Counting the Cost
Will the current
global economic crisis be solved by engaging in ever more of the
same behavior that created it? In the case of the great
government bailouts of major financial institutions and a host
of private sector industries and concerns—does the end justify the
means? The means in this case clearly violate every tenet of proper
financial behavior. And what will the end look like?
Amid the current swirl of crises, immediate threats looming over our
economic way of life are seen to be so great that suspension of
every known economic absolute is justified.
Apparently the Western world, and the United States in particular
has been living well beyond its means for a very long time. We’ve
probably all been acquainted with someone who managed their personal
affairs in such a fashion. The end of such behavior is
and beyond dispute. Eventually, it becomes impossible to find anyone
to lend “good money after bad,” and the perpetual borrower loses the
acquisitions gained through unwise borrowing, not to mention his
Do none of the rules apply here in the 21st Century “postmodern”
USA? Can the U.S. Government continue to conjure untold sums out of
thin air without consequence? We’re told that the amounts
“requisitioned” to this point are just the beginning. There will be
other sectors vital to the economy that will require emergency
infusions as we go forward. Some being bailed out, having failed to
restructure or reform practices that created their predicaments in
the first place, are expected to burn through their “rescue
packages” and present the nation with the same dilemma again within
a year or less.
Will the Government continue acquiring “ownership stakes” in the
private sector as future infusions are needed? Is this the beginning
of the end of our
It seems that most respected analysts, including some of the world’s
wealthiest billionaires agree that the “bailout” moves underway are
absolutely necessary to prevent the nation, maybe the world, from
falling into a full blown depression. Some are said to believe (off
the record) that’s where this thing is headed, and that
it’s only a matter of time. But on the record, when panels of
financial gurus are assembled to explain what is being done and how
it will turn out, no one seems to be able to make sense of the
situation. Does it not ultimately accrue to massive debt for us all?
And is massive debt not something akin to enslavement, or has the
government become so powerful that it can suspend the very nature of
It appears as though the concept of “limited
government” as espoused by our founders is no longer applicable.
Never mind so called “free market solutions.” They are not proposed,
and besides, the emergencies that have everyone in the highest
offices in the land so frightened, have required immediate
intervention. They claim there is no time to consider any potential
solution other than massive infusions of government cash.
Meanwhile, we still see and hear what must be expensive advertising
from companies offering ways to reduce, consolidate, or settle your
credit card debts for “pennies on the dollar.” Does default no
longer carry any stigma?
It seems that all the conventional wisdom regarding borrowing,
lending, “counting the cost,” living within means, all of it is out
the window when it comes to the audacious power wielded by the
arrogant politicians who’ve essentially bought their positions from
their constituents, with tax dollars. We’ll just have to wait and
see how it all turns out, because nobody is able or (more
likely) willing to tell us.
A familiar Proverb advises, “A good man leaves an inheritance to his
children’s children.” In light of the actions being decreed in high
places, what will be the inheritance of our children’s children?
It’s looking more and more likely to be nothing like the world we
grew up in. And that goes well beyond economics!
Breaking News Stories
here for the latest news stories on this subject.
–news stories added 28 Nov 2008
Change Coming to America
–by Jim Josephsen
Economic Meltdown - Averted or Just Delayed?
–by Mark Armstrong
Economic Collapse – Planned Disaster
–by Jim Josephsen
Are Now Due –by Jim
Global Financial Meltdown...Now Near?
–by Garner Ted
Will OPEC Bankrupt The US? –by
Garner Ted Armstrong
Is A GLOBAL ECONOMIC
MELTDOWN UNDERWAY? –by Garner Ted Armstrong
21st Century Watch
Is a Global Crash Just Ahead? –by
Garner Ted Armstrong Volume
1, Number 7
Will the Dollar Be Replaced as the World Currency?
Volume 2, Number 1
America's Economic Woes by Jim Josephsen
Quote by Garner Ted Armstrong:
|"For decades, I have warned that a global economic
collapse would precede the toppling of moderate governments,
the emergence of despots and dictators."
–Is A GLOBAL ECONOMIC
"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." –Global Financial Meltdown...Now Near?
List of Largest US Government Expenditures
The bailout has cost more than all of these big budget government expenditures –
• Marshall Plan: Cost: $12.7 billion, Inflation Adjusted Cost: $115.3 billion
• Louisiana Purchase: Cost: $15 million, Inflation Adjusted Cost: $217 billion
• Race to the Moon: Cost: $36.4 billion, Inflation Adjusted Cost: $237 billion
• S&L Crisis: Cost: $153 billion, Inflation Adjusted Cost: $256 billion
• Korean War: Cost: $54 billion, Inflation Adjusted Cost: $454 billion
• The New Deal: Cost: $32 billion (Est), Inflation Adjusted Cost: $500 billion
• Invasion of Iraq: Cost: $551b, Inflation Adjusted Cost: $597 billion
• Vietnam War: Cost: $111 billion, Inflation Adjusted Cost: $698 billion
• NASA: Cost: $416.7 billion, Inflation Adjusted Cost: $851.2 billion
TOTAL: $3.92 trillion
Left: Economic meltdown icon
Right: Economic meltdown icon