WSJ: Bernanke’s Economic View Bleak with No Real Solutions
Ben Bernanke
The U.S. Federal Reserve Chairman apparently has no great solutions to the economy of that country:
17 July 2012
Bernanke Offers Bleak View but No Clues on Action
Federal Reserve Chairman Ben Bernanke delivered a bleak new assessment of the U.S. economy to lawmakers on Tuesday but remained guarded about what, if anything, the Fed would do about it.
The above is no surprise as this pretty much how he handled this matter publicly last month (see Bernanke Clueless on Economy, Bible is Not), but he did make a somewhat useful comment as ABC reported:
17 July 2012
(ABCNEWS.com) Federal Reserve Chairman Ben Bernanke sketched a bleak picture of the US economy Tuesday – and warned it will darken further if Congress doesn’t reach agreement soon to avert a budget crisis.
It is true that the USA federal government needs to actually solve the budget crisis. And while that would help, it simply will not help enough.
Historically, Ben Bernanke has inflated the money supply through currency debasing (QE1 and QE2) and debt (“stimulus” programs of various types). He must know that this cannot always be the answer, which is part of why he is not offering much in the way of public solutions.
Notice that inflating currency is not commended in the Bible:
4 Take away the dross from silver (Proverbs 25:4a).
25 I will turn My hand against you,
And thoroughly purge away your dross,
And take away all your alloy. (Isaiah 1:25)22 Your silver has become dross, Your wine mixed with water. (Isaiah 1:22)
Dross is a cheaper metal that is normally placed inside a covering of a precious metal like silver. Governments began to do this thousands of years ago when they had financial problems. Putting dross into silver cheapens currency, just like putting water into wine dilutes the wine’s value. In modern times, government spending in excess of revenues and quantitative easing programs (QE1 and QE2, from the Fed Chairman) are a way to dilute the value of currencies. This is not the biblical solution to US economic problems.
Now, the real cause of why all of this is happening is sin. Because of it’s increasing secularism, greed, and tolerance for sexual, abortive, and other sins, the USA is getting closer to reaping more what it has sown:
7 Do not be deceived, God is not mocked; for whatever a man sows, that he will also reap. 8 For he who sows to his flesh will of the flesh reap corruption, but he who sows to the Spirit will of the Spirit reap everlasting life. (Galatians 6:7-8)
One of the many cursings that were prophesied in the Bible to be reaped for disobedience was that of accumulation of debt:
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 28:42-45).
At some point in time, the USA will likely start to experience massive inflation (which is something that the Fed Chairman should realize). And afterwards, its creditors will rise up.
The world is changing and the USA and its Anglo-descended allies are losing their financial dominance in the world. And while there will be some temporary rises in the value of the US dollar for a while (and likely when there is more civil unrest in Europe), the trend for the US dollar and economy is clearly down.
Notice that God mentions that that destruction will happen to those that increased their debt at the end time:
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’? 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 (Habakkuk 2:3,5,6-8).
The above prophecy will be fulfilled at the time of the end and seems to be directed to one or more nations like the USA. It makes little sense that it would be directed towards the modern nation of Israel as it does not have enemy creditors. It must be a nation or group of nations with some prominence.
Since the USA has the most debt of any nation of all time, it seems to be a leading (though not necessarily only) candidate to be included in it. Increasing deficits puts the USA in a dangerous position that Bible prophecy indicates that it will not be able to recover from.
Let’s briefly look at another warning in Isaiah 30:12-13:
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.
Of course, more and more, the Anglo-American nations are trusting in policies that encourage perversity. While there is oppression in these nations (especially racial), the Hebrew word for it can also be translated “unjust gain.” This can include not just the historical exploitation of of various peoples, but can probably also include the fact that the economies of the Anglo-American nations for the past few decades has been benefiting from the gains of foreigners loaning money to at least two of them.
Since the Roe vs. Wade pro-abortion decision, the USA has became the greatest debtor nation in the history of humankind. Since the USA owes alien nations trillions of dollars, it appears that the curse in Deuteronomy 28:44 of having to borrow from aliens is happening to it now.
US President Barack Obama has repeatedly put forth economic policies that have and will increase that debt–even more than former President Bush. Additionally, one of the first actual changes that Barack Obama implemented was reversing one or more executive orders that will likely lead to more abortions (see Obama’s Abortion Changes). Yet, abortion is wrong (see Abortion, the Bible, and a Woman’s Right to Choose) and a terrible national sin. And on March 9, 2009 President Obama lifted a ban on embryonic stem cell research (see LCG on Stem Cells) another morally wrong sin. He also declared last year that he would not defend the Defense of Marriage Act, but wanted to repeal it (see Obama Announces He Wants to Repeal Defense of Marriage Act and Increase Debt), and hence has supported the homosexual agenda.
There actually are carnal economic solutions that the USA could implement. The USA could get to the point that it does not need to import almost any energy through shale, natural gas, offshore and other oil developments, nuclear power, etc. The allowance of this by the USA government would also trigger a construction boom and create a lot of jobs. There are also steps that could be carnally taken with how it handles unemployment, welfare, business regulations, taxes, etc., but these will not likely be changed to the degree that the USA needs (it will actually, at this stage, take the return of Jesus Christ and the establishment of the King of God). But most its leaders will not see even the carnal economic solutions clear enough.
Why?
Because most do not really wish to retain God in their knowledge, so they are not able to see those things that are truly necessary–they work on the futile. Notice that this was prophesied for those who would tend to support (though not necessarily participate in), such sins as homosexuality:
18 For the wrath of God is revealed from heaven against all ungodliness and unrighteousness of men, who suppress the truth in unrighteousness, 19 because what may be known of God is manifest in them, for God has shown it to them. 20 For since the creation of the world His invisible attributes are clearly seen, being understood by the things that are made, even His eternal power and Godhead, so that they are without excuse, 21 because, although they knew God, they did not glorify Him as God, nor were thankful, but became futile in their thoughts, and their foolish hearts were darkened. 22 Professing to be wise, they became fools, 23 and changed the glory of the incorruptible God into an image made like corruptible man — and birds and four-footed animals and creeping things.
24 Therefore God also gave them up to uncleanness, in the lusts of their hearts, to dishonor their bodies among themselves, 25 who exchanged the truth of God for the lie, and worshiped and served the creature rather than the Creator, who is blessed forever. Amen.
26 For this reason God gave them up to vile passions. For even their women exchanged the natural use for what is against nature. 27 Likewise also the men, leaving the natural use of the woman, burned in their lust for one another, men with men committing what is shameful, and receiving in themselves the penalty of their error which was due.
28 And even as they did not like to retain God in their knowledge, God gave them over to a debased mind, to do those things which are not fitting; 29 being filled with all unrighteousness, sexual immorality, wickedness, covetousness, maliciousness; full of envy, murder, strife, deceit, evil-mindedness; they are whisperers, 30 backbiters, haters of God, violent, proud, boasters, inventors of evil things, disobedient to parents, 31 undiscerning, untrustworthy, unloving, unforgiving, unmerciful; 32 who, knowing the righteous judgment of God, that those who practice such things are deserving of death, not only do the same but also approve of those who practice them. (Romans 1:18-32)
Without massive national repentance, the Bible is clear that complete destruction of the economy, and even government, of the USA is certain. This is something that leaders, such as the Fed Chairman, need to know.
While the USA needs national repentance, and this is not likely to happen, you personally can repent and be saved. Both spiritually and carnally.
Some articles of possibly related interest may include the following:
The Gospel of the Kingdom of God was the Emphasis of Jesus and the Early Church Did you know that? Do you even know what the gospel of the kingdom is all about?
What is the Gospel? True religion should be based upon the true gospel. What are some of the different gospels and where did they come from? Do you believe the true or a false gospel?
There is a Place of Safety for the Philadelphians. Why it May Be Petra This article discusses a biblical ‘place of safety’ and includes quotes from the Bible and Herbert W. Armstrong on this subject–thus, there is a biblically supported alternative to the rapture theory.
Are You Saved? Do You Love Jesus? What is a True Christian? What is the Gospel? Evangelist Richard Ames answers those important questions.
True vs. False Conversion Are you really converted or willing to be? What is true conversion? What is false conversion? What are the dangers of false conversion? Evangelist Roderick Meredith provides information on those important questions.
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?
Will the Anglo-Nations be Divided? Will the lands of the United States, United Kingdom, Canada, Australia, and New Zealand be divided? What does Bible prophecy teach? Are there non-biblical prophecies that support this idea? Who will divide those lands? Who will end up with the lands and the people?
Prophecies of Barack Obama? Eight reasons why Barack Obama is apocalyptic and eight reasons why Barack Obama is not the Antichrist. This article includes many 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. Read it and decide for yourself if President Obama seems to be fulfilling various 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.
Abortion, the Bible, and a Woman’s Right to Choose Is abortion sin? What exactly are a woman’s reproductive rights? Do you know what the Bible teaches on this?
LCG: Homosexuals Gaining Ground “Same-sex marriage” for “gays” and lesbians is becoming more acceptable to many. What does the Bible teach about homosexuality? Can homosexuals change?
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