Stratrisks: “The increasing demand for crude in Asian countries such as China was enough reason for the region to prepare to pay for trade in the Chinese currency renminbi (RMB), an HSBC official said.
Georges Elhedery, HSBC head, Global Banking and Markets (Mena), noted that the region was slow to adopt RMB since trade between the Middle East and China was still highly dependent on the greenback.
“The Middle East has been slow in adopting RMB but we’re starting to see a shift in the region towards the Chinese currency,” Elhedery told Gulf Times in a meeting with reporters at the HSBC offices in Doha.”
Opinion: Where there’s smoke …
There are few financial experts that expect an immediate shift to the renminbi as the world’s reserve currency . In fact, most analysts favor the Special Drawing Rights (SDR), a basket of currencies with the renminbi as the lead currency along with the euro and yen.
According to the Bible prophecy, the final dictator will have total control of all financial transactions, even the ability to buy and sell (Revelation 13:16-17).
For that to happen, paper money will have to disappear. For the first time in history, advances in technology make that possible, and with terrorism and drug cartels as the backdrop, it becomes an easy sale to a Biblically ignorant public.
Next, a shift in global trade beginning with a move to unseat the US dollar. The Bible doesn’t tell us how it happens but we know that there is no power bloc resembling America in the tribulation wars.
Some event or combination of events, will have to get us there and it is getting easier to imagine a whole host of possible causes:
- Unsustainable debt causing interest rates to skyrocket
- Collapse in American financial strength due to climate regulations
In our book Antichrist: The Search For Amalek, we place the collapse of the US dollar after the rapture of the Church which should hit the most Christian nation on earth hardest.
Excerpt page 182 (fiction): “The New York Stock Exchange opened down 452 points as traders focused on the events of the prior week, but the big news was in the precious-metals market. Gold traded up 84 dollars to a new high at 2,818 dollars per ounce, and silver topped 63 dollars per ounce.
Traders attributed the rise in precious metals to more money printing by central banks, yet that was just the tip of the iceberg. At 10:00 a.m. New York time, China announced an expansion of its 2013 currency swaps with Australia and Brazil that would now also extend to the EU, Japan, India, and Russia.
The transactions were meant to bypass the US dollar in purchasing global commodities and to bring in the Chinese renminbi as the new world reserve currency. The G8 was fed up with a lack of US fiscal discipline, and with oil at 150 dollars per barrel, something had to be done. Global equity markets cratered again as gold rallied past three thousand dollars. Startled nations began selling Treasury bonds, driving up interest rates.”
Global equity markets cratered again as gold rallied past three thousand dollars. Startled nations began selling Treasury bonds, driving up interest rates.
By 2:00 p.m., the ten-year benchmark Treasury yield was 5.9 percent up—almost three hundred basis points from the previous night’s close.
China was ready to roll the dice on 1.2 trillion dollars in US Treasuries in order to make the renminbi the new world reserve currency.”