ICG & LCG Report on Debt of Nations

World Currencies

ICG’s Murray Allatt reported the following last night:

Then there is the news that the US government has sought to raise it’s debt ceiling to $14.3 trillion but that US Treasury think that ceiling will be reached by the end of the month.

See story: click here

Compare that with Australia. Last year the Australian Government raised it’s debt ceiling to AU$200 billion. Previously, it was just AU$75 billion. Current Australian Government debt is AU$120 billion expected to rise to AU$315 billion + over the next 2 or 3 years following “stimulus” spending (borrowing). Australia’s population is about one fifteenth that of the USA. And Australia does not know how it will pay it’s debt off!

See story: click here

But Australia and the United States are not causing world market heartburn right now. We have heard that Greece may face national bankruptcy due to sovereign debt. The same applies potentially to four other EU countries, with Spain at the forefront. Can Germany and France prop up this much debt in Europe? The accompanying article leads with a great truism, very neglected in our western “democracies”, but precisely why all of our western democracies face financial ruin and potentially political destruction – and why a different system may be just around the corner, in prophecy called “the Beast Power”.

““A democracy is always temporary in nature; it simply cannot exist as a permanent form of government. A democracy will continue to exist up until the time that voters discover that they can vote themselves generous gifts from the public treasury. From that moment on, the majority always votes for the candidates who promise the most benefits from the public treasury, with the result that every democracy will finally collapse due to loose fiscal policy…”

Alexander Fraser Tytler, Scottish lawyer and writer, 1770

As I mentioned here two days ago (see EU Leaders Angry over Obama Snub), structural change is prophesied for Europe (Revelation 17:12-13). And debt could be a factor in that change.

LCG reported the following in its latest update:

U.S. Deficit: What Can Happen? In 2009, the U.S. posted a record one-year deficit of $1.4 trillion… and the deficit spending continues. Like many nations around the globe, the US has elected to “spend” its way out of the current budget crisis. In response, “China, the biggest U.S. foreign creditor, has been warning Washington to rein in the ballooning deficit. If the Obama administration fails to make headway, China and other creditors could demand higher rates for U.S. Treasury bonds” (Reuters, January 23, 2010). In response to China’s demands, President Obama has asked Congress to set up a council to look at ways to rein in the deficit. Meanwhile, China continues to fund U.S. deficit spending. In a prophetic warning, God warned millennia ago of the woes of debt, “Woe to him… who loads himself with many pledges… Will not your creditors rise up suddenly? Will they not awaken who oppress you? And you will become their booty. Because you have plundered many nations, all the remnant of the people shall plunder you…” (Habakkuk 2:6-8). The near future does not bode well for the U.S., because it has broken God’s laws and principles. However, there is hope when Christ returns to set up His kingdom on this earth. “‘Therefore do not fear, O My servant Jacob,’ says the LORD, ‘nor be dismayed, O Israel; for behold, I will save you from afar, and your seed from the land of their captivity. Jacob shall return, have rest and be quiet, and no one shall make [him] afraid” (Jeremiah 30:10).

The debt situation in the USA will be a major factor in its destruction. Australia and the UK as well. Nations need to realize that the Bible is clear that debt is NOT the answer to economic problems, but is a curse:

15 “But it shall come to pass, if you do not obey the voice of the Lord your God, to observe carefully all His commandments and His statutes which I command you today, that all these curses will come upon you and overtake you:…

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. (Deuteronomy 28:15, 43-44)

Countries need to heed what the Bible teaches.

As far as Europe, prophecy shows that its structure will change and despite current problems, it will be the leading economic power in the world for a short-while before Jesus returns to reign.

Some articles of related interest may include:

Anglo – America in Prophecy & the Lost Tribes of Israel Are the Americans, Canadians, British, 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?
Prophecies of Barack Obama? Eight reasons why Barack Obama is apocalyptic and eight reasons why Barack Obama is not the Antichrist. This article includes many biblical and non-biblical prophecies, from around the world, that seem to discuss Barack Obama. Did Nostradamus predict Barack Obama dealing with the Antichrist? Might Barack Obama set the stage for the kings of the North and South as at least one Shiite prophecy suggests? This is the longest and most complete article on this page on Barack Obama prophecies. Read it and decide for yourself if President Obama seems to be fulfilling various prophecies.
Barack Obama, Prophecy, and the Destruction of the United States Some claim that Barack Obama is the prophesied “son of Kenya”, based up an early 20th century writing.
Did The Early Church Teach Millenarianism? Was the millennium (sometimes called chiliasm) taught by early Christians? Who condemned it. Will Jesus literally reign for 1000 years on the earth? Is this time near?
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? When does the six thousand years of human rule end?
Can the Great Tribulation Begin in 2010, 2011, or 2012? 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? When is the earliest that the Great Tribulation can begin? What is the Day of the Lord?
Europa, the Beast, and Revelation Where did Europe get its name? What might Europe have to do with the Book of Revelation? What about “the Beast”? What is ahead for Europe?
Who is the King of the North? Is there one? Do biblical and Roman Catholic prophecies 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?