Increased debt blamed on COVID–but . . .

(Pixabay picture)

Notice the following about debt:

After the Pandemic, a Pile of IOUs

Updated 12/14/20

Economists see a free lunch in fiscal stimulus, but that depends on low post-pandemic interest rates.

After the disease, the debt. After the plague, the pile of IOUs. It is a veritable mountain — a reminder that the original public debt in medieval Venice went by the name monte. According to the International Monetary Fund’s October Fiscal Monitor, the Covid-19 pandemic and associated lockdowns have prompted a plethora of fiscal measures amounting to $11.7 trillion, around 12% of global GDP — and that number has probably risen since it was calculated on Sept. 11. “In 2020,” according to the Fund, “government deficits are set to surge by an average of 9 percent of GDP, and global public debt is projected to approach 100 percent of GDP, a record high.”

In advanced economies, public debt relative to output has increased as much since the late 1970s as it did between 1914 and 1945. Together, the global financial crisis and the pandemic have had roughly the same doubling effect as World War II. …

The IMF’s global averages conceal huge variations between countries. The deficits of seven developed countries — Canada, the U.K., the U.S., Brazil, Italy, Spain and Japan — have each risen by more than 10% of GDP. In all these countries, gross public debt will exceed 100% of GDP this year, with Japan’s reaching 266%. The IMF’s projection for U.S. gross debt is 131%. …

The Congressional Budget Office projects that it will be just under 100% this year (98.2%), but that is still nearly three times what it was at the beginning of this century. Next year it is forecast to surpass the level in 1945. But the story doesn’t end there, because the federal government is expected to keep borrowing as far as the eye can see, with the deficit rising inexorably from 4% in the late 2020s to over 12% by mid-century. …

The problem is that for there to be a free lunch, financed by borrowing that pays for itself, secular stagnation has to continue: In other words, interest rates have to stay at their present low levels, which isn’t what the CBO expects. …

I am not a macroeconomist; … history also teaches us that debt and power are connected: A great power or empire that accumulates too high a mountain of debt and fails to keep growth ahead of debt service is destined to decline. https://www.bloomberg.com/opinion/articles/2020-12-13/after-coronavirus-pandemic-world-faces-mountain-of-debt

Note that the only way this supposedly is “a free lunch” is if interest rates remain low.

Even if that will be the case for a time, no, it is not free. Hyperinflation is a major risk (see Birch: Why a Hyperinflation “Time Bomb” Could Explode in 2021).

And, yes, the US is expected to keep increasing its debt: this will be a major problem. But since debt will have supposedly fixed at least parts of the ‘COVID economy,’ increasing debt will again be considered the best ‘solution’ by many politicians, academics, and media voices.

Now, the US is not the only nation to increase debt:

As Pandemic Rages, Debt Burden on Developing Nations Grows

As the coronavirus began to spread across the globe in the first half of 2020, international aid organizations began sounding the alarm about the outsized impact the virus would likely have on poor countries — especially those that are already forced to dedicate significant amounts of their annual budgets to paying off sovereign debts.

Now, nearly a year into the pandemic, many of those warnings are coming true, and activists say efforts to relieve the debt burden on developing countries have been ineffectual at best, and a handout to private sector lenders at worst.

The Institute of International Finance (IIF) last month warned of a “debt tsunami” threatening the world economy, as governments and private businesses took on more than $15 trillion in additional obligations over the first 10 months of the year. In developing countries, the debt burden has increased by 26% in that time, the IIF found, while tax revenues declined sharply.

World Bank and International Monetary Fund data show that at least 35 countries are currently in or at high risk of “debt distress.” They include Ghana, Kenya, Afghanistan, Tajikistan, Haiti, Dominica, Tonga and Tuvalu. The problem is particularly acute in sub-Saharan Africa, where IMF data indicate that average debt has ballooned to 65.6% of gross domestic product, and debt service obligations average 32.3% of annual revenue. …

However, the U.S. and the Britain are both suffering from coronavirus outbreaks that are an order of magnitude worse than those in much of the developing world along with simultaneous political strife — a chaotic presidential transition in the U.S. and the prospect of a “no-deal Brexit” in Britain. Under the circumstances, the chances of policymakers in either country turning their attention to the developing world in the near term appear slim at best. 12/12/20 https://www.voanews.com/covid-19-pandemic/pandemic-rages-debt-burden-developing-nations-grows

While other nations have a lot of debt, the US, UK, and Canadian federal, state/provincial, and local governments have more in total.

COVID is being blamed, but it was not COVID itself: it has been government policies blamed on the novel coronavirus.

The damage government COVID policies have caused the economy has been tremendous. Millions lost their jobs. Many small businesses have closed. Landlords have been excessively squeezed. The airline, restaurant, hotel, and other travel related industries have been devastated. Even the oil and automotive industries have been hit hard. As have been the entertainment industries and many other segments of modern economies.

And, what is the governmental solution for the damage governmental policies have caused?

More debt:

The bipartisan group of House and Senate negotiators that has struggled to finalize a $908 billion Covid relief package has made a decision: The lawmakers plan to split the package into two separate proposals. One bill will be a $748 billion proposal, which includes money for small business loans, jobless benefits and vaccine distribution — among other matters.

The other: A package that includes $160 billion for state and local aid that includes liability protections for businesses and other entities — the two biggest sticking points. It’s uncertain how many senators and House members from the group will sign onto the second proposal, but the expectation is the first proposal will have wide support. https://www.cnn.com/2020/12/13/politics/steny-hoyer-bill-cassidy-coronavirus-stimulus-relief-cnntv/index.html

And, even if the above debt increase happens, Joe Biden has called for more ‘stimulus’ (debt) as well.

Most in the media and in government act like debt is a good thing.

However, the Bible clearly warns that an indebted people will be destroyed by people whose language that they do not understand, and that the destruction will be fairly total:

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…47 “Because you did not serve the LORD your God with joy and gladness of heart, for the abundance of everything, 48 therefore you shall serve your enemies, whom the LORD will send against you, in hunger, in thirst, in nakedness, and in need of everything; and He will put a yoke of iron on your neck until He has destroyed you. 49 The LORD will bring a nation against you from afar, from the end of the earth, as swift as the eagle flies, a nation whose language you will not understand, 50 a nation of fierce countenance, which does not respect the elderly nor show favor to the young. 51 And they shall eat the increase of your livestock and the produce of your land, until you are destroyed; they shall not leave you grain or new wine or oil, or the increase of your cattle or the offspring of your flocks, until they have destroyed you. 52 They shall besiege you at all your gates until your high and fortified walls, in which you trust, come down throughout all your land; and they shall besiege you at all your gates throughout all your land which the LORD your God has given you (Deuteronomy 28:42-45,47-52).

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

13 And the Lord said, “Because they have forsaken My law which I set before them, and have not obeyed My voice, nor walked according to it, 14 but they have walked according to the dictates of their own hearts…16 I will scatter them also among the Gentiles, whom neither they nor their fathers have known. And I will send a sword after them until I have consumed them.” (Jeremiah 9:13,14a,16)

12 One-third of you shall die of the pestilence, and be consumed with famine in your midst; and one-third shall fall by the sword all around you; and I will scatter another third to all the winds, and I will draw out a sword after them. (Ezekiel 5:12)

Notice that getting in debt is considered to be a curse (see also the YouTube video The Debt Crisis Will Be Worse Than Most Imagine).

The debt situation of the USA, UK, and Canada are putting both at risk of being unable to recover should it be hit by weather problems, terrorist acts, war, riots, solar flares, severe earthquakes, civil unrest, devastation of their genetically-modified food supplies, food shortages, and/or various pestilences–an intensity of “sorrows” such as Jesus discussed in Matthew 24:4-8 leading up to the time of the Great Tribulation. Disasters such as pestilences, especially if there is an ElectroMagnetic Pulse (emp) attack or a severe solar flare storm, could be part of a so-called “perfect storm” of events that could set the USA, along with Canada, up for destruction.

Some do not believe, but that was expected:

6 “Don’t say such things,” the people respond. “Don’t prophesy like that. Such disasters will never come our way!” (Micah 2:6, New Living Translation)

16 … You say, ‘Do not prophesy against Israel, And do not spout against the house of Isaac.’ (Amos 7:16)

People will not want to hear! See also Preparing for the ‘Short Work’ and The Famine of the Word.

Yet, the hope that many people, companies, as well as state/provincial and local governments is to have their federal government further increase MORE of its debt and give them funds to pay off their debts and/or and keep them going.

While the USA and Canada still have more time, people would do well to pay attention to biblical prophecy on debt.

Notice a prophecy God inspired the prophet Habakkuk to write:

2 Then the Lord answered me and said:

“Write the vision
And make it plain on tablets,
That he may run who reads it.
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. (Habakkuk 2:2-3)

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,
Because of men’s blood
And the violence of the land and the city,
And of all who dwell in it. (Habakkuk 2:6-8).

The Bible shows that foreign creditors will rise up. The above is a prophecy for the appointed time of the end–essentially the time of the Great Tribulation (Matthew 24:21). The USA has been accumulating pledges in the form of US Treasury bonds and notes, and is the most indebted nation of all time. Notice that the prophecy says it is so bad, that people should run who read it. That is, they should seriously consider what this means and take the appropriate steps. Yet, most ignore this prophecy.

Because US and British-descended leaders ignore, and even despise, instructions and warnings from the word of God, destruction will come to them. Notice something God inspired the prophet Isaiah to record:

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.
14 And He shall break it like the breaking of the potter’s vessel,
Which is broken in pieces;
He shall not spare.
So there shall not be found among its fragments
A shard to take fire from the hearth,
Or to take water from the cistern.” (Isaiah 30:12-14)

Most of the leaders in the USA, UK, Canada, Australia, and New Zealand despise the word of God, trust in perversion, and think nothing of oppressive debt levels.

Increasing debt will not end up well for the USA and its British-descended allies.

But that is the plan from many government leaders.

Yet, many see only minimal risk.

However, the elimination of the Anglo-American world order is coming.

Some items of possibly related interest may include:

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