As we continue discussing "Galloping Globalism", a prophetic
overview relating to Bible projections, keep in mind internationalism
and globalism are separate entities. As previously stated,
internationalism entails the cooperation of nations on an
interdependent basis; globalism recognizes no national borders or
barriers.
The United States' economic system traditionally is based on
capitalism, commonly referred to as "free enterprise." But when
Americans speak of "free enterprise" on an ultimate, global scope.
The chief apostle of global free trade and commerce is Milton
Friedman. Mr. Friedman's dissertation on economics appears in major
newspapers, magazines, and television production. We quote from an
article by him titled "Protectionism Won't Cure U.S. Trade Imbalance"
(Human Events, 8/17/85): Producers in many industries - including
auto, steel, and textile - have been telling Congress that they need
higher tariffs, tighter import quotas and other trade impediments...
they say they cannot compete with foreign producers. They cite as
'proof' our $100 billion plus-excess of imports over exports... The
chief sufferers would be U.S. consumers and export industries, notably
agriculture. Rather than raising our trade barriers, we should be
lowering them... Some jobs are lost in export industries or in
industries competing with imports. Those are visible. More jobs are
gained in other parts of the economy... What should we do? The best
solution would be to dismantle all trade barriers over a brief
transition period... say five years... to give the affected industries
a chance to adjust.
While Mr. Friedman is considered to be a 'purist' by economic
conservatives, what he actually preaches is global economics. He
advocates the abolishing of all national barriers against free trade
and commerce throwing the world markets open to the best goods and
services offered at the lowest price, whether the producer is located
in Japan, the Common Market, or the Soviet Union. And what Mr.
Friedman carefully avoids is the contemporary wage scale and the
standard of living of the average American worker. There is no way
the U.S. auto industry can produce and automobile with $20.00 an hour
labor that will compete with a Japanese automobile made with $10.00 an
hour labor. The same reality applies to shoes made in Italy;
electrical household appliances made in South Korea; or garments made
in Hong Kong and Singapore. If there are to be no trade barriers and
and a global economy, then as a globalist state, there also would be a
global economy, then as a globalist state, there also would be a
global standard wage, meaning U.S. workers in key industries would
have to take huge cuts in wages.
President Reagan has threatened to introduce protectionist
measures against Japan and the Common Market in December of this year.
The question is - Can he do so without an accompanying collapse of the
banking industry and a related political, global revolution? We quote
again from the article "The New Global Game" (7/8/85 edition of
Industry Week): Other segments of the financial community are jumping
on the bandwagon. Talks are underway to link the stock exchange of
New York, London, and Tokyo. Observes Harvard's Prof. Levitt:
One of the most powerful and yet least celebrated ways in which we
see commerce being driven toward global standardization is through the
monetary system and the international investment process.' Japan
leaped into global finance with both feet. Of the ten largest
international banks, five are Japanese, three are American, one is
British, one is French. But for all the power, the world finance has
a less tangible impact on countries than the location of plants and
the production and distribution of goods. So the use of world-
shrinking technology by giant manufacturing companies... is more
likely to give nations continuing migraines. 'Countries are in charge
of territory,' points out David B. Abernathy, professor of political
science at Stanford.
'Huge companies pose a challenge to national sovereignty.' The
article continues to point out that possibly by 1990, global economics
will control the political and psychological complexion - probably
meaning the religions, of all nations. It should also be noted that
many references are made to international banking being an integral
part of the new economic and political order. To cite a speciffic
example of the parasitic relationship of international banking to
global economics, we refer to the case of Penn Square Bank of Oklahoma
City, located about two miles north of the offices of Southwest Radio
Church. Penn Square Bank was a thriving and progressive banking
establishment. Its primary investments were in the oil industry and
related energy companies. Suddenly there was a world oil glut;
thousands of drilling efforts shut down. The mortgages and notes held
by Penn Square became worthless; the bank went bankrupt almost
overnight.
On May 28, 1985, I was in San Francisco to meet our tour group
heading for the Orient. While waiting in a hotel room, I turned to
Channel 9 on local television. A public television program titled
"Breaking The Bank", a production of television station WGBH of
Boston, was in progress. According to the program, Continental
Illinois of Chicago, the eighth largest bank in the United States,
backed Pen Square Bank in Oklahoma City. When Penn Square Bank went
broke Continental Illinois suffered greatly, but because of its
international connections, it survived for a time. But what happened
to this bank within the next few months serves as a warning to all of
us. We quote from the script of "Breaking The Bank" provided by WGBH:
JUDY WOODRUFF (commentator): At the same time, Continental and
other American banks were having trouble collecting on loans from
Latin American countries who couldn't pay their debts... By the spring
of 1984, Continental Illinois was a disaster waiting to happen. Even
more than most banks, Continental depended on short-term speculative
money from around the world... All it took was a gentle push - a
breeze really - too topple Continental... That push was provided by a
rumor in New York... reported by a Japanese writer working for the
Commodity News Service.
According to the story, there was a possibility that Japanese
investors might be considering buying Continental... America's
proudest banks were ripe for the picking... The report went out over
the wire at 3:50 on a Tuesday afternoon... In Tokyo, it was already
Wednesday... And it was this story, this rumor, that panicked the
currency traders in Tokyo.
This happened because of the way world money markets work. To
lend money, Continental needed a steady flow of money coming in: about
$8 billion a day in mid-1984... Much of this money came in quick,
short-term loans, for no more than a day. This is possible only
through modern communications. Traders sitting halfway around the
world supply money to other traders. They're not trading real money,
but sending figures on a computerized screen to people they've never
met. It's fast and frantic... and it's all based on trust.
Feeding on each others' fears... Japanese traders withheld about
$1 billion they normally would have loaned Continental that day...
The panic followed the sun. The news that Japanese traders were
shunning Continental was waiting for traders when they came to work on
London, Zurich, Frankfurt, and the other big European money centers.
Now they, too, balked at lending to Continental. As the sun rose on
New York, the same thing happened, and finally on Chicago... The
realization grew that Continental was near collapse - just like Penn
Square Bank two years earlier...
The whole banking system is based on trust... on the belief it
won't collapse. If a bank as big as Continental were to go under,
trust in the entire system could have vanished. And so, within two
days - by Friday - the crisis spread to Washington, to the U.S.
Treasury.
In that city, worried men like FDIC Chairman, William Isaac, and
Federal Reserve Chairman, Paul Volcker, began talking of a bailout.
Acting quickly, the Fed loaned Continental more than $2 billion.
It wasn't enough... And so the nation's 16 biggest banks, led by
Morgan Guaranty of New York, rode to the rescue.
Meeting secretly over the Mother's Day weekend, the banks agreed
to loan Continental $4 1/2 billion. It was a powerful statement of
support for Continental - and it failed utterly. Even a total of $7
1/2 billion wasn't enough ... And so, the government took over.
The FDIC and the big banks pumped another $2 billion into
Continental. More important, they guaranteed all deposits at
Continental - not just those under $100,000.
Commentator, William Isaac, FDIC Chairman: If we hadn't done what
we did, we could have had a severe financial crisis throughout the
world. It was as simple as that. I don't know where it would have
stopped and I wasn't about to find out.
Geoffrey Bell, International banker: A failure of a bank the size
of Continental Illinois would have led, without question, to an
international banking crisis. (End of quote from "Breaking The Bank".)
According to no less an authority William Isaac, FDIC Chairman,
the failure of a bank like Continental Illinois, a bank with global
computerized banking, could destroy the entire international banking
system from Moscow, to Paris, to London, to New york, to Tokyo. All
banking, all commerce, all personal checking accounts, all saving
accounts could be wiped out everynight. And what would we have to
replace the present banking system and the dollar? I think Revelation
13:18 spells it out in great detail!
Another example is cited in the August, 1985, edition of the
Washington Letter by Jack Anderson. We quote: The banking industry is
the backbone of the U.S. economy. Unhappily, the economy has chronic
back trouble. ADVICE TO BANKERS: STOP KIDDING YOURSELVES.
The nation's nine largest banks each have more than 100 percent
of their shareholders' equity loaned out to just four countries with
frighteningly shaky economies: Argentina, Brazil, Mexico, and
Venezuela.
If these countries follow the siren song of Fidel Castro and
repudiate their debts, the nine big banks would be left with negative
net worths, their shareholders would be ruined, and the federal
government would have to nationalize the banking system. This is a
nightmare that bankers would like to believe will go away when they
wake up. But the slow, inexorable penetrating power of inconvenient
facts is beginning to register: A sudden event could end up destroying
the banking system. What could cause the collapse? Nobody can say
for sure... Default on the billions in foreign loans, meanwhile, has
been prevented by a series of patchwork 'rescheduling' expedients that
have only postponed the ultimate day of reckoning.
Consider this: The soviet block and Third World countries have
borrowed an incredible $700 billion in the United States and the
West... my sources tell me they expect the total to soar past $900
billion by 1990, with interest charges alone coming to $55 billion
annually. But let's get back to the possible collapse of vulnerable
Latin American economics. This could not only lead to debt
repudiation also the destruction of the U.S. banking system. That's
not all.
Our Latin American neighbors are also essential trading partners,
buying about one-fifth of all our exports. Also there is a gnawing
fear among top officials that a precipitous deterioration in the
Mexican economy would loose a flood of illegal immigrants over the
border. And, of course, Cuba and the Soviet Union would do whatever
they could to capitalize on the economic misery in Latin America... A
confidential report circulating in the Treasury Department warns that
the number of problem banks and bank failures will rise to alarming
levels in the next few years... catastrophe is a great teacher.
According to globalists, the present national political,
economic, and banking systems must give way to the wave of the future
because there is no turning back. A key to establishing a homogenized
unification of mankind under one system is universal, instant
communication controlled by computerized economic control. According
to an article in the August 26, 1985 edition of U.S. News & World
Report titled "Computer' Next Frontiers", the coming computers will be
able to listen, talk, see, and come close to reading a person's mind,
and tell the individual what he needs to know. They will even be able
to read lips, and operate at speeds hundreds of times the speed of
present computers.
The article concludes: Such developments are close to being
available to anyone who wants them, said Charles lecht, who runs a New
York City consulting firm. Adds Jack Huehier, head of development and
manufacturing at IBM: 'We're just at the beginning. The technology is
running like crazy. If we're smart enough to know how to package it
and use it, opportunites are unlimited.' Expectations have been raised
before by computer proponents but seldom with such confidence.
As technology crosses its newest frontiers - and computers
acquire the sensibilities of their human user - the grandios claims
sound less like exaggeration and more like prophecy.
There is a new breed of globalists rising to the forefront who
manifest no conscience as far as the collaps of the current banking
and economic system is concerned. They envision a new age emerging
within the next few years whereby all national political, and economic
system, and possibly religions, will merge into one huge global
system.
Quoting again from the article, "The New Global Game": As the
global game heats up, so much is at stake that, in Europe and Asia,
thee is growing sentiment for 'Japan Inc.' arrangements - that is,
governments and corporation joining forces to work their will on the
rest of the world... Conscious strategy or not, it does seem that U.S.
policymakers have awakened to the fact that they must begin viewing
the world in global economic terms... If this is mere political window
dressing, it nonetheless suggests that Japan has gotten the message
that the global game will no longer be played by its rules alone.
Perhaps the next message to be delivered is that there is only one
earth on which we all live; that all people, their environments, and
their econonmics are interconnected; that we can't afford any big
loser; and that we all have to win together.
If, according to this global prophecy, this is to be, then who is
to deliver this message? According to the Bible, this could be the
message of a man who will have power over global economics, politics,
and religions. This man is identified as the Antichrist: And he had
power to give life unto the image of the beast, that the image of the
beast should both speak, and cause that as many as would not worship
the image of the beast should be killed. And he causth all, both
small and great, rich and poor, free and bond, to receive a mark in
their right hand, or in their forehead; And that no man might buy or
sell, save he that had the mark, or the name of the beast, or the
number of his name (Rev. 13:15-17)
And who will refuse to become world citizens and worship the
Antichrist as God? The answer is given in Revelation 13:7,8, ...and
power was given him over all kindreds, and tongues, and nations, And
all that dwell upon the earth shall worship him whose names are not
written in the book of life of the Lamb slain from the foundations of
the world.
How near are we to this day when everyone in the world will be
ordered to worship the Antichrist as god in order to get a code mark
or a number to work, buy, or sell?... We cannot say. Current economic
and political news indicates we may be nearer than most care to
believe. The important question for each person is, "Is my name
written in the Lamb's book of life? Have I received Jesus Christ as
my Saviour and LORD?!
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the U.S. banking system. That's
not all.