“I will break the pride of your power” (Leviticus 26:19)
Much is going on in economic news. Let’s first start with a brief report from India:
18 July 2012… India’s annual consumer price inflation slowed slightly in June to 10.02 percent, government data showed on Wednesday, but food prices accelerated, exacerbating concerns about below-average monsoon rains.
Weather problems are contributing to food inflation in India (and elsewhere). A year ago, I warned that we were likely to start seeing noticeable food inflation this year.
I received several economic news items from a reader last night that make sense to share here. Notice one of them:
Roubini sticks to 2013 ‘perfect storm’ predictionReuters – July 17, 2012
Economist Nouriel Roubini is standing by his prediction for a global “perfect storm” next year as economies the world over slow down or shudder to a complete halt, geopolitical risk grows and the euro zone’s debt crisis accelerates…Those factors are a worsening of the debt crisis in Europe; tax increases and spending cuts in United Sates that may push the world’s biggest economy into recession;…and a military confrontation with Iran…”There might be a weak rally because people are being cheered by more quantitative easing by (Chairman Ben) Bernanke and the Fed, but if the economy is weakening, that is going to put downward pressure on earnings growth,” said Roubini.
Roubini said the Federal Reserve may be pushed toward unconventional policy options as the stimulative effect of successive waves of quantitative easing – effectively printing money to buy government bonds – diminishes over time. http://in.reuters.com/article/2012/07/17/roubini-outlook-idINL2E8IHES120120717
As a follow-up to something I posted yesterday, notice the following that I also received late last night:
Fed, Congress fiddle as US economy stumblesMSNBC - July 17, 2012 excerpt…
Federal Reserve Board Chairman Ben Bernanke told a Senate panel Tuesday there’s little he can do to offset the likely economic damage if Congress steers the U.S. economy over a fiscal cliff. Nor, he told lawmakers, is that his job.
“I don’t think that’s my responsibility,” he told the Senate Banking Committee. “I’ve been assigned to focus on maximum employment and price stability, not to hold threats over Congress’ head. Congress is in charge here, not the Federal Reserve.”
But with Congress deadlocked in an election year and unable or unwilling to head off a package of massive tax increases and spending cuts that threaten to snuff out the faltering U.S. recovery, it’s not clear who’s in charge.
Political gridlock in the USA is one of many factors that may create a so-called “perfect storm” of disaster for the USA. And while problems will happen in 2013, the worst “perfect storm,” the time of Jacob’s trouble (Jeremiah 30:7), the Great Tribulation (Matthew 24:21) is coming later.
Here is another news item, this one from Moorad Choudhry , the treasurer of the corporate division of the Royal Bank of Scotland:
Will All the Money Printing Lead to Hyperinflation?17 July 2012…Right now we have the ECB lending money to banks, who in turn lend (some of) it to governments. A very handy circle of money that provides (unarguably much needed) term liquidity to banks but also enables them to have funding power to purchase sovereign debt, which the banks use as collateral for their borrowing at the ECB…
The circle is more obvious with the explicit quantitative easing program in the U.S. and UK. The Bank of England holds over 30 percent of the UK government bond market as part of its quantitative easing (QE) operations and there is talk of increasing this number.At what point should we start to worry that that number is too high, that we have a branch of government lending to the government? 40 percent? 50 percent? 100 percent? The longer QE goes on and the more people keep talking about increasing it, the more one might start to worry about diminishing value of money and demanding more of it for the same work rate.
Because it has no more intrinsic value than Monopoly money, fiat money retains its value only because of confidence. As central banks print more and more money, all else being equal, its real value must decline. http://www.cnbc.com/id/47960752
Americans should notice that Moorad Choudhry is referring to the US dollar as “Monopoly money.” The US dollar, like nearly all paper currencies, is not backed by anything accept confidence (although in the case of the USA, it has a substantial military, which gives it another type of confidence as well).
Yet, the Bible warns that the pride of power will be broken (Leviticus 26:19), and for the USA this apparently is not only referring to its military might, but its economic pride. According to Bible prophecy, the end of the Anglo-dominance of the world is coming (the Anglo-nations were initially founded mainly by the descendants of Jacob and were given his name in Genesis 48:16-20), and the final age of the Gentiles will be here in a relatively few years. The debt and other financial issues in the USA are indicators that not too many more years are left before the start of the Great Tribulation, the time of Jacob’s trouble.
It is not the rest of the world will not have their own issues, it just is that since they generally have not quite followed the USA, UK, and others into the debt creation machine to the same degree, they completely will fall apart later than the USA and UK does.
While India and the Gentile-dominated nations will also have issues, the Bible shows that the times of the Gentiles will be here soon (Ezekiel 30:1-3; Jeremiah 10:25; Luke 21:23-24; Revelation 11:2). And all should realize that food inflation, food shortages, and even starvation will be coming to the Anglo-descended nations like the USA, UK, Canada, Australia, and New Zealand. A so-called “perfect storm” is coming–and it will be much worse that the 2013 prediction from economist Nouriel Roubini. We are getting close to the end of the 6,000 years since Adam rejected God and the start of the Great Tribulation.
The “storm” that will be coming will be apparently the result of a combination of weather problems, pestilences, crop failures (probably at least partially related to the high dependance that most of the Anglo-nations have on genetically-modified “foods”), debt, military weakness, deception, etc. that is being brought on by the sins of the Anglo-peoples and the lack of national repentance. And it is coming.
To learn more, please check out the following articles:
When Will the Great Tribulation Begin? 2012, 2013, or 2014? Can the Great Tribulation begin today? What happens before the Great Tribulation in the “beginning of sorrows”? What happens in the Great Tribulation and the Day of the Lord? Is this the time of the Gentiles? When is the earliest that the Great Tribulation can begin? What is the Day of the Lord? Who are the 144,000?
Does God Have a 6,000 Year Plan? What Year Does the 6,000 Years End? Was a 6000 year time allowed for humans to rule followed by a literal thousand year reign of Christ on Earth taught by the early Christians? Does God have 7,000 year plan? What year may the six thousand years of human rule end? When will Jesus return? 2019 or 202x?
What Do You Mean — Repentance? Do you know what repentance is? Have you truly repented? Repented of what? Herbert W. Armstrong wrote this as a booklet on this important subject.
India, Its Biblical Past and Future: Any Witness? The Bible discusses the origins of those of Indian heritage and discusses some of the witness to them (including those in Bangladesh, Pakistan, and Sri Lanka).
Anglo – America in Prophecy & the Lost Tribes of Israel Are the Americans, Canadians, British-English, Scottish, Welsh, Australians, Anglo-Southern Africans, and New Zealanders descendants of Joseph? Where are the lost ten-tribes of Israel? Who are the lost tribes of Israel? Will God punish the U.S.A., Canada, United Kingdom, and other Anglo nations? Why might God allow them to be punished first?
Will the Anglo-Nations be Divided? Will the lands of the United States, United Kingdom, Canada, Australia, and New Zealand be divided? What does Bible prophecy teach? Are there non-biblical prophecies that support this idea? Who will divide those lands? Who will end up with the lands and the people?