America is in the grip of major economic upheaval. Unemployment is rising; some of the largest and more prestigious financial companies suddenly are bankrupt; some investors cannot get money out of investment accounts. In one word, "fear" is gripping many in our nation - fear of a financial meltdown. Some are turning to the government to fix the problem; others are looking at their own wisdom; while others choose to deny that any storm raging will strike them.
What is the basis of the problem?
We - individually, in our corporations, and in our governments - owe $57 trillion dollars. Much of this massive debt was highly leveraged for companies, meaning for every dollar in capital, companies owed 30, 40 or even 50 times more. A family with a home equity of $50,000, retirement savings of $50,000, and a $10,000 emergency fund would owe $5.5 million dollars using the same leverage. While that type of leverage looks ridiculous for individuals, corporations did the same thing. Habakkuk wrote: “Will your debtors suddenly arise? Will they not wake up and make you tremble? Then you will become their victim.” Habakkuk 2:7
We don’t need a degree from the Harvard Business School to live within our means. We do need to exercise Biblical truth. Living without TRUTH is the problem. One individual borrowing $5 million dollars with $110,000 is irrational, but investment banks did the same thing - only with more money. Likewise, when businesses or governments take on massive borrowing, a day comes when no one will lend to us and the results will be devastating.
How did we get here?
First, debt is a curse, never a blessing. Deuteronomy 28 As King Solomon wrote, “The borrower is a servant to the lender.” Proverbs 22:7
Second, borrowing presumes on the future. James wrote: “Now listen, you who say, 'Today or tomorrow we will go to this or that city, spend a year there, carry on business and make money.' Why, you do not even know what will happen tomorrow. What is your life? You are a mist that appears for a little while and then vanishes." James 4:13-14
Third, we all prefer to spend more than we make. Corporations seemed to believe that the more they borrowed, the more money they would be made. Governments, likewise, believe they can spend now while borrowing to pay later. Consumers also often buy something now, agreeing to pay later.
What should Christians do about it?
First, we need to accept personal responsibility if we have borrowed beyond our means. King David wrote: “The wicked borrow and do not repay, but the righteous give generously.” Psalm 37:21 Borrowing money we can’t pay back is like any sin; we need to confess to the Lord and as appropriate to others, turn from the sinful behavior and move forward with God’s mercy, never to repeat that action again.
Second, if we haven’t borrowed or are in a good financial situation, we need to focus on thanking the Lord for sparing us this crisis personally, and be careful not to become prideful in today’s brutal environment. Anyone’s situation can change literally in one hour, or less.
Third, we can pay down any debts. Steps taken to reduce debt are better than allowing debt to grow.
Fourth, we need to brace for the likely consequences of our national borrowing binge. Stay focused on the Lord; ask for His guidance and wisdom. Christians can navigate through the storms that would otherwise sink many ships. God will lead us to good choices better than any Wall Street analyst.
Finally, draw near with your family and close friends. Be willing to lend a hand, ask for a hand if needed, and bear one another’s burdens. In times of stress and upheaval our personal relationships will help carry us through.
Where are the opportunities?
When we choose to make Christ alone our anchor, we become the peaceful calm in the midst of the storm. King David wrote: "He (God) will cover you with His feathers, and under His wings you will find refuge; His faithfulness will be your shield and rampart." Psalm 91:4
As more and more financial security is ripped from people, and their world collapses, people will see the need for the Lord. The day of trusting in our bank account, home, government or business will be forced to end. We can then share our Hope is in Christ, so “ be quick to give an answer for the Hope that is within us.” I Peter 3:14-16
When you follow these simple guidelines from Scripture, don’t forget your tithes and offerings this Christmas as they will be even more important in funding the Lord’s work. While God does not need our money for ministry, out of a grateful heart we should want to support His work during a critical time.
If you have benefited from CEN advisories, security briefings, readiness training, and city network consulting services this year, will you prayerfully consider a gift for the CEN ministry to continue next year? Thank you, in advance, for equipping Christians to be ready to respond with His Hope in these uncertain times? DONATE
Remember, this is a time to respond as a ReadyChristian, one who understands regardless of how broken the world becomes, and how broken the people in our world are, we have an opportunity to share with those in crisis the only true Hope, is Jesus Christ!
For interviews with Mary Marr, CEN Founder and President:
mary.marr@christianemergencynetwork.net
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