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Global Financial Crisis and Biblical Economics
Written by Peter Youngren on December 5, 2008Former Chairman of the US Federal Reserve, Alan Greenspan, acknowledged in his October congressional hearing that he didn’t have the answers or explanations for the current global financial crisis. That was a startling statement from the man many consider the world’s top financial advisor, and a striking illustration of the limitations of human wisdom [1 Corinthians 1:17-25].
While economists emphasize different aspects of the crisis, I don’t think anyone would dispute that greed run amuck is an underlying cause. Basically everyone willing and qualified to buy a house (based on financial abilities) already had one. In fact, some bought more than one. Yet, in a drive to show ever increasing quarterly profits, CEOs came up with new and inventive ways to offer irresponsible mortgages to unsuspecting and ill-advised customers.
Remember the advertisement; “no job, no credit, no money, no problem”. In fact, if someone does not have a job, or money or credit, there is a problem. Where does greed come in to it? Well, the annual bonuses of CEO’s depend on the ever increasing sale of mortgages. So ultimately it was, like so many human issues, all about selfishness, looking out for number one. Well, the bubble burst and now we are in the damage control throwing money at the problem; close to three trillion dollars by one recent report. The ripple effects are everywhere, and now the North American automobile industry is on the verge of collapse
Here is the good news. With God, the worst of times can become the best. When believers discover the limitation of human wisdom, we become more willing to tap into Christ’s wisdom. He, who was rich, became very poor that we through His poverty might be rich [2 Corinthians 8:9]. Jesus Christ is the foundation of our prosperity. We prosper by grace. Once we understand that all things are ours because of Christ are ready to enter God’s prosperity zone.
I know that there has been much teaching on prosperity and Biblical economics. Frankly, some are excited about it, while others are turned off. I wouldn’t be promoting any teaching package, let alone on the topic of prosperity, if I didn’t know that I’m saying something unique and genuinely helpful. I don’t normally blog and promote a teaching album at the same time. “Prosperity in Tough Times” is simply a package that will help people practically to see the worst of times become the best of time.
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“God, You and Money” (4 CDs)- This teaching gives unusual insights, especially for people who have been sowing gifts into the kingdom of God, but have not been reaping to the extent that they should have.
“Practical Prosperity” (4 CDs) – This teaching series gives real practical and well proven instruction. I recorded this before the current financial crisis, and I now see the tremendous significance of these principals.
“God’s Mind in Tough Times” - This is a single teaching showing how Joseph enjoyed the mind of Christ during seven years of financial hardship in Egypt.
You will find these nine CDs an invaluable resource in these difficult times. The regular value including shipping and handling is $72, but through our website you can order the entire package for only $49, S/H included.
History proves again and again that times of financial adversity have often been the greatest times for God’s people to prosper! Has the financial crisis affected you? ~Peter.
Fundy
All indicators point to a severe depression - collapse of the dollar. Also there are rumors that China and Russia will drop the dollar as their currency of trade, which will put the final nail in the American coffin. Not good news on the horizon, and people should think about preparing for the worst instead of arguing about Obama’s guilt or innocence in the Blago fiasco, or whether Bush should be tried for war crimes. This is serious business, and as long as people keep their heads in the sand, they will not be able to survive.
Hagere
~ ONTARIO
Well, America owes China $ 10,556,399,039,278.28, Their National Debt is continuing to increase on average of $3.37 billion per day.
Based on some reserch and obeservation I think the stage is already set for the “New World Order” .Obama is nothing but, a continuation of the ‘Bush regime’, which was a continuation of the ‘Clinton regime’, which was a continuation of every president dating back to 1913 when the Federal Reserve was illegally and unconstitutionally created. They are all part of the same plan - and Obama will put the finishing touches on all of the groundwork which has been laid to bring the US into a global government. I beleive it is time to wake up and stop being so naive about political parties. Happy New Years Pastor :)
Larry
Almost everyone is affected of financial crisis. The American middle class has been taking notice of the rising bounced check fees and late fees imposed by companies that have been hard hit for cash by getting more payday loans to avoid these unpleasant things. Also, debt and personal finance seems to be at the forefront of a lot of people’s minds, as reducing debt and spending is one of the most popular resolutions for New Year’s this year. One of the best things to do when reducing spending is to live on less, so putting away the VISA or MasterCard is probably a good idea at this point. Not blindly buying name brands can save you a couple hundred dollars per year. There is never a bad time to start reducing your debt.
Victoria
~ New Delhi, India
Really enjoy your Blog. I am praying for you. Thanks for your dedication.
Oli
~ India
Good post.Global financial crisis that could lead to the collapse of the current systems combined with other events that will happen leading to the implementation of a global cashless system based on RFID technology that will prevent anyone from buying or selling if they choose not to participate.
Penny
~ Bangalore, India
Excellent post.It might be interesting to see how the financial crisis affects. There is quite a good chance that the may be unaffected or even increase during this period where people still have some-but-less money to spend on entertainment..
Zeeshan
~ Hyderabad, Pakistan
What an interesting article, obviously there are great discrepancies between these judicial systems… this makes me realize how relative everything is and that justice is an utopia.
Seo
~ Hyderabad, Pakistan
I feel delighted to read such a good post, I would like to thank the Author for this marvelous efforts. this post is good in regards of both knowledge as well as information. Thanks for the post.
Seo
~ Hyderabad, Pakistan
Gives Thanks, Very fascinating read, you should be dramatic of your web logs. I’ve been genuinely delighting developing up your situations from meter to time. Looking forward to understand your future positions
Many wonderful selective information, thanks for partaking. Testament definitely be back more often….
Taylor
~ Madurai. India
There is a better way to go but it is in the opposite direction. The aim must be not to increase debt but to reduce it. Two things must happen. First, banks that are de facto insolvent need to be restructured – a word that is preferable to the old-fashioned “nationalisation”. Existing shareholders will have to face that they have lost their money. Too bad; they should have kept a more vigilant eye on the people running their banks. Government will take control in return for a substantial recapitalisation after losses have meaningfully been written down. Bondholders may have to accept either a debt-for-equity swap or a 20 per cent “haircut” (a reduction in the value of their bonds) – a disappointment, no doubt, but nothing compared with the losses when Lehman went under.
Mark Ewans
~ karachi pakistan
I feel delighted to read such a good post, I would like to thank Peter for his marvelous efforts.
This post is good in regards of both knowledge as well as information. Thanks for the post.
Mark Ewans
~ Islamabad pakistan
Really it is nice post, The post is clearly highlighting the values of law. It is now being necessary for all of us to understand law and its values.
Jaqueline
~ Madurai, India
The Global Crisis not only means a loss of profit but a degrade in our livelihood amongst humanity. No business will succeed in our times without the correct approach. An that is an approach that benefits society.Here lies the hidden effect that can reveal how the crisis is a opportunity for us to raise the conditions of not only business but throughout our daily lives.
Adley
~ Karachi, Pakistan
admire the valuable information you offer in your articles. I will bookmark your blog and have my children check up here often. I am quite sure they will learn lots of new stuff here than anybody else!
Mysti
~ Madras, Tamil Nadu, India
Peter you are right on
Godwin
~ Hyderabad, Sindh, Pakistan
I agree with you pastor peter i thank you.
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Wendy
I have had little and I have had lots and now I have learned to be content with both. Just knowing Jesus is alive and very well able to take care of us day after day after day after day makes us very very prosperous. There are a lot of examples in the bible where God blessed his people in the time of famine.