JRMI: Jerry Robinson Ministries International
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The Impending Demise of the U.S. Economy?
Written by Jerry Robinson
Originally Posted on 9/23/2007
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As a formally trained economist (in both domestic and international economics), I have been amazed by the data that has been crossing my desk over the last several months. While there is little doubt that the underlying problems with the U.S. economy have been building for decades, the cracks in the economy are just beginning to be observed by average Americans. And not only are most Americans just beginning to wake up to the harsh realities facing the U.S. economy, but so are foreigners. For decades, the U.S. dollar has been considered by most of the world as the safest and most liquid currency. However, over the last several weeks, foreign central banks have been relying less upon the U.S. dollar due to its perceived instability by selling off many of their dollar holdings.
Gone are the days when the U.S. dollar is the only game in town. One of the laws of economics is that money always flows to the highest rate of return. Today, the return on the U.S. dollar is not what it once was. The rise of the Euro has served to challenge the supremacy of the dollar. Alan Greenspan, the former Federal Reserve chairman, publicly recognized the inevitable decline of the dollar during an interview last week with the German magazine Stern. In the interview Greenspan, who can move financial markets with a single word, confidently declared that the Euro could soon replace the U.S. dollar as the global currency of choice. You can read the story here.
Meanwhile, the price of oil is hitting all-time highs, the sub-prime mortgage debacle continues to worsen, and the U.S. money supply is expanding at a record pace triggering wide-spread fears of inflation. And these are just a few of the problems currently facing our economy. Sadly, most Americans remain clueless as to the problems and issues that will face them and their children. The facts are clear. The current economic situation in the U.S. is completely unsustainable. A financial day of reckoning awaits this country and its arrival will serve as a rude awakening to all who are not prepared. It's enough to make you glad that our true investments are safe in heaven where "neither moth nor rust destroys and where thieves do not break in and steal." - Matt. 6:20 (NKJV)
Because the health of the U.S. economy is so important and relevant to our readers, I will be publishing several new articles on the topic over the next several weeks.
Regardless of the circumstances that we may face upon this earth, those of us who have trusted in Christ are assured of our hope of eternal life with Him in the presence of God the Father. And we can live joyfully and without the fear that plagues the world if we simply learn to place our complete trust and hope in Christ. After all, He is in control. And we should all be thankful for that.
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