Debt is USA’s Top Export
The Strength of Dollars Have Long Been Part of the “Pride of the Power” of the USA (which will be broken per Leviticus 26:19)
It will come as little surprise to readers of this page to realize that the number one export from the USA over the past several years has not been automobiles or pharmaceuticals, but instead it has been debt:
America’s No. 1 Export: Debt
TIME – Sept 25, 2008
Japan and Germany make cars. Saudi Arabia pumps oil. China supplies the world with socks and toys and flat-screen TVs. What does the United States produce? Lots of stuff, but in recent years this country’s No. 1 export–by far–has been debt…
Our quandary is that we are apparently not capable of safely manufacturing $700 billion in debt securities to sell to foreigners every year, as we’ve been doing since 2005. (That this is the same total as Treasury’s bailout plan is just a coincidence.) If we keep trying to borrow that much from overseas–as you’ve probably gathered, selling debt means borrowing money–today’s quality problems may soon seem petty.
For now, we can still reassure buyers around the world by slapping that GUARANTEED label on our debt. But as financial crisis and economic slowdown cause government debts to burgeon, and as commitments to Social Security and Medicare loom closer as baby boomers retire, that confidence could easily fade.
So while today’s crisis management makes a certain amount of sense, returning to the borrow-and-spend status quo afterward seems like a disastrous idea. If the U.S. is to have a future as an economic power, its long love affair with borrowed money has to end. Right? “I hesitate to say yes, because people–including me–have been saying that it had to come to an end now for years, and it hasn’t,” says R. Taggart Murphy, an expert on global capital flows who teaches at the University of Tsukuba’s business school in Tokyo. Then he adds, “It looks pretty clearly like we’re in the endgame right now.”
This country’s move into big-time debt exports began with the big-time government deficits of the early 1980s–which had to be financed by somebody.…
The housing crash and resulting credit crunch are already forcing U.S. households to retrench. Government–fearing disaster if everybody retrenches at the same time–has stepped into the breach. Again, that makes sense in a crisis. But once the panic has passed, the U.S. will simply be steering toward another, even bigger, crisis unless it finds something to replace debt as its No. 1 export.
Of course, less money borrowed means less money to spend. “Can you imagine McCain or Obama going around saying he wants to reduce your standard of living?” asks Murphy. Probably not. But maybe they could just sell it as, say, diversifying our product offering. http://www.time.com/time/magazine/article/0,9171,1844547,00.html
We in the old WCG and in the current LCG have been warning about this debt accumulation for decades. And the late Herbert W. Armstrong, unlike the main current USA presidential hopefuls, as far back as the 1980s warned the Anglo-American peoples to prepare to lower their standard of living.
How did he know?
Because it was prophesied in the Bible.
Why have others not known this?
Because many who profess Christ have little interest in biblical prophecies in the Hebrew scriptures (AKA the Old Testament), they simply have ignored the warnings that God inspired Moses and others to record.
The Bible warned the descendants of Jacob:
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: 16 Cursed shall you be in the city, and cursed shall you be in the country…
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 28:15-16,43-45).
The “time of Jacob’s trouble” (Jeremiah 30:7) is getting close. And eventually those that lent the money will rise up against the Anglo-Americans, plunder the land, and make many their slaves (Habakkuk 2:6-8).
The stock market did not react too well today when the US House of Representatives voted against guaranteeing certain debts:
Dow Records Biggest One Day Point Drop After House Vote
KWTX, TX – Sept 29, 2008
The Dow dropped 777 points Monday after the U.S. House voted to reject a $700 billion emergency rescue plan for the financial industry.
It was the biggest closing point drop in market history, but far from the largest on a percentage basis. http://www.kwtx.com/money/headlines/29903229.html
We live in perilous times.
Several articles of possibly related interest may include:
End of Mayan Calendar 2012–Might 2012 Mean Something? There is a Mayan calendar prediction for change in 2012. 2012 changes were also centuries ago predicted by the Hopi Native Americans and others (who were not even on the same continent). Do these Mayan/Hindu/Hopi prophecies have any value? Why might Satan have inspired this date? Does the Dresden codex show destruction of the earth by flood? Can the great tribulation start before 2012?
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?
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?
The Ten Commandments Reflect Love, Breaking them is Evil Some feel that the ten commandments are a burden. Is that what Jesus, Paul, Peter, James, and John taught?
Was the Commandment to Love the Only Command? Some have stated that John’s writings teach this, but is that what the Bible really says?
The Ten Commandments and the Early Church Did Jesus and the Early Church keep the ten commandments? What order were they in? Here are quotes from the Bible and early writings.
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