Could the Global Economy Fail?

The financial crisis of 2007 and 2008 sent shockwaves around the globe. Then there was an economic recovery. When the COVID-19 crisis hit, world economies took another financial downturn. Now, between the war in Ukraine and the United States’ and Israel’s war with Iran, the global economy is struggling again. “The global economy ‘could soon test the limits of resilience,’ as emergency oil stocks run low and government budgets become overstretched, the International Monetary Fund [IMF] has warned” (The Guardian, October 12, 2026).

In March, the International Energy Agency announced the release of the greatest amount of oil reserves ever, and they promised to “accelerate it” after an October meeting. However, a recent report stated that the United States’ strategic petroleum reserve has now reached its lowest level since 1982. This does not bode well for the world’s economy, for which the US has been one of the primary engines. IMF economists warn that a prolonged war in the Persian Gulf region could increase both energy and food prices. They also warn that continued “disruptions to energy infrastructure, cyber-attacks, or extreme weather events could amplify these effects.” The world’s economy appears to be on the edge.

As the late John Ogwyn insightfully wrote, “It is apparent that unless human emotions can be channeled differently, they will fracture the whole global economic structure.” Such circumstances threaten to generate the sort of chaos in which a “strongman” leader will be welcomed to bring stability and prosperity to the global financial system. The Bible foretells that such a strongman will arise in Europe! To learn more about this future European superpower, read or listen to Mr. Ogwyn’s eye-opening publication The Beast of Revelation: Myth, Metaphor, or Soon-Coming Reality?