Rumor has it that the politicians and the money powers that be, nationally and globally, have a plan that would eliminate all debt and intend to put it in place and restart up again under a totally changed economic system. Things are so chaotic within the fiscal world that such is the only solution.
Absolutely ludicrous--unthinkable--you say? Well, I thought so, too, until the rumor began taking on more and more legitimacy just this past week.
Rush Limbaugh made a special point of the fact that it came to his attention that the planners of the Obama administration were rumored to be considering such an option immediately, or not long after beginning a second term. All debt would be written off with a stroke of the presidential pen and a new monetary regime, excluding the old dollar, would be put into place.
He didn’t give details, but who could possibly give details on what such a change would take–and would mean? Such rearrangement would have incalculable ramifications and consequences, it seems to me.
So, I pushed that to the back of the cogitations of my gray matter. Then, I began seeing stories appearing talking about such possibilities as wiping out debt and replacing the system with something…exactly what, who knows?
One such article, in particular, I’ve excerpted here.
So there is a magic wand after all. A revolutionary paper by the International Monetary Fund claims that one could eliminate the net public debt of the US at a stroke, and by implication do the same for Britain, Germany, Italy, or Japan. The IMF reports say the conjuring trick is to replace our system of private bank-created money.
One could slash private debt by 100pc of GDP, boost growth, stabilize prices, and dethrone bankers all at the same time. It could be done cleanly and painlessly, by legislative command, far more quickly than anybody imagined.
The conjuring trick is to replace our system of private bank-created money--roughly 97pc of the money supply--with state-created money. We return to the historical norm, before Charles II placed control of the money supply in private hands with the English Free Coinage Act of 1666.
Specifically, it means an assault on "fractional reserve banking." If lenders are forced to put up 100pc reserve backing for deposits, they lose the exorbitant privilege of creating money out of thin air.
The nation regains sovereign control over the money supply. There are no more banks runs, and fewer boom-bust credit cycles. Accounting legerdemain will do the rest. That at least is the argument. (Ambrose Evans Prichard, "IMF's Epic Plan to Conjure away Debt and Dethrone Bankers," Telegraph, 10/22/12)
All one has to do to imagine the upheaval such a thing as writing off all debt and beginning again would bring is to think of one word –China. Imagine that the U.S. says to China, “We are writing off all we owe you. Hope you will understand.”
Now, I’m no economist, and I realize all of the above is so shallow in its pondering as to probably make yours truly appear a simpleton to those with acumen within and great knowledge of global economics. But, I do know that the Chinese leadership would not take kindly to our saying: “We’ve decided to just not pay you back. Now, won’t you please join us in this new monetary experiment?”
And that brings me to the point that such an undertaking as writing off debt and beginning again could never be as simple as a stroke of the pen. We have contemplated often that there is no way out of the economic morass in which this nation and the world are now imprisoned. We have considered often that either something must be done or the U.S. and the world face catastrophic implosion.
Love of money is the root of all kinds of evil, Paul tells us through divine inspiration (1 Timothy 6:10). So, it is fitting that this world of rebels has made its own bed and now must climb into it.
That rebellious world will still be the same in its comportment following this presidential election. No matter who wins, America and virtually all other nations face the prospect of stark change or total implosion. And that is just considering the economic circumstance. Throw into the mix the Middle East rumors of war and the myriad potentially devastating problems on the horizon, and to paraphrase the late Sen. Everett Dirksen regarding billions of dollars in spending the government was already doing, pretty soon you’re talking some real problems.
Whoever is the president after the next inauguration, their task is not to be envied. However, I’m convinced that Christians can continue to look forward to the brightest of all futures, because God’s most devastating judgment is reserved for the time when Jesus intervenes and brings His Bride, the church–all born-again believers—into His presence and takes them to the Father’s house (John 14:1-3).
We are in the end times the Lord described as like the days of Noah and the days of Lot. The same day those men and their families were removed from their judgment-bound environments, judgment fell. That’s why the total implosion of the economy continues to loom rather than occur.
When the Lord calls as recorded in 1 Thessalonians 4:16-17, the crash so feared will cascade upon this doomed world. “For the Lord himself shall descend from heaven with a shout, with the voice of the archangel, and with the trump of God: and the dead in Christ shall rise first: Then we which are alive and remain shall be caught up together with them in the clouds, to meet the Lord in the air: and so shall we ever be with the Lord.”
Now, that will truly be a startling starting over!
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