The Dollar and Functional Pretense

I don’t have much time at all to write, but I couldn’t resist after seeing this news item arrive in my Inbox.

Mr. Davis has passed along an article from the UK’s Telegraph (link below), reporting on a closed-door meeting in Riyadh.  Apparently, though it was a closed door meeting the ministers’ microphones were accidentally left on (don’t you hate when that happens?) and for 40 minutes their comments were broadcast to the press room.  (40 minutes?  Apparently the press guys were not in a hurry to let them know of the error…)

Among the comments were these (emphasis added mine):

In an embarrassing blunder at the meeting in Riyadh, ministers’ microphones were not cut off during a key closed meeting, and Prince Al-Faisal was heard saying: “My feeling is that the mere mention that the Opec countries are studying the issue of the dollar is itself going to have an impact that endangers the interests of the countries.

“There will be journalists who will seize on this point and we don’t want the dollar to collapse instead of doing something good for Opec.”

Did you catch that?  Does anyone in America really care how precarious the state of things really is?

So MUCH of our economy — and, therefore, the world’s — is currently standing on a foundation of functional pretense.  It’s a public pretending because the only thing that appears to be holding back the horrific reality is the refusal to admit the reality.  The dollar was once backed by gold, then by American confidence.  Eventually, the dollar came to be backed by the world’s confidence.  Now, it is backed merely by the world’s desperation and fears.  The dollar continues merely because the world is so horrified by the thought of its collapse that they are propping it up against all other rational thought.

Eventually, the false belief that ignoring reality can change reality will kick in, and the world will begin to cut its losses, drop the dollar, and look to other, stronger currencies — such as the euro.

We have discussed this in this blog numerous times (and at greater length than I can afford here).  Here are just a few of those entires (some of which should contain info or links relating relevant Bible prophecy on the matter):

The last link in that list was written a little more than a year ago, but the last paragraph is still true:

Basically, it would seem that what is currently preventing a plummeting dollar is the world’s concern about a plummeting dollar. But the way in which that concern is expressed may be shifting-from anxiously trying to prop it up, to cutting losses and insuring against the inevitable. That’s a dangerous shift in the weather for a plane that so desperately needs a “soft landing.”

Here’s the Telegraph article that was sent to me: “Saudi minister warns of dollar collapse.”  It’s short and worth a read.

As with so many things, the only REAL solution at this point is not a matter of policy, it is a matter of repentance.  But that is a discussion for another time — I wish I could write more, but real life calls!

4 thoughts on “The Dollar and Functional Pretense

  1. RJ Smith

    WOW!!! Just finished an econ class this past fall and it is frightening to think how fast things can change. All we need to do is look to prophcey to keep ourselves abreast of the future events.
    Thanks so much for you continued messages….

  2. It is ironic that most American Christians feel that they are under divine favor because of thier support of Zionism and yet thier whole financial system is in imminent danger of collapsing.

  3. Howdy, again, Scavenger —

    I agree with the essense of what you are saying, though I won’t get into any support or criticism of “Zionism,” as that word means too many different things to too many different people.

    (Though I will say here that although I do believe that America and the nations of the former British Commonwealth are the descendants of two of the ten so-called “Lost Tribes” of Israel, I also believe that the Jews in modern day Israel, and those scattered around the world, really are Jews of the tribes of Judah. This “the Jews aren’t really Jews” stuff is garbage.)

    However, I do agree with you. Although you say “most American Christians,” I would suspect that “most American Christians” are too apathetic to care as much as you indicate they do. Still, those who are very zealous in their support of modern day Israel seem too focused on the relatively miniscule portion of Scripture that speaks of supporters of Israel being blessed and not nearly focused enough on the hundreds of warnings against being a corrupt and commandment-breaking nation. It’s as if support for modern-day Israel has become for them a “magic formula” that will protect against all the other negative consequences that that are brought on for national disobedience.

    Simply supporting the people through whom God preserved the Ten Commandments will not buy anyone a “pass” on breaking those commandments.

    There is no inoculation or “cootie shot” against punishments on national sin and disobedience, and the US and the UK, as well as their brother Judah (modern day Israel), are well into beginning to feel the hot breath of those consequences on their necks — economic collapse being only one such consequence.

    I pray our nations will repent.

    Thanks again for your comment, Scavenger.

  4. Howdy, too, RJ Smith (sorry for the delayed response!) —

    I imagine that your economics class has given you a certain helpful perspective on things. I know that the studying I did during my actuarial career has been invaluable in terms of understanding the economics news, from the credit bubble bursting, to the danger of all these complex derivative securities, etc.

    Thanks for both your comment and your kind words!

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