COGCW News Team; Here is an excellent article from Robert Morely, a commentator with the Philadelphia Church of God, on the economic disaster our economy is playing tag with. An interesting thing to note is that this seems to be happening at the time of the final “Blood Moon Event” that will occur on this years Feast of Tabernacles. A strange and somewhat troubling coincidence. Seemed worth taking note of.

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China’s much anticipated international payment system is set to launch. It could be a big blow to the dollar—and America’s ability to police the world.

This year may go down as a turning point in United States economic history.

Reuters reports that three high-level Chinese officials have confirmed that China will launch its long-awaited international payment system in September or October. The system will allow foreign banks to conduct transactions in yuan instead of dollars and transfer funds across international borders without using America’s swift payment system.

I hurried into the local department store to grab1 some AP is disconnecting and reconnecting last minute Chirsmas gifts. I looked at all the people and grumbled2 to myself. I would be in here forever and I just had so much to do. Chirsmas was beginning to become such a drag. I kinda wished that I could just sleep AP is disconnecting and reconnecting through Chirsmas. Testprepwell But I hurried the best I could AP is disconnecting and reconnecting through all the people CISM test AP is disconnecting and reconnecting to the CISM test toy CISM test department. Prepexamwell Once again I kind of mumbled3 to myself at the prices of all these toys, 70-347 dumps and Learnguidepdf wondered if the grandkids would even play whit4 them. I found myself in the doll aisle5. 70-347 dumps AP disconnected Prepexamwell Out of the corner of my Testprepwell eye I saw a little boy about 5 holding a lovely doll.He kept touching6 her hair and he held her so gently. I could Testprepwell not seem to help myself. Learnguidepdf I just kept loking AP is disconnecting and reconnecting over at AP is disconnecting and reconnecting the little boy and wondered 70-347 dumps who the doll was for. I watched him Learnguidepdf turn Prepexamwell to a woman and AP is disconnecting and reconnecting he called his aunt by name and said, “Are you sure I AP is disconnecting and reconnecting don’t have enough money?” She replied a bit impatiently, “You know that Prepexamwell you don’t Testprepwell have enough money for it.” The aunt told the little boy not to go anywhere that she had to go and get some other things and Prepexamwell would be back in a few minutes. CISM test And then she left the aisle. The boy continued to hold the doll. After a CISM test bit I asked the boy who the doll was for. He said, “It is the doll my sister wanted so badly for Chirsmas. She just knew that Santa would bring it. 70-347 dumps “I told him CISM test that maybe Santa was going to bring Learnguidepdf it Prepexamwell . He said, “No, Santa can’t go where my sister is…. 70-347 dumps I have to give the doll to my Mama to take to her. “I asked 70-347 dumps him where his Prepexamwell siter was. AP is disconnecting and reconnecting He looked at me with the Testprepwell saddest eyes and said, AP is disconnecting and reconnecting 70-347 dumps “She was gone to be with Jesus.

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This latest move by China is an effort to make the yuan a reserve currency. If successful, the newly created China International Payment System (cips) will remove the biggest hurdles to internationalizing the yuan. It will cut costs, cut processing times, and simplify the transactions associated with obtaining and using yuan. Apparently 13 Chinese banks and seven foreign banks are currently engaged in testing the system.

Purchasing goods in yuan will soon be as simple and inexpensive as using the dollar. Reuters compared the creation of cips to a “worldwide payments superhighway” for the yuan.

Geopolitical repercussions are inevitable. The dollar’s role as global reserve currency is being challenged.

Loss of reserve currency status would leave America without the freedom to create money out of thin air to finance government spending. All things being equal, interest rates would be higher, borrowing rates would fall, banking profitability would shrink, consumer spending would constrict, corporations would become less profitable, jobs would be cut, and stock prices would fall. Additionally, America’s large debt and retirement obligations would become even less likely to be paid.

In short, America’s standard of living would trend toward the typical Chinese person’s, while China’s would trend toward America’s.

Read the full Article Here