Global Financial Meltdown...Now Near?

“Go to now, ye rich men, weep and howl for your miseries that shall come upon you” (James 5:1). So says God to the liars, cheats, extortionists, conspirators, “insider traders” and sundry assorted forms of crooks who are running like rats from a sinking ship, scurrying to find safe havens for their stolen loot.

However, it will be some time before such people live to rue the day they exploited a gullible public. As Jeremiah lamented, “Wherefore doth the way of the wicked prosper? wherefore are all they happy that deal very treacherously?" (Jeremiah 12:1).

Lately, your news has been filled with scandal after scandal, as huge multi-billion dollar corporations like Enron, WorldCom, and many others have been caught falsifying earnings, inflating their stocks, then bailing out just before the information breaks, to take their ill-gotten millions and place them in their secret Swiss or Off-shore bank accounts. Huge corporations are in default, staring bankruptcy in the face. Millions of Americans who were depending on their “401K” plans, mutual funds and stocks for their retirement have been wiped out.

Billions of dollars  have been lost! Hundreds of thousands of average Americans have seen their savings disappear.

Now, financial experts warn “you ain’t seen nothin’ yet!”

Some are predicting that the likes of such huge, blue chip companies as GE, Viacom, Disney, Time Warner, and huge publishing firms are likely to go the same way.

While the White House and the Media continue to treat the recent stock market plunge as a temporary aberration, some top economists are saying many other big corporations are on the verge of toppling.

For decades, I have warned millions of Americans and people around the world that the beginning of the prophesied Great Tribulation (Matthew 24:21,22) would most likely be caused by a global economic collapse! Impoverished masses in countries all over the world will overthrow governments. “Strong men” dictators will emerge. Martial law will be declared. Civil rights will be suspended.

Nations will once again begin to prey on neighboring nations, or attempt nuclear blackmail of nations far away in order to alleviate massive poverty, squalor and disease, and to bring restive populations back under control.

           When Alan Greenspan made his famous “irrational exuberance” speech before congress, a few people began to realize that, in spite of guarantees of legal controls, the stock market was spinning out of all control — when the frenzy of the “Dot Com” tech stocks was at a fever pitch, millions of Americans who had never been in stocks before plunged headlong into the fray. Most of them lost. A few, either because they were smarter, or possessed of inside information, got very rich.

Today, foreign nations (who own most of America’s debt) are pulling out. The dollar is shrinking, and the Euro becoming more competitive. Perhaps the Fed will attempt some short-term fixes, like once again reducing interest rates, but some conservative economists say it will not help in the long run, pointing out that his carefully planned incremental lowering of interest rates did not truly stop the bursting of the biggest inflationary bubble in history, that of the hugely overvalued stock market.

You and I know that many a CEO and other top corporate leaders have dumped stocks just prior to a shocking plunge, once the true state of the company’s earnings became known.

Today, millions echo Jeremiah’s plaintive cry, “Wherefore doth the way of the wicked prosper? wherefore are all they happy that deal very treacherously?”

Patience, people, patience.

Prophesied to grow into a military and economic giant is Europe! For decades, I have warned that a coming union of nations in the heartland of Europe would fulfill the Biblically-prophesied resurrection of the BEAST power (Revelation 17/18). This huge economic and military giant will be in union with a great false religious organization; a STATE church!

God says it will initially succeed, yet, after it has been used of God to PUNISH sinning Britain and America, this huge beast will itself be reduced to nothing! “And the merchants of the earth shall weep and mourn over her; for no man buyeth their merchandise any more:

“The merchandise of gold, and silver, and precious stones, and of pearls, and fine linen, and purple, and silk, and scarlet, and all thyine wood, and all manner vessels of ivory, and all manner vessels of most precious wood, and of brass, and iron, and marble,

“And cinnamon, and odours, and ointments, and frankincense, and wine, and oil, and fine flour, and wheat, and beasts, and sheep, and horses, and chariots, and slaves, and souls of men.

“And the fruits that thy soul lusted after are departed from thee, and all things which were dainty and goodly are departed from thee, and thou shalt find them no more at all.

“The merchants of these things, which were made rich by her, shall stand afar off for the fear of her torment, weeping and wailing,

“And saying, Alas, alas, that great city, that was clothed in fine linen, and purple, and scarlet, and decked with gold, and precious stones, and pearls!

“For in one hour so great riches is come to nought. And every shipmaster, and all the company in ships, and sailors, and as many as trade by sea, stood afar off,

“And cried when they saw the smoke of her burning, saying, What city is like unto this great city!

“And they cast dust on their heads, and cried, weeping and wailing, saying, Alas, alas, that great city, wherein were made rich all that had ships in the sea by reason of her costliness! for in one hour is she made desolate” (Revelation 18:11-19).

A nuclear attack only requires a very short time. The huge MIRVS (multiple warheads on a single missile), when launched, can plunge down on a major city half a world away in only about 45 minutes! Every ninety minutes, a space capsule can orbit the entire earth.

Eventually, corporate crooks will receive what is coming to them. James predicted, “Go to now, ye rich men, weep and howl for your miseries that shall come upon you.

“Your riches are corrupted, and your garments are motheaten.

“Your gold and silver is cankered; and the rust of them shall be a witness against you, and shall eat your flesh as it were fire. Ye have heaped treasure together for the last days.

“Behold, the hire of the labourers who have reaped down your fields, which is of you kept back by fraud, crieth: and the cries of them which have reaped are entered into the ears of the Lord of sabaoth.

“Ye have lived in pleasure on the earth, and been wanton; ye have nourished your hearts, as in a day of slaughter.

“Ye have condemned and killed the just; and he doth not resist you.

Be patient therefore, brethren, unto the coming of the Lord. Behold, the husbandman waiteth for the precious fruit of the earth, and hath long patience for it, until he receive the early and latter rain.

“Be ye also patient; stablish your hearts: for the coming of the Lord draweth nigh” (James 5:1-8). So long as you and I have taken care of the BIG question — that of SALVATION — we need only exercise PATIENCE as we see the world convulse in the beginning of the Great Tribulation

Garner Ted Armstrong
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