All The Gold in the World . . .

All The Gold in the World . . .
Vol: 165 Issue: 19 Friday, June 19, 2015

The OPEC Crisis that created the gas lines and recessions of the 1970s forced the US to sever the link between the dollar and gold.  But in order to keep the dollar (and the global economy) from collapsing, the US had to find some economic replacement for the gold standard.

In 1973, Washington cut an iron-clad deal with the Saudis. The US would prop up the Saudi regime in exchange for a Saudi pledge to accept only US dollars in payment for oil sales. With Saudi support, the rest of OPEC followed suit resulting in a global financial architecture known as Bretton Woods 2.

Bretton Woods created, among other things, the IMF.  The IMF is little more than a subsidiary of the Federal Reserve which regulates the global money supply by redistributing it to Third World countries in the forms of ‘international loans’. 

Bretton Woods 2 was designed to hide the fact that, under the 1945 Bretton Woods Agreement, the US had spent all the gold in the world already.

Total US gold reserves equal 8965.65 tons.  That is the official total – how much is actually there is questionable. Representative Ron Paul is demanding an audit.

But assuming that we actually do have nearly 9000 tons of gold what does that mean? Officially, all that gold is worth about $358 billion.

We overspent more than three times that amount in just the past year.  Today any number that doesn’t end in ‘trillion’ is mere pocket change.

How can that be? Here’s how it’s worked so far. The world had to buy oil. And since they could only buy oil with US dollars, they had to hold US dollars in reserve. 

For example, as long as China has to keep $750 billion US in reserve, that is $750 billon is out of circulation. And so on for all the rest of the oil-consuming nations of the world.  

Since these nations had to keep a lot of dollars in reserve, the Federal Reserve felt safe in printing an equal number of dollars to keep in circulation. 

America’s huge and expanding debt is supported largely on the reserve requirements of oil consuming nations and our currency pegged to the price of oil.

The Obama administration has been waging war against Big Oil since coming to Washington, effectively hacking away at the economic foundation upon which the US dollar is propped. 

America has a ton of economic problems, all of which are directly related to global confidence in the dollar.   

Keep in mind that America’s official gold reserves don’t even cover the interest payments on an impossible debt propped up by the price of a commodity the administration is trying to run out of business.


For the very first time since the Islamic Revolution that spawned the 1979 Iran Hostage Crisis, OPEC has elected Iran to the rotating presidency of the twelve-nation oil cartel. 

OPEC ministers announced in Vienna that Iran’s oil minister, Masoud Mirkazemi, will chair the 12-nation organization during 2011.  

OPEC was founded in Baghdad in 1960 by five countries. Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.   They were later joined by Qatar, Indonesia, the UAE, Algeria, Nigeria, Equador, Gabon and Angola. 

From December 1992 until October 2007, Ecuador suspended its membership. Gabon terminated its membership in 1995. Indonesia withdrew its membership effective January 2009.  OPEC currently has twelve member-states.

Iran is OPEC’s second-largest oil producer and boasts its second-largest proven reserves, after Saudi Arabia. In 2009, Iran’s crude production was approximately 3.8 million barrels per day, according to the Department of Energy’s Energy Information Agency.

Many OPEC nations – and in particular, Saudi Arabia are hostile to Iran.  Saudi hostility to the Shi’ite Islamic republic is so overt that nobody was surprised when rumors began circulating saying the House of Saud had given Israeli warplanes the green light to overfly their territory to attack Iran’s nuclear sites.

It is therefore particularly significant that Iran won unanimously!   Why?  At the OPEC summit in 2007, Iran championed a plan to de-link the US dollar from the international price of oil.   Iran has championed linking the price of oil to a different currency, like the Euro, or perhaps a basket of currencies.

The plan was backed by Venezuela and Ecuador but failed to win over the Saudis and the OPEC majority – in 2007.  But that was then. This is now. 

And now, OPEC has unanimously elected Iran to its rotating presidency.   

So where does this put us on the Bible’s timeline? 

According to the Book of the Revelation the order of events are these.  With the breaking of the first seal comes the rider on the white horse, symbolizing the ascension of the antichrist to a position of global power.

It is significant to note that the rider on the white horse carries a bow – but no arrows.  He conquers in a bloodless, ie, political conquest. He’s not a warlord.  He’s a politician.

The second seal is then broken, releasing the rider on the red horse, War.   This rider is given power to take peace from the earth and “there was given to him a great sword” symbolic of what today might be called a weapon of mass destruction.

The third seal releases the rider on the black horse, Famine.  He symbolizes world-wide economic depression.  References to a measure of wheat or three measures of barley for a penny is symbolic of a day’s food for a day’s pay, whereas oil and wine are symbolic of great wealth.

In the Bible’s Great Depression, the poor will suffer catastrophic poverty, but the rich will appear to weather the storm quite comfortably. It almost sounds like we’re there now.

Almost.  We’ve been almost there since the dawn of the 21st century.  It felt like at any moment, the trumpet might sound.  We are so close that many argue we are already somewhere between the breaking of the first and the third seals. 

We’re not.  We can’t be.  The Tribulation Period is but seven years long.  We’re almost three years into the economic collapse and ten years into the war. Israel has yet to achieve any measure of peace and safety.  No covenant has been confirmed.

The world is ready for the rider on the white horse, but nobody of sufficient stature has showed up yet to fill the void.   We are on the brink of global war, but we’ve been on the brink of global war since September 11th 2001.

The global economic situation is unsustainable; we’ve spend all the money in the world several times over and we’re trying to find a way to spend it one more time.  But it’s been unsustainable since the first Bretton Woods Agreement gave way to Bretton Woods 2 forty years ago.

It began to crumble after the Dot Com Bubble burst at the close of the 20th century and passed the point of no return seven years later.  But it hasn’t collapsed.  Not yet. 

All four horses are saddled and ready, but as yet, none of the riders have swung themselves aboard. But they could have at almost any point since the turn of the century. 

All the conditions necessary are in place. But still, something is restraining the collapse, holding back the floodgates of evil. 

Something is keeping the dollar afloat, the economy chugging, al-Qaeda at bay, Iran in its box, America from collapsing and Europe from eclipsing the US as the premiere global power.

We can almost see the events of Revelation 6:1-6 unfolding before us in the immediate future.  But we’re still somewhere just before Revelation 4:1.  And so, that’s where we stand, according to the timeline of Bible prophecy.  

Directly in the way.

Originally Published: October 15, 2010

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About Pete Garcia

Christian, father, husband, veteran, pilot, and sinner saved by grace. I am a firm believer in, and follower of Jesus Christ. I am Pre-Trib, Dispensational, and Non-Denominational (but I lean Southern Baptist).

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