‘Russia and Venezuela confirm de-dollarization plans’

RT reported the following:

Russia and Venezuela confirm de-dollarization plans

November 16, 2023
Moscow and Caracas are making progress towards de-dollarization and hope to switch to national currencies in trade soon, Venezuelan Foreign Minister Yvan Gil Pinto announced on Thursday.

Pinto, who is in Russia on a three-day official visit, was speaking at a joint press conference with his Russian counterpart Sergey Lavrov.

According to Pinto, the central banks in Moscow and Caracas are working on the technical and technological side of the planned switch. Both partners will be able to shift away from the US dollar and start using local currencies in cross-border transactions “very soon,” he added.

The foreign minister also pointed out that the leading developing nations, particularly the BRICS countries (Brazil, Russia, India, China, and South Africa), are pursuing the de-dollarization policy in order to reduce the influence of the US dollar.

The global trend towards using national currencies in trade instead of the US dollar began to gain momentum last year after Ukraine-related sanctions saw Russia cut off from the Western financial system and its foreign reserves frozen.

Venezuela has also been the subject of sanctions by the US and the EU in recent years. https://www.rt.com/business/587408-russia-venezuela-confirm-dedollarization-plans/

The USA has pushed many against it through its sanctions–this is something warned about at the COGwriter Church of God News page for years; watch also: US Sanctions and Tariffs leading to New World Order?

Notice also something from earlier this year:

SANCTIONS ONE TIME TOO MANY

The West, even if justified (or perhaps baited by Russia), used sanctions one time too many. No BRICS country that could afford to, would trade its own monetary sovereignty (via reserve confiscation by the West) for the convenience of free Swift ATM access.

So, the BRICS assessed the situation correctly–and having planned for this contingency with trade deals already set up going back to 2016, Gold already being accumulated as a bridge to their own international trade, local exchanges already set up and ready as turnkey solutions-– they pulled the trigger.

Also: it did not help that Iran survived and even defied US sanctions for over a decade. We also truly think the West was baited and fell for it. https://www.zerohedge.com/news/2023-03-18/weekly-commodities-killed-dollar

The massive debts of the USA will be a factor, not just in pushing its dollar aside, but also in its destruction:

6 “Will not all these take up a proverb against him, And a taunting riddle against him, and say, ‘Woe to him who increases What is not his — how long? And to him who loads himself with many pledges’? 7 Will not your creditors rise up suddenly? Will they not awaken who oppress you? And you will become their booty. 8 Because you have plundered many nations, All the remnant of the people shall plunder you, Because of men’s blood And the violence of the land and the city, And of all who dwell in it. (Habakkuk 2:6-8)

Actually, with an admitted debt as of Tuesday November 14, 2023 of $33,740,758,940,298.14 dollars (https://fiscaldata.treasury.gov/datasets/debt-to-the-penny/debt-to-the-penny) and plans to increase that much further, the USA has increased pledges more than any nation in the history of the planet. This is not good for the USA.

There is a cost to USA sanctions and its weaponization of the dollar.

The oil exporting nations, which includes Russia, are moving away from the USA dollar. And oil importing nations like China and India are also moving away from the US dollar.

Why could that be important?

Essentially, the fact that although the US dollar is no longer backed by gold (like it was over 50 years ago), since most oil is priced in US dollars, that gives the US dollar a type of backing in a broadly needed commodity. This has insured, internationally, that the US dollar will have value. The USA dollar has sometimes been called a petrodollar.

What most Americans do not realize is that the largest export from the USA is actually its currency–which is basically debt notes.

Here is something from my free online book Lost Tribes and Prophecies: What will happen to Australia, the British Isles, Canada, Europe, New Zealand and the United States of America?:

The Bible warns about silver becoming “dross” (Isaiah 1:22; Ezekiel 22:18-22) and says to reverse it once it happens (Proverbs 25:4a; Isaiah 1:25). But the Anglo-American nations have not done that, their old silver coins are now dross (made/filled with cheaper materials) and their massive debts have made dross out of their fiat currencies (currencies that are not tied to gold or some other hard asset).

Furthermore, the “U.S. is highly vulnerable to loss of confidence by foreign creditors.”[i] U.S. government debt is “extremely vulnerable to foreign attack because of the high percentage of foreign ownership — almost 40% of the market.”[ii]

Interestingly, in the past, one foreign creditor, China, has raised concerns about the U.S. debt that are so serious, that its potential dumping of that debt has been called China’s “nuclear option”[iii] against the U.S.A.—an option that involves no military intervention, but that could greatly harm the U.S.A.

Many have complained about the U.S.A. “weaponizing” its dollar through sanctions, bank restrictions, and other means.[iv] By doing so, the U.S.A. has inadvertently been building up a coalition to push aside the dollar—and this will happen when the timing is considered to be better. European leaders have been working for years to establish a new reserve currency for the world, partially with the intent to remove the U.S. dollar from its position as the world’s primary reserve currency. The fact that Europe would develop its own currency, as well as for that purpose, was predicted by Church of God writers no later than 1971[v] –which is over two decades before the euro was officially agreed to.

Those in Iran and some of the Arab lands, along with nations such as Brazil, China, and India have discussed plans for the removal of the dominance of the U.S.A. in global trade as well. The former (again current) President of Brazil, Luiz Inácio Lula da Silva, even claimed that eliminating the U.S. dollar’s reserve currency status was one of the reasons that the BRICS alliance (Brazil, Russia, India, China, and South Africa) was formed in the first place. [vi] Others have noted that bypassing the USA dollar is still an object of BRICS—and officially BRICS nations “are currently working on setting up a new global reserve currency,”[vii] which may have gold-backing.[viii] The expansion of BRICS (which is in progress) may ultimately even hurt Australian trade as well as “severely weaken primacy of the US Dollar as an international currency.”[ix]

The Bible clearly warns against cheapening the money supply and encourages having money hold its value (Proverbs 25:4 Isaiah 1:25, Ezekiel 22:18-22). Debt is also warned against (Habakkuk 2:6-8). Yet policies enacted under the Obama, Trump, and Biden Administrations, following certain other administrations, have ignored these warnings.

Destruction is coming.[i] Rickards J. Axis of Gold. The Daily Reckoning, December 20, 2016

[ii] Ibid

[iii] Gertz B, China Debt Threat. Washington Times, March 2, 2011

[iv] Jayakumar V. The weaponization of finance threatens the future of the dollar standard. The Hill, March 1, 2022

[v] Hogberg G. Rising World Colossus. Plain Truth magazine, May 1971

[vi] Escobar P. BRICS was created as a tool of attack: Lula. Asia Times, August 28, 2019

[vii] BRICS developing new global reserve currency – Putin. RT, June 22, 2022

[viii] Helms K. Economists Discuss Russia, China Potentially Developing Gold-Backed Currency. BRICS Information Portal, November 11, 2022

[ix] Hunter M. BRICS Is Becoming The Big Kid On The Block: Implications For Australia – Analysis. Eurasia Review, November 1, 2022

As far as the BRICS nations go, Brazil and Russia are major oil exporters and China and India are major oil importers. Hence their efforts, combined with some from the Arabs and Iranians, look to help topple away the USA dollars “petrodollar” status.

Notice the following list:

10 U.S. Sectors To Be Affected If BRICS Stops Using the Dollar

A total of 10 financial sectors in the U.S. will be affected if BRICS uses local currencies and not the U.S. dollar. The sectors include banking, trade, forex, and tourism, among others. The U.S. financial sectors that could be affected if BRICS ditch the U.S. dollar are:

Global Financial System

Banking and Finance

Energy and Commodity Markets

International Trade and Investment

Capital Markets

Consumer Goods and Retail

Production and Consumption

Technology and Fintech

Government and Policy

Travel and Tourism

Moreover, all the 10 sectors are closely linked to the U.S. economy and could have complications if the dollar loses demand. The banking sector could take the first hit that might eventually spill over to the markets. 10/04/23 https://watcher.guru/news/10-u-s-sectors-to-be-affected-if-brics-stops-using-the-dollar

I believe that the situation for the USA will be much worse than just complications. When the USA dollar loses its dominance, in time, it will be a disaster beyond what most people would be willing to imagine (cf. Habkkuk 2:6-8).

UPDATE 11/08/23: Decided to add the following from Daniel Bobinksi:

November 8, 2023

The US Economy is in desperate need of reform. Our elected officials just keep spending money as if it will appear out of nowhere. We’re currently almost $34 trillion in debt, and the Congressional Budget Office says that number will double before the year 2053.

The rest of the world is looking at this and realizing they don’t want to go down with our sinking ship, so they’re forming new alliances – one of which is BRICS, named after the founding countries of Brazil, Russia, India, China, and South Africa.

The BRICS countries see the writing on the financial wall. And, to protect themselves, they’re creating their own currency – which will counter the US dollar on the world stage and could be ready to launch by next summer.

If and when that happens, the US dollar will no longer be king, and the entire global financial system will shift, including banking, energy, and commodity markets.

It’s likely to be a financial earthquake on a magnitude we’ve never seen. https://danielbobinski.substack.com/p/what-happens-when-the-dollar-is-no

Daniel Bobinksi is right that it will be a financial earthquake on a magnitude the USA has never seen.

In the mail a dozen years ago, I received an unsolicited infomercial booklet written by Dr. Martin Weiss titled American Apocalypse. Here is some of what it said (bolding is mine):

What is the the historic, life-changing, world-changing event that is also about to vaporize massive amounts of wealth and potentially threaten our liberties right here in the United States of America?

It’s the singular moment in time when the last investor willing to loan money to the government calls it quits.

It’s when the government can no longer borrow and simply runs out of money…I’m talking about a sudden, rejection of U.S. debt by the world’s investors…

Hunger and homelessness explode…riots…crime skyrockets…cities burn…

I’m under no delusion here. I know that the vast majority of Americans will fail to heed this warning and fail to get ready for this crisis. (Weiss MD. American Apocalypse. Weiss Research, October 2011, pp. 30, 36, 42)

The situation is at least that dire.

The USA will have MASSIVE inflation and the economy will never fully recover as creditors will rise up and eliminate the USA per Habakkuk 2:6-8.

There will be a new world order coming and it will not be one dominated by the Anglo-Americans.

If you think that the USA will continue to be number 1 and claim to believe the Bible, please consider biblical prophecies such as Daniel 11:39; Habakkuk 2:6-8; Isaiah 10:5-11 (see also USA in Prophecy: The Strongest Fortresses and/or watch Do these 7 prophesies point to the end of the USA?).

Some items of possibly related interest may include:

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 and silver? Two videos of related interest may be: Germany, Gold, and the US Dollar and Silver, Science, and Scripture.
Europa, the Beast, and the Book of Revelation discusses the largest church since the second/third century, which in a real sense is the eighth church mentioned in the Book of Revelation (it also endorses “eighth day” worship). What church would support the Beast? Here is a link to a video titled: Europe and the ‘Holy Roman Empire’.
The End of US Dollar Dominance Is the USA losing its economic status? What about the petro-gold-yuan? A related video is also available: US Dollar being challenged by Gold-Petro-Yuan.
Is God Calling You? This booklet discusses topics including calling, election, and selection. If God is calling you, how will you respond? Here is are links to related sermons: Christian Election: Is God Calling YOU? and Predestination and Your Selection. A short animation is also available: Is God Calling You?
Christian Repentance Do you know what repentance is? Is it really necessary for salvation? Two related sermons about this are also available: Real Repentance and Real Christian Repentance.
The New World Order Is Leaving the US Behind Bloomberg reported that the New World Order is leaving the USA behind. Other secular news sources are also reporting the rise of a new world order and decline of the influence of the USA. What about NAFTA, the Paris Accords, TPP, TWO, and NATO? Russia, China, and Europe are all working towards reducing dominance of the USA. Is this consistent with biblical prophecy? When did the time of Anglo-American dominance begin? Will the coming world order be dominated by a European Babylonian power? What will happen to the USA, United Kingdom, Australia, and New Zealand after military actions by the coming order and the Great Tribulation? Are there any ties to Armageddon? Dr. Thiel addresses and more from the Bible. This is a video.
USA in Prophecy: The Strongest Fortresses Can you point to scriptures, like Daniel 11:39, that point to the USA in the 21st century? This article does. Two related sermon are available: Identifying the USA and its Destruction in Prophecy and Do these 7 prophesies point to the end of the USA?
Who is the King of the West? Why is there no Final End-Time King of the West in Bible Prophecy? Is the United States the King of the West? Here is a version in the Spanish language: ¿Quién es el Rey del Occidente? ¿Por qué no hay un Rey del Occidente en la profecía del tiempo del fin? A related sermon is also available: The Bible, the USA, and the King of the West.
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? Does God have 7,000 year plan? What year may the six thousand years of human rule end? When will Jesus return? 2031 or 20xx? There is also a video titled 6000 Years: When will God’s Kingdom Come? Here is a link to the article in Spanish: ¿Tiene Dios un plan de 6,000 años?
Might the U.S.A. Be Gone by 2028? Are there prophetic reasons to believe that the USA will not last two complete presidential terms? Yes. There is a tradition attributed to the Hebrew prophet Elijah that humanity had 6,000 years to live before being replaced by God’s Kingdom. There are scriptures, writings in the Talmud, early Christian teachings that support this. Also, even certain Hindu writings support it. Here is a link to a related video: Is the USA prophesied to be destroyed by 2028? In Spanish: Seran los Estados Unidos Destruidos en el 2028?
Lost Tribes and Prophecies: What will happen to Australia, the British Isles, Canada, Europe, New Zealand and the United States of America? Where did those people come from? Can you totally rely on DNA? What about other peoples? Do you really know what will happen to Europe and the English-speaking peoples? What about Africa, Asia, South America, and the Islands? This free online book provides scriptural, scientific, historical references, and commentary to address those matters. Here are links to related sermons: Lost tribes, the Bible, and DNA; Lost tribes, prophecies, and identifications; 11 Tribes, 144,000, and Multitudes; Israel, Jeremiah, Tea Tephi, and British Royalty; Gentile European Beast; Royal Succession, Samaria, and Prophecies; Asia, Islands, Latin America, Africa, and Armageddon; When Will the End of the Age Come?; Rise of the Prophesied King of the North; Christian Persecution from the Beast; WWIII and the Coming New World Order; and Woes, WWIV, and the Good News of the Kingdom of God.
When Will the Great Tribulation Begin? 2023, 2024, or 2025? Can the Great Tribulation begin today? What happens before the Great Tribulation in the “beginning of sorrows”? What happens in the Great Tribulation and the Day of the Lord? Is this the time of the Gentiles? When is the earliest that the Great Tribulation can begin? What is the Day of the Lord? Who are the 144,000? Here is a version of the article in the Spanish language: ¿Puede la Gran Tribulación comenzar en el 2020 o 2021? ¿Es el Tiempo de los Gentiles? A related video is: Great Tribulation: 2026 or 2027? A shorter video is: Can the Great Tribulation start in 2022 or 2023? Notice also: Can Jesus return in 2023 or 2024? Here is a video in the Spanish language: Es El 2021 el año de La Gran Tribulación o el Grande Reseteo Financiero.
Biden-Harris: Prophecies and Destruction Can the USA survive two full presidential terms? In what ways are Joe Biden and Kamala Harris apocalyptic? This book has hundreds of prophecies and scriptures to provide details. A Kindle version is also available 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 your free Kindle reader app (or if you already have one or a Kindle), you can go to: Biden-Harris: Prophecies and Destruction (Kindle) to get the book in seconds.