UCG on the SubPrime Crisis

The photo above is of an ancient carving of Euro who is supposed to be the southeast wind. And now economic winds may be changing.

The following is from the lead article in the Sep/Oct 2007 edition of UCG’s World News & Prophecy by Darris McNeely:

On Sept. 11, 2001, Islamic terrorists attacked America, and overnight everything changed. The signs and warnings of such an attack were there the day before (9/10), but were ignored, misunderstood and glossed over by those charged with protecting the security of the nation. Had they been properly analyzed and acted upon, the tragedy could have been averted.

But it wasn’t, and much has changed for America and the West since that fateful day. Now come signs of a looming financial crisis that could completely change the global economy and have a dramatic impact on America’s role as the world’s dominant economic power…

Even if you neither had a subprime mortgage nor work in the industry, could this crisis affect you?

The Western world’s financial markets have created a major problem that threatens the bedrock of global finance. The system is so precarious that it threatens the financial security of all citizens, regardless of their exposure to financial markets. You may be completely free of debt and still be impacted by this latest trouble.

Foreign investors have taken on hundreds of billions of dollars of American debt. In essence, they are the ones who have borne the risks; they have financed the unrealistic housing boom and irresponsible consumer spending of recent years…

No matter how one looks at America’s national economy, the fact is there is an enormous amount of debt—more than this, or future generations, can ever hope to repay. For now the country prints more paper with colored ink, calls them dollars and puts them out to creditors with the hope they will continue to have confidence in the American government and its economic policies. The day that changes will see Americans and many other nations paying a lot more for the basics of life we have come to take for granted…

This current crisis will likely stabilize. But because the fundamental problems remain, unless there is significant change, a worse crisis will follow. Obviously, greed is an underlying factor in all facets of the subprime crisis. God is ever merciful, but there will be a day of judgment if America does not repent.

Comments by COGwriter:

UCG has it basically correct. However, since the USA is not likely to repent, I would simply add that the financial crisis will ultimately be worse than any scenario I have read lately.

Yet, it is not all downhill for the dollar and the US economy. There will be various crises in Europe and elsewhere that will temporarily help support the dollar. However, as scripture indicates, the time will come when the US economy will be destroyed as its creditors will finally have had enough.

There are several prophecies that this general assessment are based upon. Several are in Habakkuk 2. Here are some from Deuteronomy Chapter 28 which we believe applies to the USA and its English-speaking allies:

13 And the LORD will make you the head and not the tail; you shall be above only, and not be beneath, if you heed the commandments of the LORD your God, which I command you today, and are careful to observe them…

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 (NKJV).

And we believe that Bible prophecy reveals that Europe will arise. An article of possibly related interest may be Europa, the Beast, and the Book of Revelation.