The rich rules over the poor, and the borrower becomes the lender's slave. Proverbs 22:7
There is an unprecedented accumulation of governmental, commercial and consumer debt enslaving individuals and threatening the world's economic and financial systems. We are told by the so called "experts" that we came very close to a world-wide financial meltdown in the last few months of 2008. The world's financial situation today is even more precarious as debt levels have greatly increased during the past decade.
Our national debt has exploded to over 20 trillion with additional trillion dollar budget deficits scheduled for years to come. Janet Yellow of the Federal Reserve recently said that she is "Very worried about the sustainability of the US debt trajectory." If nothing is done, unfunded liabilities like Medicare and Medicaid could add an additional 50 to 100 trillion of debt. This is in addition to trillions of dollars of debt in student loans, home mortgages, auto loans, credit card balances, and other individual and business debt.
If interest rates rise to even historical average levels, the interest on the national debt alone will exceed 100% of the federal government's tax revenues. This leaves only two options and neither one is very good. We will either default on the debt and declare national bankruptcy or monetize the debt. Monetizing the debt (the more likely option) requires printing even more money, further reducing the value of the currency and ultimately leading to hyper inflation.
During the early years of the coming tribulation period, hyper inflation will be rampant with a days work (equal to one Roman denarius) only sufficient to purchase enough food for one person. Only the rich will be able to feed their families, let alone afford the luxuries; ...A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not damage the oil and the wine. (Revelation 6:6)
The bible tells us about coming economic and financial judgment. In Revelation chapter 18, we are told about this judgment and the ultimate collapse of the world's financial system. The collapse will happen quickly; ...For in one hour such great wealth has been laid waste! (Revelation 18:10)
The pre-tribulation rapture of the church will save Christians from the tribulation period and the horrific world-wide judgments that are coming. However, if the Lord tarries, we can still expect some very difficult days ahead as the world's very fragile, interconnected economic and financial systems begin to unravel. It is exciting to see the gathering economic storm clouds because it is just one more sign that our Lord is near, right at the door! Maranatha!