The Coming Global Debt Crisis

It’s not a matter of IF but simply a matter of when.  The author also points out that if the collapse doesn’t happen before the rapture, then it will happen immediately after.  When millions of people vanish it will cause a crisis of confidence and the Antichrist will show up and propose a new system that will require a mark to buy or sell anything.

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A recent headline noted 40% of Americans are unable to handle an unexpected $400 expense. This isn’t surprising. Many Americans live paycheck to paycheck. Total outstanding U.S. consumer debt tops $3.9 trillion, and average household debt is $135,768. It’s clear many people struggle to manage their finances, and this mismanagement extends to our government budgets as well. The U.S. national debt currently exceeds $22 trillion, and the U.S. isn’t alone. Other countries also carry large national debts. Japan’s national debt exceeds $10 trillion, more than twice its gross domestic product. Globally, government debt equals $66 trillion. If you tried to pay that back over 100 years, it would cost you $1,255,707 per minute – and that’s at zero percent interest!

This is not the way God wants us to live. The Bible says you should owe nothing but love to anyone (Romans 13:8). It also says the borrower is servant to the lender (Proverbs 22:7). The Bible also says you reap what you sow (Galatians 6:7). This means the world will eventually pay the price for its irresponsible spending decisions.

These massive national debts will lead to a great global crisis. The day will come when a nation or several nations will no longer be able to continue borrowing from tomorrow to pay for today. When will this happen? I don’t know. For decades, many have warned us we’ll pay a steep price for these massive debts. So far, we haven’t. But does that mean we never will? No. The day will come, and the pain will be severe. As the Bible says, if you guarantee a debt and you can’t pay it, “even your bed will be snatched from under you” (Proverbs 22:26-27). So how have we survived so long while piling up ever-increasing amounts of debt?

It’s done through an invisible tax called inflation. Most national debt is owed in its home nation’s currency. For example, United States debt is owed in U.S. dollars. Japanese debt is owed in yen. Mexican debt is owed in pesos, and so on. In each of these cases, the indebted government controls the currency it owes its debt in. This gives them a unique ability you and I don’t have. They can simply print more money to pay back their debt.

https://www.raptureready.com/2019/04/23/coming-global-debt-crisis-britt-gillette/