‘Rising Debt Triggers Growing Alarm, Especially for Poorer Nations’ COVID-19 blamed

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COGwriter

Notice the following about debt:

Rising Debt Triggers Growing Alarm, Especially for Poorer Nations

January 5, 2021

How are countries going to cope with the sea of pandemic-related debt — will they drown in it?

Lockdowns and coronavirus restrictions have caused some government revenues to collapse at the same time public spending increases to try to save jobs and livelihoods. Poor and developing countries are the hardest hit, but even rich, powerful nations are straining to cope with the economic wreckage being wrought by a coronavirus that’s transforming the economic prospects of the world.

Last year, the governor of the Bank of England, Andrew Bailey, acknowledged publicly that the British government came close to insolvency because private investors did not want to buy its bonds, something almost unheard of for Britain. The bank was forced to step in to purchase $270 billion longer-term securities from the open market. In short, one arm of the British government borrowed to lend to another.

The pandemic’s financial cost is similar to that of a world war, say economists. The International Monetary Fund warned in a report in October, “In 2020, government deficits are set to surge by an average of 9 percent of GDP, and global public debt is projected to approach 100 percent of GDP, a record high.”

The overall global figure masks huge variations among countries.

The deficits of seven developed countries — Brazil, Britain, Canada, Italy, Spain, Japan and the United States — are surging and have risen by more than 10% of GDP. Japan’s gross public debt will shortly reach 266% — and America’s 131%, according to IMF projections.

These percentages would have been unimaginable in the not-too-distant past.

“The COVID pandemic will leave many scars on the world economy and our societies. One of the deepest will be a lasting legacy of rising global public and private debt,” according to Stéphane Monier, chief investment officer of Switzerland’s Lombard Odier Private Bank.

But in a note to the bank’s private clients last month, he said that while such debt accumulation is unsustainable in the long term, debt levels are unavoidable “as governments try to compensate firms and citizens for the challenges of the pandemic.” Monier added, “Thankfully, the debt is mostly currently affordable because of the exceptionally loose monetary policy and the associated rock-bottom interest rates.”

Looking at the debt, Monier said, as “a share of GDP,” exaggerates the increases, because economies’ revenues have fallen as the pandemic shut sectors. …

The debt distress of poorer nations is prompting attention and rising concern.

“Much of the conventional wisdom about how governments should manage the COVID-19 economic fallout is perfectly appropriate for advanced economies, but dangerous elsewhere,” according to Michael Spence, a Nobel laureate in economics, and Danny Leipziger, a professor at George Washington University’s School of Business.

“Even if developing and emerging economies could simply borrow and spend more to weather the storm, doing so could jeopardize their long-term economic prospects,” they wrote for Project Syndicate, which publishes commentary and analysis. Too much debt will drown the poorer countries, constraining their economic growth. https://www.voanews.com/economy-business/rising-debt-triggers-growing-alarm-especially-poorer-nations

Note that the only way this supposedly will work is if interest rates remain low.

Yet, by definition, anything that is “unsustainable” cannot continue.

Even if that will be the case for a time, hyperinflation is a major risk (see Birch: Why a Hyperinflation “Time Bomb” Could Explode in 2021).

Lockdowns and most other government imposed restrictions were not the biblically nor scientifically nor economically appropriate way to deal with the novel coronavirus.

But that is what most government leaders around the world embraced and implemented.

COVID is being blamed, but it was not COVID itself: it has been government policies blamed on COVID-19.

The damage government COVID policies have caused the economy has been tremendous. Millions lost their jobs. Many small businesses have closed. Landlords have been excessively squeezed. The airline, restaurant, hotel, and other travel related industries have been devastated. Even the oil and automotive industries have been hit hard. As have been the entertainment industries and many other segments of modern economies.

And, what is the governmental solution for the damage governmental policies have caused?

More debt.

Joe Biden has called for more ‘stimulus’ (debt) as well as possibly a national lockdown for the USA.

Most in the media and in government act like debt and lockdowns are good things.

However, the Bible clearly warns that an indebted people will be destroyed by people whose language that they do not understand, and that the destruction will be fairly total:

43 The alien who is among you shall rise higher and higher above you, and you shall come down lower and lower. 44 He shall lend to you, but you shall not lend to him; he shall be the head, and you shall be the tail. 45 Moreover all these curses shall come upon you and pursue and overtake you, until you are destroyed…47 “Because you did not serve the LORD your God with joy and gladness of heart, for the abundance of everything, 48 therefore you shall serve your enemies, whom the LORD will send against you, in hunger, in thirst, in nakedness, and in need of everything; and He will put a yoke of iron on your neck until He has destroyed you. 49 The LORD will bring a nation against you from afar, from the end of the earth, as swift as the eagle flies, a nation whose language you will not understand, 50 a nation of fierce countenance, which does not respect the elderly nor show favor to the young. 51 And they shall eat the increase of your livestock and the produce of your land, until you are destroyed; they shall not leave you grain or new wine or oil, or the increase of your cattle or the offspring of your flocks, until they have destroyed you. 52 They shall besiege you at all your gates until your high and fortified walls, in which you trust, come down throughout all your land; and they shall besiege you at all your gates throughout all your land which the LORD your God has given you (Deuteronomy 28:42-45,47-52).

7 The rich rules over the poor, And the borrower is servant to the lender. (Proverbs 22:7)

13 And the Lord said, “Because they have forsaken My law which I set before them, and have not obeyed My voice, nor walked according to it, 14 but they have walked according to the dictates of their own hearts…16 I will scatter them also among the Gentiles, whom neither they nor their fathers have known. And I will send a sword after them until I have consumed them.” (Jeremiah 9:13,14a,16)

12 One-third of you shall die of the pestilence, and be consumed with famine in your midst; and one-third shall fall by the sword all around you; and I will scatter another third to all the winds, and I will draw out a sword after them. (Ezekiel 5:12)

Notice that getting in debt is considered to be a curse (see also the YouTube video The Debt Crisis Will Be Worse Than Most Imagine).

The debt situation of the USA, UK, and Canada are putting both at risk of being unable to recover should it be hit by weather problems, terrorist acts, war, riots, solar flares, severe earthquakes, civil unrest, devastation of their genetically-modified food supplies, food shortages, and/or various pestilences–an intensity of “sorrows” such as Jesus discussed in Matthew 24:4-8 leading up to the time of the Great Tribulation. Disasters such as pestilences, especially if there is an ElectroMagnetic Pulse (emp) attack or a severe solar flare storm, could be part of a so-called “perfect storm” of events that could set the USA, along with Canada, up for destruction.

The Bible also encourages being productive (cf. Exodus 20:9; 2 Thessalonians 3:10-12), and lockdowns greatly reduce productivity for many.

The economic and debt situation is helping set the USA up for destruction.

Yet, although many do not want to believe, even that was expected:

6 “Don’t say such things,” the people respond. “Don’t prophesy like that. Such disasters will never come our way!” (Micah 2:6, New Living Translation)

16 … You say, ‘Do not prophesy against Israel, And do not spout against the house of Isaac.’ (Amos 7:16)

People will not want to hear! See also Preparing for the ‘Short Work’ and The Famine of the Word.

Yet, the hope that many people, companies, as well as state/provincial and local governments is to have their federal government further increase MORE of its debt and give them funds to pay off their debts and/or and keep them going.

While the USA and Canada still have more time, people would do well to pay attention to biblical prophecy on debt.

Notice a prophecy God inspired the prophet Habakkuk to write:

2 Then the Lord answered me and said:

“Write the vision
And make it plain on tablets,
That he may run who reads it.
3 For the vision is yet for an appointed time;
But at the end it will speak, and it will not lie.
Though it tarries, wait for it;
Because it will surely come,
It will not tarry. (Habakkuk 2:2-3)

6 “Will not all these take up a proverb against him,
And a taunting riddle against him, and say,
‘Woe to him who increases
What is not his — how long?
And to him who loads himself with many pledges’?
7 Will not your creditors rise up suddenly?
Will they not awaken who oppress you?
And you will become their booty.
8 Because you have plundered many nations,
All the remnant of the people shall plunder you,
Because of men’s blood
And the violence of the land and the city,
And of all who dwell in it. (Habakkuk 2:6-8).

Notice that the Bible says that there will be a delay (it tarries)–but that disaster will happen and that foreign creditors will rise up. The above is a prophecy for the appointed time of the end–essentially the time of the Great Tribulation (Matthew 24:21). The USA has been accumulating pledges in the form of US Treasury bonds and notes, and is the most indebted nation of all time. Notice that the prophecy says it is so bad, that people should run who read it. That is, they should seriously consider what this means and take the appropriate steps. Yet, most ignore this prophecy.

Because US and British-descended leaders ignore, and even despise, instructions and warnings from the word of God, destruction will come to them. Notice something God inspired the prophet Isaiah to record:

12 Therefore thus says the Holy One of Israel:

“Because you despise this word,
And trust in oppression and perversity,
And rely on them,
13 Therefore this iniquity shall be to you
Like a breach ready to fall,
A bulge in a high wall,
Whose breaking comes suddenly, in an instant.
14 And He shall break it like the breaking of the potter’s vessel,
Which is broken in pieces;
He shall not spare.
So there shall not be found among its fragments
A shard to take fire from the hearth,
Or to take water from the cistern.” (Isaiah 30:12-14)

Most of the leaders in the USA, UK, Canada, Australia, and New Zealand despise the word of God, trust in perversion, and think nothing of oppressive debt levels.

Increasing debt will not end up well for the USA and its British-descended allies.

Nor is it good for the rest of the world.

Some believe that the lockdown and other COVID-blamed restrictions are setting the world up for something called “the Great Reset.”

Some think that will happen in 2021.

For a different view, check out the video: 2021: The Great Tribulation or the Great Reset?

On other COVID matters, notice the following:

Beijing, China:

China on Monday vehemently refuted the US charge that the novel coronavirus was leaked from a bio lab in the country and asserted that the pandemic was likely to have been caused by separate outbreaks in multiple places in the world.

Chinese Foreign Ministry spokesperson Hua Chunying’s remarks came amidst reports that a ten-member team of the World Health Organisation (WHO) scientists would visit China this month to probe the origin of the coronavirus, which emerged in Wuhan in December 2019. …

“There is a growing body of evidence that the (Wuhan) lab is likely the most credible source of the virus,” Mr Pottinger, a staunch critic of Beijing, allegedly made the claim in a recent virtual meeting with UK officials, according to a British media report.

His allegation is nothing new as US President Donald Trump, who termed COVID-19 as “China virus”, too had alleged last year that the institute may have been responsible and called for an inquiry. 01/04/21 https://www.ndtv.com/world-news/china-denies-us-allegation-that-coronavirus-originated-from-wuhan-lab-2347646

Early last year we put together a video: Biological Warfare and Prophecy.

It remains my view that experimentation with viruses was the most likely cause of COVID-19. Which after it was accidentally (in my view) released, I also believe, resulted in globalists jumping on as an excuse to test various totalitarian steps (and to help push out Donald Trump). In the future we will ultimately see even more devastating totalitarian changes (cf. Revelation 13).

Various reports have confirmed those views.

Some items of possibly related interest may include:

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