| GP Update - July 10, 2009 |
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| Written by GP Admin | |||||||||
| Friday, 10 July 2009 09:10 | |||||||||
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The push is on for a one-world currency! “The world in a coin. This is our vision, our hope. It is a necessity and a challenge. What seems an impossible dream becomes an inevitable historic, economic and social process. It is an event which is intertwined with the fate of human evolution.”1 Even if Russia's call for a global currency failed to gain much traction at a G8 summit, President Dmitry Medvedev took home a coin meant to symbolize that the dream may one day come true. The Russian leader proudly displayed the coin, which bears the English words "United Future World Currency", to journalists after the summit wrapped up in the quake-hit Italian town of L'Aquila. Medvedev said that although the coin, which resembled a euro and featured the image of five leaves, was just a gift given to leaders it showed that people were beginning to think seriously about a new global currency. French President Nicolas Sarkozy at the summit joined the band in favor of dumping the dollar as the international currency of reference, insisting that "we cannot stick with just one single currency."2
The Bible does not use the phrase “one-world government” or “one-world currency” in referring to the end times. It does, however, provide ample evidence to enable us to draw the conclusion that both will exist under the rule of the Antichrist in the last days. To learn more about the Bible’s prophecy concerning a one-world government and a one-world currency, click here. Now the Pope is chiming in by calling for a global manager: Pope Benedict XVI on Tuesday condemned the “grave deviations and failures” of capitalism exposed by the financial crisis and issued a strong call for a “true world political authority” to oversee a return to ethics in the global economy. The German-born pope said the “true world political authority” would have the duty to “manage the global economy; to revive economies hit by the crisis; to avoid any deterioration of the present crisis and the greater imbalances that would result”. It would be ”regulated by law” and ”would need to be universally recognized and to be vested with the effective power to ensure security for all, regard for justice, and respect for rights”.3
"We're not going to just wait indefinitely and allow for the development of a nuclear weapon... and wake up one day and find ourselves in a much worse situation and unable to act," Obama said at the close of the G8 summit concluded in Italy.4 French President Nicolas Sarkozy warned Israel on Thursday that any strike against Iran would be catastrophic for the world and told Tehran to expect more sanctions if it refused to discuss its nuclear program. There has been constant speculation that Israel might attack Iran to try to destroy its nuclear installations, with U.S. Vice President Joe Biden saying earlier this week that Israel had a sovereign right to decide what were its best interests.5 The French President is right…an Israeli strike on Iran WILL be catastrophic. Iran is showing no signs of slowing in their pursuit of a nuclear weapon and Israel has no doubts about how Iran intends to use those weapons. The only question is, “will new sanctions be enough to deter Iran from its ambitions?” I doubt it. So, what happens if Israel bombs Iran’s nuclear facilities? I can only imagine that there will be retaliation of monumental fashion. Iran will attempt to close the Strait of Hormuz. Oil prices will skyrocket overnight. Other countries will start taking sides…and we could be at the brink of WWIII. Or not. I’m not smart enough to know what will happen…but I do know enough to know that I want to be prepared in the event that it does happen. I want 30-90 days of food, water, and basic necessities in storage. I want my financial house in order. And, I want to be a person who is prepared to act, not react, to whatever may come to pass. The Bible makes it very clear, “A prudent man sees danger and takes refuge, but the simple keep going and suffer for it.” Proverbs 22:3 Don’t get caught unprepared.
How can throwing money at a broken system result in any long-term recovery? We need to return to manufacturing as the base of our economic activity. As well, Americans must learn to live within their means and stop spending money they do not have. Why is all this so difficult for even the Oracle of Omaha to understand? When the powers that be sold us on globalism, it assured the citizens of this great country that our standard of living was ready to fall drastically. Because our wages were so much higher than those of emerging countries, we could not compete in the world marketplace. A cheaper dollar certainly is not the answer either, as the dollar would have to decline another 80% just to begin to compete with China. The stock markets corrected for a second week. There is potentially a very negative head and shoulders formation that measures down to 7650 Dow and 820 S&P. With any further follow through early next week, we could see a sharp sell off to those levels. We also have important turn points at the end of next week…so it should be a very interesting week. Earnings season is kicking into high gear and I will be tracking earnings on the S&P to see if we see any signs of an earnings recovery. The dollar just continues to waffle in a tighter and tighter trading range. The disturbing part is, as we have corrected down in the equity markets, the dollar has not caught a real firm bid. This has been the pattern over the past 12 months. Unless the dollar really starts a run (and soon), the risk of a dollar dump could be edging closer and closer. Rumors of a September bank holiday and subsequent devaluation of the dollar have yet to be denied by any government official. Is this the reason the dollar cannot rally? Or, could it be the trillions in debt that we are running up? Or both? I still remain extremely bearish longer term on the dollar. Treasuries did catch another bid this week as stocks slid and cyber attacks against the government came to light. Money will flow to treasuries during times of uncertainty. I am certain of one thing, I would not recommend any long-term treasuries. With California going bust and many states to follow, how secure can the federal debt be? This is another market that is a ticking time bomb. Stocks probably will see another low before treasuries will begin any meaningful decline. Probably. Gold and silver sold off with all commodities again this week. Gold's next big move lies inverse to the dollar. As the dollar is having trouble rallying and the outlook being dismal long-term, the long-term outlook for both gold and silver are bullish. Long-term is 2-4 years. I look for a major low to develop in many of the commodities after another stock low this fall.
Editor’s note: Check out the Global Perspectives web site and see the new features, polls, news links, and past issues of the GPUpdate. (www.globalperspectives.info) 1http://www.freerepublic.com/focus/f-news/2288627/posts 2http://www.breitbart.com/article.php?id=CNG.4eb2c06b46ea42dece225df0a3ec3799.641&show_article=1 3http://www.ft.com/cms/s/0/cc9150d0-6af4-11de-861d-00144feabdc0.html 4http://www.haaretz.com/hasen/spages/1099290.html 5http://www.reuters.com/article/joeBiden/idUSTRE56876820090709 6Market commentary is provided by Mr. Steve Meyers of Grainbelt Commodities, Marco Island, FL
Disclaimer The statements, opinions and analyses presented in the articles and newsletters on this website are provided as a general information and education service only. Opinions, estimates and probabilities expressed herein constitute the judgment of the author as of the date indicated and are subject to change without notice. Nothing contained in this website is intended to be, not shall it be construed as, investment advice, nor is it to be relied upon in making any investment or other decision. Prior to making any investment decision, you are advised to consult with your broker, investment advisor or other appropriate tax or financial professional to determine the suitability of any investment. Neither GrainBelt Commodities, LLC. nor Steven R. Meyers shall be responsible or have any liability for investment decisions based upon, or the results obtained from, the information provided.
Global Perspectives Update, edited by Pastor Timothy L. Neptune,
is a weekly commentary of "news you need to know" in order to be informed, equipped, and prepared. The material provided is for informational and education purposes only and should not be construed as investment advice. Always seek professional advice and counsel before making financial decisions. Although the material is deemed to be accurate and reliable, we do not make any representations as to its accuracy or completeness and as a result, there is no guarantee it is error free. Comments and questions can be emailed to: contact@globalperspectives.info If this message was forwarded to you, you can subscribe here: http://www.globalperspectives.info
         
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| Last Updated on Friday, 10 July 2009 16:15 |
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