The prophetic end time scenario seems to indicate that America has no significant part to play in the events of the last days. She will not be a powerful military force nor an influential economic factor. Scripture indicates that Europe will be the dominant force in the world both militarily and economically. So it seems there must come a transition from American to European dominance.
If the events of the Last Days are soon to play out? A sudden decline in U.S. power must be near at hand. A total economic collapse would eliminate U.S. military economic influence.
James Rickards, an advisor to the office of Director Naval Intelligence, has recently delivered a warning concerning America's vulnerability.
FIRST, he said that the Chinese ownership of American debt was an area that America could be brought to the place of economic collapse. The Chinese own more than $500 billion worth of U.S. Treasury bonds, and billons more in the debt of other U.S. entities. If China so desired, they could bring the American economy crashing down by dumping their U.S. bonds and other U.S.holdings, it is not now to there advantage to do so unless the U.S. dollar lost to much of its value, then it would be a possibility.
SECOND, Al Qaeda's determination to damage the U.S. both through terror attacks and economic damage. Rickards went on to say, Terrorists, and al Qaeda in particular, are fascinated with the idea of destroying the U.S. economy. Rickards worries that the economic meltdown in the United States could serve as bait of sorts for a terrorist attack, as plotters calculate that a strike now could have a “force multiplier” effect because of the already skittish U.S. stock market.
THIRD, Rickards says, He sees an epic disaster scenario in which the U.S. gross domestic product declines by a staggering 35 percent over the next six to seven years. Crippling deflation could take hold. Unemployment, he says, could approach 15 percent. In this scenario, the possibilities for global unrest increase dramatically as a staggering United States retreats from foreign aid and global diplomacy and the list of dangerous failed states grows sharply.
FOURTH, The Alternate-Dollar Nightmare, “The Number One vulnerability is the dollar itself,” Rickards concluded. “We’re printing them and shoving them out the door, and the Fed is basically out of bullets. So why hasn’t the dollar collapsed? The short answer is, global investors don’t have any other choice.” That is, there simply aren’t enough Euro- or Yen-backed securities for investors to shift their money out of dollars and into some other currency.
But what if some kind of global coalition – say a trillion-dollar sovereign wealth fund allied with several countries around the world – banded together to create a gold-backed alternative to the dollar?
Rickards says investors – many of whom already resent that they have no alternative to the dollar – would sell American currency in huge numbers to take advantage of the new opportunity. “If that happens, that’s the end of the dollar,” Rickards said. “You’d have high unemployment, deflation, and interest rates would go up. It would take what already looks like a strong recession and make it a Great Depression or worse.”
These are all possibilities, but they are uncertain scenarios. We know that we are living in uncertain times, times in which great changes can occur overnight. The discerning bible student can see that the stage is being set for unfolding of end time events.
The words of Paul are ringing in our ears,"But ye, brethern, are not in darkness, that day should overtake you as a theif" 1 Thess. 5:4