Summary: The collapse of major financial institutions, the intensification of natural disasters, the never-ending acts of terrorists, the attempt of Russia to control former Soviet territories, are causing many Bible students to look at these developments as signs
The recent collapse of major financial institutions, the intensification of natural disasters, the never-ending acts of terrorists, the attempt of Russia to control former Soviet territories, are causing many Bible students to look at these developments as signs of the fast approaching End. There is no doubt in my mind that we are witnessing an unprecedented fulfillment of the End-time Signs that point to the fast approaching Return of Christ… Are we prepared for this time of crisis prior to Jesus’ return?
On a cool October day, 79 years ago, the stock market crashed. There had been a period of high stock prices and many had invested by borrowing large sums of money to buy stocks. When the market declined suddenly, their wealth was erased; their speculations were shown to be misguided. Vast fortunes were wiped away in a matter of days. It took a quarter of a century for stock prices to return just to pre-1929 levels.
Today we are in another period of economic turmoil. The terms used by media and the officials are intended to be disarming. “Conservator-ship,” “bail-out,” “state-loan,” “cash-injection,” etc. Every time a failing financial institution is “rescued” by the infusion of the state’s money (money removed from us or our children’s pockets), it is, in literal terms, being nationalized. When the state intervenes and owns businesses like this, there is another word for it: socialism. You and I are now, in theory, the owners of Freddie Mac and Fannie Mae, AIG and other financial institution. That is, their 5.4 trillion in debt is now our 5.4 trillion debt.
Almost every week now, other banks close their business… The automakers in Detroit are in a risky situation, and our own state has a budget shortfall of hundreds of millions. Hundreds of thousands of home makers are jobless.
A year ago, the Outstanding Public Debt rose to... let me see if I can pronounce it: $9,2663,897,406,911 - an astronomical number. But by now is more than 11 trillion… A guess, because no official is willing to give as the whole picture. But this is nothing comparing with Social Security and Medicare financial disaster…
Earlier this year, Richard W. Fisher, the President and Chief Executive Officer of the Federal Reserve Bank of Dallas offered the following:
Fast forward 70 or so years and ask this question:
"What is the mathematical predicament of SOCIAL SECURITY today? Answer: The amount of money the Social Security system would need today to cover all unfunded liabilities from now on - what fiscal economists call the ‘infinite horizon discounted value’ of what has already been promised recipients but has no funding mechanism currently in place—is $13.6 trillion, an amount equal with the annual gross domestic product of the United States.
MEDICARE. As you may know, the program comes in three parts: Medicare Part A, which covers hospital stays; Medicare B, which covers doctor visits; and Medicare D, the drug benefit that went into effect just two years ago. The shortfall for Medicare twenty years from now? $85 trillion. It is many times the annual output of the entire U.S. economy"...