Economic Collapse – Planned Disaster
By Jim Josephsen

The Bible, among all of its beneficial, practical instructions and commands, speaks to the cause and effect, the logical consequences of personal and national fiscal behavior. The current economic crisis confronting the United States is a direct result of ignoring biblically based, steadfast laws of right economic behavior.

In the first month of 2008, a Word From article, The Bills Are Now Due examined the economic turmoil confronting not only the United States but, global economies. We could not have known then the magnitude or persistence of the economic distress to come just eight months later. Nevertheless, the point of that article was that unless individuals, businesses and governments repent and change their ways, crisis, economic recession, ruin and turmoil, unexpected and unimaginable, would be the result. Clearly human greed is reaching its peak and whether accepted or not, the laws and principles regulating economic success as ordained by God have been broken and now require an answer.

Today the United States is confronted by a potentially incredible economic disaster. Unless the highly publicized “bail out” plan as proposed by the Bush Administration produces real and immediate change, the course of life in America, that we have been accustomed to, will drastically change. At least this is what we have been told. Just what will the next six to eight months bring this country and the world?

The news of the Stock Market and its volatility, of the instability of the price of crude oil, the plummeting housing market, continued job loss, consumers holding back their spending, increased foreclosures and bankruptcies have been gut-wrenching and pervasive. The past eight months have offered little news of growth in America.

The last seven days have given rise to panic, uncertainty, distress, and fear. From Asian Markets clear to Wall Street the looks of anguish on the faces of floor traders and Money Market Funds managers reveal apocalyptic misery.

Economists, talk-show commentators are all quick to posit, to put their spin on this predicament, explaining this crisis did not happen overnight. It has been decades in the making, the result of bad fiscal policy, governmental neglect, global expansion with jobs going overseas, capitalism run amuck, and reckless spending, practiced by citizens and government alike; both Republicans and Democrats alike. For years, the avarice of Wall Street, of deregulated, under-regulated banking and financial institutions and, of course, the explosion of “get it now” consumerism has greatly contributed to the fiasco we now face.

Through newsprint and on Websites, the pundits with their opinions have submitted hundreds if not thousands of articles discussing, explaining, and educating us as to the reasons for the mess we are in and the disasters that lie around the corner.

Just how true, just how dire, just how disastrous is the crisis we now face? This article could become book-length explaining the details, expounding all the angles, attempting to cover who said what and why. Each political party has its ideology, its economic agenda, its finger to point the blame for this fiscal nightmare.

The economic numbers are so staggering the average American reels in amazement. So dumbfounded by the magnitude of the dollars involved, most citizens simply avoid the realities by hiding in their own little world or by complaining about this or that party, this or that political leader, this or that candidate. And, of course, many millions of Americans are looking forward to November 4th when a new leader will emerge and hopefully, all the economic misery brought about by the last administration will go away. Oh, if it were that easy!

President Bush has made it clear, if no intervention is enacted the country will shut down. Mortgages and credit will dry up. Jobs will diminish. Financial institutions will perish. America will be a faded resemblance of its former self. In addition, foreign governments will lose all confidence in America. The potential effects of that could be catastrophic if our enemies in the Middle East and those to the east of Europe arise to take the opportunity to encroach on our soil. Could all this happen or is President Bush being manipulated as many conspiracy theorists postulate? What does the Bible say about this possibility?

In haste, with all urgency, a 700 billion dollar financial plan, the Bailout has been proposed, actually thrust upon Congress. But not so fast as the Senate Banking Committee and the U.S. Congress, Republicans and Democrats alike, are asking tough, hard questions. Yet true to their self-serving style, the burps and cries of provisions and add-ons are becoming clear. It is no wonder. Consider the magnitude of 700 billion taxpayers’ dollars. What if the plan doesn’t work?

America was founded under principles and an ideology, which is under severe scrutiny today. The democratic capitalistic philosophy is in question and these hard economic times may just produce a new approach to daily life, to government and economic strategies. Clearly, the approach now in debate resembles something approaching socialism. Interestingly, the fear welling up in the American people is providing a scenario that will demand stronger government, a nationalized form of governing. There may be no other choice from here on out.

The stakes are high. No matter the outcome of the Congressional debate – to provide 700 billion dollars or not or any amount in between – this country will never be the same. A severe wound has been struck and foreign nations, China, Iran, and the European Union are waiting to make their move.

Through all the debate and rhetoric of the current crisis, little is being said to help the average citizen, the person in the trenches when it comes to this economic battle. The Bush Administration wants to “bail out” the financial institutions to prevent a widespread cascading economic failure. In doing so, the President explains this will provide opportunity for more credit to be distributed, more loans available to the public in order to keep the economy vibrant and moving. As the economy moves, homes can be bought, jobs maintained and the U.S. will get stronger.

Yet with all the rhetoric of the past couple days, many Americans are angry. Why give the advantage to the CEOs and CFOs of these institutions that have put us in jeopardy in the first place?

Is there something missing here? What about the person in the trenches; the ones whose home is close to or going into foreclosure? What about average tax paying Americans; the ones most hurt by this crisis? Has the government of the people forgotten the people?

It seems the U.S. government is more concerned about the financial institutions that have led America into this mess in the first place rather than the well-being of the citizens.

The Bible lays out the events to occur to the end-time Children of Israel, which includes the prophecies directed to the United States of America. Notice what the scriptures speak and see the similarities to our day, to the institutions and government officials, to those who practice greed and avarice, to those who have set us up for the imminent collapse, to those who neglect the people.

"Woe to those who plan iniquity, to those who plot evil on their beds! At morning’s light, they carry it out because it is in their power to do it. They covet fields and seize them and houses and take them. They defraud a man of his home, a fellowman of his inheritance. Therefore, the Lord says: I am planning a disaster against this people from which you cannot save yourselves. You will no longer walk proudly, for it will be a time of calamity. In that day men will ridicule you with this mournful song; we are utterly ruined; my people’s possession is divided up. He takes it from me! He assigns our fields to traitors [i.e. the enemy]." Micah 2:1-4.

Without a doubt, both American financial institutions and American citizens are guilty of fiscal practices that are destructive, ruinous and in violation to the laws of God. This current economic crisis did not happen in a vacuum, did not occur because of innocent blunders. Our current economic distresses are the result of crafty calculated business practices arranged by high stakes financial institutions, often aided by the U.S. government. These institutions have preyed on a misdirected, often uneducated American public who themselves were engaged in lustful, self- serving consumer behaviors.

Americans are guilty and each will be held accountable. Unless America decides to humble itself under the mercy and forgiveness of Almighty God; unless this nation repents, disaster is inevitable as the cords of a once vibrant American economy are fraying away, soon to utterly and permanently break.
 

Breaking News Stories
Go here for the latest news stories on this subject. ––news story added 15 August 2016
 
Further reading:
Our Commentary
"Economic Meltdown - Averted or Just Delayed?" –by Mark Armstrong
Global Financial Meltdown...Now Near?  –by Garner Ted Armstrong
Is A GLOBAL ECONOMIC MELTDOWN UNDERWAY?  –by Garner Ted Armstrong
The Bills Are Now Due  –by Jim Josephsen
Wall Street Journal says: Load the Pantry  –by Mark Armstrong
 
21st Century Watch
Is a Global Crash Just Ahead? [volume 1, number 7]
Will the Dollar Be Replaced as the World Currency?  [volume 2, number 1]
America's Economic Woes by Jim Josephsen [volume 11, number 1]
 
Booklets
Europe and America in Prophecy
 
Quote by Garner Ted Armstrong:
“Go to now, ye rich men, weep and howl for your miseries that shall come upon you” (James 5:1). So says God to the liars, cheats, extortionists, conspirators, “insider traders” and sundry assorted forms of crooks who are running like rats from a sinking ship, scurrying to find safe havens for their stolen loot. –Global Financial Meltdown...Now Near?
 
For decades, I have warned millions of Americans and people around the world that the beginning of the prophesied Great Tribulation (Matthew 24:21,22) would most likely be caused by a global economic collapse! –Global Financial Meltdown...Now Near?
 
Resources
Economic Crisis of 2008 Bailout (finance) Great Depression
Financial crisis of 2007-2008 January 2008 stock market volatility Subprime mortgage crisis
United States housing market correction Oil price increases since 2003 Subprime crisis impact timeline
Global Leadership Foundation Economic Collapse Stock Market Crash
List of Stock Market Crashes The Hindenburg Omen [financial term] List of Recessions in the US
     

Photos:
Left: Economic Collapse
Center: Stock Market Crash
Right: Foreclosure