The Approaching Crisis
TimeWatch Editorial
December 9, 2015
Two days ago, on December 6th, 2015, Michael Snyder published an article on the website “The Economic Collapse” entitled: “JP Morgan and Citigroup Agree That the U.S. Economy Is Steamrolling toward a Recession.” It is somewhat amazing, the number of financial professionals who have for some time now been sounding a similar warning. In fact, the warnings have not just included the future of The United States, but the world in general. It should be obvious by now that, based upon some of the financial crises that have occurred across the globe in the last year that such a warning should not be ignored.
Paul Krugman in his Op-Ed column November 27, 2015 of the New York Times, argues that the financial and refugee crises sweeping Europe, added to the recent terrorist activity, reveals the continent's inability to address these issues successfully. , also of the New York Times on June 29, 2015 makes the point that Governments around world remain weighed down by heavy and seemingly intractable debts, despite the 10 trillion dollars banks have poured out in order to fight financial crises. The connectivity of the problem is demonstrated by the fact that the acute debt issues in Greece and Puerto Rico have impacted the world economy.
Listen to how the New York Times Puts it in the article entitled: Europe’s Debt Crisis: No Relief on the Horizon, Dec 31, 2012
“Over the past year, the countries hit hardest by the crisis — Greece, Spain, Portugal and Ireland — have struggled to bring down their debts. They have raised taxes, laid off workers, reduced services and have begun charging for medical care that had been free for decades. Each country had its own formula. But they were joined in the misery of trying to make do on less — and then even less.
“No amount of cutting seemed to be enough. Businesses continued to fail at a rapid pace. Even many of those Europeans who thought they were safe lost their jobs. Those who had work saw their salaries reduced. Parents watched their children fly off to other countries looking for employment — or welcomed them back into their childhood rooms because they were losing their homes to foreclosure.”
The New York Times sounds a lot like a warning given in Testimonies Volume 9, page 13:
“There are not many, even among educators and statesmen, who comprehend the causes that underlie the present state of society. Those who hold the reins of government are not able to solve the problem of moral corruption, poverty, pauperism, and increasing crime. They are struggling in vain to place business operations on a more secure basis. If men would give more heed to the teaching of God's word, they would find a solution of the problems that perplex them.” {9T 13.3}
Unfortunately, the warning does not end with a solution to the problems. The economic collapse, the political mistrust, the military intimidation, the criminal depravity will increase. A simple reason is given in the same book, one page later, quoting an unquestioned authority.
"Behold, the Lord maketh the earth empty, and maketh it waste, and turneth it upside down, and scattereth abroad the inhabitants thereof. . . . Because they have transgressed the laws, changed the ordinance, broken the everlasting covenant. Therefore hath the curse devoured the earth, and they that dwell therein are desolate. . . . The mirth of tabrets ceaseth, the noise of them that rejoice endeth, the joy of the harp ceaseth." Isaiah 24:1-8. {9T 14.3}
Michael Snyder’s reporting that JP Morgan and Citigroup agree concerning the likelihood that the U.S. economy will soon plunge into recession is indeed accurate. But this is merely the beginning of sorrows. The next recession will impact the entire of our living conditions. Jobs, food supply, credit, housing etc, will all feel the affect. To be forewarned is to be forearmed.
Cameron A. Bowen
