{"id":91552,"date":"2024-11-11T08:00:27","date_gmt":"2024-11-11T16:00:27","guid":{"rendered":"https:\/\/www.cogwriter.com\/news\/?p=91552"},"modified":"2024-11-11T08:47:13","modified_gmt":"2024-11-11T16:47:13","slug":"gold-to-be-used-to-back-european-currency","status":"publish","type":"post","link":"https:\/\/www.cogwriter.com\/news\/prophecy\/gold-to-be-used-to-back-european-currency\/","title":{"rendered":"Gold to be used to back European currency?"},"content":{"rendered":"

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\nGold and Euro notes (Pixabay photo)
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COGwriter<\/a><\/p>\n

Gold has recently dropped from record highs in many currencies. Barron’s<\/em> posted the following:<\/p>\n

November 11, 2024<\/p>\n

Gold prices\u2019 slide in response to Tuesday\u2019s election results could be a head fake. From inflation to geopolitical uncertainty, the prospect of a second Donald Trump presidency only makes the investment case look stronger. https:\/\/www.barrons.com\/articles\/gold-price-buy-trump-inflation-1f8fbeea<\/a><\/p><\/blockquote>\n

While the price of gold will rise and fall in comparison to the US dollar, according to various scriptures (cf. Daniel 11:37-43) that dollar will be worthless years before gold is.<\/p>\n

For most of its history, the USA dollar used to be directly convertible to gold. It no longer is. This, sadly, has been a factor in the USA simply creating money out of nothing–which has accelerated the last decade or two. That is not only inflationary, that increase of debt does not bode well for the US dollar. But it does also point to increases in the price of gold.<\/p>\n

Going as far back as 1961, the USA was starting to not have enough gold to back its dollar, the Plain Truth<\/em> reported:<\/p>\n

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\nPlain Truth, February 1961<\/em><\/p>\n

Germany, Japan have the largest surpluses<\/em> of GOLD and DOLLARS…Rich Uncle {Sam} has the greatest deficit in governmental history and a GREATER DEBT than all the REST OF THE WORLD COMBINED!…<\/p>\n

Vast foreign aid programs drain the U.S. Treasury…American spending to supply services and to support our troops in foreign countries and military installations around the world amounts to … dollars flowing out of the frightened U.S. Treasury. All of these factors, combined with heavy taxes, gigantic public and private debt, and no gold backing for our own currency if foreign investors demanded gold for their dollars, adds up to the staggering revelation that the U.S., richest nation in the world, is bordering on bankruptcy!<\/strong> (Hill DJ. What the US Gold Crisis Means to You. Plain Truth. February 1961, p. 9).<\/p><\/blockquote>\n

France did finally cash in dollars for gold and this caused a crisis in the USA.<\/p>\n

The USA went off the gold standard completely in 1971. About the same time it made a deal with Saudi Arabia to price oil in dollars. So, while this prevented “foreigners” from being able to redeem US dollars for something from the USA treasury, instead it meant that dollars could be used to buy oil. As other (mostly smaller) oil producers followed Saudi Arabia’s lead, this has served to support the US dollar for several decades.<\/p>\n

But now, Saudi Arabia has looked at being part of the BRICS alliance–a group whose objects include pushing aside the US dollar, and perhaps coming out with a gold backed currency (e.g. BRICS gold pivot and USA can only go out on a debt limb so far before it finally snaps<\/a>).<\/p>\n

The USA is now the most indebted nation that the world has ever seen. Many are concerned.<\/p>\n

The old Worldwide Church of God published the following in the old Good News<\/em> magazine:<\/p>\n

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\nGood News, Oct-Nov 1979<\/em><\/p>\n

Of course, since gold is regarded as a disaster hedge by many investors, prudence might dictate that perhaps a small fraction of your liquid assets be in gold: (Caulkins J. WHEN MONEY FAILS. Good News, October-November 1979)<\/p><\/blockquote>\n

In addition to the BRICS alliance, there are European nations looking at gold as well.<\/p>\n

Back in 1971, the Plain Truth<\/em> mentioned gold and that a currency coming out of Europe would replace the USA dollar:<\/p>\n

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\nPlain Truth, October 1971<\/em><\/p>\n

FOR 40 YEARS, (1931 to 1971) the American dollar reigned supreme in world trade and finance. From 1945 to 1958, the dollar was considered better than gold to most developing economies. But by 1958 it was becoming evident that the dollar was weakening. <\/span><\/p>\n

The United States, a war-time haven for three fourths of the world’s gold, began changing the earmarks of the gold buried in the Federal Reserve Bank in New York City, and in Fort Knox, Kentucky, from “USA” to “France,” “Germany” and other nations. Ten years later, in 1968, claims on U. S. gold were running into the millions of dollars per day. More than $12 billion (half) of the U. S. gold was drained between 1958 and 1968, and much of that came in the last hectic months before March 1968, when the U. S. temporarily closed the gold window. <\/span>…<\/p>\n

On August 15, 1971, President Nixon revealed his new economic plan. One part of the strategy was to cut loose the dollar from gold, in effect letting it “float” in foreign transactions until natural market pressure would decide its best value…<\/p>\n

The European Common Currency appears to be the most likely successor to the dollar in this long line of monetary dynasties. Europe is the only continent with sufficient gold backing<\/strong>…<\/p>\n

… and What About Gold?<\/h3>\n

The gold standard is not sacred. It is only about 100 years old in the history of man, a product of evolution as much as any social institution. But in a world of sovereign powers, there must be some standard to finance international trade and domestic currency. Gold has the confidence of more people than any other standard, especially in Europe<\/strong>. (Alexander G. America faces “The Dollar Crisis”. Plain Truth magazine, October 1971, pp. 3-4)<\/p><\/blockquote>\n

Is Europe the continent looking at gold backing for its own currency still today?<\/p>\n

Yes!<\/p>\n

Have the Europeans been planning on a gold standard of some sort to push aside the US dollar since the 1970s? Four years ago, Jan Nieuwenhuijs<\/span><\/a>\u00a0 says it has:<\/p>\n

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Europe Has Been Planning A Gold Standard Since The 1970s<\/h2>\n
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