Dollar Losing Reserve Status, EU Becoming a “Legal Personality”

People all around the world need to realize that the end of US economic might is occurring. Notice the following news item:

Dollar loses reserve status to yen & euro

New York Post – Oct 13, 2009 by PAUL THARP

Ben Bernanke’s dollar crisis went into a wider mode yesterday as the greenback was shockingly upstaged by the euro and yen, both of which can lay claim to the world title as the currency favored by central banks as their reserve currency.

Over the last three months, banks put 63 percent of their new cash into euros and yen — not the greenbacks — a nearly complete reversal of the dollar’s onetime dominance for reserves, according to Barclays Capital. The dollar’s share of new cash in the central banks was down to 37 percent — compared with two-thirds a decade ago.

Currently, dollars account for about 62 percent of the currency reserve at central banks — the lowest on record, said the International Monetary Fund.

Bernanke could go down in economic history as the man who killed the greenback on the operating table.

After printing up trillions of new dollars and new bonds to stimulate the US economy, the Federal Reserve chief is now boxed into a corner battling two separate monsters that could devour the economy — ravenous inflation on one hand, and a perilous recession on the other.

“He’s in a crisis worse than the meltdown ever was,” said Peter Schiff, president of Euro Pacific Capital. “I fear that he could be the Fed chairman who brought down the whole thing.” http://www.nypost.com/p/news/business/dollar_loses_reserve_status_to_yen_hFyfwvpBW1YYLykSJwTTEL;jsessionid=65E301CF47ED50D15170F8D6530791C5

At the same time the US dollar is losing ground, the Euro is gaining ground. Also, the EU itself is forming into a powerful force that will dominate the world:

EU draws up plans to establish itself as ‘world power’

The European Union has drawn up secret plans to establish itself as a global power in its own right with the authority to sign international agreements on behalf of member states.

By Bruno Waterfield in Brussels
Published: 7:00AM BST 07 Oct 2009

Confidential negotiations on how to implement the Lisbon Treaty have produced proposals to allow the EU to negotiate treaties and even open embassies across the world.

A letter conferring a full “legal personality” for the Union has been drafted in order for a new European diplomatic service to be recognised as fully fledged negotiators by international bodies and all non-EU countries…

The decision, taken shortly before Ireland’s referendum last week, will mean a new European diplomatic service with over 160 “EU representations” and ambassadors across the world.

Lorraine Mullally, the director of Open Europe, described the move as “a huge transfer of power which makes the EU look more like a country than an international agreement”.

“Giving the EU legal personality means that the EU, rather than member states, will be able to sign all kinds of international agreements – on foreign policy, defence, crime and judicial issues – for the first time,” she said.

She pointed out that the 1975 referendum was on staying in the EC and that it was the European Communities Act that gave Brussels legislation primacy over British law.

“British voters agreed to join the European Communities, not a political union with legal personality with the power to sign all kinds of international agreements,” said Miss Mullally. “No one under the age of 52 has ever had a say on this important evolution and it’s about time we did.”

A restricted document circulated by the Netherlands, Belgium and Luxembourg, seen by The Daily Telegraph, spells out the need for legal changes to set up a European External Service (EEAS), an EU diplomatic and foreign service with “global geographical scope”.

The paper said: “The EEAS will need a legal status providing it with functional legal personality so that it has sufficient autonomy.

“This legal personality should also give it the capacity to act as necessary to carry out (its) tasks.” http://www.telegraph.co.uk/news/worldnews/europe/eu/6266147/EU-draws-up-plans-to-establish-itself-as-world-power.html

Now, there will be ups AND downs with the EU and the Euro. But in the long run, the US dollar will be worth nothing, and the US, UK, and their Anglo-allies will be nations no more.

Also, based upon biblical prophecy (specifically Revelation 17:12) it is clear that the Lisbon Treaty will not be the last treaty to give Europe more power–a powerful European leader (known as the “King of the North”) will be given much power by European states to rule over the final European Beast power.

Some articles of possibly related interest may include:

Europa, the Beast, and Revelation Where did Europe get its name? What might Europe have to do with the Book of Revelation? What about “the Beast”? What is ahead for Europe?
Anglo – America in Prophecy & the Lost Tribes of Israel Are the Americans, Canadians, British, Scottish, Welsh, Australians, Anglo-Southern Africans, and New Zealanders descendants of Joseph? Where are the lost ten-tribes of Israel? Who are the lost tribes of Israel? Will God punish the U.S.A., Canada, United Kingdom, and other Anglo nations? Why might God allow them to be punished first?
Who is the King of the North? Is there one? Do biblical and Roman Catholic prophecies point to the same leader? Should he be followed? Who will be the King of the North discussed in Daniel 11? Is a nuclear attack prophesied to happen to the English-speaking peoples of the United States, Great Britain, Canada, Australia, and New Zealand? When do the 1335 days, 1290 days, and 1260 days (the time, times, and half a time) of Daniel 12 begin? When does the Bible show that economic collapse will affect the United States?