Volume 2 Issue
6All articles linked to this newsletter are for reference only.
Volume 2 Issue
6China Fires Economic
Broadside at America
By Randy Loudenslager
Just days after China made public her approval of the European Union's introduction of the Euro, she fired a full broadside against the U.S. economy. China has announced that she will immediately begin converting large portions of her foreign currency reserves from U.S. dollars to the new Euro. China's reserve of foreign currency holdings is the second largest in the world at around $200 billion. To move large sums of dollars from this gigantic reserve onto the world's currency markets is sure to cause the dollar to devalue, while scarcity of the Euro, because of sudden demand, will force it's value up.
China suspiciously eyes America's economic dominance in the world as directly tied to her military and political might. China understands that her next battle with America will be on the economic front. Her 7 percent economic growth rate in 2001 was outstanding in a world that has suffered recession over the last year. As China's economy grows, she is attempting a two-prong attack against America. The first prong is to flood American markets with cheap goods that Americans can't afford to make and sell. China's growth stems predominately from this massive transfer of wealth from America. The second prong of the attack is to cripple the U.S. dollar and wean the world's nations from their dependence on it. China is beginning this attack by continuing to build her relationship with the new Europe. Europe herself is attempting to usher in a new day that will depend on the might of Europe and her Euro.
China is predicting many other nations will also switch to a Euro based economy. As the Euro grows so will Europe's confidence as she strives to create her own influence rather than submit to that of the U.S. China is pumping her vast new wealth, not into research and development, she has that offered to her for free by American and European corporations. She is pumping this wealth into her war machine in the form of technology purchases from Russia, Israel and Europe. China is the rising star of world space programs and has expanded her share of the very lucrative satellite payload space delivery market. The technological boost she needed to make this a reality was given by former President Clinton! This hand over of American technology hasn't stopped either, President Bush has lifted the ban on the sale of high-speed computers to countries like Russia, India and China!
Although the attacks are primarily aimed at America, Israel should be the concern of true Christians. God has put America here to help protect Israel until the appointed time of the end-days. We may be seeing the beginning of the removal of America from her role as the nation that holds back lawlessness, only prayer and time will tell.