UN wants new global currency to replace dollar

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Crumpled Hundred Dollar Bill...Crumpled Hundred Dollar Bill --- Image by FusionPix/Corbis

The Telegraph: “In a radical report, the UN Conference on Trade and Development (UNCTAD) has said the system of currencies and capital rules which binds the world economy is not working properly, and was largely responsible for the financial and economic crises.

It added that the present system, under which the dollar acts as the world’s reserve currency , should be subject to a wholesale reconsideration.

Although a number of countries, including China and Russia, have suggested replacing the dollar as the world’s reserve currency, the UNCTAD report is the first time a major multinational institution has posited such a suggestion.”

Opinion: Russia and China led the move to end the dollar’s reign as world reserve currency in 2009. As global economies became overburdened with debt, the idea faded, leaving the US dollar the cleanest shirt in the dirty laundry bag, metaphorically speaking, and the US currency rallied for 5 years.

That the UN is starting up the rhetoric to replace the dollar is not surprising, now that China has filled its central bank with gold at bargain prices and the IMF has granted the renminbi reserve status.

As the tribulation approaches, we will likely see more and more volatility in global markets. The Third Seal Judgment of Revelation 6:5-6 ushers in the first economic collapse, which some Bible teachers think will be caused by the rapture of the Church.

Then, in Revelation 18:11, 19, the Apostle John tells us that in the last days of the Great Tribulation, the world’s monetary system will be centered in the city of Babylon and will crash and burn “in one hour” leaving the merchants of the earth weeping and wailing.

For now, central banks have sufficiently manipulated the world’s economic system by creating fiat money and artificially low interest rates, giving the illusion of financial stability.

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Source: Slider