Steven Garofalo
Spirituality/Belief • Education • News
ROME vs. AMERICA-The Fate Of The U.S. Dollar?
By Steven Garofalo, 17, 2024
May 17, 2024

In an article by Schiff Gold, published May 13, 2024, Schiff Sovereign LLC Co-Founder James Hickman, in an article titled "Why The Dollar Will Lose Its Status As The Global Reserve Currency", Hickman compares the fall of the Roman Empire and the demise of their currency as the world’s tier one currency.

Today, I am going to share that article with you simply because I found it to be one of the best predictors of the failing American dollar as the world’s default currency. As a disclaimer, this is not an advertisement or paid promotion from Schiff Gold-Schiff Sovereign, which is an outstanding organization. 

NOTE BENE: I am sharing this with you today because I believe that it’s one of the better if not most accurate accounts of showing us things yet to come in light of the past as it relates to the demise of the American dollar here-forward into the future. Let’s get started.

LOOKING AT THE PAST FALL OF THE ROMAN EMPIRE AS THE WORLD POWER AND WORLD’S CURRENCY, LET’S REWIND AND LOOK BACK IN TIME TO TAKE A LOOK AT ROME IN THE EARLY 400’s.

By the early 400s, the Roman Empire was coming apart at the seams and in desperate need of strong, competent leadership. In theory, Honorius (Rome’s Emperor who died in 438 at the age of 38) should have been the right man for the job.

As the younger son of Theodosius I (Emperor 379-395) and Aeilia Flacilla, Honorius was elevated to the rank of Augustus by Theodosius on January 23, 393, and became sole ruler of the West at age 10, upon his father’s death on January 17, 395. His brother Aradius was the Eastern emperor.

Born into the royal household in Constantinople, Honorius had been groomed to rule, practically since birth, by the finest experts in the realm. So even as a young man, Honorius had already accumulated decades of experience. 

Yet Rome’s foreign adversaries rightfully believed Honorius to be weak, out of touch, divisive, and completely inept.

He had entered into bonehead peace treaties that strengthened Rome’s enemies. He paid vast sums of money to some of their most powerful rivals and received practically nothing in return. He made virtually no attempt to secure Roman borders, leaving the empire open to be ravaged by barbarians.
Inflation was high. Taxes were high. Economic production declined. Roman military power declined. And all of Rome’s foreign adversaries were emboldened.

To a casual observer it would have almost seemed as if Honorius went out of his way to make the Empire weaker. One of Rome’s biggest threats came in the year 408, when the barbarian king Alaric invaded Italy; imperial defenses were so non-existent at that point that ancient historians described Alaric’s march towards Rome as unopposed and leisurely, as if they were “at some festival” rather than an invasion. Alaric and his army arrived to the city of Rome in the autumn of 408 AD and immediately positioned their forces to cut off any supplies. No food could enter the city, and before long, its residents began to starve. Historians have passed down horrific stories of cannibalism-- including women eating their own children in order to survive. 

*During the early period of Honorius reign, the Vandals, Alain and Suebi plundered Gaul (406) and then crossed into Spain. Imperial defenses deteriorated to such an extent that they could not rely on Rome for reinforcements against tribal incursions. And in August of 410 the Visigoths, under Alaric occupied Rome, and Honorius fled to Ravenna.

WHAT HAD HAPPENED WAS THAT rather than send troops and fight, Honorius agreed to pay a massive ransom to Alaric, including 5,000 pounds of gold, 30,000 pounds of silver, and literally tons of other real assets and commodities. (The equivalent in today’s money, adjusted for population, would be billions of dollars… similar to what the US released to Iran in a prisoner swap last year.)

Naturally, Honorius didn’t have such a vast sum in his treasury… so Romans were forced to strip down and melt their shrines and statues in order to pay Alaric’s ransom. Ironically, one of the statues they melted was a monument to Virtus, the Roman god of bravery and strength… leading the ancient historian Zosimus to conclude that “all which remained of Roman valor and intrepidity was totally extinguished.”

Rome had spent two centuries in the early days of the empire-- from the rise of Augustus in 27 BC to the death of Marcus Aurelius in 180 AD-- as the clear, unrivaled superpower. Almost no one dared mess with Rome, and few who did ever lived to tell the tale.

Modern scholars typically view the official “fall” of the Western Roman Empire in the year 476. But it’s pretty clear that the collapse of Roman power and prestige took place decades before.
When Rome was ransomed in 408 (then sacked in 410), it was obvious to everyone at the time that the Emperor no longer had a grip on power.

And before long, most of the lands in the West that Rome had once dominated-- Italy, Spain, France, Britain, North Africa, etc. were under control of various Barbarian tribes and kingdoms.
The Visigoths, Ostrogoths, Vandals, Franks, Angles, Saxons, Burgundians, Berbers, etc. all established independent kingdoms. And for a while, there was no dominant superpower in western Europe. It was a multi-polar world. And the transition was rather abrupt.

This is what I think is happening now-- we’re experiencing a similar transition, and it seems equally abrupt. The United States has been the world’s dominant superpower for decades. But like Rome in the later stage of its empire, the US is clearly in decline. This should not be a controversial statement.
Let’s not be dramatic; it’s important to stay focused on facts and reality.  The US economy is still vast and potent, and the country is blessed with an abundance of natural resources-- incredibly fertile farmland, some of the world’s largest freshwater resources, and incalculable reserves of energy and other key commodities.

In fact, it’s amazing the people in charge have managed to screw it up so badly. And yet they have. The national debt is out of control, rising by trillions of dollars each year. Debt growth, in fact, substantially outpaces US economic growth. Social Security is insolvent, and the program’s own trustees (including the US Treasury Secretary) admit that its major trust fund will run out of money in just nine years. The people in charge never seem to miss an opportunity to dismantle capitalism (i.e. the economic system that created so much prosperity to begin with) brick by brick.

Then there are ubiquitous social crises: public prosecutors who refuse to enforce the law; the weaponization of the justice system; the southern border fiasco; declining birth rates; extraordinary social divisions that are most recently evidenced by the anti-Israel protests.
And most of all the US constantly shows off its incredibly dysfunctional government that can’t manage to agree on anything, from the budget to the debt ceiling. The President has obvious cognitive disabilities and makes the most bizarre decisions to enrich America’s enemies.

Are these problems fixable? Yes. Will they be fixed? Maybe. But as we used to say in the military, “hope is not a course of action”. Plotting this current trajectory to its natural conclusion leads me (the writer) to believe that the world will enter a new “barbarian kingdom” paradigm in which there is no dominant superpower. Certainly, there are a number of rising rivals today. But no one is powerful enough to assume the leading role in the world.

China has a massive population and a huge economy. But it too has way too many problems… with the obvious challenge that no one trusts the Communist Party. So, most likely China will not be the dominant superpower.
India’s economy will eventually surpass China’s, and it has an even bigger population. But India isn’t even close to the ballpark of being the world’s superpower.

Then there’s Europe. Combined, it still has a massive economic and trade union. But it has also been in major decline… with multiple social crises like low birth rates and a migrant invasion.
Then there are the energy powers like Russia, Iran, Saudi Arabia, and Indonesia; they are far too small to dominate the world, but they have the power to menace and disrupt it.

The bottom line is that the US is no longer strong enough to lead the world and keep adversarial nations in check. And it’s clear that other countries are already adapting to this reality.
Earlier this month, for example, China successfully launched a rocket to the moon as part of a multi-decade mission to establish an International Lunar Research Station. By 2045, China hopes to construct a large, city-like base along with several international partners including Russia, Pakistan, Thailand, South Africa, Venezuela, Azerbaijan, Belarus, and Egypt. Turkey and Nicaragua are also interested in joining.

This is pretty remarkable given how many nations are participating, even if just nominally. Yet the US isn’t part of the consortium. This would have been unthinkable a few decades ago. But today the rest of the world realizes that they no longer need American funding, leadership, or expertise.

We can see similar examples everywhere, most notably in Israel and Ukraine. And I believe one of the next shoes to drop will be the US dollar. After all, if the rest of the world doesn’t need the US for space exploration, and they can ignore the US when it comes down to World War 3, then why should they need the US dollar anymore? The dollar was the clear and obvious choice as the global reserve currency back when America was the undisputed superpower. But today it’s a different world.

Foreign nations continuing to rely on the dollar ultimately means governments and central banks buying US government bonds. And why should they take such a risk when the national debt is already 120% of GDP? In addition, Congress passed a new law a few weeks ago authorizing the Treasury Department to confiscate US dollar assets of any country it deems an “aggressor state.”

While people might think this is a morally righteous idea, the reality is that it will only turn off foreign investors. Why should China, Saudi Arabia, or anyone else buy US government bonds when they can be confiscated in a heartbeat? All of this ultimately leads to a world in which the US dollar is no longer the dominant reserve currency. We’re already starting to see signs of that shift, and it could be in full swing by the end of the decade.

The author closes with with “To your freedom”.

I personally want to add to this in that what we have see is a bloated, lazy, tyrannical governmental organization with no discipline-anywhere in its governance, from morality to financial responsibility. I know as I used to live in the Washington D.C. area and sold to Federal Agencies, Congress and NavSea, NavAir, NavSub (head of U.S. Navy). My fathe worked for the Department of the Navy going back to the 1960's. They were a different breed of patriotic, much more honest and principle based men.

WHO IS TO BLAME? As for American Leadership, just look back at our President’s, Congress, Senate, and of course, those who voted them all in-the American public. America has become just like Honorius, the failed and inept Roman Emperor who led Rome directly into and through the fall of Rome. Honorius was one of the weakest of the Roman emperors ,When he did intervene in politics, his actions were usually disastrous; thus if he had been obstinate in rejecting terms offered by Alaric before 410, Rome might have been spared the Gothic occupation. But he didn’t.

There are a number of possible solutions and outcomes-none of which can bring America back as the world’s sole superpower. But we can stabilize ourselves to have a decent and productive existence. But that depends on the moral, fiscal and conviction realistically speaking to turn-about the country. Personally, I cannot see such an existence through all 50 states in its current state. I will leave it at that.

The good news is that God is in control. God has given each of us a brain-a mind to think and physical hands to take action, and made us in His image, with logic to make a better world for our children and  grandchildren. The question now becomes one of unity and moral standing before God. Let’s pray that once we have suffered enough to the point of wanting to make a change, that God steps in and restores the U.S. and Europe at the proper time. 

That's my prayer:)

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When I was in seminary, the question was raised as to if pets or animals in general go to heaven. Our professor, Dr. Norman Geisler said this: “Jesus Christ came to earth and died on the Cross for the human race, not animals.” I was working out at the gym one day when one of the regulars, who had just moved to Charlotte, NC from California told me that one of her beloved dogs died; and would that dog go to heaven. I have her the same answer. But, was that the whole story? That’s what we are going to look at today.

In a peace by Michael Housman, Founder of GotQuestions.Org, Housman wrote that “The BIble does not give any explicit teaching on whether pets or animals in general have souls, or spirits, or whether pets and other animals will be in heaven.

His answer was short but the animals not having souls maybe up for debate.

We can use general biblical principles to develop some clarity on the subject though Housman wrote. The Bible states that both man (Genesis 2:7) and animals (Genesis 1:30; 6:17; 7:15 and 22) have the “BREATH OF LIFE” that is, both man and animals are living beings. Furthermore, the primary difference between human beings and animals is that humanity is made in the image and likeness of God (Genesis 1:26-27), while animals are not.

Being made in the image and likeness of God means that human beings are like God in some ways; they are capable of spirituality; they have a mind, emotion, and “will”; and part of their “being” continues after death.

If pets and other animals do have a “soul” (or spirit or immaterial aspect), it must therefore be of a different and lesser “quality”. This difference possibly means that pets and other animal “souls”  do not continue in existence after death.

Another factor to consider regarding whether pets will be in heaven is that animals are a port of God’s creative process in Genesis. God created the animals and said they were good (Genesis 1:25). Therefore, there is no reason why there could not be pets and animals on the NEW EARTH as described in (Revelation 21:1). 

In the end, there will most definitely be animals during the millennial kingdom (Isaiah 11:6; 65:25). It is impossible to say definitely whether some animals of these animals might be the pets we had here on earth. We do know that God is just and that when we get to heaven, we will find ourselves in complete agreement with His decision on this issue, whatever that turns out to be.

So, there you have it. I think that’s the best answer on the subject in all honest. Please remember to SUBSCRIBE to our channel and check out StevenGarofalo.Com for exclusive content and early release of our two weekly podcast.

Until next time, I’m your host Steven Garofalo, and this is your reason for truth for today.

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AN ETHICAL ECONOMY IS GOOD FOR ALL
By Steven Garofalo, May 2, 2025

WHAT MAKES A GOOD ECONOMY

Government corruption comes to the advantage of a few-but at the expense of many if not all the rest of society. Today, I am going to show you through Ecclesiastes 5:8-9 that vanity and wealth, if not kept accountable, will devour one’s honor and the honor or the nation in whole. Let’s get started.

The Vanity of Wealth and Honor is an interesting subject in light of wealth, corruption, and the human heart. This subject effects many things, including what makes a good economy. 

In the Book of Ecclesiastes, chapter 5, verses eight to nine, Solomon says the following:

Ecclesiastes 5:8-9
“8 If you see in a province the oppression of the poor and the violation of justice and righteousness, do not be amazed at the matter, for the high official is watched by a higher, and there are yet higher ones over them. 9 But this is gain for a land in every way: a king committed to cultivated fields.”

COMMENTARY: There are two things king Solomon is saying here within the theme of the vanity of WEALTH and HONOR. Wealth and honor are two different things, as one can have wealth with or without honor or honor with or without wealth. That being said, let’s look at verses 8 and 9 independently to see the simple message God provides us today through Solomon.

BREAK DOWN
Ecclesiastes 5:8-9

THE ABUSE OF AUTHORITY & WEALTH
 “8 If you see in a province the oppression of the poor and the violation of justice and righteousness, do not be amazed at the matter, for the high official is watched by a higher, and there are yet higher ones over them." 

COMMENTARY: Verse 8 clearly illustrates that there is a corruption at every level of government, with higher level oppressors plundering the equally oppressive lower-level magistrates. This perhaps explains the st state of America and the world. With blackmail running. Rampant and the public sector unchecked, they have been robbing the everyday citizen of their hard earned money. As a result, the system became insulated and division between the haves and have nots became more defined. When the high level government officials rob and abuse those below them, someone above that person robs and abuses the higher level person himself.

In America, where we print money out of thin air for the world, in this short period of history, there is little need to plunder those under one authority because there is so much to steal that those in authority can simply pay them off or blackmail them; whichever is most convenient. Either way, Solomon makes abundantly clear that when there is nobody minding the ship, evil perpetuates to the point of overtaking the government in whole. As a result, we end up with a 2024 government, riddles with corruption, immorality, blackmail, lawlessness, and all other things evil due to the lack of God-ness which equates to “goodness”. 

Economically speaking, when this happens to a country, its own economy begins to decline into debt due to their insatiable desire and emotional need for more money and resources. When resources are stripped and money is squandered, the elite few are smart enough to collect those resources and money and we end up with a U.S. Stock Market where only 5% holds up to 80%  of the entire market wealth. 

WHAT IS THE ANSWER?
The answer and solution is to keep to return to the system we created in the first place which is free market capitalism that allows those who desire to work hard, to have a fair chance at success, making money and turning a fair profit. This is called “honor for everyone”.

HONOR FOR EVERYONE
"9 But this is gain for a land in every way: a king committed to cultivated fields.”

CONCLUSION:

Government corruption comes to the advantage of a few-but at the expense of many if not all the rest of society. Vanity and wealth, if not kept accountable, devours one’s honor and the honor or the nation in whole. Solomon (Qohelet) considered goverment to be frustrating becuase it was a necessary evil, something deply flawed but indespsnsible. On the one hand people sould "not be shocked" when they see OPPRESSION and injustice in a governmental province (v.8). After all, bloated government bureaucracy tends to frustrate justice (v.8b). On the other hand, government has it advantages (v.9). Many hold to the belief that this verse continues the negeative assessment of government. Others see this passage better understood more positively since it fits with Qohelet's normal pattern of "on the one hand, on the other.." way of teaching. 

Even a corrupt government is better than anarchy, which devastates a country, it's culture and in Solomon's time, an agrarian economy that would lead to starvation. Keeping to God's ways is the only solution to man's sinful nature; especially in governmental rule. In the end, a king who devotes himself to developing the resources of the land ushers in a systems that brings the opportunity for profit to all, not just the corrupt few.

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SOLA SCRIPTURA
A Protestant & Catholic View Comparison

I grew up Catholic and now go to a Protestant or non-Catholic church in Charlotte, NC. Michael Houdmann, Founder and CEO of GotQuestions.Org writes that a major difference between the two boils down to believing in the Bible alone as God's word verses believing that God's word plus man's input as the divine inspired word of God.

WHAT DO PROTESTANTS BELIEVE?

A major difference is the issue of sufficiency and authority of Scripture. While Protestants believe that the Bible alone is the source of God's special revelation to mankind, it also speaks to everything we need to understand as necessary for our salvation from sin.

Protestants view the Bible as the STANDARD for Christian morality and ethics which governs our behavior. This is called sola scripture and is one of the five Solas in Christianity. (Solas meaning "alone" in Latin. 2 Timothy 3:16-17 makes clear that "All Scripture is breathed out by God and profitable for teaching, for reproof, for correction, and for training in righteousness, that the man of God may be complete, equipped for every good work” (ESV).

WHAT DO CATHOLICS BELIEVE?

Catholics do not believe in sola scriptura hence do not believe that the Bible alone is sufficient. They see both the Bible and sacred Roman Catholic tradition as equally authoritative and binding on the Christian. While not all Catholics hold to doctrines such as purgatory, praying to the saints, worship or veneration of Mary, etc., the Catholic doctrine hold to them even though they have little or no mention or basis in the Bible. In truth, these doctrines are based on Roman Catholic traditions based on the Catholic Church's insistence that the Bible and tradition are equal in authority. The problem with this is that it undermines the sufficiency, authority, and completeness of the Bible. The view of Scripture is at the root of many, if not all, of the differences between Catholics and Protestants.

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