Europe and Japan Planned on Saving the Dollar

The Strength of Dollars Have Long Been Part of the “Pride of the Power” of the USA (which will be broken per Leviticus 26:19)


Yesterday, I posted that China has been supporting the dollar recently (see China Supporting the Dollar?).

Today, the following was in the news:

U.S., Europe and Japan planned dollar rescue

Reuters – Aug 28, 2008

TOKYO (Reuters) – The United States, Europe and Japan planned joint intervention to rescue the dollar when it was plunging in March at the time U.S. investment bank Bear Stearns collapsed, the Nikkei business newspaper reported…

An international financial source with knowledge of the discussions told Reuters that foreign exchange authorities from the three were in close contact at the time and discussed joint intervention if the dollar’s fall intensified.

Analysts said even though a rescue never took place, any such agreement on intervention would be important in the future if the dollar were to tumble again or other exchange rates move very sharply.

The officials did not specify levels for initiating the dollar rescue plan, but in the event of a free-fall they agreed to coordinate aggressive buying of the greenback and sell yen and euros, the newspaper said…

Under the intervention framework, Japan was to supply yen through currency swaps. The plan also called for using a previously established swap mechanism between the United States and Europe.

No coordinated intervention took place, however, as the dollar began recovering shortly after U.S. authorities brokered JP Morgan Chase’s buyout of Bear Stearns — the biggest victim so far in the year-old credit crisis.

Notice that the Europeans and Japanese decided that for part of 2008 that they would to support the US dollar.

But while the US dollar did not collapse, US debt increased.

What will happen when they realize that the US dollar should not be supported?

The Bible, in the Book of Habakkuk gives some clues:

3 For the vision is yet for the appointed time, and it hasteth toward the end, and shall not lie: though it tarry, wait for it; because it will surely come, it will not delay. 4 Behold, his soul is puffed up, it is not upright in him; but the righteous shall live by his faith. 5 Yea, moreover, wine is treacherous, a haughty man, that keepeth not at home; who enlargeth his desire as Sheol, and he is as death, and cannot be satisfied, but gathereth unto him all nations, and heapeth unto him all peoples.  6 Shall not all these take up a parable against him, and a taunting proverb against him, and say, Woe to him that increaseth that which is not his! how long? and that ladeth himself with pledges! (Habakkuk 2:3-6, ASV)

7 Will not your creditors rise up suddenly? Will they not awaken who oppress you? And you will become their booty (Habakkuk 2:7, NKJV).

A collapse of the US dollar is coming.  And while it may take 4-10 years or so, it will surely come to pass.

Several articles of possibly related interest may include:

End of Mayan Calendar 2012–Might 2012 Mean Something? There is a Mayan calendar prediction for change in 2012. 2012 changes were also centuries ago predicted by the Hopi Native Americans and others (who were not even on the same continent). Do these Mayan/Hindu/Hopi prophecies have any value? Why might Satan have inspired this date? Does the Dresden codex show destruction of the earth by flood? Can the great tribulation start before 2012?
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”?
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?
Japan, Its Biblical Past and Future, Part 2: Prophecy Japan in prophecy. What is prophesied for Japan. Will God save the Japanese?
Islands and Bible Prophecy What’s ahead for islands? What does the Bible prophesy about them?
Does God Have a 6,000 Year Plan? What Year Does the 6,000 Years End? Was a 6000 year time allowed for humans to rule followed by a literal thousand year reign of Christ on Earth taught by the early Christians? When does the six thousand years of human rule end?

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