The Coming World Currency

As stated before, it really is amazing that current "issues" which were difficult to discuss at prophecy meetings and Bible studies only a few brief years ago (because they seemed "controversial" or remote at best) are now publicly discussed without even a raised eyebrow. My, how things have changed.

We also know that in order to implement the "Mark of the Beast" as described in Revelation 13:16-17, the world must have a centralized financial system and presumably, a central currency in order to make this work.

Even dating back to the 1960's, prophecy scholars called for a coming central currency as we approach the Tribulation - an idea that seemed ridiculous back then, but now it has become generally accepted. Amazing.

International Monetary Fund director calls for new world currency

Dominique Strauss-Kahn, managing director of the International Monetary Fund, has called for a new world currency that would challenge the dominance of the dollar and protect against future financial instability.

“When we worry about the deficiencies of the international monetary system, we are mostly worrying about volatility,” he added. There is “a sense that money sometimes flows around the globe in too-volatile a fashion and that countries need a more stable, more predictable external environment in order to prosper”, he said

He suggested adding emerging market countries' currencies, such as the yuan, to a basket of currencies that the IMF administers could add stability to the global system.

This has been proposed before. The first step in a world currency, under this view, would be via the IMF, who would impose a "basket of currencies" that the IMF would manage, and would represent an interim step before having a single, central world currency.

Strauss-Kahn saw a greater role for the IMF's Special Drawing Rights, which is currently composed of the dollar, sterling, euro and yen, over time but said it will take a great deal of international cooperation to make that work.

"Using the SDR to price global trade and denominate financial assets would provide a buffer from exchange rate volatility," Strauss-Kahn said, while "issuing SDR-denominated bonds could create a potentially new class of reserve assets".

Russian President Dmitry Medvedev last month said the currencies of Brazil, Russia, India and China should be included in the SDR valuation basket. The same month, Sarkozy said that the yuan should be included, and US President Barack Obama’s administration said it supports such a transition “over time”.

Strauss-Kahn said: "Increasing the role of the SDR would clearly require a major leap in international policy coordination. For this reason, I expect the global reserve asset system to evolve only gradually, and along with changes in the global economy."
Strauss-Kahn's views come a week before finance ministers from the Group of 20 developed and developing nations meet in Paris to discuss proposals by French president Nicolas Sarkozy for changes to global economic governance.

There is that phrase again "global economic governance". How many times have we seen that mantra repeated over the past couple of years?

We see even more momentum towards this effort:

IMF calls for dollar alternative

The International Monetary Fund issued a report Thursday on a possible replacement for the dollar as the world's reserve currency.

The IMF said Special Drawing Rights, or SDRs, could help stabilize the global financial system.

While they are not a tangible currency, some economists argue that SDRs could be used as a less volatile alternative to the U.S. dollar.

Again, this would represent an interim step towards an ultimate world currency.

The goal is to have a reserve asset for central banks that better reflects the global economy since the dollar is vulnerable to swings in the domestic economy and changes in U.S. policy.

In addition to serving as a reserve currency, the IMF also proposed creating SDR-denominated bonds, which could reduce central banks' dependence on U.S. Treasuries. The Fund also suggested that certain assets, such as oil and gold, which are traded in U.S. dollars, could be priced using SDRs.

And this:

In China, Tentative Steps Toward Global Currency

Just like all of the other signs that we track, this one is moving along exactly as one would expect. Note that none of the signs that we watch daily have shown any signs of reversal. Rather, the signs that we observe daily continue to progress daily - right into the Tribulation.

The speed at which all of this is happening is breathtaking, Of course, Jesus informed us that the signs would be like birth pains - and we all know that birth pains don't reverse course. Once real labor begins, it continues in a progressive manner - just like the signs that we watch.

Jesus told us exactly what to expect - and His words ring true every single day.