In Brief... World News Review
Beyond Today Magazine
World News and Prophecy: December 1998
Course Content
The U.S. dollar falls.
"Following its August 26 peak, the dollar has literally crashed, first against the D-mark and Swissie, and then against the Yen. The collapsing dollar has set off a run [on] U.S. bonds, as overseas bond-buyers rush to cash in their profits. In the meantime, Europe's single new currency, the euro, has surged against the dollar" (Richard Russell's Dow Theory Letters, October 21, 1998).
The euro was valued at 1.12 U.S. dollars in October 1997 and surged to 1.24 U.S. dollars by October 1998. And that is before anyone can actually buy euros at the banks-which will not be possible until 2002. As strange as it may seem, "for three years the euro will exist only as a sort of virtual money alongside of the existing currencies" (ibid. November 18, 1998).
"Note: Consider this, the 11 'euro nations' have a net positive trade balance of $140 billion a year. The U.S. has a negative trade balance for above $100 billion a year. How long can this go on and the dollar still hold up?" (ibid. November 18,1998).
Fred Nance is a pastor at the United Church of God and has a B.A. in History from Ambassador College. He is originally from Lansing Michigan having moved to Arkansas in September of 2009. His wife Lidia is originally from Argentina.
John died on March 8, 2014, in Oxford, England, four days after suffering cardiac arrest while returning home from a press event in London. John was 77 and still going strong.
Some of John's work for The Good News appeared under his byline, but much didn't. He wrote more than a thousand articles over the years, but also wrote the Questions and Answers section of the magazine, compiled our Letters From Our Readers, and wrote many of the items in the Current Events and Trends section. He also contributed greatly to a number of our study guides and Bible Study Course lessons. His writing has touched the lives of literally millions of people over the years.
John traveled widely over the years as an accredited journalist, especially in Europe. His knowledge of European and Middle East history added a great deal to his articles on history and Bible prophecy.
In his later years he also pastored congregations in Northern Ireland and East Sussex, and that experience added another dimension to his writing. He and his wife Jan were an effective team in our British Isles office near their home.
John was a humble servant who dedicated his life to sharing the gospel—the good news—of Jesus Christ and the Kingdom of God to all the world, and his work was known to readers in nearly every country of the world.
Born in Saskatchewan Canada, David Palmer was first introduced to the radio broadcast of the World Tomorrow during his career in broadcasting, when the program was aired during his on air shift. In 1965 his radio career took him to Vancouver British Columbia, where he was eventually baptized, and began attending Sabbath services. He was ordained to the ministry in 1983. Now retired from broadcasting David currently pastors congregations in Vancouver, and Vancouver Island. He is also a member of the UCG-Canada National Council, and serves on the Canadian Ministerial Services Team, as well as the Canadian Media Team
