Church of God News

Meme of the day ft. #Powell #FOMC pic.twitter.com/2lR0hLm1vd

— Financial Summit (@FinSummit) October 31, 2022

COGwriter

ZeroHedge posted the following:

Desperate Democratic Lawmakers Lambast “Aggressive” Fed’s “Apparent Disregard For Livelihoods Of Millions Of Americans”

November 1, 2022

The ranks of rebellious treasonous Democrats willing to meddle in the “independent” machinations of The Fed is growing as the countdown to the midterm meltdown continues to accelerate. … here comes Elizabeth Warren, Bernie Sanders, Rashida Tlaib and the rest of the progressive panderers to pressure The Fed to take its foot off the throat of the “strong as hell” economy.

Building on what Senate Baking Committee Chair Sherrod Brown recently warned last month:

“For working Americans who already feel the crush of inflation, job losses will make it much worse. We can’t risk the livelihoods of millions of Americans who can’t afford it. I ask that you don’t forget your responsibility to promote maximum employment and that the decisions you make at the next FOMC meeting reflect your commitment to the dual mandate.”

Warren et al. slam the implications of The Fed’s projected job losses from its official projections and its intention to continue raising interest rates at an “alarming pace”:

“You continue to double down on your commitment to ‘act aggressively’ with interest rate hikes and ‘keep at it until it’s done’…”

The lawmakers remind Powell that his tools are limp in the face of Putin’s price-hikes and corporate gouging…

Your “overarching focus” on “using [the Fed’s] tools to bring inflation back down to our 2 percent goal” no matter the cost is particularly troubling given the limits of interest rate hikes in addressing key drivers of today’s inflation, including lingering supply chain snarls, corporate price gouging, and the war in Ukraine.

Then they conclude with the same language that Brown used:

“These statements reflect an apparent disregard for the livelihoods of millions of working Americans, and we are deeply concerned that your interest rate hikes risk slowing the economy to a crawl while failing to slow rising prices”

They end with a series of questions that pointedly highlight the economic impact (and inequity) of The Fed’s actions, awkwardly bring up former Fed Vice Chair Richard Clarida recent comments that “Until inflation comes down a lot, the Fed’s really a single-mandate central bank,” asking Powell “Do you agree with that assessment?” https://www.zerohedge.com/political/desperate-democratic-lawmakers-lambast-aggressive-feds-apparent-disregard-livelihoods

Yes, what the US Federal Reserve is doing is intended to hurt the economy and cause many to lose their jobs.

Here is some of what the Democratic politicians stated in their letter to Fed Chairman Powell:

October 31, 2022

Dear Chair Powell:We are writing to express concern and request additional information about the implications of the Federal Reserve’s (Fed’s) most recent economic projections, its intention to continue raising interest rates at an alarming pace, and your disturbing warning to American families that they should expect “pain” over the coming months as the Fed takes “forceful and rapid steps” to “get supply and demand back into alignment…by slowing the economy.”

On September 21, 2022, the Fed’s Federal Open Market Committee (FOMC) announced it would raise its target range for the federal funds rate by 75 basis points for the third consecutive time this year and that it anticipated that “ongoing increases in the target range will be appropriate” as “supply and demand imbalances related to the pandemic, higher food and energy  prices, and broader price pressures” continue to stoke inflation.

The Fed has raised interest rates  by 3 percentage points since March, “the fastest increase of that size since 1982,” which is already estimated to “have put about 800,000 job losses in the pipeline.”

The FOMC’s Summary of Economic Projections indicated that the federal funds rate will rise by another 1.25  percentage points before the end of the year, and by another 25 basis points in 2023.

Consistent with its plan to raise interest rates into next year and weaken economic growth, the Fed projects that unemployment will rise sharply from 3.7% today to 4.4% in 2023 and 2024, implying “an additional 1.2 million people losing their jobs.”

In your September 21 press conference, you noted that “we need to have softer labor market conditions” and that families should expect “pain” in the form of “[h]igher interest rates, slower growth, and a softening labor market” as the Fed takes “forceful and rapid steps to moderate demand so that it comes into  better alignment with supply.”

You also reiterated your desire to “get supply and demand back into alignment…by slowing the economy” and promised to “keep at it until we are confident the  job is done.”

You continued: “I wish there were a painless way to do that,” but “there isn’t.”

These comments and policy actions come amid concerns raised by “a growing group of economists from the left and the right arguing that the Fed is braking the economy too hard.”

In contrast to your belief that slower economic growth and higher unemployment are “something that we think we need to have,” “[s]ome economists question whether crushing the job market is necessary to bring inflation to heel,” with one market economist noting, “The Fed clearly wants the labor market to weaken quite sharply. What’s not clear to us is why.”

While the politicians in the above letter see dangers in the Fed’s ‘raise interest rates to fight inflation policy’, the letter did not show them offering any practical workable solutions.

But there are several steps that could be taken related to inflation–such as increasing supply as opposed to trying to curb demand.

Notice something posted here on September 22, 2022:

Though the data has pointed to the USA already being in a recession, the head of the US Federal Reserve thinks he may help cause a recession:

Powell’s stark message: Inflation fight may cause recession

September 22, 2022

WASHINGTON (AP) — The Federal Reserve delivered its bluntest reckoning Wednesday of what it will take to finally tame painfully high inflation: Slower growth, higher unemployment and potentially a recession.

Speaking at a news conference, Chair Jerome Powell acknowledged what many economists have been saying for months: That the Fed’s goal of engineering a “soft landing” — in which it would manage to slow growth enough to curb inflation but not so much as to cause a recession — looks increasingly unlikely. …

“The chances of a soft landing,” Powell said, “are likely to diminish” as the Fed steadily raises borrowing costs to slow the worst streak of inflation in four decades. “No one knows whether this process will lead to a recession or, if so, how significant that recession would be.”

“We have got to get inflation behind us,” Powell said. “I wish there were a painless way to do that. There isn’t.”

Powell’s remarks followed another substantial three-quarters of a point rate hike — its third straight — by the Fed’s policymaking committee. https://apnews.com/article/inflation-jerome-powell-unemployment-government-and-politics-96092b0d276a604b3c1e83f44b8e2ec9?utm_source=homepage&utm_medium=TopNews&utm_campaign=position_04

Chairman Powell’s claim that there is not “a painless way” to get inflation behind us is not quite the case.

The government of the USA and various of its states could easily change rules to allow more drilling of oil off the Gulf and California coasts, as well as in Alaska, plus open the Keystone pipeline. That would result in a massive reduction in the price of oil and fertilizers, plus would also reduce transportation costs. The governments could also provide incentives for more food production, which would lower food costs.

Instead, the Fed plan is to increase interest rates (which have been artificially low) in an effort to slow down the economy and reduce wage demands.

Nationally, more goods could be produced. This would improve wages and employment, and with more goods this would help balance people having more money.

Yes, if there is more supply this would help reduce the inflation rate as well as generally improve the economies of those that produce more.

But, thus far, this is not a policy that seems to be seriously embraced by most federal government leaders.

So, expect pain and expect inflation.

This is consistent with prophecy as the Bible points to food shortages and food price inflation:

5 When He opened the third seal, I heard the third living creature say, “Come and see.” So I looked, and behold, a black horse, and he who sat on it had a pair of scales in his hand. 6 And I heard a voice in the midst of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not harm the oil and the wine.” (Revelation 6:5-6)

The prophecy of the third horseman of the Apocalypse is starting to come to pass.

If government leaders believed the Bible, they would be willing to take a lot of steps that they seemed to have overlooked.

That said, related to inflation, the Continuing Church of God (CCOG) put together the following video:

In the world, we see a lot of economic uncertainty.

There are recessions, sometimes stagflation, disasters, weather issues, wars, and even severe depressions that affect income and physical needs.

One can lose a job at almost anytime–and steps by the US Federal Reserve are expected to increase that in the USA (steps by central banks in several other countries would be expected to do so as well). There could also be health problems or even the death of the main income provider.

But there are things you can and should do.

Notice the following:

1 A certain woman of the wives of the sons of the prophets cried out to Elisha, saying, “Your servant my husband is dead, and you know that your servant feared the Lord. And the creditor is coming to take my two sons to be his slaves.”

2 So Elisha said to her, “What shall I do for you? Tell me, what do you have in the house?” And she said, “Your maidservant has nothing in the house but a jar of oil.”

3 Then he said, “Go, borrow vessels from everywhere, from all your neighbors — empty vessels; do not gather just a few. 4 And when you have come in, you shall shut the door behind you and your sons; then pour it into all those vessels, and set aside the full ones.”

5 So she went from him and shut the door behind her and her sons, who brought the vessels to her; and she poured it out. 6 Now it came to pass, when the vessels were full, that she said to her son, “Bring me another vessel.”

And he said to her, “There is not another vessel.” So the oil ceased. 7 Then she came and told the man of God. And he said, “Go, sell the oil and pay your debt; and you and your sons live on the rest.” (2 Kings 4:1-7)

Now, while the above involved a miracle, the concept of paying off debt and having savings is something God’s people should strive to do.

Notice also:

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

Instead of being in debt, God’s people should strive to save:

But they should also be givers and rely on God’s blessings:

8 “Will a man rob God? Yet you have robbed Me! But you say, ‘In what way have we robbed You?’ In tithes and offerings. 9 You are cursed with a curse, For you have robbed Me, Even this whole nation. 10 Bring all the tithes into the storehouse, That there may be food in My house, And try Me now in this,” Says the Lord of hosts, “If I will not open for you the windows of heaven And pour out for you such blessing That there will not be room enough to receive it. 11 “And I will rebuke the devourer for your sakes, … (Malachi 3:8-11)

4 Let each of you look out not only for his own interests, but also for the interests of others. (Philippians 2:4)

6 But this I say: He who sows sparingly will also reap sparingly, and he who sows bountifully will also reap bountifully. 7 So let each one give as he purposes in his heart, not grudgingly or of necessity; for God loves a cheerful giver. 8 And God is able to make all grace abound toward you, that you, always having all sufficiency in all things, may have an abundance for every good work. 9 As it is written:

“He has dispersed abroad,
He has given to the poor;
His righteousness endures forever. (2 Corinthians 9:6-9)

Yes, we need to also consider helping others.

And all should heed the words of Jesus:

25 “Therefore I say to you, do not worry about your life, what you will eat or what you will drink; nor about your body, what you will put on. Is not life more than food and the body more than clothing? 26 Look at the birds of the air, for they neither sow nor reap nor gather into barns; yet your heavenly Father feeds them. Are you not of more value than they? 27 Which of you by worrying can add one cubit to his stature?

28 “So why do you worry about clothing? Consider the lilies of the field, how they grow: they neither toil nor spin; 29 and yet I say to you that even Solomon in all his glory was not arrayed like one of these. 30 Now if God so clothes the grass of the field, which today is, and tomorrow is thrown into the oven, will He not much more clothe you, O you of little faith?

31 “Therefore do not worry, saying, ‘What shall we eat?’ or ‘What shall we drink?’ or ‘What shall we wear?’ 32 For after all these things the Gentiles seek. For your heavenly Father knows that you need all these things. 33 But seek first the kingdom of God and His righteousness, and all these things shall be added to you. (Matthew 6:25-33)

4 “It is written, ‘Man shall not live by bread alone, but by every word that proceeds from the mouth of God.'” (Matthew 4:4)

Yes, we need to seek first the Kingdom of God. And the word of God says we should try not to be in debt, we should try to have savings, and we are to be givers.

All of these should be part of our preparations.

As far as other physical steps, you can see our article: Physical Preparation Scriptures for Christians.

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This entry was posted on Tuesday, November 1st, 2022 at 4:00 pm and is filed under Prophecy.

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