Bernanke, Election, Gold, Financial Armaggedon, and the Middle Class
Ben Bernanke
The U.S. Federal Reserve Chairman and others like the Congressional Budget Office (CBO) know that the USA has major financial problems:
22 August 2012
NEW YORK (CNNMoney) — The Federal Reserve and its chairman Ben Bernanke received a surprising endorsement from one of Mitt Romney’s top economic advisers, despite the fact that Romney has been critical of both.
Glenn Hubbard, the dean of Columbia University’s business school and part of Romney’s inner circle of economic advisers, told Reuters television that Bernanke has “done a very good job” running the nation’s central bank. http://money.cnn.com/2012/08/22/news/economy/romney-bernanke/
22 August 2012
The non-partisan Congressional Budget Office (CBO) warned Wednesday, that unless bickering politicians get their act together, nearly $500 billion in spending cuts and tax hikes would kick in from January. Over 10 years these policies could take almost $7 trillion out of the economy…
This assault on the federal budgetary deficit is also known as a fiscal cliff, a phrase coined by Fed Chairman Ben Bernanke.
The main facets of this cliff would be a withdrawal of tax cuts, protection from Minimum Alternate Tax, abolishment of various kinds of tax concessions, and massive cuts in both defense and non-defense sector spending. A temporary payroll tax break and emergency unemployment benefits would also get the chop.
According to the CBO, the combined effect of the cliff would likely plunge the U.S. into a recession and push up unemployment to record levels – in other words a financial apocalypse. http://www.valuewalk.com/2012/08/bernanke-cbo-warn-about-financial-cliff-as-congress-dithers/
22 August 2012
Fed Chairman Ben Bernanke squeezed the shorts a bit on Wednesday, with the latest FOMC minutes signaling further monetary action, or QE3, could come fairly soon, which in turn sparked a risk asset rally. While the Fed acknowledged that the fiscal cliff, the European sovereign debt crisis, and the global slowdown remain major risks, it is raw data that will push the FOMC to action. http://www.forbes.com/sites/afontevecchia/2012/08/22/forget-the-fed-minutes-qe3-depends-on-the-unemployment-rate/
It is true that the USA federal government needs to actually solve the budget crisis. And while that would help, it simply will not help enough–no matter who wins the current presidential election.
Interestingly, George Soros, a man who has long supported Barack Obama, has taken some interesting action:
Top Investor Warns of “Financial Armageddon” as Soros Dumps Bank Stocks, Buys GoldAug 21, 2012 excerpts…In what analysts say is another indication that the economy will get worse in the not-too-distant future, recent filings by billionaire financier George Soros show he dumped virtually all his holdings in major financial companies like JP Morgan, Goldman Sachs, and Citigroup. His multi-billion-dollar U.S. fund also loaded up on gold, with the portfolio now holding more than $130 million worth of the precious metal.Data compiled by analysts based on Soros’ most recent
13F filingwith the Securities and Exchange Commission (SEC) showed that during the last quarter, his American fund sold more than a million shares of the big financial companies with a value of almost $50 million. During that period, Soros Fund Management also more than doubled its position in the SPDR Gold Trust to nearly 900,000 shares.“When a major global player with direct ties to the White House, Wall Street, and the banking system starts off-loading stocks and starts stacking gold, it suggests a very serious market move is set to happen,”
observed commentator Mac Slavo, a generally pessimistic analyst who follows financial news closely and has long predicted unprecedented economic chaos…
In a recent interview on CNBC, billionaire investor Jim Rogers — another star — offered some context as to what may be coming. Warning Americans to prepare for “financial Armageddon,” he said the coming economic catastrophe will likely hit sometime after the upcoming U.S. elections.http://www.thenewamerican.com/economy/markets/item/12552-top-investor-warns-of-%E2%80%9Cfinancial-armageddon%E2%80%9D-as-soros-dumps-bank-stocks-buys-gold
It is pretty well assured that either Mitt Romney or Barack Obama (presuming one wins the US presidential race and does not die) will lead an increase of US debt in 2013 and some time beyond. And, at least for a while presuming he lives, etc., Ben Bernanke will play some type of supporting role.
Now, the real cause of why all of this is happening is sin. Because of it’s increasing secularism, greed, and tolerance for sexual, abortive, and other sins, the USA is getting closer to reaping more what it has sown:
7 Do not be deceived, God is not mocked; for whatever a man sows, that he will also reap. 8 For he who sows to his flesh will of the flesh reap corruption, but he who sows to the Spirit will of the Spirit reap everlasting life. (Galatians 6:7-8)
One of the many cursings that were prophesied in the Bible to be reaped for disobedience was that of accumulation of debt:
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, because you did not obey the voice of the LORD your God, to keep His commandments and His statutes which He commanded you (Deuteronomy 28:42-45).
At some point in time, the USA will likely start to experience massive inflation (which is something that the Fed Chairman should realize). And afterwards, its creditors will rise up–this will be a greater “financial armaggedon” than most who believe in that type of disaster have likely imagined to be truly possible–and will eliminate more than the US “middle class.”
Notice that God mentions that that destruction will happen to those that increased their debt at the end time:
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…5 Indeed, because he transgresses by wine, He is a proud man… 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 (Habakkuk 2:3,5,6-8).
The above prophecy will be fulfilled at the time of the end and seems to be directed to one or more nations like the USA. It makes little sense that it would be directed towards the modern nation of Israel as it does not have enemy creditors. It must be a nation or group of nations with some prominence.
Since the USA has the most debt of any nation of all time, it seems to be a leading (though not necessarily only) candidate to be included in it. Increasing deficits puts the USA in a dangerous position that Bible prophecy indicates that it will not be able to recover from.
Let’s briefly look at another warning in Isaiah 30:12-13:
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.
Of course, more and more, the Anglo-American nations are trusting in policies that encourage perversity. While there is oppression in these nations (especially racial), the Hebrew word for it can also be translated “unjust gain.” This can include not just the historical exploitation of of various peoples, but can probably also include the fact that the economies of the Anglo-American nations for the past few decades has been benefiting from the gains of foreigners loaning money to at least two of them.
Since the Roe vs. Wade pro-abortion decision, the USA has became the greatest debtor nation in the history of humankind. Since the USA owes alien nations trillions of dollars, it appears that the curse in Deuteronomy 28:44 of having to borrow from aliens is happening to it now.
Notice also the following:
22 August 2012
(CBS News) ARLINGTON, Texas – In the presidential campaign, both candidates have made the election all about the middle class…About 85 percent say it is more difficult than it was a decade ago to make ends meet…Between 2000 and 2010, median middle-class wealth dropped 28 percent from about $130,000 to $93,000. Lower real estate values played a big part. About 42 percent said their financial situation is worse now than before the Great Recession…”This is the first decade in the post-World War II era where the middle class — indeed all families — have actually less income at the end of the decade than they had at the beginning of the decade,” said Paul Taylor, who co-authored the report. http://www.cbsnews.com/8301-18563_162-57498573/middle-class-americans-see-their-incomes-drop/
There actually are carnal economic solutions that the USA could implement. The USA could get to the point that it does not need to import almost any energy through shale, natural gas, offshore and other oil developments, nuclear power, etc. The allowance of this by the USA government would also trigger a construction boom and create a lot of jobs. There are also steps that could be carnally taken with how it handles unemployment, welfare, agriculture, business regulations, taxes, etc., but these will not likely be changed to the degree that the USA needs (it will actually, at this stage, take the return of Jesus Christ and the establishment of the King of God). But most its leaders will not see even the carnal economic solutions clear enough.
Why?
Because most do not really wish to retain God in their knowledge, so they are not able to see those things that are truly necessary–they work on the futile. Notice that this was prophesied for those who would tend to support (though not necessarily participate in), such sins as homosexuality:
18 For the wrath of God is revealed from heaven against all ungodliness and unrighteousness of men, who suppress the truth in unrighteousness, 19 because what may be known of God is manifest in them, for God has shown it to them. 20 For since the creation of the world His invisible attributes are clearly seen, being understood by the things that are made, even His eternal power and Godhead, so that they are without excuse, 21 because, although they knew God, they did not glorify Him as God, nor were thankful, but became futile in their thoughts, and their foolish hearts were darkened. 22 Professing to be wise, they became fools, 23 and changed the glory of the incorruptible God into an image made like corruptible man — and birds and four-footed animals and creeping things.
24 Therefore God also gave them up to uncleanness, in the lusts of their hearts, to dishonor their bodies among themselves, 25 who exchanged the truth of God for the lie, and worshiped and served the creature rather than the Creator, who is blessed forever. Amen.
26 For this reason God gave them up to vile passions. For even their women exchanged the natural use for what is against nature. 27 Likewise also the men, leaving the natural use of the woman, burned in their lust for one another, men with men committing what is shameful, and receiving in themselves the penalty of their error which was due.
28 And even as they did not like to retain God in their knowledge, God gave them over to a debased mind, to do those things which are not fitting; 29 being filled with all unrighteousness, sexual immorality, wickedness, covetousness, maliciousness; full of envy, murder, strife, deceit, evil-mindedness; they are whisperers, 30 backbiters, haters of God, violent, proud, boasters, inventors of evil things, disobedient to parents, 31 undiscerning, untrustworthy, unloving, unforgiving, unmerciful; 32 who, knowing the righteous judgment of God, that those who practice such things are deserving of death, not only do the same but also approve of those who practice them. (Romans 1:18-32)
Without massive national repentance, the Bible is clear that complete destruction of the economy, and even government, of the USA is certain–and this include the so-called “middle class.” This is something that leaders, such as the Fed Chairman, need to know.
While the USA needs national repentance, and this is not likely to happen, you personally can repent and be saved. Both spiritually and carnally.
Some articles of possibly related interest may include the following:
The Gospel of the Kingdom of God was the Emphasis of Jesus and the Early Church Did you know that? Do you even know what the gospel of the kingdom is all about?
What is the Gospel? True religion should be based upon the true gospel. What are some of the different gospels and where did they come from? Do you believe the true or a false gospel?
There is a Place of Safety for the Philadelphians. Why it May Be Petra This article discusses a biblical ‘place of safety’ and includes quotes from the Bible and Herbert W. Armstrong on this subject–thus, there is a biblically supported alternative to the rapture theory.
Are You Saved? Do You Love Jesus? What is a True Christian? What is the Gospel? Evangelist Richard Ames answers those important questions.
True vs. False Conversion Are you really converted or willing to be? What is true conversion? What is false conversion? What are the dangers of false conversion? Evangelist Roderick Meredith provides information on those important questions.
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?
Will the Anglo-Nations be Divided? Will the lands of the United States, United Kingdom, Canada, Australia, and New Zealand be divided? 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?
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.
Some Dissimilarities Between The Church of Jesus Christ of Latter Day Saints (LDS) and the Real Church of God The genuine Church of God is not related to the Mormons and this article explains some differences and a couple of similarities. Also, might certain LDS prophecies apply to Mitt Romney?
Abortion, the Bible, and a Woman’s Right to Choose Is abortion sin? What exactly are a woman’s reproductive rights? Do you know what the Bible teaches on this?
LCG: Homosexuals Gaining Ground “Same-sex marriage” for “gays” and lesbians is becoming more acceptable to many. What does the Bible teach about homosexuality? Can homosexuals change?
The Plain Truth About Gold in Prophecy. How Should a Christian View Gold? What do economists and the Bible teach about gold? Gold and silver may drop in value. Inflation/deflation? What do Christians need to know about gold?
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