Current economic conditions have similarities to 2008 before the financial crisis. Will history repeat?
Commodity prices fell sharply then. Today prices of oil, gasoline, copper, zinc and other commodities are slumping. World trade fell sharply before the last recession and it has been plunging recently. Stock market chart patterns today are similar to 2008 for this time of year. Liquidity was a concern then and is a concern now. Real estate prices were in a bubble then and many believe that bond and possibly stock prices are in a bubble now.
In addition, the IMF (International Monetary Fund) recently announced that Greece is ineligible to receive new funds from them without some debt relief by others. The others (primarily Germany) are adamantly opposed to debt relief. The Chinese stock market has weakened; the Venezuelan, Brazilian, and Argentinian economies have severe economic challenges. Puerto Rico has debt challenges. Many southern European countries have unsustainable debt.
Will history repeat? No one knows for sure when the next financial crisis will occur. But, current economic factors raise concerns.
The economy is like a house of cards where a gust of wind from any direction could cause the house to collapse. We do not know whether the gust will occur this year, next year, or in the distant future. But central banks and governments which had many tools to fight the financial collapse of 2008 have far fewer tools and less flexibility today.
The scriptures tell us that rampant, unrepentant sin will result in judgment. The sin in the world today, without a great move of the Holy Spirit resulting in revival, will result in judgment. But regardless of any economic, political or societal environment. citizens in the Kingdom have security. We know how to build a house on a good foundation that will stand the winds of adversity.
"Why do you call Me, 'Lord, Lord,' and not do what I say? Whoever comes to Me and hears My words and does them, I will show whom he is like: He is like a man who built a house, and dug deep, and laid the foundation on rock. When the flood arose, the stream beat vehemently against that house, but could not shake it, for it was founded on rock" (Luke 6:46-48).
The strategy is to seek the Lord, know His Word, and be obedient.
In bad times, fear, anxiety and stress will attempt to capture our attention. If resources are scarce and uncertain, we may be tempted to withhold our tithes, offerings, evangelistic donations, and alms to the poor. We may doubt the promises of God. In good times, self-sufficiency and pride could try to derail us. The solution is to seek the Kingdom first and His righteousness.
"Therefore, take no thought, saying, 'What shall we eat?' or 'What shall we drink?' or 'What shall we wear?' (For the Gentiles seek after all these things) For your heavenly Father knows that you have need of all these things. But seek first the kingdom of God and His righteousness, and all these things shall be given to you" (Matthew 6:31-33).
We are blessed. The Lord has paid the price. All good things come from the Father of lights. We have been given dominion over the earth to build His Kingdom.
"The Lord shall increase you more and more, you and your children. You are blessed of the Lord, who made heaven and earth. The heavens belong to the Lord, but the earth He has given to the children of men" (Psalms 115:14-16).
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