News and Prophecy Staff

Many poor nations are deeply indebted to other, far richer nations. A recent Associated Press study of the twelve nations most indebted to China noted that “paying back that debt is consuming an ever-greater amount of the tax revenue needed to keep schools open, provide electricity and pay for food and fuel.

Despite the war in Ukraine, the European border crisis continues. In fact, the number of immigrants crossing from Africa to Italy has increased by 300 percent over last year (Financial Times, May 8, 2023). So far this year, more than 40,000 refugees have entered Italy, and many more are expected during the summer months when the seas are calm.

According to the World Bank, Argentina is now the country with the second highest rate of food inflation (AP News, May 12, 2023). Food prices in the nation have seen a 115 percent increase over the last twelve months—surpassed only by Lebanon, where food prices have increased over 300 percent! Argentina’s general annual inflation rate has also increased by over 100 percent.

The people of Lebanon are suffering under severe inflation, turning the U.S. dollar into the preferred local currency over the Lebanese pound (Deutsche Welle, May 8, 2023). Prices for goods are doubling, including the price of olive oil, the crucial, locally produced cooking staple. For many, this once-ubiquitous household product is now beyond their financial reach. This, in a country where the national minimum wage for private employees is about $94 USD or €84 per month.

China’s aggressive regional actions are seen as a threat by many of its neighbors—which, in turn, are looking to gain support from allies. As the war in Ukraine continues, Germany and Japan are working more closely. In March, German Chancellor Olaf Scholz led a high-level delegation of German cabinet ministers to Japan for talks on strategic collaboration (Deutsche Welle, March 18, 2023).