BOTH THE DOLLAR AND EURO ARE IN TROUBLE!
May 1, 2006
http://www.tribulationperiod.com/
The six Common Market Nations, which prophetically were pictured by many writers in the 1960’s as rising quickly in number to 10, after which the next would house the 11th horn of Daniel 7, the Antichrist, who would come out of Europe. Also, it was predicted that the future currency of a united Europe was sure to become the Antichrist’s world currency. So, here we are, more than forty years later – the European Union beast has 25 horns and
the Euro currency stinks.
I also remember that in the 1960’s a growing number of prophetic buffs begin to identify America and its conspiracy riddled government as the beast, and say the Antichrist would take over America. The John Birch Society found numerous conspiracies everywhere, most of which were imaginary, and so, here we are, more than forty years later and the American dollar stinks.
Revelation 17:12,13 – And the ten horns which thou sawest are ten kings, which have received no kingdom as yet; but receive power as kings one hour with the beast. [13] These have one mind, and shall give their power
and strength unto the beast.
In the first book I ever wrote, Tectonic Chaos, in 1976, I wrote the following concerning Revelation 17:12,13: “The ten horns are ten Arab nations currently receiving great economic power as an OPEC oil block.
All ten of these Arab nations were once a part
of the vast Roman Empire. They will, by sudden economic growth, very quickly gain the scientific expertise of the world’s great powers – they will rise as a revived empire out of the ashes of the old Roman Empire.” This has, and is, happening today.
I also indicated that oil would replace the U.S. dollar in importance, and that is happening now.
The last part of the following article by Pinchas Landau was extracted from the Jerusalem Post. It gives a good account of the status of the dollar and euro today.
Begin Jerusalem Post Extract
Global Agenda: The Euro Enigma
By Pinchas Landau, THE JERUSALEM POST
April 28, 2006
What about the euro – the other major global currency? Why shouldn’t that rise against the dollar too?
There are several answers to this. One is that in the first round of the dollar’s fall, between mid-2002 and late 2004, the euro rose a great deal while the Asian currencies hardly rose at all. The second is that the euro will almost certainly rise in value to some extent in the next round of dollar decline.
In other words, the real issue is how to achieve a more equitable spread of the burden involved in the dollar’s fall – which causes problems for other countries, since it means they will sell less to the US.
But there is another answer, too, which is implicit in the need to spread the burden: the euro, which celebrated its seventh birthday in January this year, represents the problematic bunch of economies lumped together in the European Monetary Union. All of the three big economies in the euro area – Germany, France and Italy
– have serious economic problems.
Italy’s are by far the worst and have been compounded by the narrow election victory of a hodge-podge, left-wing coalition that includes too many parties, of which two are Communist and most are opposed to meaningful economic reform of the sort the Italian economy desperately needs.
France’s problems are less severe than Italy’s, but it too has a paralyzed government which recently had to withdraw a modest effort to make a partial reform in the country’s sclerotic labor market. Despite the pathetic performance of both President Jacques Chirac and Prime Minister Dominique de Villepin, it would be wrong to put the main blame on the French government: the huge demonstrations by trade unions and students proved that it is the French public that is opposed to reform of any sort.
The German economy is by far the best-performing of the trio, thanks to Germany’s highly successful export industries – but the domestic economy is still very weak.
On the government level, Chancellor Angela Merkel is clearly a tougher customer than her predecessor, but her ‘Grand Coalition’ is a cumbersome and probably ineffective vehicle for the kind of fundamental changes necessary.
In short, the euro is not very attractive. True, as soon as the Federal Reserve stops raising American interest rates, the euro is likely to become more attractive than the dollar – but that’s really not saying much.
If we have reached the point where the mainstream financial press is openly discussing the possibility of Italy’s underperformance resulting in its being forced to exit the common currency, then the euro faces fundamental challenges no less severe than the dollar.
Until their respective governments and populations are prepared to ‘bite the bullet,’ the world’s two major currencies are competing for the prize of wooden spoon.
landaup@netivision.net
End Jerusalem Post Extract
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