{"id":2011,"date":"2009-07-06T06:23:49","date_gmt":"2009-07-06T14:23:49","guid":{"rendered":"http:\/\/www.cogwriter.com\/news\/?p=2011"},"modified":"2009-07-06T11:16:29","modified_gmt":"2009-07-06T19:16:29","slug":"india-russia-china-questioning-us-dollar","status":"publish","type":"post","link":"https:\/\/www.cogwriter.com\/news\/prophecy\/india-russia-china-questioning-us-dollar\/","title":{"rendered":"India, Russia, & China Questioning US Dollar"},"content":{"rendered":"

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\nThe USA Debt Clock as of Apri 19, 2008
\n<\/em> This Debt Clock Displayed 11,397,711,606,020 on Friday, July 3, 2009, with “YOUR family share” showing $96,604
\n<\/span><\/em><\/p>\n

COGwriter<\/a><\/p>\n

In a move consistent with others I have reported here, India publicly announced that it wants to drop the US dollar:<\/p>\n

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India Joins Russia, China in Questioning U.S. Dollar Dominance<\/strong><\/span><\/span><\/p>\n

Bloomberg <\/strong>– July 4, 2009 <\/span><\/span>By Mark Deen and Isabelle Mas<\/span><\/div>\n

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Suresh Tendulkar<\/span>, an economic adviser to Indian Prime Minister <\/span>Manmohan Singh<\/span>, said he is urging the government to diversify its $264.6 billion foreign-exchange reserves and hold fewer dollars. <\/span><\/p>\n

\u201cThe major part of Indian reserves is in dollars — that is something that\u2019s a problem for us,\u201d Tendulkar, chairman of the Prime Minister\u2019s Economic Advisory Council, said in an interview yesterday in Aix-en-Provence, France, where he was attending an economic conference. <\/span><\/p>\n

Singh is preparing to join leaders from the Group of Eight industrialized nations — the U.S., Japan, Germany, Britain, France, Italy, Canada and Russia — at a summit in Italy next week which is due to tackle the global economy. China and Brazil will also send representative to the summit. <\/span><\/p>\n

As the talks have neared, China and Russia have stepped up calls for a rethink of how global currency reserves are composed and managed, underlining a power shift to emerging markets from the developed nations that spawned the financial crisis. <\/span><\/p>\n

\u201cThere should be a system to maintain the stability of the major reserve currencies,\u201d Former Chinese Vice Premier <\/span>Zeng Peiyan<\/span> said in a speech in Beijing yesterday, highlighting China\u2019s concerns about a global financial system dominated by the dollar. <\/span><\/p>\n

Fiscal and current-account deficits must be supervised as \u201cyour currency is likely to become my problem,\u201d said Zeng, who is now the head of a research center under the government\u2019s top economic planning agency. The People\u2019s Bank of China said June 26 that the International Monetary Fund should manage more of members\u2019 reserves. <\/span><\/p>\n

Russian Proposals<\/strong> <\/span><\/p>\n

Russian President <\/span>Dmitry Medvedev<\/span> has repeatedly called for creating a mix of regional reserve currencies as part of the drive to address the global financial crisis, while questioning the dollar\u2019s future as a global reserve currency. Russia\u2019s proposals for the Group of 20 major developed and developing nations summit in London in April included the creation of a supranational currency. <\/span><\/p>\n

\u201cWe will resume\u201d talks on the supranational currency proposal at the G-8 summit in L\u2019Aquila on July 8-10, Medvedev aide <\/span>Sergei Prikhodko<\/span> told reporters in Moscow yesterday. <\/span><\/p>\n

Singh adviser Tendulkar said that big dollar holders face a \u201cprisoner\u2019s dilemma\u201d in terms of managing their holdings. \u201cThat\u2019s why I\u2019m telling them to do this,\u201d he said. <\/span><\/p>\n

He also said that world currencies need to adjust to help unwind trade imbalances that have contributed to the global financial crisis. <\/span><\/p>\n

\u201cThe major imbalances which led to the current situation, the current account surpluses and deficits, have to be addressed,\u201d he said. \u201cCurrency adjustment is one thing that suggests itself.\u201d <\/span><\/p>\n

Emerging-Market Dependence<\/strong> <\/span><\/p>\n

For all the complaints about the dollar, emerging markets such as India remain dependent on the currency of the U.S., the world\u2019s largest economy and a $2.5 trillion export market. The IMF said June 30 that the share of dollars in global foreign- exchange reserves increased to 65 percent in the first three months of this year, the highest since 2007. <\/span><\/p>\n

Tendulkar said that the matter needs to be taken up in international talks, and that it emphasizes the need for those talks to go beyond the traditional G-8. <\/span><\/p>\n

\u201cThey can meet if they want to,\u201d he said. \u201cThe G-20 has a wider role, has representation of the countries that are likely to lead the recovery process.\u201d <\/span>http:\/\/www.bloomberg.com\/apps\/news?pid=20601087&sid=aR7yfqUwTb4M<\/span><\/a><\/div>\n<\/blockquote>\n

Americans need to realize that the subsidy that they have been receiving from foreigners using the the US dollar as the world’s reserve currency is going to end.\u00a0 The USA will have to stop adding debt.<\/p>\n

And while the end of the USA currency is still several years away, that end will essentially mean the end of the USA as its own country.<\/p>\n

The world is talking so regularly on this matter that it seems serious enough about it to take steps that will ultimately make this happen.\u00a0 And of course, Bible prophecy warns that in the end times, those that accumulate so much debt will have their creditors rise up against them suddenly and the indebted peoples made slaves (Habakkuk 2:3,6-8).\u00a0 No nation has ever been in as much debt as that USA, and that debt is increasing.\u00a0 It cannot last.<\/p>\n

Several articles of possibly related interest may include:<\/em><\/p>\n

India, Its Biblical Past and Future: Any Witness?<\/a> The Bible discusses the origins of those of Indian heritage and discusses some of the witness to them (including those in Bangladesh, Pakistan, and Sri Lanka).
\nAsia in Prophecy<\/a> What is Ahead for Asia? Who are the “Kings of the East”? What will happen to nearly all the Chinese, Russians, Indians, and others of Asia? China in prophecy, where? Who has the 200,000,000 man army related to Armageddon?
\nRussia: Its Origins and Prophesied Future<\/a> Where do the Russians come from? What is prophesied for Russia? What will it do to the Europeans that supported the Beast in the end?
\nAnglo – America in Prophecy & the Lost Tribes of Israel<\/a> 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?
\n<\/a>Who is the King of the North?<\/a> 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<\/span>? 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?
\nDoes God Have a 6,000 Year Plan? What Year Does the 6,000 Years End?<\/a> 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?
\nProphecies of Barack Obama?<\/a> Eight reasons why Barack Obama is apocalyptic and eight reasons why Barack Obama is not the Antichrist. Here are there biblical and non-biblical prophecies, from around the world, that seem to discuss Barack Obama. Did Nostradamus predict Barack Obama dealing with the Antichrist?\u00a0Might Barack Obama set the stage for the kings of the North and South as at least one Shiite prophecy suggests?\u00a0This is the longest and most complete article on this page on Barack Obama prophecies.
\nBarack Obama, Prophecy, and the Destruction of the United States<\/a> Some claim that Barack Obama is the prophesied \u201cson of Kenya\u201d, based up an early 20th century writing.<\/p>\n","protected":false},"excerpt":{"rendered":"

The USA Debt Clock as of Apri 19, 2008 This Debt Clock Displayed 11,397,711,606,020 on Friday, July 3, 2009, with “YOUR family share” showing $96,604 COGwriter In a move consistent with others I have reported here, India publicly announced that it wants to drop the US dollar: India Joins Russia, China in Questioning U.S. Dollar […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-2011","post","type-post","status-publish","format-standard","hentry","category-prophecy"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t