WHAT THE COLLAPSE OF THE US DOLLAR WILL MEAN TO THE WORLD
Forenote by Ron Beaulieu: When reading the following item by Bruce Porteous, let us recall that Ellen White said that..."the currency change was not of God."
Over the last few days there has been a number of articles in the media about the steady decline of the $US against the Euro. While many economists have forecasted the possiblity of the dollar declining against the Euro for sometime, most do not comprehend the significance of this. Some believe that the decline of the dollar against the currencies of American's trading partners will help correct the USA's trade deficit, and the dollar will stop falling when the trade imbalance is corrected. However, the evidence is that the opposite is happening - the $US has declined 40% against the Euro over the last 2 years, and during this time America's trade deficit has continues to deteriorate.
There is now nothing the USA can do to prevent the collapse of its currency, and its economy. It has no reserves to support its value, and has the most indebted country in the world, is dependant of the credit from America's former enemies. Over the last couple of days, both Russia and China have said they will be switching their considerable dollar reserves into Euro. This will only hasten the lack of confidence in the dollar, creating a global lack of confidence in the currency, and setting into free-fall. It will soon bring about the total collapse of the dollar, and the American economy.
The collapse of the dollar will throw the world into a global depression. Those nations with large external debts will not be able to trade sufficiently to earn the income to service their debts, and will slide into bankruptcy. The economies of New Zealand, Australia, Canada and the UK will also totally collapse, as a result of their indebtedness and not being able to service their borrowings. It will result in the Anglo-Saxon nations facing abject poverty, our people facing starvation, and a total break-down in society. Crime will become rampant. Law and order will cease to exist. Disease will become widespread.
The Asian economies, which have depended upon American trade, will also be severely affected. However, they will recover after a period, but only after considerable political and economic turmoil.
The EU will be in a much better position to survive the coming economic chaos. An influx of capital into the Euro zone by those selling dollars will provide the funding for rebuilding the economies of the new United States of Europe. However, the collapse of the $US will still severely affect the already depressed German and French economies. The resulting economic turmoil will create the need for the acceptance of a strong EU leader, who will be able to make the necessary political and economic reforms to enable Europe revive their economies. Those nations that accept the new EU Constitution will come under the control of this new leader, creating Europe as the world's new Super Power.
The Euro will become the world's only reserve currency, creating the means for the new United States of Europe to become the dominant economic power in the world. The new Europe will be able to dictate the terms on how the global economy should be run. They will take over the administration of America and Britain, placing the Anglo-Saxon people in bondage for repayment of their debts.
Americans do not appear to comprehend the bitterness that has grown around the world as a result of their illegal invasion of Iraq. While once Europeans looked up to, and admired America; today it is held in utter contempt for its arrogance and warmongering. Anti-European comments in the American media have only added to this hostility towards the US. America's attempt to impose its version of government on the world, its hypocrisy in claiming to be the moral leader of the world, while flooding the media with degenerate filth and garbage, has bought upon it disgust and contempt that few Americans can comprehend.
We are about to enter a time of tribulation for the Anglo-Saxon people. Some will ask why God has allowed this to happen to us. The answer is that as we have rejected God and His Laws, so He has allowing us to be punished for our sins.
Bruce Porteous
bruceport@xtra.co.nz