I found this commentary on Frank DiMora’s blog this morning.
It is concerning China’s decision to begin selling off US debt and dollar holdings, while favoring EU and Japan currencies.
There are several prophesies tied to this, first the rise of the old Roman Empire Christ spoke of, and second the consolidation to one world currency.
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Prophecy Sign: Both Daniel and Jesus warned us that the old Roman Empire would again rise in the last days. That empire, the Western and Eastern legs of that empire have already been raise again. The Western leg is called the European Union and most of the nations in the EU use the currency called the euro. Although the EU has been hurting economically the euro is still out doing the US dollar. As the America economic scene looks more like a new depression China is turning to the euro. Is this things to come? Since Jesus warned of the rise of the old Roman Empire and we are seeing signs that nations want to turn to the euro instead of the dollar, we need to keep an eye on the EU.
“China Favors Euro Over Dollar as Bernanke Alters Path” “
China, whose $2.45 trillion in foreign-exchange reserves are the world’s largest, is turning bullish on Europe and Japan at the expense of the U.S. The nation has been buying “quite a lot” of European bonds, said Yu Yongding, a former adviser to the People’s Bank of China who was part of a foreign-policy advisory committee that visited France, Spain and Germany from June 20 to July 2. Japan’s Ministry of Finance said Aug. 9 that China bought 1.73 trillion yen ($20.1 billion) more Japanese debt than it sold in the first half of 2010, the fastest pace of purchases in at least five years. “Diversification should be a basic principle,” Yu said in an interview, adding a “top-level Chinese central banker” told him to convey to European policy makers China’s confidence in the region’s economy and currency. “We didn’t sell any European bonds or assets, instead we bought quite a lot.” China’s position may make it harder for the greenback to rebound after falling as much as 10 percent from this year’s peak in June as measured by the trade-weighted Dollar Index. The nation cut its holdings of U.S. government debt by $100 billion, or 11 percent, through June from last year’s record of $939.9 billion in July 2009, according to Treasury Department data released today.
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Link to full blog page: Frank DiMora’s Blog it is toward the bottom of the post.
myBlessedHope 