CBS: How Close Are We to Another Great Depression?

1936 Dust Bowl, South Dakota

CBS News reported the following:

17 July 2012

How close are we to a new Great Depression?

The risk of a new depression — a sustained, severe recession — has struck fear into the heart of markets and driven monetary policy in developed economies since the current financial crisis began.

“We’re in a very unfortunate position to be here,” Richard Duncan, author of The New Depression, warned on CNBC’s “Squawk Box Europe” Monday.

“When we broke the link between money and gold, this removed all constraints on credit creation. This explosion of credit created the world we live in, but it now seems that credit cannot expand any further because the private sector is incapable of repaying the debt it has already, and if credit begins to contract, there’s a very real danger that we will collapse into a new Great Depression,” he argued.

“If this credit bubble pops, the depression could be so severe that I don’t think our civilization could survive it.” http://www.whptv.com/news/local/story/How-close-are-we-to-a-new-Great-Depression/oCOe7I7I_0OfqQh5pLlY1Q.cspx

The Great Depression started with a stock market crash in 1929 and then had complicating factors like the dust bowl problems that went from at least Oklahoma to the Dakotas.

The current recession essentially seemed to be triggered by a financial crisis in September 2008. And now there are massive droughts in the USA and other parts of the world (actually, Southern Iraqis are blaming the USA and the West for the drought that they are having per http://ca.news.yahoo.com/iran-drought-part-soft-war-west-vp-191444201.html).

On the financial side, notice also the following:

IMF forecast: cloudy, risk of lightning

The world’s becoming a more dangerous place, including for emerging markets. That’s the view of the International Monetary Fund in its latest quarterly reports on the global economy and financial stability.Economic growth prospects have slowed while “risks to financial stability have increased” since the Fund’s last pronouncements…But after many years of rapid credit growth, watch out for bubbles and bad debt, says the IMF, although it uses somewhat more diplomatic language…Plenty of gloom and doom, then, in both reports.

http://blogs.ft.com/beyond-brics/2012/07/16/imf-forecast-cloudy-risk-of-lightning/

Now while the above article used “weather-related” terms, it never mentioned the weather, mainly just debt.

The debt situations in Europe, the USA, and UK are serious. They are starting to result in changes in those societies, and many of those changes will ultimately not be good. Americans do not realize that for the last four decades that they have been spending their assets and getting into debt to finance their lifestyles–and that nation has even if not all individuals have. But as that nation continues to print currency, eventually all who continue to depend on the USA dollar will suffer when it becomes worthless; and the same can be said of the British pound. And the value of the euro is likely to continue to fluctuate as debt, austerity, and more civil unrest are likely to shake investors confidence in that partially fragile union (cf. Daniel 2:41-43).

Now, I would again like to mention weather. Although the economic crisis of 2008 was not triggered by weather, weather problems have the potential to cause poverty, food shortages, and more serious problems than the financial issues that have been presented the past few years. Weather problems, combined with soaring debt, have the potential to severely hurt the USA. And as far as the weather goes, notice two headlines from the past few days: 2012 Drought Declared USA’s Largest Ever Natural Disaster and Worst-in-generation drought dims U.S. farm economy hopes.

Weather problems, as well as economic ones, seem to be part of the “troubles” that Jesus predicted would be part of the beginning of sorrows (Mark 13:8)–a time that we now seem to be in (this is a time that precedes the Great Tribulation).

We in the genuine Philadelphia remnant of the Church of God believe that we must strive to fulfill Jesus’ statements He made about gospel proclamation in scriptural passages such as Matthew 24:14; 28:19-20. And now is the time for people to take spiritual and physical action as time is getting shorter.

Some articles of possibly related interest may include:

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?
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?
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 (non-Dutch) Southern Africans, and New Zealanders descendants of Joseph? Where are the lost ten-tribes of Israel? Who are the lost tribes of Israel? What will happen to Jerusalem and the Jews in 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 and Have People Taken as Slaves? Will the lands of the United States, United Kingdom, Canada, Australia, and New Zealand be divided? What about Jerusalem? 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?
Canada in Prophecy: What Does Bible Prophecy, Catholic Prophecy, and other Predictions Suggest About the Future of Canada? There are prophecies that suggest involvement with Canada. And many are not positive about its future.
Who is the King of the West? Why is there no End-Time King of the West in Bible Prophecy? Is the United States the King of the West?
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”? Is an emerging European power “the daughter of Babylon”? What is ahead for Europe?
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? What year may the six thousand years of human rule end? When will Jesus return? 2018 or 2019?
Physical Preparation Scriptures for Christians. We all know the Bible prophecies famines. Should we do something?
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?
When Will the Great Tribulation Begin? 2012, 2013, or 2014? 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? Is this the time of the Gentiles? When is the earliest that the Great Tribulation can begin? What is the Day of the Lord? Who are the 144,000?