Economic collapse! America's debt crisis | Tomorrow's World

Economic collapse! America's debt crisis

Comment on this article

Zimbabwe. Iceland. Greece. Is America next? The growing weight of an overwhelming national debt combined with at least twenty lethal, economic "trigger mechanisms" has created a financial "nuclear time-bomb" for America. And, as the world just witnessed in Greece, debt can devastate a nation.

Discussing the massive Greek financial bailout, the Financial Times reported that, "The moves highlighted the potential that the Greek crisis – the result of too large a debt load and expectations that it may default or have to restructure that debt – could spread and have knock-on effects on the global economy." The article continued to point out that according to one currency strategist, the "contagion is worsening" ("IMF looks at offering Greece more cash", April 28, 2010).

Considering America's size and growing isolation, U.S. debt problems appear monstrous compared to those of Greece. Is America next? Will the world help? Will the world be able to help?

With recent stock market gains, most of the media have been ignoring the tougher and more structural issues confronting the U.S. economy. However, the Wall Street Journal recently ran a bold commentary itemizing twenty destructive economic issues and stated that "all 20 are inexorably linked, a house-of-cards, a circular firing squad destined to self-destruct, triggering the third great Wall Street meltdown of the 21st century, igniting the Great Depression II" (MarketWatch, "20 reasons Global Debt Time Bomb explodes soon," February 2, 2010).

But beyond these twenty trigger mechanisms is another "trigger mechanism" that most economists overlook – God is removing His blessings from a lawless, idolatrous and thankless nation! How could the removal of God's blessings bring about terrible economic consequences?

Massive "natural disasters" reminiscent of Mark 13:8 seem to be growing more frequent every month. In addition to the horrible destruction and loss of life, these tragedies are economically devastating. The European aviation sector alone lost more than $3.3 billion dollars from the relatively small volcanic eruption (Associated Press, "EU moves to help aviation heal $3.3 billion losses," April 27, 2010). What would be the consequences if the U.S. Yellowstone Caldera, or the Indonesian Lake Toba Caldera erupted? It is nearly unfathomable!

Jeremiah 17:1-4 explains that national punishment is the eventual result of national sins and false religion. Ultimately, this punishment will lead to our wealth, and even our people being given "as plunder" to foreign nations (vv. 3-4). Furthermore, this tragic collapse will happen suddenly and when many do not expect it (Isaiah 1:7, Habakkuk 2:7, I Thessalonians 5:3).

America has mostly ignored the recent collapses of economies such as Zimbabwe, Iceland and now Greece, but economic laws are constant…and unforgiving…and these countries hold clues relevant to America's future. Currently, Greece is being forced to accept very "austere" measures as a condition for its economic bailout. Interestingly, it is Germany who is at the forefront of making these demands (Reuters, "New Austerity a precondition for Greek aid: Germany," April 25, 2010). Indeed "the borrower is servant to the lender" (Proverbs 22:7).

Millennia ago, God warned of the consequences of debt and greed: "Will not your creditors rise up suddenly? Will they not awaken who oppress you? And you will become their booty. Because you have plundered many nations, all the remnant of the people shall plunder you…" (Habakkuk 2:6-8).

Indeed, because of modern Jacob's greed and sin, end-time Israel is prophesied to serve its enemies, "in need of everything" (Deuteronomy 28:47-48) until it is ultimately overwhelmed by a European beast power (Daniel 2:40-41, Jeremiah 30:7-8) just before Christ's return (Revelation 17:14).

For much more insight into the coming economic catastrophe of America and Britain, and the hope for mankind on beyond, please read our recent Tomorrow's World articles, "Debt, Disobedience and Demise of Nations," "Heading for Economic Catastrophe?" and watch the powerful Tomorrow's World telecasts America's Fall and Europe's Rise and Hope for the Future.