A number of events have occurred in recent weeks that bear on topics we cover in World News and Prophecy. It reminds me that the pace of our time seems to be speeding toward a culmination of prophecy. We need to watch and understand.
On Oct. 2 the European Union took another step toward a larger role in world affairs when Ireland ratified the Lisbon Treaty. Poland followed a few days later, leaving only the Czech Republic as the lone holdout on approving a plan that will create a potentially larger role for Europe. Then on Nov. 3 Czech Republic President Václav Klaus finally signed it. The treaty, when implemented, will create the post of a European president and give the EU the ability to create a unified foreign policy.
Europe has a long way to travel in becoming a power to rival anything like what the United States has been in recent decades. But it is clearly on the ascent, and Bible prophecy shows us Europe will play a key role in the events leading to the end of this age.
The second item of news also connects to Europe's rise. The talk about the decline of the dollar as the world's reserve currency continues. Rising levels of American debt have created fear among lender nations that their investment in dollars will one day collapse. Reports say that China, Russia, Saudi Arabia and others have begun laying the groundwork for a currency arrangement that would supplant the dollar as the key currency in trading. Should this occur, and many experts say it is inevitable, it would make it extremely difficult to finance the U.S. debt. America would have to borrow euros or another currency to buy oil from OPEC nations.
The decline of the dollar is a critical national security issue. It would cripple the nation's economic foundation and limit its military capability around the world. Like Great Britain in its days of imperial decline, the far-flung navies and armies would have to retreat, leaving a power vacuum that others would rush to fill. The result would be something far different from the Pax Americana of recent years. I find that many are blissfully unaware of the consequences of the decline of the dollar on world financial markets.
