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For many months—even years—we knew that August 15, 2021 was a date to watch, because it was the 50th anniversary (Jubilee) of America going off the gold standard “temporarily” in 1971. The event in 1971 itself had gutted the Bretton Woods Agreement in 1944, which had created a new financial order after the devastation from World War 2.
America had come through World War 2 without any devastation of its cities and infrastructure, and it had a large gold reserve, as well as silver. So the US dollar was made the world reserve currency and was given the main responsibility to stabilize the dollar with gold.
However, the Vietnam War caused America to spend huge sums of money, and by 1965 its huge silver holdings had been depleted. So the silver in the US coins was replaced by other metals and the Silver Certificates (paper currency) were replaced by Federal Reserve Notes.
The final blow to the integrity of the dollar came when President Nixon, in 1971, declared that the dollar would no longer be convertible to gold. The gold-backed dollar was then replaced by the petro-dollar through an agreement with Saudi Arabia. The Saudis would sell their oil only in US dollars, and the US military would protect the Saudis.
The US dollar, then, was backed by oil, rather than by gold and silver. Hence, we saw the rise of the so-called “petro-dollar.” That system lasted 50 years, and it has now come to an end. Perhaps the 1971 agreement had secretly drawn up a 50-year contract.
Saudi Arabia Signs Defense Agreement with Russia
On August 24, 2021 the Saudis signed a military agreement with Russia. Perhaps this was a last-minute arrangement in the wake of the US retreat from Afghanistan on August 15. But I doubt it.
Saudi Arabia and Russia have signed a military cooperation agreement at an arms expo outside Moscow.
Saudi Deputy Defense Minister Khalid bin Salman announced on Twitter on August 24 that he signed the agreement with Russian Deputy Defense Minister Alexander Fomin “aimed at developing joint military cooperation between the two countries.”
Salman also met with Russian Defense Minister Sergei Shoigu during his visit outside Moscow to the arms expo International Military-Technical Forum Army-2021.
The deputy defense minister said the meeting explored ways to "strengthen military and defense cooperation between our two countries."
I have no inside information, but it seems to me that military cooperation agreements are never drawn up in just nine days. These things take months and even years of negotiations. So I suspect that the 1971 agreement was a 50-year contract, and as we draw near, the Saudis decided to negotiate a defense agreement with Russia.
The transition will take some time, of course, but the biggest impact upon America is that the US dollar will lose its world reserve currency status. Its status has been eroding already for many years, but this will soon be formalized.
What will replace it? It seems most likely that a basket of currencies will replace it, rather than a single currency. The world learned its lesson. The US government had weaponized the dollar through economic sanctions and by cutting off access to the SWIFT payments system through the Federal Reserve. The nations will no longer trust a single nation with such power, unless some nation gains the power and influence to force its will upon the world.
The real question is this: What will the Russians be given in exchange for their military protection? The US government was given a new (oil) backing of the dollar. Will the Saudis begin selling oil in rubles? This does not seem likely. More likely, the World Bank will set up a basket of currencies and issue Special Drawing Rights (SDR’s), which the Saudis will then accept as payment for its oil.
Nigeria Signs Defense Agreement with Russia
On August 25, 2021 Nigeria too signed a military cooperation agreement with Russia.
ABUJA, Aug 25 (Reuters) - Nigeria and Russia have signed a military cooperation deal providing a legal framework for the supply of equipment and the training of troops, the Nigerian embassy in Moscow said on Wednesday.
President Muhammadu Buhari had expressed interest in such a pact with Russia as far back as 2019, when he met with his Russian counterpart Vladimir Putin at a Russia-Africa summit.
The Nigerian ambassador to Russia at the time said Buhari felt Russia could help defeat the Boko Haram Islamic insurgency in the northeast of the country, which remains a major problem.
Both Saudi Arabia and Nigeria are very important oil-producing countries—as is Russia itself. Again, what does Russia gain from the deal? We will have to watch this closely, because Russia is gaining world influence as world confidence in the US declines. The Afghanistan debacle served to mark the specific point in time where world confidence in the US government’s power to protect its allies ended. The world will never be the same again.
490 Days: April 21, 2020 to August 24, 2021
Last year on April 21, 2020, oil futures dropped as low as MINUS $37/barrel. That means a person could theoretically be paid $37 to purchase a barrel of oil!
The formerly unthinkable drop in oil prices below $0 a barrel on Monday is still reverberating through financial markets, as supply overwhelms demand destroyed by the coronavirus pandemic, forcing some energy companies into possible bankruptcy as storage reaches maximum capacity.
Indeed, the now-defunct May West Texas Intermediate crude US:CLK20, which expired on Tuesday, plunged into negative territory to start the week in a history-making event that saw, the front-month contract, at the time, settle at negative $37.63 a barrel before recovering some of that in the following session.
The main problem was that no one had any spare storage space, so no one wanted to buy the oil. This caused an unprecedented price collapse to “negative $37.63 a barrel.” We recognized at the time that the petro-dollar had just died in front of our eyes for all to see. We knew that this was a major prophetic event in the collapse of the US dollar—as well as a major sign of the collapse of Mystery Babylon as a whole.
What we did not know at the time was that this oil-price collapse was the start of a 490-day cycle ending with the Saudi-Russian defense agreement on August 24, 2021. When Nigeria signed a similar agreement the next day, the importance of this time was confirmed by the double witness.
Our Defense Agreement with God
Of course, God is always ahead of the game. He knows the end from the beginning, and He always takes steps to defend His people in the midst of tribulation in the world. In this case, we were led to hold a 3-day Prayer for Deliverance from April 8-10, 2020, nearly two weeks before the collapse of oil prices. You can read those prayers here as a reminder of His protection:
The first day we prayed Psalm 46, which began: “God is our refuge and strength, a very present help in trouble. Therefore, we will not fear, though the earth should change and though the mountains slip into the heart of the sea.”
The second day we prayed Psalm 91, which says, “I will say to the Lord, ‘My refuge and my fortress, My God, in whom I trust!... No evil will befall you, nor will any plague come near your tent. For He will give His angels charge concerning you, to guard you in all your ways.”
The third day was a combination of Scriptures, and we prayed: “We receive Your Divine protection now through the high praise of Your Word through Isaiah” (Isaiah 26:9 KJV).
My Fast: August 2-14, 2021
As most of you know, I was led to go on an extended fast beginning August 2 and ending on the evening of August 14. The breakthrough occurred on August 11, when the “famine of hearing the word” was broken. This “famine” was mentioned in Amos 8:11, and for me it ended on 8-11 (August 11). I did not make that connection until others pointed it out to me after the fact.
At any rate, from April 8, 2020, when we started our prayer of deliverance, until August 11, 2021, when the famine of hearing the word was broken, was precisely 490 days. When dates align like this, it shows a direct correlation between them. The cycle itself is a grace period before the event is applicable.
In this case, our deliverance prayers were made just prior to the oil price collapse in 2020, and 490 days later, we received the breakthrough just before the oil agreements were signed with Russia. This is not a coincidence. Though we see big changes coming in the geopolitical world, we know that God will protect His people and lead them by His word through these troubling times. While the nations plan their next moves, God is preparing us for His big move.