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banks he ld increasingly larger
amounts of U.S. currency. The U.S.
dollar slowly became an accepted
international medium of exchange.
In the late 1950s, the phenome–
non known today as the Eurodollar
was born. Today, about $200 billion
Eurodollars slosh around the world,
beyond the control of the United
States, but directly affecting it.
Eurodollar expansion reflects the
unfu lfilled need for a n offic ial
international currency. The Euro–
peans pooled
th~ir
resources in the
late 1970s to create the ECU, or
European Currency Unit. Tbis was
done to facilitate easier exchanges
between Continental banks.
But even though the Eurodollar
reached stratos pberic height s
against other European and Asían
currencies, it remains threatened
by the mammoth U.S. deficit and
negative balance of trade.
Sorne officials and economists are
comparing U .S . financial decisions
and conditions with the events that
led to the decline of the British
Empire. U.S. Senator Lawton Chiles
of Florida said in 1984: "We've seen
these [economic] turning points
happen to other nations. Tbe begin–
ning of this century saw it bappen to
England, wbich although its power
seemed to have never been greater,
was already paying the price for its
far-flung empire."
Economi st Charles S chu ltze
compared the impact of the U .S.
deficit to the decline of British
power: The British Empire "didn't
go downhill by falling off a cliff.
They went slowly ... the deficit is
like a slow poison.
lt
will oot sbow
up as a cycl ical concept, but in the
long-term capaci ty and dynamism
of the economy."
What is the price of being a deb–
tor nation? Senator Chiles explains:
"With huge uncertainty in the Per–
sian Gulf, we are vulnerable to a
big upturn in the price of oil. And
we are just as exposed to decisions
by foreign nations to put their
investments elsewhere.
If
oi l goes
up, if foreign investments in our
economy decline sharply, [then]
every debtor nation in the world
will face a crisis."
One World Economy?
Many economists call for the offi–
cial recognition that today's world
February 1985
economy is more closely bound
than many would care to admit.
These same prominent economists
assert that nations must eschew
tbeir individual national interests in
favor of wbat's best for the bigger
world economy.
"The crux of the problem is
whether leaders in both indus trial
and developing countries bave
adjusted intellectually and emo–
tionally to this being one interde–
pendent world," says Singapore
Prime Minister Lee Kuan Yew.
Adds Walter Wriston, former
chairman of Citibank: " Whether
we like it or not , mankind now has
a completely integrated, interna–
tional financia} and informational
marketplace capable of moving
money and ideas to any place on
this planet in minutes."
Dr. Albert Bressand {deputy
director of the Institut Francais des
Relatioos Internationales-IFRI)
warns that nations must recognize
the
de Jacto
existence of inter–
twined global economy and make
appropriate changes.
Will the world ultimately be
forced to embrace the reality of a
global economy to save itself from
the fear of international debt col–
lapse?
Indeed! The source of this fore–
knowledge is available in a book
widely translated in dozens of lan–
guages, but rarely, if ever, con–
sulted in economic matters.
A Look lnto the Future
The terrible irony is that this book
explains the underlying laws of eco–
nomics-the means to avoid fiscal
disaster-but economists have not
generally realized it. We call it tbe
Holy Bible.
This book explains the cause of
inflation {Hag. 1:6- 11) , tbe biblical
rules governing interest rates (Ex.
22:25), the only fully effective way
to adjust for long-term ecooomic
growth (Lev. 25), and a truly equi–
table welfare and social security
system (Deut. 26: 12-15).
You see, these laws explained in
the Bible are just
tbat- laws.
But
they differ from the laws that
human legislators enact. God's laws
cannot be defied witbout incurring
a visible setback.
If
they are defied,
the adverse effects
accumulate.
You perbaps have read in the
pages of
The Plain Truth
that
actions based on greed cause much
of this world's economic evils. Yet
tbe Bible
forbids
tbese very actions.
Can you imagine what tbe fiscal out-
"look would be like today if that
sin–
gle
precept was widely followed ?
" These are principies that no one
could follow in today's business
world," sorne may respond.
There are only two basic ways of
life. Economics and politics know
little, if anything, about these.
Humanity has but two choices: to
embrace a way of life summarized as
the way of
giving,
of outflowing love;
ora way of
get ,
of competitively tak–
ing with no concern for others. The
latter way of life is sadly in operation
in virtually every nation today.
What if the nations were to fol–
low the way of give and concern in
economic planning? God bimself
would intervene to bring prosperity
and full employment!
" ' Prove Me now in this,' says
the Lord of hosts, 'if 1 will not open
for you the windows of heaven and
pour out for you such blessing that
there will not be room enough to
receive it' " (Mal. 3:10, Revised
Authorized Version).
These are not lightly made state–
ments- they a re authoritative
promises that God fulfill s to
those-individuals
and
oations–
wbo seek to obey bis way of life.
God is not against people profiting
by tbeir labor, as long as they're
hon–
est
profits. God wants us to " prosper
in all things" (III John 2, RAV). '
We announce in the pages of this
magazine a way of life that eco–
nomical ly and spi ritually benefits
botb yourself and your neighbor.
If you want to understand the
economic, political and spiritual
events to t ranspire during 1985 and
beyond , we have two free booklets
to offer you.
Write for your free copies of
Never Before Understood- Why
Humanity Cannot So/ve lts Evils
and
The United States and Britain
in Prophecy.
These eye-opening
booklets carry no further obliga–
tion- they are presented free in the
publ ic interes t.
God's ways are simple, yet pro–
found. God help the people-the
economists, politicians and com–
moñ folk al ike- to understand and
apply them! o
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