Thursday, March 05, 2009
"National currencies are a phenomenon of the twentieth century; supranational currencies are the solution for the future."(1)
"It is clear in what direction we need to move. We need to construct, out of the assets currently used by the monetary authorities, a new world currency."(2)
"The question now is not whether the world will adopt a Single Global Currency but when? and How smooth, inexpensive, and planful OR rough, costly and chaotic will the journey be?"(3)[italics and capitals in original]
"We must set new rules for a 21st century global economic system....For the first time in history we have the opportunity to come together around a global covenant, to re frame the international architecture and build the truly global society."(4) This quote brings to mind Revelation 17:13 "These have one mind and shall give their power and strength unto the beast."
Folks we are in the throes of that journey today: the creation of a truly global society and creation in stages of a single global currency.
The manipulation of money is, arguably, the most potent method used outside of war to rapidly rearrange society. Am I suggesting that our current economic crisis will be used as leverage to re-structure our Western world? The odds are in favor of it. Consider what the father of modern economics, John Maynard Keynes, had to say in 1919.
"There is no subtler, no surer means of overturning the existing basis of society than to debouch the currency." - John Maynard Keynes, The Economic Consequences of the Peace, (1919), p.236.This is rather startling, considering that we've been using Keynes' theories of political economy as our main driver since the end of World War II. Roughly speaking, Keynesian economics is the idea that governments can stimulate the economy through interest rate management (the heart of credit and debt), taxation programs, and other state-instituted incentive programs. Although the above quote was aimed primarily at inflationary actions, the same conclusion could be made regarding any form of monetary leveraging.
Three other quotes come to mind:
"The great struggle of history has been for the control over money. It is almost tautological to affirm that to control the production and distribution of money is to control the wealth, resources, and people of the world." - Jack Weatherford, The History of Money (Crown Publishers, 1997), p.246.The links between economic crisis and societal change cannot be ignored. During the mid-1970s a "new international economic order"(5) was proposed in light of growing energy costs, world currency imbalances, and other shake-ups in the global system. The objective of this movement- which emanated from Algeria found support through the Group of Non-Aligned Countries(6) - was to change the capitalist/Western-oriented world financial structure into a more socialist styled model.
"The control of money and credit strikes at the very heart of national sovereignty." - A.W. Clausen [then president of Bank of America], in a 1979 interview with the Freeman Digest, "International Banking," p.21.
"..new comprehensive politico-economic systems across peoples almost always arise out of conquest or common crisis..." - A.W. Clausen, Freeman Digest, "International Banking," p. 23.
The Club of Rome, an elite Group of eminent leaders, also supported this effort. In 1976 it fleshed out what this "new international economic order" would look like. According to the Club, the world's social, political, cultural, and economic composition needed to be re-aligned under a sweeping system of international management.(emphasis mine) This included the promotion of regional monetary integration, the creation of a World Treasury agency, and international taxation powers - all with the aim of progressing "towards a world-wide monetary system."(7)(emphasis mine).
How would citizens come to accept such radical changes? The Club of Rome understood the historical mechanism needed: Crisis.(8)
Although the "new international economic order" fell apart due to infighting between agenda-supporting countries (among other factors), the principle of "economic crisis" and "change" never went away.
Flash forward one year past the famous 1987 stock market crash.
On January 9, 1988, The Economist published a cover story about a proposed international currency called the Phoenix. Like the mythical firebird that arises out of the ashes of destruction, this international currency would likewise emerge from the chaos of crisis. As the article noted, it would take "several more big exchange-rate upsets, a few more stock market crashes and probably a slump or two" before politicians would accept the Phoenix and secede monetary power to a higher authority. The Economist even suggested a start-up date: 2018.(9) Looking to curb government-led monetary mismanagement, a problem that seems to plague every nation-state, the article suggested a radical re-arrangement: Country-level decision making would have to disappear under a world central bank and its new global currency.
There would be no such thing, for instance as a national monetary policy. The world phoenix supply would be fixed by a new central bank, descended perhaps from the IMF(International Monetary Fund). The world inflation rate - and hence, within narrow margins, each national inflation rate - would be in its charge. Each country could use taxes and public spending to offset temporary falls in demand, but it would have to borrow rather than print money to finance its budget deficit. With no recourse to the inflation tax, governments and their creditors would be forced to judge their borrowing and lending plans more carefully than they do today. This means a big loss of economic sovereignty, but the trends that make the phoenix so appealing are taking the sovereignty away in any case.(10)More recently, Robert Mundell - the "father of the euro" - has been traveling around the world lecturing on the hoped-for creation of a new national currency called the DEY, a combination of the US dollar, euro, and yen. Crisis, Mundell realized, will open this door. He stated, "International monetary reform usually becomes possible only in response to a felt need and the threat of global crisis."(11) This Nobel Prize winner also pointed his finger to the possible trigger event, saying that the "global crisis would have to involve the dollar," and that a world currency should be viewed as "a contingency" to a global dollar disaster.(12)
And Ben Steil, the Director of International Economics at the Council on Foreign Relations(CFR), suggested a re-making of the world's financial system around three key currencies - the US dollar, euro, and a new Asian monetary unit. Steil implied that the hinge-point for this development would be a major shake-up involving the US dollar.(13)
Today, during every news hour, we hear more talk of the global financial emergency, an ongoing event that isn't going away. Therefore, it shouldn't be a surprise to learn that some world leaders are actively promoting a new global order as a response to the current crisis. For example, England's Prime Minister, Mr. Gordon Brown, has been hotly pushing the idea of an international financial restructuring, and more. In fact, he's been preaching this global gospel for some time. Consider this statement made while in Boston on April 18, 2008.
We must set new rules for a 21st century global economic system....My vision is a new World Bank and IMF, a reformed UN and strong regional organizations from the European Union to [the] African Union...For the first time in history we have the opportunity to come together around a global covenant, to re frame the international architecture and build the truly global society."(14)Indeed, crisis does equal opportunity.
"For God hath put in their hearts to fulfil his will, and to agree, and give their kingdom unto the beast, until the words of God shall be fulfilled. Revelation 17:17.
For God has put it in their hearts to cooperate, to "act in harmony", in order to set the stage for the appearance of Antichrist on the world scene" Revelation 17:17 Parallel Bible KJV, Amplified Bible Commentary.
*This article with the exception of the "Conclusion of the Matter" and the first four footnoted quotes is an excerpt from "The Joseph Principle and Crisis Economics" by Carl Teichrib as reprinted in Gary Kah's "Hope For The World Update" Winter 2009. Carl Teichrib is editor of Forcing Change, a monthly intelligence styled publication on world political, economic, and religious change.
Gary Kah is author of two land-mark books Enroute to Global Occupation and The New World Religion. Gary keeps interested readers informed of the latest international economic, political and religious developments through his research news journal Hope for the World Update. Click here to subscribe or to review some recent articles.
1. Ricardo Hausman [Chief Economist, Inter-American Development Bank], "Why the Interest in Reform? Discussion," Rethinking the International Monetary System (Federal Reserve Reserve Bank of Boston, 1999). p.96.
2. Robert Mundell ["father of the euro"], "Plan for a World Currency," a briefing prepared for the US Joint Economic Committee, 1968.
3. Morrison Bonpasse [President the Single Global Currency Association], The Single Global Currency: Common Cents for the World (Single Global Currency Association, 2006), p.229.
4. Gordon Brown [Prime Minister of Great Britain], Developments, Issue 42, p.4.
5. Philip C Born, The Coming Century of Commonism: The Beauty and the Beast of Global Governance (Policy Books, 1992, pp. 27-53.
6. See, Reshaping the International Order: A Report to the Club of Rome (E.P. Dutton, 1976),p. 4. The oil crisis and OPEC's role in third-world advocacy played a monumental part in setting the stage for this movement. For more on this development, see Jean-Jaques Servan-Schreiber, The World Challenge (Simon and Schuster, 1980)
7. Ibid., pp.126-134.
8. Ibid., p. 110.
9. Cover story , "Get Ready for the Phoenix," The Economist, January 9, 1988.
10. Ibid.
11. Robert Mundell, "A Decade Later: Asia New Responsibilities in the International Monetary System," presentation given in Seoul, South Korea, May, 2-3, 2007.
12. Ibid.
13. Ben Steil, "The End of National Currency," Foreign Affairs, May/June 2007.
14. PM Gordon Brown, as reprinted in Developments, the magazine of Britain's Department of International Development, Issue 42, p. 4.
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