World closing in on common currency
News from the G-20 summit in London points to the increasing likelihood that a single global currency will be here sooner rather than later.
The calls to move to one currency have been coming rapidly in the days prior to the G-20 summit, lead by China and Russia. US Treasury Secretary Timothy Geithner doesn’t think it is a bad idea:
Geithner, at the Council on Foreign Relations, said the U.S. is “open” to a headline-grabbing proposal by the governor of the China’s central bank, which was widely reported as being a call for a new global currency to replace the dollar, but which Geithner described as more modest and “evolutionary.”
President Obama was quick to say that he rejects any notion of a one world currency, but what do the actions of the G-20 indicate?
Heading into the summit, a UN panel laid out a report calling for a global currency, ostensibly to be used to fund the reserves. Then yesterday the G-2o promised $1 trillion to the International Monetary Fund, and earlier today they agreed to a global oversight group, which will essential hand control of all the world’s biggest markets to a single outfit.
Key to the new global regulatory regime is the establishment of the Financial Stability Board that will work with IMF to monitor for early warnings of potential problems and oversee the global financial system. The new body will supersede the existing Financial Stability Forum, an informal group of regulators and central bankers, and will have a strengthened mandate. It will comprise members from all G20 countries, FSF members, as well as Spain and the European Commission, and will monitor and advise on market developments and their implications for regulatory policy.
National regulators will be reshaped to “identify and take account of macro-prudential risks”. That includes extending regulation and oversight to all systemically important financial institutions, instruments and markets. The G20 made a point of highlighting that hedge funds would be scrutinised. Also singled out were credit rating agencies who will be overseen “to ensure they meet the international code of good practice, particularly to prevent unacceptable conflicts of interest”.
The G20 also called for the urgent establishment of a single set of global accounting standards for national regulators to adhere to. “We will take action to build a stronger, more globally consistent, supervisory and regulatory framework,” it said, adding “strengthened regulation and supervision must promote propriety, integrity and transparency: guard against risk across the financial system; dampen rather than amplify the financial and economic cycle; reduce reliance on inappropriately risky sources of financing; and discourage excessive risk-taking.”
Striking a deal for a global regulatory standard that can be supervised and enforced is essential to stopping what is known as “regulatory arbitrage” whereby banks relocate abroad when threatened by national regulators.
This is a critical step to the Antichrist taking power. The Lawless One (2 Thessalonians 2:8) use the global currency system in an attempt to control and track every human being on the planet (Revelation 13:16-18).
Ambrose Evans-Pritchard of the UK Telegraph sums up the giant leap towards one world currency this way:
A single clause in Point 19 of the communiqué issued by the G20 leaders amounts to revolution in the global financial order.
“We have agreed to support a general SDR allocation which will inject $250bn (£170bn) into the world economy and increase global liquidity,” it said. SDRs are Special Drawing Rights, a synthetic paper currency issued by the International Monetary Fund that has lain dormant for half a century.
In effect, the G20 leaders have activated the IMF’s power to create money and begin global “quantitative easing”. In doing so, they are putting a de facto world currency into play. It is outside the control of any sovereign body.
Indeed.
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