Will America's economy collapse in 2011? From Ireland to Zimbabwe, and from Iceland to Greece, the world has learned that a modern economy can suddenly and painfully come crashing down. Now, a leading U.S. senator warns that the United States may be next, and the crash may be imminent. What can America do?
Senator Judd Gregg (the ranking Republican on the Senate Budget Committee) warns that, "If the US government doesn't act soon to reduce the deficit and debt, it will become like Greece in a few years." As Gregg argues, "Our status as a nation is threatened by what we've got coming at us in the area of deficit and debt. And it's only a few more years, at the most, that we have to work with here before the market says, 'Sorry, your currency is something we cannot continue to defend'" (CNBC, "'We're Greece' in a Few Years: Sen. Gregg," November 3, 2010). The fact is, it will be much worse … and it may begin in fewer than a few years.
The Fed's most recent "quantitative easing" (or "QE2") measures have many economists very worried. But short of implementing unimaginably severe austerity programs, the reality of a colossal U.S. debt, coupled with a crippling trade imbalance, has left the Fed with few choices. Not only is severe inflation a possible outcome, but as The Guardian summarizes, the U.S. risks further alienating its few remaining international allies as it tries to fend off looming "currency wars" that could be the death-nail in the U.S. economy ("Who pays the bill for the Fed's QE2?," November 3, 2010).
Not only does the U.S. appear poised to further alienate the rest of the world by deluging the world markets with a fresh influx of U.S. dollars, but it also appears to be on the way to making its currency nearly worthless and impoverishing its citizens.
Politicians such as Senator Gregg and political pundits like Glenn Beck are right to sound the alarm. But, their warnings are incomplete messages. It is sin that is the root of U.S. economic trouble – not Keynesian versus Austrian economics, or Republican versus Democrat versus Tea Party politics, or FOX News versus CNN News versus NPR analysts! What America really needs to understand and do is repent from breaking God's biblical laws!
Because of America's greed and sin – which includes breaking God's weekly Sabbath (Saturday), His annual Holy Days, condoning and practicing sexual sins, violence, drunkenness, and pagan religion – end-time "Israel" will be punished. Without real, national repentance, the punishments foretold in Deuteronomy and elsewhere will come upon America. The once-great nation will be humbled and forced to serve its enemies "because of the wickedness of your doings" (Deuteronomy 28:15, 25-34). America will find itself dependent on foreign credit (vv. 43-44) and "in need of everything" (vv. 47-48) because it does "not obey the voice of the Lord your God, to observe carefully all His commandments and His statutes" (v. 15).
While sound economic policy is important, there is a Creator God in heaven who watches the affairs of men and who allows nations to be punished for breaking His laws (Psalms 96:10; Ezekiel 5:7-8; Daniel 5:21, Revelation 19:15)!
Because as a nation we have rejected God, as Hosea 7:9–13 predicts, America will become weak and strangers will devour her strength. But instead of turning to God for help in real repentance, America continues to violate God's laws, prints more money, and continues to hope other nations will float its debt. God warns this wayward people, "Woe to them, for they have fled from Me! Destruction to them, because they have transgressed against Me!" (v. 13).
For much more insight into the coming catastrophe and beyond, please read, the powerful Tomorrow's World articles, "Signs of Christ's Second Coming," "Debt, Disobedience and Demise of Nations," and "Heading for Economic Catastrophe?" And watch the powerful Tomorrow's World telecast "Hope for the Future."