deregulated global financial markets after the Cold War that made cross-border flow of funds routine. Third, a general relaxation of capital and foreign exchange control in the context of free-floating exchange rates made speculative attacks on the exchange rates of currencies a regular occurrence. Some people have accused Mr. Soros of these speculative attacks.

A few economists have argued that "dollar hegemony" prevents the exporting nations from spending domestically the dollars they earn from the U.S. trade deficit and forces them to finance the U.S. capital account surplus, thus shipping real wealth to the U.S. in exchange for the privilege of financing U.S. debt to further develop the U.S. economy.

The US dollar is still the most important reserve currency in the world. In 2007 the dollar had the largest share, 65.7% of foreign reserve holdings. The Euro had 25.2%. Keep in mind, prior to 2000 the Euro did not exist. What will happen when the U.S. dollar approaches the 50% level?

What is the bottom line for the United States and its allies? First, we are getting closer and closer to a world currency. Second, Great Britain’s historical experience with interest on debt was bad and I would submit was a factor in the decline of the British Empire. Third, there are powerful people in the world who want a world currency and a powerful world government to supplant the United States. Fourth, we are gradually seeing the fulfillment of Biblical prophecy concerning a world government. Bible scholars have 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 eventually no one on earth will be able to engage in commerce without "buying in" to the new cashless system.