After a brutal hammering, global stock markets are on track for their best rebound in 20 years and talk of economic recovery is becoming more common. However, unfortunately, the reality is that more than ever before, America and Britain risk rapid economic collapse. What is really happening on the world economic front … and why?
The World Bank chief reported just days ago, "I don't think we're remotely through this [financial crisis]" (Reuters, June 30, 2009). And, for the first quarter of 2009, the Financial Times reports that the U.K. economy shrank more than it had in more than 50 years (June 30, 2009). U.S. new unemployment claims continue to rise, hitting 627,000 the third week in June, with ongoing claims rising to nearly 6,740,000, "surprising economists" (CNNMoney.com, June 25, 2009). Further, delinquency rates on prime mortgages "more than doubled in the first quarter from a year earlier, indicating that the pain that began in the 'subprime' area is spreading as more people struggle to meet their mortgage payments" (Financial Times, June 30, 2009).
Now, state governments are being affected. Because of falling tax revenue, U.S. states from Pennsylvania to Illinois to Mississippi are literally running out of money (Associated Press, July 1, 2009)! California (the largest U.S. state economy), is teetering on "defaulting on its $59 billion in outstanding general obligation bonds" prompting market analysts to warn investors to "sell all California paper now!" (CNN.com, June 25, 2009). California now plans to issue IOUs in lieu of payment because of "a budget shortfall of some $24,300,000,000" (BBCNews, July 2, 2009).
If individuals and states cannot afford to pay their bills, then when will our nations face the same problem? When will the U.S. and the U.K. turn to raising taxes and printing even more money, which will cause severe inflation? If investors are now being told to "sell all California paper," then when will foreign creditors begin dumping the dollar and the pound and doing the same with their U.S. and U.K. investments?
Calls from a growing group of nations, including China, India, Russia and Brazil to "dump the dollar" are becoming louder every day (Wall Street Journal, June 29, 2009). This would rapidly render the U.S. dollar effectively worthless, and would decimate our economy.
Regardless what many pundits say, the U.S.A. is dangerously at risk of staggering from a recession to a complete economic collapse in the coming years. Scripture warns that America and the British-descended nations (modern Jacob) will be consumed by our creditors, that this will lead to economic and literal slavery, and that this tragic collapse will happen suddenly and when many do not expect it (Isaiah 1:7, Habakkuk 2:7, I Thessalonians 5:3).
Stock markets may temporarily recover, but "modern Jacob's" future is written in scripture. Fundamentally, our economies are broken. But much more condemning is that our nations continue to reject God and His laws regarding marriage, Sabbath observance, sexual immorality, pagan holidays, murder, theft, lying, violence, and more.
Jeremiah 17:1-4 records that because of these sins and false religion (v. 2 references pagan religious rituals), national punishment is coming. Unfortunately, much worse than recession or depression confronts our nations. Ultimately, our wealth, and our people will be given "as plunder" to foreign nations (vv. 3-4). We will further weaken and eventually be overwhelmed by a strengthening European beast power (Daniel 2:40-41, Jeremiah 30:7-8).
For decades, God's church has warned that without true repentance, America and Britain risk financial and military collapse (notice, "Rise and Fall of Nations, Are You PREPARED?" and "False alarm...or coming Great Depression?").
Thankfully, God promises a wonderful future beyond this current recession, the coming depression, and eventual national slavery! Request your free copy of The United States and Great Britain in Prophecy to better understand what lies ahead for our nations, how you can spiritually prepare, and how you can escape this coming suffering. There is hope!