TW: Australia’s Economic Woes

The latest TW News & Prophecy from the Living Church of God has the following:

Australia’s economic woes.

The resource-based Australian economy has greatly benefited from massive iron ore exports which have supported China’s economic boom. “China takes 25% of Australia’s exports and iron ore accounts for 60% of all the goods Australia sells to China. One reason Australia avoided recession during the global downturn of 2008-09 was that it had a well-run banking system. A much bigger reason was that the country had become a giant pit from which China could extract the minerals it needed for its industrial expansion” (The Guardian, August 29, 2012).The Chinese economy is now rapidly slowing and significant reserves of iron ore have been amassed, putting the Australian economy at risk. “It has an over-valued currency, an over-valued property market, and its major customer is now desperately pulling every available policy lever in the hope of avoiding a hard landing” (ibid.).

God promised to bless the Israelite-descended nations, including Australia, the UK, and the USA with abundance beyond measure if they obey and walk with Him (Deuteronomy 28:1-13). God also warned that if His people despised His ways, foreign nations would consume their resources (Leviticus 26:16; Deuteronomy 28:33)–yet Australia continues to promote abortion, an anti-God mentality and homosexuality as a normal lifestyle. The Bible clearly states that serious consequences will strike the Israelite nations that forget their God (Hosea 8:14).

Australia has done quite well the past few year. Yet, like the other Anglo-descended nations, it too needs repentance as it will suffer in the time of Jacob’s trouble (Jeremiah 30:7).

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