Economist blames US dollar for global crisis and calls for the end of its dominance

“I will break the pride of your power” (Leviticus 26:19)


The former Chief Economist of the World Bank is blaming the US dollar for the global economic crisis and is calling for its elimination as the world’s reserve currency:

The World Bank’s former chief economist wants to replace the US dollar with a single global super-currency, saying it will create a more stable global financial system.

“The dominance of the greenback is the root cause of global financial and economic crises,” Justin Yifu Lin told Bruegel, a Brussels-based policy-research think tank. “The solution to this is to replace the national currency with a global currency.”

Lin urged the international community, especially the US and European Union, to play a leading role in currency and infrastructure initiatives. To boost the global economy, he proposed the launch of a “global infrastructure initiative” to remove development bottlenecks in poor and developing countries, a measure he said would also offer opportunities for advanced economies.

“China can only play a supporting role in realizing the plans,” Lin said. “The urgent thing is for the US and Europe to endorse these plans. And I think the G20 is an ideal platform to discuss the ideas,” he said, referring to the group of finance ministers and central bank governors from 20 major economies.

Notice that Justin Lin is calling for the replace of US dollar dominance with something that the Europeans will agree to.  This is consistent with biblical prophecy telling of a time when a European power will dominate the world economy.  While that time is not yet here, the reality is that more and more steps are being taken to prepare for this.  The call from Justin Lin is just one more step towards this happening.

There are many reasons that the USA has been shown to be an unqualified nation to lead the world’s financial system.  One to mention here is its massive accumulation of debt, especially in the past six or so years.  One person that encouraged this was outgoing Federal Reserve Chairman Ben Bernanke.  Today is his last day in office, and here is some information about that:

WASHINGTON — U. S. Federal Reserve Chairman Ben Bernanke steps down Friday after guiding the world’s largest economy through years of tumult.  Bernanke wins praise for crisis management and some criticism for unfinished reforms.

Not everyone was a fan of his.  Under Ben Bernanke, the Federal Reserve pumped $4 trillion in by making it up in a program called “quantitative easing.’  According to a former Federal Reserve official this barely helped the economy at all in the short-run, seems to be causing its own risky ‘bubble,’ and ignored the real problems in the economy of the USA (see Former Fed Official blasts ‘quantitative easing’).

Furthermore, that pumping of money into the economy is setting the USA dollar up for the time in which it will really crash. Especially when this is combined with the deficit spending that the US Federal government is engaged in, as well as the USA’s trade deficits.

Quantitative easing is form of ‘money creation’ and is also sometimes called an “asset repurchasing” or “bond-buying-stimulus” program. Yet, this is mainly a sham operation that debases the value of the U.S. dollar (mainly the government prints up money electronically and the “asset” purchased is a U.S. treasury note, not a real asset like, let’s say, an oil well; yes there are sometimes also some mortgages purchased which have ties to real assets, but there are problems there as well). As I have repeatedly written, calling if counterfeiting is not too far off of a description of it.Quantitative easing will help destroy the USA dollar. As I mentioned before, the expected next Federal Reserve Chairman, Janet Yellen is in favor of continuing it (see Fed’s Yellen again signals her commitment to inflating US currency). Some believe that she will try to expand it.

Quantitative easing and debt increases are a form of “dishonest profits” that the U.S.A. is improperly reaping because of its position in the world, but that is not good:

13 “Behold, therefore, I beat My fists at the dishonest profit which you have made, and at the bloodshed which has been in your midst. 14 Can your heart endure, or can your hands remain strong, in the days when I shall deal with you? I, the Lord, have spoken, and will do it. 15 I will scatter you among the nations, disperse you throughout the countries, and remove your filthiness completely from you. 16 You shall defile yourself in the sight of the nations; then you shall know that I am the Lord. (Ezekiel 22:13-16)

US debt, combined with programs such as the Federal Reserves’ quantitative easing, are sending signals to the rest of the world that the US dollar needs to be replaced as the world’s primary reserve currency.

Justin Lin is not the only one seeing problems with the USA dollar.

From China to Russia to the Middle East to Europe and elsewhere, various world leaders are moving to replace the USA dollar’s position. This will hurt the economy of the USA much more than increasing debt has helped it.

Furthermore, there have been a lot of reports that Germany has had trouble getting its gold back. Here is one report from a week ago:

It transpired last week that of the 43-odd tonnes per annum the Bundesbank expects to be returned from the New York Fed only 5 tonnes arrived in 2013. Furthermore, of the 373.7 tonnes stored with the Banque de France only 32 tonnes was delivered. This is little more than a morning’s delivery in the London market, so it is hard to swallow the Bundesbank’s excuses about logistics.

The burning question is why is it so difficult to get its gold back? The most logical answer is that the Bundesbank’s gold is long gone, but without hard evidence this can only be conjecture. One would have thought that the New York Fed would have at least come up with closer to 40 tonnes if only to stop the rumour mill running.

There may be a risk that without clarification over the status of Germany’s gold at the New York Fed other central banks using the Fed or even the Bank of England’s storage facilities might decide to buy gold in the market, just in case. If that happens, bearing in mind that it is too early to think this is a real possibility, bullion prices could go much higher, given the lack of physical bullion available.

This brings up at least two points.  One why would the Germans want their gold back?  There may be many reasons, Germany says it needs it in case of a catastrophe–but might it also want to help back a currency with it?  And the second point is why could the USA not return the gold?  Does it perhaps not have enough left?  This will makes its currency vulnerable.

The pride of the USA’s power is being broken. That pride has long been associated with its military and economic strength. Various sins and increasing debt is weakening the USA in many ways.

Without national repentance the USA is doomed.  Another currency will replace the USA dollar and this will cause major economic unheavel in the USA.

Since the USA seems to be going more into sin nationally, that type of national repentance seems unlikely. Yet, personal repentance is still possible. Do you understand what is happening to the USA and how all will be affected by it?

If so, what do you plan to do about it?

Some items of possibly related interest may include:

Anglo – America in Prophecy & the Lost Tribes of Israel Are the Americans, Canadians, British, Scottish, Welsh, Australians, Anglo-Saxon 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?
Will the Anglo-Saxon Nations be Divided and Have People Taken as Slaves? Will the lands of the United States, United Kingdom, Canada, Australia, and New Zealand be divided? What about Jerusalem? What does Bible prophecy teach? Are there non-biblical prophecies that support this idea? Who will divide those lands? Who will end up with the lands and the people? Here is a link to a video titled Will the USA and other Anglo-nations be Divided and Their People Made Slaves?
Just What Do You Mean — Repentance? Do you know what repentance is? Have you truly repented? Repented of what? Herbert W. Armstrong wrote this as a booklet on this important subject.
Abortion, the Bible, and a Woman’s Right to Choose Do you know what the Bible teaches on this? Has the Roman Catholic Church allowed abortions? What about the real Church of God? Some may also, or instead, wish to view the YouTube video Abortion, the Bible, and US Debt.
Physical Preparation Scriptures for Christians. We all know the Bible prophecies famines. Should we do something? Here is a version in the Spanish language Escrituras sobre Preparación física para los Cristianos.
The Plain Truth About Gold in Prophecy. How Should a Christian View Gold? What do economists and the Bible teach about gold? Gold and silver may drop in value. Inflation/deflation? What do Christians need to know about gold?
Who is the King of the West? Why is there no End-Time King of the West in Bible Prophecy? Is the United States the King of the West?
Protestant and Church of God views of the United States in Bible Prophecy Is the USA mentioned in Bible prophecy? Some Protestants say yes, while others say no. What does the Bible really teach? Learn the truth about this. Is The United States Mentioned In Bible Prophecy?
Barack Obama, Prophecy, and the Destruction of the United States-Second Edition for Second Obama Term This is a 160 page book for people truly interested in prophecies related to Barack Obama and the United States, including learning about many that have already been fulfilled (which the book documents in detail) and those that will be fulfilled in the future. It also has a chapter about a Republican choice. This book is available to order at The physical book can also be purchased at Amazon from the following link: Barack Obama, Prophecy, and the Destruction of the United States: Is Barack Obama Fulfilling Biblical, Islamic Catholic, Kenyan, and other America-Related Prophecies? What About Republican Leaders? Second Edition for Second Obama Term.
Barack Obama, Prophecy, and the Destruction of the United States-Second Term-Amazon Kindle edition. This electronic version is available for only US$2.99. And you do not need an actual Kindle device to read it. Why? Amazon will allow you to download it to almost any device: Please click HERE to download one of Amazon s Free Reader Apps. After you go to for your free Kindle reader and then go to Barack Obama, Prophecy, and the Destruction of the United States-Second Term-Amazon Kindle edition.

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