Wall Street drops and investors step back after Fitch deservedly downgrades USA credit rating

“I will break the pride of your power” (Leviticus 26:19)

Notice the following:

Wall Street drops, investors step back after Fitch downgrades US

August 2, 2023

Wall Street dropped on Wednesday, as investors embarked on a round of profit-taking in response to the move by rating agency Fitch to downgrade the U.S. government’s credit rating.

Fitch downgraded the United States to AA+ from AAA, citing expected fiscal deterioration over the next three years as well as growing government debt. Fitch was the second major agency to cut the country’s rating. In 2011 Standard & Poor’s stripped the country of its triple-A grade. …

“I think the market has been looking for a reason to correct, and this (downgrade) just happened to be a very good reason for it to do so,” said Gregg Abella, CEO of Investment Partners Asset Management. https://www.reuters.com/markets/us/wall-st-futures-tumble-after-fitch-downgrades-top-tier-us-rating-2023-08-02/

The U.S. loses its top AAA rating from Fitch over worries about the nation’s finances

Fitch acknowledged the strength of the U.S. economy and the advantages conveyed by the dollar’s role as the world’s most important currency.

But the credit rating agency warned of mounting red ink and an unwillingness in both political parties to grapple with long-term fiscal challenges, while expressing little confidence in the government’s ability to manage the country’s finances.

“In Fitch’s view, there has been a steady deterioration in standards of governance over the last 20 years, including on fiscal and debt matters,” the credit rating agency said in announcing the downgrade. “The repeated debt-limit political standoffs and last-minute resolutions have eroded confidence in fiscal management.”

Yellen issues a sharp rebuke

The move drew swift pushback from the Biden administration. Treasury Secretary Janet Yellen called it “arbitrary” and based on outdated information. https://www.npr.org/2023/08/01/1191481666/fitch-credit-rating-aaa-debt-default-debt-ceiling

The White House also objected to the downgrade, but also placed blame on Donald Trump:

Biden Blames USA Downgrade On Trump

August 2, 2023

The new regime talking points are out – namely that Fitch downgraded the US credit rating from AAA to AA+ on Tuesday because of MAGA Republicans and all things Trump. …

And so of course, the Biden administration is blaming Trump.

“This Trump downgrade is a direct result of an extreme MAGA Republican agenda defined by chaos, callousness, and recklessness that Americans continue to reject,” said Biden re-election campaign spokesman Kevin Munoz. “Donald Trump oversaw the loss of millions of American jobs, and ballooned the deficit with the disastrous tax cuts for the wealthy and big corporations.”

Ah, so now it’s the Trump downgrade™ …

Yellen Says Fitch Downgrade Based on Outdated Data

She’s right: US interest expense is no longer $500 billion, it is $1 trillion now

— zerohedge (@zerohedge) August 1, 2023

CNN also blamed Trump, penning the headline: “Fitch downgrades US debt on debt ceiling drama and Jan. 6 insurrection.” https://www.zerohedge.com/political/biden-blames-downgrade-trump

Yes, the interest costs are rising and the debt situation is so much worse than I believe that Janet Yellen believes.

That said, Fitch pointed to the USA’s last 20 years, which included debt increases under Democratic and Republican presidential Administrations.

A debt downgrade is a warning to the world that the USA is not as financially-sound as it wants to pretend. And, things will get much worse for the USA in time.

In my books, I warned, before they became President of the United States that Barack Obama and Donald Trump would increase the debt of the USA, and that happened.

Perhaps it should be pointed out that, over the past 20 years that Fitch referred to, Joe Biden was either Vice President or President of the United States.

Increasing debt in the Biden-Harris Administration was discussed in my book Biden-Harris: Prophecies and Destruction as follows:

Debt is a prophesied problem (cf. Habakkuk 2:6-8). But many in the media as well as politically-inclined economists do not see it that way—but that is too short sighted (cf. Ecclesiastes 8:11).

The time will come when the U.S.A. government will no longer be able to borrow at low interest rates and/or it will create more money electronically and/or via the printing press to try to continue.

Make no mistake about it — massive inflation is coming.

The U.S.A. dollar will ultimately crash and be worthless. That “pride” of American power will be broken (cf. Leviticus 26:19).

A Biden-Harris Administration has asserted it will take debt raising steps. …

Let us also consider that there is a prophecy in Habakkuk, written about 2600 years ago, about debt which is preceded by the following:

² Then the Lord answered me and said:

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

The Bible says that the ‘debt prophecy’ to be revealed later in Habakkuk 2 is so significant that those who read it should run—essentially that they should take steps because the results will be horrific. Joe Biden and many other American politicians have not run away from increasing U.S.A. debt—that will be to the nation’s peril.

The Bible warns about something that will happen to a heavily indebted nation. Notice what the Hebrew seer Habakkuk wrote over 2,600 years ago:

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 … ⁵ Indeed, because he transgresses by wine, He is a proud man …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’? ⁷Will 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… (Habakkuk 2:2-3,6–8). …

Notice that what is to happen is so bad, that people who read the prophecy should run, when it is time for it to be fulfilled. Since that prophecy is to be fulfilled at the appointed time of the end, it is still for the future, but perhaps not too far distant in the future. No nation has ever been in as much total debt as the U.S.A. …

European leaders have been working for years to establish a new reserve currency for the world, partially with the intent to remove the U.S. dollar from its position as the world’s primary reserve currency. …

The Bible clearly warns against cheapening the money supply and encourages having money hold its value (Proverbs 25:4 Isaiah 1:25, Ezekiel 22:18-22). Yet policies enacted under the Obama and Trump Administrations, following certain other administrations, have ignored these warnings.

No nation in the history of humankind has ever accumulated as much debt as the United States of America (because the U.K. may have close to the highest amount of per capita debt {Conway E. Britain showing signs of heading towards 1930s-style depression, says Bank. Telegraph, March 16, 2009 },its fate would be similar). Destruction is coming.

However, the relationship between debt accumulation and prophesied destruction remains unapparent to many. Because there is a time lag, many ignore that there will be real consequences (cf. Ecclesiastes 8:11; Habakkuk 2:3,6-8). Yet, these increases of debt are utterly dangerous.

When the time comes that the Federal Reserve is no longer able to keep interest rates artificially low, the U.S.A. will continue past the point of no return. That will become one of the final factors that will cause creditors to rise up and destroy the U.S.A. (Thiel B. Biden-Harris: Prophecies and Destruction. Nazarene Books, 2021)

We have already seen the Biden-Harris Administration increase official USA government debt. We have already seen the Fed begin to increase interest rates. Habakkuk 2:6-8 shows that this will be even worse than an economic-only disaster.

No matter who wins the 2024 USA Presidential election, expect debt to go up. The government of the USA has actually been planning for that to be the case.

Raised interest rates and raised debt also increases the amount debt for the future. The USA is in a bad way because of its political moves which often increase debt.

The USA is addicted to debt.

Its lusts for debt brought the following scripture to mind:

15 The leech has two daughters —
Give and Give!

There are three things that are never satisfied,
Four never say, “Enough!”: (Proverbs 30:15)

The USA has acted like an international leech.

Its leaders never have enough, so they continually take advantage of the USA dollar’s position as the world primary reserve currency and feel that they can get away with increasing debt without consequence.

That is wrong.

The USA also has no intention in ever properly paying its debts back.

That is wicked:

²¹ The wicked borrows and does not repay, But the righteous shows mercy and gives. (Psalms 37:21)

Since the moral direction of the USA is going in the wrong direction, it is understandable that debt will increase. This is leading to a real disaster in the future. The USA also cannot expect to lead the world economically for that long if it is going to continue to increase its debt–that is not based on any conspiracy but economic fact as well as insight from biblical prophecy (cf. Habakkuk 2:6-8).

But no, the politicians of the USA have not listened to the Bible.

The USA still has a massive pride about its dollar. Yet, the Bible teaches:

18 Pride goes before destruction, And a haughty spirit before a fall. (Proverbs 16:18)

It is prideful arrogance that gets humans to think that they can essentially completely control the economy and just borrow and print up money. They cannot. Weather, political events, diseases, wars, morality, technology, international matters, and other factors play a role.

The Anglo-American world order will come to an end. Accumulation of debt will end up being a financial crisis beyond what most “experts” and politicians have imagined.

National repentance is needed, but is not expected. The USA and its Anglo-Saxon allies will not last to the end of this century (watch also Might the U.S.A. Be Gone by 2028?).

Some items of related interest may include:

Might the U.S.A. Be Gone by 2028? Could the USA be gone by the end of 2028 or 2029? There is a tradition attributed to the Hebrew prophet Elijah that humanity had 6,000 years to live before being replaced by God’s Kingdom. There are scriptures, writings in the Talmud, early Christian teachings that support this. Also, even certain Hindu writings support it. Here is a link to a related video: Is the USA prophesied to be destroyed by 2028? In Spanish: Seran los Estados Unidos Destruidos en el 2028?
When Will the Great Tribulation Begin? 2023, 2024, or 2025? 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? Here is a version of the article in the Spanish language: ¿Puede la Gran Tribulación comenzar en el 2020 o 2021? ¿Es el Tiempo de los Gentiles? A related video is: Great Tribulation: 2026 or 2027? A shorter video is: Can the Great Tribulation start in 2022 or 2023? Notice also: Can Jesus return in 2023 or 2024? Here is a video in the Spanish language: Es El 2021 el año de La Gran Tribulación o el Grande Reseteo Financiero.
Is a Great Reset Coming? Klaus Schwab of the World Economic Forum has proposed a societal change that has been basically endorsed by the Vatican and many world leaders. Does the Bible prophesy a major reset? Here is a link to a related video: Will there be a “Great Reset”?
USA in Prophecy: The Strongest Fortresses Can you point to scriptures, like Daniel 11:39, that point to the USA in the 21st century? This article does. Two related sermon are available: Identifying the USA and its Destruction in Prophecy and Do these 7 prophesies point to the end of the USA?
Who is the King of the West? Why is there no Final End-Time King of the West in Bible Prophecy? Is the United States the King of the West? Here is a version in the Spanish language: ¿Quién es el Rey del Occidente? ¿Por qué no hay un Rey del Occidente en la profecía del tiempo del fin? A related sermon is also available: The Bible, the USA, and the King of the West.
Is God Calling You? This booklet discusses topics including calling, election, and selection. If God is calling you, how will you respond? Here is are links to related sermons: Christian Election: Is God Calling YOU? and Predestination and Your Selection. A short animation is also available: Is God Calling You?
Christian Repentance Do you know what repentance is? Is it really necessary for salvation? Two related sermons about this are also available: Real Repentance and Real Christian Repentance.
Biden-Harris: Prophecies and Destruction Can the USA survive two full presidential terms? In what ways are Joe Biden and Kamala Harris apocalyptic? This book has hundreds of prophecies and scriptures to provide details. A Kindle version is also available and you do not need an actual Kindle device to read it. Why? Amazon will allow you to download it to almost any device: Please click HERE to download one of Amazon s Free Reader Apps. After you go to your free Kindle reader app (or if you already have one or a Kindle), you can go to: Biden-Harris: Prophecies and Destruction (Kindle) to get the book in seconds.