420 Banks Demand a One World Currency

one world currency

420 banks demand one world currency

International finance group seeks remedy to looming exchange wars

October 10, 2010 | WND © 2010

The Institute of International Finance, a group that represents 420 of the world’s largest banks and finance houses, has issued yet another call for a one-world global currency, Jerome Corsi’s Red Alert reports.

“A core group of the world’s leading economies need to come together and hammer out an understanding,” Charles Dallara, the Institute of International Finance’s managing director, told the Financial Times.

An IIF policy letter authored by Dallara and dated Oct. 4 made clear that global currency coordination was needed, in the group’s view, to prevent a looming currency war.

“The narrowly focused unilateral and bilateral policy actions seen in recent months – including many proposed and actual measures on trade, currency intervention and monetary policy – have contributed to worsening underlying macroeconomic imbalances,” Dallara wrote. “They have also led to growing protectionist pressures as countries scramble for export markets as a source of growth.”

Dallard encouraged a return to the G-20 commitment to utilize International Monetary Fund special drawing rights to create an international one-world currency alternative to the U.S. dollar as a new standard of foreign-exchange reserves.

Likewise, a July United Nations report called for the replacement of the dollar as the standard for holding foreign-exchange reserves in international trade with a new one-world currency issued by the International Monetary Fund.

The 176-page report, titled “United Nations World Economic and Social Survey 2010,” was issued at a high-level meeting of the U.N. Economic and Social Council and published in its entirety on the U.N. website.

Read more here: http://www.wnd.com/index.php?fa=PAGE.view&pageId=213953

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Deborah (Discerning the World)

Deborah Ellish is the author of the above article. Discerning the World is an internet Christian Ministry based in Johannesburg South Africa. Tom Lessing and Deborah Ellish both own Discerning the World. For more information see the About this Website page below the comments section.

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7 Comment authors
Deborah (Discerning the World)Thomas Lessing (Watch and Pray / Waak en Bid)Dave DeeJohnBurning Lamp Recent comment authors
Jen
Guest
Jen

Planned global currency called “The Phoenix” (as in ‘rising out of the ashes) planned for 2018. The “Wocu” will be a transition currency until the planned global currency. Per The Economist of January 9, 1988. Source: D_Cuddy

Hilgard Muller
Guest
Hilgard Muller

I would really like to know which preachers you can recommend, i am still without words regarding Paul Washer ……….

Hilgard Muller
Guest
Hilgard Muller

Thank you D.
Absolutely agree, but only the KJV. Will come and visit soon again and see you on Bibleguidance.com and the soon to be released YahwehisKing.com (I need to go and pray now …)

Thank you for Spreading God’s Truth and remember the Way is narrow.

Greetings from New Zealand
Hilgard

Burning Lamp
Guest
Burning Lamp

Is this Hilgard Muller the diplomat? How interesting! Glad he is reading Prof. Malan.

Hilgard Muller
Guest
Hilgard Muller

Sermonindex blocks true Christians
Dear Visitors and members

I need to share with you what has happened to me on http://www.sermonindex.net the last 48 hours. It is not my intention to start any form of pencil war but to purely inform you about this matter and to warn you to be careful in these last days to rebuke false prophets if you are not willing to be persecuted for Christ.

On Wednesday 22/10/2010 it came under my attention that sermonindex has made many sermons of Rick Warren and Kathryn Kuhlman available, I truly hope that the Holy Spirit has shown to you that they are false prophets and we must not participate in any of their teachings.

I re-posted an article of another member bringing this under the attention of sermonindex, a few minutes later I received an email rebuking me on this. I proceeded in warning the visitors of sermonindex to be extremely careful on the teachings of these false prophets, it was not long and I received another email informing me that I have been blocked to use their forum. I continued in spreading non false prophet articles from my second account about our Saviour on their website and received wonderful replies on the Biblical assistance the readers obatained from this.

This morning I noted that I was completely blocked to visit http://www.sermonindex.net. This is quite surprising to me since all I did was rebuking false prophets as we do on this website and on various other sites as well.

I therefore just need to warn you that if you want to continue to use sermonindex, please to not even think of speaking out about the sermons of the false prophets that they keep on their website. It is shocking to me that they do not allow you to speak out about any false prophets and also the fact that they are starting to endorse the teachings of certain false prophets.

My fellow friends in Jesus Christ our Saviour, let us stand strong in these last days and not be influenced by the majority who does not endure sound doctrine as we are warned in 2 Timothy 4

May God Bless you all and remember that the way is narrow …….

Administrator
Hilgard Muller

Burning Lamp
Guest
Burning Lamp

Sermon Index is a mixed bag – I always wondered about that and have rarely used them. Mostly because they touted Calvinist preachers. I had no idea of the other things mentioned. All I can say is Shame and warn everyone to stay away from them or maybe speak out but know ahead what the consequences of that will be.

Hilgard Muller
Guest
Hilgard Muller

I wish ……. I was until I woke up …. hahaha

No I am just another fellow born again Christian now living in New Zealand. Grew up in the Oranje Vrystaat

Burning Lamp
Guest
Burning Lamp

Well, that is such an unusual name – sure burst my bubble in thinking there might be a politician who was a devout believer smile – oh well, life is full of disappointments except for the encouragement and blessing we have in our Lord that is.

Glad to hear from a fellow believer from down under in beautiful NZ.

John
Guest
John

Actually, this World News Daily report is quite misleading.

While the article correctly mentions calls to use special drawing rights (SDR’s) as the global reserve currency, the headline makes it sound as though the IIF is calling for one currency to replace all domestic currencies when they’re not. It’s definitely not mentioned in their October 4 policy document here:-
http://www.iif.com/press/press+161.php

True, the U.N. Survey suggests the introduction of a global reserve currency but this will not replace domestic currencies. Also, note that the proposal is attributed to Zhou Xiaochuan, the governor of the People’s Bank of China (see page 101 of the UN document referred to in the article).

Regarding global reserves, please bear in mind that governments hold reserves for various reasons, one of which is to help them trade and operate in global markets. Something like 65-70% of these reserves are held in US dollars. 85-90% of international trade uses the US dollar as the base unit of account. So at present the USD is the nearest thing to a global currency.

Regarding SDR’s, these are reserve fund assets, held by the IMF, in the form of a derivative or “synthetic” currency. They are merely accounting entries and their value is based on a basket of four key international currencies. They must have multiple domestic currencies to operate. Refer here:-
http://www.imf.org/external/np/exr/facts/sdr.htm

Because they are based on four currencies, the advantage of SDR’s is that their value is less sensitive to the movements in any one of the component currencies.

In the UN document, the Chinese also propose a new global reserve currency to ultimately replace SDR’s but this would have to take a similar form to an SDR and would not replace domestic currencies, if in fact the proposal ever progresses.

The reason China is taking this stance is because their reserves are heavily weighted to US dollars, so as the dollar has weakened so has the value of their reserves. If they sell off their US currency reserves to buy other currencies, the magnitude of the transactions will have the compounding effect of driving the USD down further. Because they are a net exporter, the value of their exports also falls as the USD declines. Not surprisingly, they raised this in the midst of the GFC (mid 2009).

The problems at the heart of this matter actually result from the reliance on a single currency.

I’d definitely not use WND as a resource. They appear to be an ultra right-wing US website mainly interested in trying to find left-wing conspiracies against the US. From the above they seem to be misconstruing something to sound like something it’s not. Their main fear is probably that the US dollar will lose its dominance. Suggest a more accurate and less politically motivated source like the Wall Street Journal or Bloomberg for financial news.

Hope this helps.

Burning Lamp
Guest
Burning Lamp

Yep, WND is clueless as to sound doctrine.

Dave Dee
Guest
Dave Dee

For those of you who have a passion for sound doctrine may I suggest you search for sermonaudio.com which has over 800,000 sermons by many great preachers like (the late) Leonard Ravenhill. For those who may be undecided about the eternal plight of divorced and remarried believers I believe pastor Phill Schlamp presents a sound view of the true meaning of the so called “Exception Clause” found only in Matt.19-9. Please note the distinction between Fornication and Adultery, both of which terms are used in this single verse so they must mean different things. Shalom Dave D

Tom (Discerning the World)
Admin
Member

Dave Dee

As far as I know sermonaudio.com is staunchly Calvinistic which poses a big problem. Delivering a sermon on fornication and adultery is just fine but when you commit spiritual fornication and adultery it is far worse than anything Matthew 19:9 describes. Calvinism is spiritual fornication and adultery of the worst kind because it distorts and trashes the Gospel of Jesus Christ. Not only that, it misrepresents God and his character in a huge way. In fact, Calvinism espouses people to another Jesus which is nothing else than spiritual harlotry.

Deborah (Discerning the World)
Guest
Deborah (Discerning the World)

Too true, sermonaudio.com is a conglomerate of false teachers all belonging to the cult of Calvinism.