Peter Kirk connects a ‘prophecy’ from David Wilkerson to a British article on the expected End of the World brought to us by the Tea Party and their inability to compromise which many seem to think will caused a world wide debt and economic catastrophe. In part, David believes that,
And when the banks open the next day at 9 in the morning, $15 billion an hour is going to be withdrawn from our American banks -they’re going to be running our banks—the Arabs—all the Latin American countries, they’re going to be running our banks–and before the day is over, the USA is going to have to declare a “bank holiday.”
My first thought is the racial undertones in this statement, but then, I note the inability of anyone to control the banks, especially when Latin America would be hurt greatly, and the Arab community would suffer great loss since they would have no more money coming in for oil. His dire predictions are still just that, predictions. This is not the first time that he spoke to such matters, nothing that something was coming to the economic foundation of the United States, the great banking centers of the northeast. Do I believe him? I don’t really buy into supernatural prophecy as active means of forecasting, finding it a misuse of the ‘prophetic mantle.’ But, because I don’t believe in it, doesn’t make it untrue or unexamined. For example, one could take the ‘fires’ as a symbol of the ‘meltdown’ which sparked all of this, or as the coming ‘meltdown’ if Congress commits treason and fails to raise the debt ceiling. Again, I’m not saying to buy into it, but we should examine ‘prophets’.
The article, linked to, above, is from Will Hutton.
The results will be catastrophic, argues JP Morgan chief executive Jamie Dimon – a warning repeated by Obama. The US government will have to start to wind down: soldiers’ wages and public pensions alike will be suspended. But in the financial markets there will be mayhem. Interest rates will shoot up and there will be a flight from the dollar. Banks, uncertain about their expected income from their holdings of US Treasury bonds and bills, will call in their loans, creating a second credit crunch. Some may collapse. Even to get days away from such a prospect, says Obama, will now have costs: every creditor to the US has been shaken to the core by American politicians not taking their responsibilities as borrowers seriously. They will exact a higher price for lending in future, even if a bargain is struck now.
He goes on to attribute this the escalation in rhetoric and refusal to work out a real solution to the misuse of the Fourth Estate by Murdoch in creating and heightening the Tea Party’s image.
In our local paper, William Pfaff has an article which notes the reality of these budget issues:
By far the strangest thing about the American debate concerning national economic policy, currently concentrated on whether a law lifting the present limit on the deficit will or will not be passed, is that it has been conducted without discussion of the largest item in the budget. This is the aggregate cost of running military interventions of one or another kind in Afghanistan, Pakistan, Iraq, Libya, Somalia and sundry other unhappy and unlucky sites in the non-western world, and which includes the global program of illegal individual assassinations by drones or dedicated military or civilian killer teams — all in democracy’s name. Cut that, even merely its blatant excesses, and the budget problem would disappear.
In Sun-Tzu’s Art of War, we read,
2. Devastating the economy
Chapter II – 10. Contributing to a distant army impoverishes the state treasury. Contributing to maintain an army at a distance in turn causes the people to be impoverished.
11. On the other hand, an army nearby causes prices to go up and provisions to be depleted; and this steals from the people’s ability to sustain themselves.
12. When the local population is impoverished and its ability to sustain itself drained away, the people will suffer even as the government must exact more from them.
13, 14. With this loss of substance and exhaustion of strength, the homes of the people will be stripped bare, and three-tenths of their income will be dissipated; while government expenses for broken chariots, worn-out horses, breast-plates and helmets, bows and arrows, spears and shields, protective mantles, draught-oxen and heavy wagons, will amount to four-tenths of its total revenue.
He who wishes to fight must first count the cost. When you engage in actual fighting, if victory is long in coming, then men’s weapons will grow dull and their ardor will be dampened. If you lay siege to a town, you will exhaust your strength. Again, if the campaign is protracted, the resources of the State will not be equal to the strain. Now, when your weapons are dulled, your ardor dampened, your strength exhausted and your treasure spent, other chieftains will spring up to take advantage of your extremity. Then no man, however wise, will be able to avert the consequences that must ensue… In war, then, let your great object be victory, not lengthy campaigns. -Sun Tzu, the Art of War
I am reminded, however, of the fall of Babylon, as pictured in Revelation 17 and 18 when the city suffered economic collapse and brought down the entire world.
Should be a fun week.