Wednesday, October 14, 2009

Dollar's Demise

The U.S. government's actions to keep a good crisis from going to waste in dealing with our economic woes has served to bump the dollar from its reserve status. Economists believe the market rebellion against the dollar will spread until the U.S. Federal Reserve raises interest rates from near zero to the high single digits, and stops "printing" money by taking on debt. But a jump in interest rates will clobber stocks and cripple the stagnant housing market. The only other choice is to keep rates at zero and continue the failed policy of printing even more money but that is sure to cause triple-digit inflation that would collapse the economy as we know it.

I can't help but think that those making the decisions are not considering the needs of the hard working taxpayers of this country but are instead pursuing an agenda that yields American economic sovereignty to the world community of nations. Indeed Revelation 17:13 says, "These are of one mind, and they will give their power and authority to the beast" (NKJ).

We need to pray for those making these tough decisions particularly President Obama and Fed Chairman Ben Bernanke that they will seek the council of God.

"Come now, you rich, weep and howl for your miseries that are coming upon you! Your riches are corrupted, and your garments are moth-eaten. Your gold and silver are corroded, and their corrosion will be a witness against you and will eat your flesh like fire. You have heaped up treasure in the last days. Indeed the wages of the laborers who mowed your fields, which you kept back by fraud, cry out; and the cries of the reapers have reached the ears of the Lord of Sabaoth." (James 5:1-4, NKJ)

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