JRMI: Jerry Robinson Ministries International

The liquidity crisis that has rocked the global financial markets since August is being treated with more liquidity thanks to a new coordinated effort among world central bankers. The credit crisis currently affecting the globe has exposed the reckless lending practices and crafty financial engineering which has led to a speculative mania. Accordingly, it has been the topic of discussion of the U.S. Federal Reserve since the September FOMC meeting, in which they cut interest rate targets by 50 basis points. Since then, the Fed has enacted a series of rate cuts in an effort to stem any type of economic slow down in the U.S. Other national central banks, however, have been busy raising rates, or holding their rates steady, in an effort to rein in investment speculation and inflationary pressures.

But in a recent effort to delay the inevitable pain of too much liquidity created by a faulty fiat currency system, the central banks have come galloping to the rescue of the fragile global economy. The central bank coordination arranged by the Federal Reserve to address “elevated pressures” in the credit markets, includes the cooperation of four other central banks, including: the European Central Bank, the Bank of England, the Bank of Canada, and the Swiss National Bank.

According to the coordinated arrangement, the Fed has made plans to inject $40 billion in cash into the financial system through the use of auctions in the month of December. Two more auctions are slated for January. The Fed has stated that these funds are necessary for regional and local banks to continue making loans to businesses and consumers. The European and Canadian banks will also hold auctions bringing the total cash injections to $64 billion. Additionally, the banks plan to make much more liquidity available through other types of loans.

Unfortunately, these liquidity injections are a short-term solution to a long-term structural problem. The U.S. subprime crisis, which has turned into a global contagion, is serving as a wake-up call to the world’s bankers (and global politicians, by default) who have allowed the global fiat systems to spin out of control. The U.S. financial system, built upon a faulty fiat currency system coupled with poor fiscal stewardship, is a house of cards. And it will come crashing down as soon as the global population awakens to the hard realities brought on by the financial excesses of the American lifestyle. The truth is this: The dollar is worthless paper that is printed at will. No one is working to keep it in limited supply. Therefore, investing in anything that cannot be printed is the only logical way forward for Christians.

The Greenspan Doctrine

The move to re-inflate through easy monetary policy is now considered by many as the “Greenspan doctrine.” Alan Greenspan’s response to financial crisis was to inflate his way out them.

Since Federal Reserve chief Ben Bernanke has been in office, little has changed. Mr. Bernanke is following the same pattern.

U.S. inflationary pressures have been building for the last several quarters. It has been my mantra that interest rates should be raised and the monetary supply should be tightened to prevent widespread inflation, and even worse, stagflation. This week, Greenspan has admitted that stagflation appears to be around the corner.

An economic crisis of unbelievable proportions lies ahead for the U.S. This is true for a host of reasons, many of which we will be highlighting in a series of audio teachings in the upcoming weeks.

This week’s takeaway: The U.S. continues to enjoy the status of the global economic hegemonic power with the key reserve currency. But the current economic arrangement is unsustainable. I fully anticipated the global central bank coordination to re-inflate their way out of the global credit crunch. Without this unified effort, a U.S. recession in 2008 was inevitable. However, even if the central bank effort can successfully contain the credit crisis, it will only be a temporary fix. And it will only serve to delay, and enlarge the scope, of the impending day of reckoning for the U.S.

In November the U.S. Senate Financial Committee, under the leadership of Iowa Senator Chuck Grassley, sent a written request for specific financial information from six well-known U.S. televangelism ministries. The six ministries are currently under senatorial scrutiny for allegations of lavish spending of donor’s financial contributions. The list of ministries reads like a who’s who list of popular American Christianity: Kenneth Copeland, Benny Hinn, Joyce Meyer, Creflo Dollar, Eddie Long, and Randy and Paula White. The deadline for the financial information to be submitted was December 6. According to the Senate, only two ministries, Copeland and Meyer, had submitted any of the requested materials by the imposed deadline.

Interestingly, this unusual story has been nearly swept under the rug amidst a global bombardment of other news. However, the importance of this story, and what it means to the American church as a whole, should not be lost.

For years, many Christian televangelists have behaved like their motto was akin to that of the rap music industry: “To get rich, or die trying.” Their materialistic poison has spread into the church like a river of deception. The result has been numerous Charismatic churches who now believe that money and possessions are a right to be gained through naming and claiming, instead of being a privilege and responsibility that should be properly stewarded. The “Prosperity Gospel,” as it is often called, has gained great popularity among Baby Boomers, and promises earthly blessings galore for Christians, also known as “the King’s kids.” To receive all of this world’s grandeurs, these televangelists claim that one must only send money to their ministry and “believe God” for fantastic earthly wealth.

For example, consider the words that these American church mega-stars utter to their adoring flocks:

Creflo Dollar states: “I’m telling you, Jesus wasn’t poor, and He didn’t wear no rags, either. Like we march in on these Easter little plays that we do at our church, with those raggedy sheets on. Jesus didn’t have no rags on. He wore designer clothes, honey.” (Creflo Dollar Crusade, Feb. 9, 1999)

Kenneth Copeland adds: “Give $10 and receive $1000; Give $1000 and receive $100,000 … give one house and receive one hundred houses or a house worth one hundred times as much. Give one airplane and receive one hundred times the value of the airplane… In short, Mark 10:30 is a very good deal” (Kenneth Copeland, God’s Will Is Prosperity, pg. 54)

A ‘Baby Boom’ Gospel

Amid such lofty claims of worldly blessing, how can a true gospel of sacrifice and careful stewardship survive? It is a historical fact that the gospel message promoted by any people group or nation has always been infiltrated and influenced by the surrounding culture. Cultural infiltration of the gospel is a normal occurrence. However, when the culture values overconsumption and materialism, it can wreak havoc upon the element of sacrifice so inherent in the true gospel message. And it is only fitting that the Baby Boomers, whose values include everything opposed to sacrifice, and who have shepherded America towards the edge of the cliff financially with massive overconsumption, record trade deficits, outrageous entitlement spending, and a $9 trillion nation debt, should also have a gospel based upon overconsumption and fiscal recklessness to call their own.

The spiritual stench emitted from this over-emphasis upon financial prosperity and worldly success has naturally led to division within the modern American church. The younger generation looks in disgust at the excesses of the prosperity message. Unfortunately, it has also led to nation of unbelievers who are rightfully skeptical and cynical about the American Christian message.

Apparently, the excesses have also caught the attention of the U.S. Senate who provides tax-free operations for such ministries. However, four of the six ministries under inquiry have yet to provide any type of financial information. Attorneys for Texas-based faith healer Benny Hinn claim that the ministry needs “more time” to respond. When the U.S. Senate requests financials from a non-profit organization with federal tax-exemption status, the answer from the non-profit should be a quick yes. So why the hold up on the response?

But the trophy for audacity certainly must go to Creflo Dollar and Eddie Long who have craftily pointed to their constitutional protections under the “separation of church and state.” Maybe its just me, but it seems rather hypocritical to appeal to that defense when they spend the rest of the year claiming that such a defense does not truly exist while attempting to get “God” back into America.

The Arrogance of the ‘Anointed’

God forbid that the church begins to claim that the Senate is engaged in a witchhunt. Instead, as a Christian, I am grateful for the investigation. If we have nothing to hide, then this will only strengthen Christian financial credibility among a dwindling American donor base. As Christians, we should be quick to point to our good stewardship of God’s resources. Lest we forget, the U.S. government is not bound to continue tax-exempt status for religious ministries and organizations. This is a wonderful benefit that is afforded to American ministries. The Christian attitude towards this recent investigation should be a willingness to follow the law and not to hide behind scripture and loopholes.

According to the Senate, they have conducted routine investigations into numerous non-profit organizations including “the Nature Conservancy, the United Way and the Smithsonian Institution,” over the last several years. Senator Grassley adds that he has never had to seek a subpoena to obtain financial information from a non-profit. In fact, Grassley says that during his tenure, subpoenas have only been necessary twice to gain financial information – “in the Enron scandal and the Jack Abramoff influence-peddling investigations.”

God forbid that the arrogance of the “anointed” become so thick that it renders them unable to obey our national government. And equally, God forbid that God’s people in this nation encourage such obstruction.