Restructuring the Global Financial System

Within this structure, the International Monetary Fund (IMF) would be restructured so that it would increasingly serve as "a world central bank."

The failure of December’s World Trade Organization (WTO) meeting in Seattle and the huge success of the associated riots by non-governmental organizations (NGOs) in Seattle marked a major turning point in the march to global governance. Although much media centered on the call for national sovereignty, the protests at Seattle and the subsequent failure of the WTO negotiations served to actually advance the international agenda to destroy sovereignty.

It is estimated that 70 percent of the Federal Reserve’s gold supply has been leased, converted to cash, and invested in the stock market. It cannot be repaid and may lead to a crash after the first of the year.

The protests were very well planned. While seemingly spontaneous, the NGO protests had been in the planning stages for well over a year and were well organized and funded. In a report labeled "Threat Update" the FBI warned Seattle that "vandalism and violence" would occur to advance the legitimacy of NGOs. It worked brilliantly.

Not only did President Clinton support the idea that the WTO should allow these special interest NGOs a place at the policy-making table, but he advanced the idea that the WTO be given enforcement powers to punish nations not adhering to global social and environmental policies. In his address to the WTO in Seattle, Clinton advocated "core labor standards" as a "part of every trade agreement. And ultimately, I would favor a system in which sanctions would come for violating any provision of a trade agreement."

In her December 7, 1999, column for WorldNetDaily Linda Bowls made the salient observation that Clinton’s remarks represent "a step forward in a global strategy to first regulate inter-nation commerce, then, tax it—laying the financial foundation for eventually establishing an independent, international military power to enforce decisions." Indeed, this was the bombshell sabotaged the WTO proceedings. But why?

The WTO has been an unmitigated disappointment for the globalists. A November 29, 1999, Stratfor Intelligence report discloses that, "Ever since the Asian meltdown, the world’s economic regions have been completely out of synch.... That means that the creation of integrated economic policies is impossible. What helps one region hurts others. Thus, organizations like the WTO cannot function." "Instead," concludes the Stratfor report, "regional institutions are emerging."

This regionalism is no accident. On January 21, 1999, the UN issued a new report entitled, Towards a New International Financial Architecture (IFA). While the report focuses on correcting many global financial deficiencies, "The recent [Asian] crisis has demonstrated a fundamental problem in the global economy," asserts the IFA. The primary cause of the global crisis, alleges the report, is "the enormous discrepancy that exists between an increasingly sophisticated and dynamic international financial world, with rapid globalization of financial portfolios, and the lack of a proper institutional framework to regulate it." (Bold original)

The IFA is designed to overcome the failings of a single, global financial/trade structure like the WTO by using regional institutions patterned after the European Union. It details a comprehensive plan in which a strengthened UN Economic and Social Council or newly created Economic Security Council would establish and manage global macroeconomic policy under which individual regions would operate.

Within this structure, the International Monetary Fund (IMF) would be restructured so that it would increasingly serve as "a world central bank." Although a single world monetary system is not discussed it would be a by-product of the world central bank by default.

It would also be necessary to "create a world financial authority...in charge of setting the necessary international standards for financial regulation and supervision, and of supervising their adoption at the national level." All of this would be administered through "a network of regional and subregional organizations to support the management of monetary and financial issues."

This is already occurring in Asia. The November 29th Stratfor report notes that an Asian Monetary Fund is being discussed that would "work by issuing bonds guaranteed by Asian governments. This would essentially create a controlled Asian regional capital system that managed its relations with the rest of the world. The net result would be a currency block built around the yen or a yen-focused equivalent to the Euro."

Restructuring the global financial architecture in this way would drastically change the world as we know it. Sovereignty over our national economic decisions would be devoured by this emerging global government. This can already be seen in the hemorrhaging of U.S. jobs and wealth to Mexico and Canada with NAFTA. And yet Daniel prophesied in Daniel 7:23-24 that such a world government would emerge one day, "The fourth beast shall be the fourth kingdom upon earth, which shall be diverse from all kingdoms, and shall devour the whole earth, and shall tread it down, and break it in pieces. And the ten horns out of this kingdom are ten kings that shall arise." We may be witnessing the birth of the ten horns that together will devour the earth. V mc