Now that gasoline prices have retreated from their July highs, many Americans are breathing a sigh of relief thinking that the economic storm clouds are clearing and the worst is over. Unfortunately, this couldn't be further from the truth!
Just as intermittent showers precede the most destructive hurricanes, unfortunately economic forecasters predict that a much more severe economic storm looms. At the same time, Bible prophecies are being fulfilled, which plainly warn that if we don't repent, our sins and massive debt will allow other nations to rise over us, as we become weaker and weaker.
Robert Rubin (former Secretary of the Treasury) recently stated in a new economic documentary, "Just as for an individual, in the final analysis there is no free lunch, there is no free lunch for a national economy." Alan Greenspan (Federal Reserve Chairman, 1987 – 2006) states in the same documentary, "What these various different deficits are suggesting is that we are trying to consume more than we produce. We can do that in the short run. But in the long run it is, of course, impossible. Without savings, there is no future."
Finally, former U.S. Comptroller David Walker warns, "We've got a super-subprime crisis brewing – namely, the federal government's finances. The factors that caused the mortgage-based subprime (crisis) to explode exist for the government's finances. The difference is it's 25 times – at least – bigger."
While the US and UK economic forecast is bleak, other nations are benefiting from our unwillingness to live within our means. Notice what Anandra Mikerji, CEO of Mumbai, India-based-business-services giant, Firstsource, recently said about the US debt crisis (Financial Times, August 15, 2008). "There are more credit card outstandings being defaulted on today than there were a year back, so that's a growth opportunity for us." Mikerji then states that his company is challenged in hiring enough staff to process US consumers' delinquent debt!
The Financial Times story continues, "The declining fortunes of the consumer in the US, and increasingly the UK, are proving to be a boon for India's outsourcing industry, with some lending operators gearing up to increase the size of their debt collection and recovery units." Truly, our debt is India's boon!
God's faithful ministers have been warning about this for years. As Roderick C. Meredith wrote in God's People Tithe!: "Because our peoples – individually and collectively – have forsaken God and His laws, He is beginning to withdraw His blessings from us. That is the actual reason we are the world's 'greatest debtor.' That is the reason increasing millions of Americans and Canadians are seeking relief from mounting personal debts by declaring bankruptcy."
We are heading for terrible trouble if we don't act now! Prophetic warnings and economists' predictions are coming to a head! Malachi 3:5-8 condemns us (modern day Jacob) for various sins, including robbing God of His tithes and offerings. Instead, we spend God's money on our lusts and what we cannot afford. So, we steal from God, go further into debt, and break the 10th Commandment at the same time! This lifestyle will incur God's wrath. Verse 9 continues, "You are cursed with a curse, for you have robbed Me, even this whole nation."
As we see prophecy unfold and more foreign investors come to own an increasing amount of the USA and Britain, will we repent? Deuteronomy 28:43&44 tells us, "The alien who is among you shall rise higher and higher above you, and you shall come down lower and lower. He shall lend to you, but you shall not lend to him; he shall be the head and you shall be the tail." Unfortunately, because of our sins, this is coming to pass before our eyes. Will we take heed?