Rickards: Economy Won’t Recover Until 2023 … This is the reality of this depression.


Unemployed Americans at Soup Kitchen during the Great Depression (USNARA)

COGwriter

COVID-19 related steps have hurt economies around the world and in the USA. Notice the following:

July 13, 2020

COVID-19 is not going away, and other dangerous viruses may be coming. This means it’s time to face the grim truth: many of the pandemic’s effects on our economies and societies will be persistent, even permanent.

Some of these changes are already evident. There is less demand for the services of dine-in restaurants, hotels, airlines, brick-and-mortar retail, and large entertainment venues, and fewer employment opportunities in those sectors and facilities. There is more demand for everything on-line, and for health-care, childcare, and home-care services. …

The transition to the world being created by COVID-19 was always going to be difficult. The main question now is whether policymakers will take the steps that are most likely to make it easier. https://www.project-syndicate.org/commentary/job-training-for-pandemic-economy-by-barry-eichengreen-2020-07

The Federal Reserve Bank of Atlanta projects that GDP dropped a record –35.2% in the second quarter. Put simply: No event in American history has wrecked the U.S. economy faster than the pandemic-driven recession, or pancession for short. https://fortune.com/2020/07/12/how-is-us-economy-doing-2020-recession-unemployment-rate-benefits-consumer-spending-job-losses-state-by-state-pmi-coronavirus-pandemic/

According to the IMF, global fiscal support in response to the crisis will be more than 9 trillion US dollars, approximately 12% of world GDP. This premature, clearly rushed, probably excessive, and often misguided chain of so-called stimulus plans will distort public finances in a way in which we have not seen since World War II. …

Debt is neither free nor irrelevant, even if interest rates are low, as interventionists want us to believe. More debt means less growth, a slower exit from the crisis, with lower productivity growth and a tepid employment improvement. 07/11/20 https://www.dlacalle.com/en/the-world-is-drowning-in-debt/?utm_source=feedly&utm_medium=rss&utm_campaign=the-world-is-drowning-in-debt

Yes, the economic costs have been high around the world. In the USA around 45 million Americans applied for unemployment since the COVID-19 lockdowns and millions more are underemployed. Despite -re-openings, currently “33 million people in the United States are either receiving unemployment benefits or awaiting approval, Senate Democratic Leader Chuck Schumer said” (see https://www.reuters.com/article/us-health-coronavirus-usa-congress/u-s-congress-needs-compromise-to-extend-covid-19-unemployment-payments-pelosi-idUSKCN24D0HO).

What about a full recovery?

Jim Rickards believes that is a ways off:

Economy Won’t Recover Until 2023

The depth of the new depression is clear. What is unclear to most observers are the nature and timing of the recovery.

The answer is that high unemployment will persist for years, the U.S. will not regain 2019 output levels until 2022 and growth going forward will be even worse than the weakest-ever growth of the 2009–2020 recovery.

This may not be the end of the world, yet it is far worse than the most downbeat forecasts. ..

It would take the highest annual real growth in over 40 years, sustained for two consecutive years, to get close to 2019 output levels.

It’s far more realistic to assume real growth will be less than 10% per year. That puts the economy well into 2023 before reaching output levels last achieved in 2019.

This is the reality of this depression.

It’s not about continuously declining GDP. A depression is an initial collapse so large that even years of high growth won’t dig the economy out of its hole. …

There will be no V-shaped recovery. There are no green shoots despite what you hear on TV.

We’re in a new Great Depression and will remain so for years. 07/09/20 https://dailyreckoning.com/economy-wont-recover-until-2023/

Jim Rickards may be optimistic.

Based on what happens further with the coronavirus and other pestilences, the November 2020 election, as well as the potential for violence, natural disasters, and crop failures, a true full pre-COVID-19 recovery may be further off, if ever, for the USA.

Currently, the USA is looking at how to pump more money into the economy (out of thin air) and thus increase its debt (cf. https://nypost.com/2020/07/12/congress-and-the-white-house-need-to-get-the-next-rescue-package-right/).

As far as Jim Rickards goes, nearly five years ago, I posted the following:

Here is a summary of an earlier report I saw related to Jim Rickards:

Rickards says “the dollar’s demise will take one of three paths”…

1. World money
2. A gold standard
3. Social disorder

Yes, social disorder and the Great Tribulation will come. (Thiel B. ‘Project Prophecy’ predicts a 25 year depression. COGwriter.com, October 4, 2015)

Since then, we have seen social disorder.

In 2020, some of that has been associated with COVID-19 and some of that related to policing, racial, and other issues.

Social disorder is a negative factor for the economy as well.

What about Europe?

It is reeling from COVID-19 issues as well–plus will face economic upheavals related to Brexit.

But Europe has NOT produced trillions of Euros of debt, at least not yet, for COVID-19.

Furthermore, the Bible shows that the time will come when Europe will prosper mightily (cf. Revelation 18).

Consider a story, I have reported here before:

There once was a movie that had two men camping outdoors. Suddenly, one man yells, “Run, a bear!” The other man yells back, “You can’t outrun a bear.” The first man responded with, “True, but all I have to do is to outrun you.”

The implication is that the first man only needed to be better runner than the second one, which presumably the bear would consider to be weaker, and then catch and destroy.

From an economic perspective, the story basically is that the debt and economic situation in Europe does not need to be perfect, only perceived to better (or at least similar) than that of the USA to someday surpass it.

COVID-19’s reducing economic output and the USA government’s massively increasing debt–the USA dollar will one day be worth no more than the novelty and scrap value of it cotton-paper!

COVID-19 should be proof that the Anglo-American dominated world as we know it will not continue (watch also our latest video COVID 19 is NOT the End, but could it be TEOTWAWKI?):

3 … knowing this first: that scoffers will come in the last days, walking according to their own lusts, 4 and saying, “Where is the promise of His coming? For since the fathers fell asleep, all things continue as they were from the beginning of creation.” 5 For this they willfully forget: that by the word of God the heavens were of old, and the earth standing out of water and in the water, 6 by which the world that then existed perished, being flooded with water. 7 But the heavens and the earth which are now preserved by the same word, are reserved for fire until the day of judgment and perdition of ungodly men. (2 Peter 3:3-7)

The massive increase in debt is UNSUSTAINABLE. That means that things CANNOT CONTINUE as they have been. Biblical prophecies are coming to pass.

Do not live your life like the current world order will continue as it has. Bible prophecy says that it will not. Increasing levels of debt show that a debt bubble will one day burst and the USA (as well as its Anglo-Saxon descended allies) will one day be no more.

Those who do not believe that the economy of the US can fail are ignoring reality.

The economy of the US is, at best, built on a foundation of sand, as debt is certainly not a rock to build upon.

Jesus taught:

24 “Therefore whoever hears these sayings of Mine, and does them, I will liken him to a wise man who built his house on the rock: 25 and the rain descended, the floods came, and the winds blew and beat on that house; and it did not fall, for it was founded on the rock.

26 “But everyone who hears these sayings of Mine, and does not do them, will be like a foolish man who built his house on the sand: 27 and the rain descended, the floods came, and the winds blew and beat on that house; and it fell. And great was its fall.” (Matthew 7:24-27)

34 “But take heed to yourselves, lest your hearts be weighed down with carousing, drunkenness, and cares of this life, and that Day come on you unexpectedly. 35 For it will come as a snare on all those who dwell on the face of the whole earth. 36 Watch therefore, and pray always that you may be counted worthy to escape all these things that will come to pass, and to stand before the Son of Man.” (Luke 21:34-36)

Are you watching, praying, and living your life to be accounted worthy? The Great Tribulation is coming.

“Great” will be the fall of the US.

Europe would like to replace the USA as the leader of the West.

Europe does NOT have to be perfect to do this, only perceived as a better option than the USA.

This time is coming and COVID-19 is accelerating this.

The Continuing Church of God (CCOG) put together the following video for our Bible News Prophecy program that you may wish to watch:

18:35

COVID 19: Prelude to a New World Order?

Could COVID-19 be a prelude to a better society, a better new world order? Some think so. Will the novel coronavirus kill the ‘New World Order’ that people like Pat Buchanon dread? Should we ‘beware of plans to build back better’? Are more in Europe looking for an authoritarian leader now? Will Europe get one? What does the Bible teach? What about the coming, ‘time of Jacob’s trouble,’ the Great Tribulation, and final ‘time of the Gentiles’? What did German Foreign Minister Heiko Maas say happened to European unity during this crisis? Does he want a multilaterial new world order that is not dominated by the United States and United Kingdom? Is Europe working towards implementing an end time Babylonian system that the Bible warns against, but that certain Catholic prophecies look forward to? Is the ‘great prince of the north’ the dreaded ‘king of the north’? Will he work with the final Antichrist? Will the coming European ’empire of the north’ destroy the strongest fortresses? Will the fortresses, the military strength, of the UK, Canada, Australia, and New Zealand cease in accordance with the prophecy in Isaiah 17:3? Is Europe prophesied to reorganize and eliminate all republics? Dr. Thiel addresses these issues and more in this scripture filled analysis and commentary.

Here is a link to the video: COVID 19: Prelude to a New World Order?

Printing dross money is NOT the salvation for the USA. Only Jesus and the Kingdom of God can be.

Some items of possibly related interest may include:

The End of US Dollar Dominance Is the USA losing its economic status? What about the petro-gold-yuan? A related video is also available: US Dollar being challenged by Gold-Petro-Yuan.
USA in Prophecy: The Strongest Fortresses Can you point to scriptures, like Daniel 11:39, that point to the USA in the 21st century? This article does. Two related sermon are available: Identifying the USA and its Destruction in Prophecy and Do these 7 prophesies point to the end of the USA?
Who is the King of the West? Why is there no Final End-Time King of the West in Bible Prophecy? Is the United States the King of the West? Here is a version in the Spanish language: ¿Quién es el Rey del Occidente? ¿Por qué no hay un Rey del Occidente en la profecía del tiempo del fin? A related sermon is also available: The Bible, the USA, and the King of the West.
Spiritual Samaritans: Old and New Who were the Samaritans? Do the represent true Christianity or something else? Here is a link to a related sermon: USA in Prophecy: Samaria.Who is the King of the North? Is there one? Do biblical and Roman Catholic prophecies for the Great Monarch point to the same leader? Should he be followed? Who will be the King of the North discussed in Daniel 11? Is a nuclear attack prophesied to happen to the English-speaking peoples of the United States, Great Britain, Canada, Australia, and New Zealand? When do the 1335 days, 1290 days, and 1260 days (the time, times, and half a time) of Daniel 12 begin? When does the Bible show that economic collapse will affect the United States? In the Spanish language check out ¿Quién es el Rey del Norte? Here is a link to a video titled: The Future King of the North.
Who is the King of the North? Is there one? Do biblical and Roman Catholic prophecies for the Great Monarch point to the same leader? Should he be followed? Who will be the King of the North discussed in Daniel 11? Is a nuclear attack prophesied to happen to the English-speaking peoples of the United States, Great Britain, Canada, Australia, and New Zealand? When do the 1335 days, 1290 days, and 1260 days (the time, times, and half a time) of Daniel 12 begin? When does the Bible show that economic collapse will affect the United States? In the Spanish language check out ¿Quién es el Rey del Norte? Here are links to two related videos: The King of the North is Alive: What to Look Out For and The Future King of the North.
The Great Monarch: Biblical and Catholic Prophecies Is the ‘Great Monarch’ of Catholic prophecies endorsed or condemned by the Bible? Two sermons of related interest are also available: Great Monarch: Messiah or False Christ? and Great Monarch in 50+ Beast Prophecies.
Satan’s Plan Does Satan have a plan? What is it? Has it already been successful? Will it be successful in the future? Here are links to a two-part sermon series: What are Some of the Parts of Satan’s Plan? and Satan’s Plan is More Dramatic than Many Realize.
Will the Anglo-Saxon-Celtic Nations be Divided and Have People Taken as Slaves? Will the lands of the United States, United Kingdom, Canada, Australia, and New Zealand be divided? What about Jerusalem? 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? Here is a link to a video titled Will the USA and other Anglo-nations be Divided and Their People Made Slaves? Here is a related item in the Spanish language ¿Serán divididas las naciones anglosajonas?
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Brexit Happened: Now What? At 11:00 pm January 31, 2020, the United Kingdom formally left the European Union. Many celebrated, while many mourned. Nigel Farage stated, “This is the greatest moment in modern British history.” What will happen to the United Kingdom? Will the UK be involved in trade deals with the United States of America and the Europeans? Will the UK regret the BRitish Exit (Brexit) from the EU?What will happen with the European Union? Is Europe prophesied to have a great army and many ships? Does the Bible prophesy a reorganization of Europe? Does it prophesy that the Europeans will become a conquering military power? Is the United Kingdom prophesied to be conquered? How does the Bible name the British-descended peoples? Was the British Empire the largest in world history? Was Brexit predicted by Church of God leaders in 1970 and the early 1990s? Will the European Union be negatively affected financially by the departure of the UK? Will this turn out well for the UK or the Europeans? Dr. Thiel addresses these issues and more in this video.
Canada in Prophecy: What Does Bible Prophecy, Catholic Prophecy, and other Predictions Suggest About the Future of Canada? There are prophecies that suggest involvement with Canada. And many are not positive about its future. A sermon of related interest is also available: Canada in Prophecy.
Australia and New Zealand in Prophecy Do biblical prophecies help explain the wealth blessings for Australia and New Zealand? Might cursings from disobedience come in the 21st century? Here is a link to a related sermon: Australia and New Zealand: Origins and Prophecy.
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Donald Trump and America’s Apocalypse This 188 page book is for people truly interested in prophecies related to Donald Trump and the United States, including learning about several that have already been fulfilled and those that will be fulfilled in the future. The physical book can be purchased at Amazon for $12.99 from the following link: Donald Trump and America’s Apocalypse.
Donald Trump and America’s Apocalypse-Kindle Edition This electronic version of the 188 page print edition is available for only US$3.99. And you do not need an actual Kindle device to read it. Why? Amazon will allow you to download it to almost any device: Please click HERE to download one of Amazon s Free Reader Apps. After you go to for your free Kindle reader and then go to Donald Trump and America’s Apocalypse-Kindle Edition.
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When Will the Great Tribulation Begin? 2020, 2021, or 2022? 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? Here is a version of the article in the Spanish language: ¿Puede la Gran Tribulación comenzar en el 2020 o 2021? ¿Es el Tiempo de los Gentiles? You can also see the English language sermon videos: The Great Tribulation from the Mount of Olives and Can the Great Tribulation begin before 2020? A shorter and newer video is: Could the Great Tribulation Begin in 2020?
The Times of the Gentiles Has there been more than one time of the Gentiles? Are we in it now or in the time of Anglo-America? What will the final time of the Gentiles be like? A related sermon is available and is titled: The Times of the Gentiles.
Armageddon Who is involved and when will this gathering happen? Here is also a video from Dr. Thiel, from Tel Megiddo in Israel: Armageddon. Other videos include: Armageddon Will it come on Trump’s watch?, Iraq, Armageddon, & Prophecy, Freemasonry, Armageddon, and Rome, Is China paving roads to Armageddon?, and Jordan, Petra, and Armageddon.
Christian Repentance Do you know what repentance is? Is it really necessary for salvation? A related sermon is also available titled: Real Christian Repentance.
Just 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.
When You Sin: Do You Really Repent? This is an article by Charles F. Hunting. A related sermon is Confess to God and truly repent.
Do Christians Sin? This is an article by Herbert W. Armstrong.
Overcoming Sin What is sin? How are Christians suppose to overcome it? Here is a link to a version in Mandarin Chinese:
QKg f/‘͉v„. Here is a link to a version in Spanish: Vencer al pecado. Here is also a link to a video in English titled How YOU Can Overcome Sin.
Overcome Sin’s Deadly Power! How can you overcome the power of sin? Here is a link to a related sermonette video: YOU Can Overcome Sin’s Deadly Power!
How to Prevent Sin This is an article by Herbert W. Armstrong. Here is a version in Mandarin:
Y‚OUN r¯j
The Two Trees: Only Two Ways of Life This is from a two-part radio broadcast from Herbert W. Armstrong. Here is a video on: Cause and Effect: Two Trees, Two Ways.
Real Conversion Many think that they are converted Christians. But are they? Would you like to know more about conversion?
False Conversion! Have you really been converted? Herbert W. Armstrong wrote an article on this important subject–but more scriptures have been added to it. How can you tell false conversion? A related video is also available: False Conversion.

Is God Calling You? This booklet discusses topics including calling, election, and selection. If God is calling you, how will you respond? Here is a link to a related sermon: Could God be Calling You? A short animation is also available: Is God Calling You?



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