PCG: IMF Depression Parallels
World Currencies
This morning PCG reported:
The current global recession is likely to be unusually severe and long-lasting due to the fact that it sprang from a financial crisis, the International Monetary Fund (imf) said last Thursday.
According to advance chapters of the imf’s “World Economic Outlook,” to be released in full on Wednesday, since all sectors of an economy rely on the financial sector, recessions tied to a financial crisis—like the current one that has its roots in reckless lending for the U.S. housing market—are more difficult to shake than recessions limited to any other area of the economy.
In its most recent forecast, the imf predicted that the global economy will shrink by up to a full 1 percent this year. A contraction of this magnitude would be the largest since the Great Depression.
Matters are made even worse by the fact that this recession is not specific to America. While the United States may be the epicenter of the crisis, economic downturns are striking all of the world’s major financial centers. The imf warns that synchronized world recessions are “historically rare” events that last 1½ times as long as typical downturns.
“The human consequences could be absolutely devastating. This is a truly global crisis, and nobody is escaping,” warned imf managing director Dominique Strauss-Kahn.
This crisis is starting to look shockingly similar to the Great Depression.
Now this is not new nor a perspective unique to PCG or the IMF. LCG’s Wyatt reported this on March 29, 2009:
Now, notice what Dr. Roderick Meredith wrote in the July-September, 1999 Tomorrow’s World magazine, well before the 9/11 terrorist attacks and well before our current global economic meltdown!
“Things seem to be going along normally for most people. Although they hear about far-off bombings, earthquakes or storms, their daily lives remain largely unaffected. They are not shaken or terribly concerned about world events. The economy is humming along in good shape, so why worry about world affairs?
“All that is soon going to CHANGE!
“For in the lives of millions in formerly placid areas of America, Canada and Britain, things will never be the same. I tell you on the authority of the Living GOD that the lives of American and British-descended peoples around the world will experience a massive upheaval such as most have never dreamed!” (“A Turning Point in World Affairs”).
As Jesus Christ warned, and as God’s faithful servants continue to warn, our world faces near-annihilation, and only Christ’s return will save us from complete destruction during the Great Tribulation (Matthew 24:21-31). Our nations continue to reject God, so we continue to careen toward destruction. And, while we know that Christ will return as a very real King to establish His wonderful and peaceful Kingdom (I Thessalonians 4:16, Revelation 11:15), it seems that before then, we are careening toward economic destruction…and much worse.
Government stimulus programs may yield momentary relief, but our economy and our very society is in mortal peril! Notice what former Secretary of the Treasury Paul O’Neill bluntly stated:
“Here’s the fundamental problem: How much money can a society borrow before it begins to have negative effects on our ability to borrow any more?… When you get to the point that people won’t loan you any more money as a government, you’ve got a horrendous problem…This financial crisis in retrospect will look like a child’s game compared to what we’re headed into when we have to begin raising enormous amounts of money through floating debt, or reneging on the obligations we made to people” (Frontline, “Ten Trillion and Counting”, March 24, 2009).
Our government and our economic system have been permanently altered. American capitalism is failing, and our economy is failing. Understand Hosea 7:9–13. We have become old and weak and strangers are devouring our strength. We call to other nations for help instead of turning to God. God warns that our destruction is not far distant.
The U.S., Britain and our historic allies are heading toward times much worse than the Great Depression of the 1930s. A weakened “modern Jacob” will eventually be overwhelmed by a European superpower composed of a core group of 10 nations, which is now coalescing (Daniel 2:40, Jeremiah 30:7&8, Matthew 24:21).
Only Christ’s return and the establishment of His kingdom on this earth will save our people and the entire world from complete destruction. Read Armageddon and Beyond and watch our recent telecast, Five Keys to Understanding Prophecy. Learn what is coming and what you can do now to reconcile with your Creator.
But I would like to add that one difference between this financial crisis and the Great Depression is that the USA was not in so much debt nor was there anything resembling the European Union in the world.
Thus, the outcome of this financial crisis will be quite different (especially as far as Americans and Europeans are concerned at first) than that of the Great Depression.
Several articles of possibly 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?
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?
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?
Prophecies of Barack Obama? Eight reasons why Barack Obama is apocalyptic and eight reasons why Barack Obama is not the Antichrist. Here are there 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.
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.
Barack Obama in Islamic Prophecy? There is actually a 17th century Shiite prophecy that some believe that Barack Obama will fulfill that will lead to a rising up of Islam.
Barack Obama Carries Hindu Monkey God Although there are some strange and false stories about Barack Obama, this one seems to be true.
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