It was not a good day for trading yesterday on Wall Street as the Dow tumbled 391 points yesterday. The U.S. came off their worst market levels and finished sharply lower in heavy volume trading. The Dow Jones finished at 10,733. Weekly jobless claims continue to remain above the 400,000 mark. Nationwide unemployment still remains around 9.2%.
For the last few years we've been hearing reports on television, the internet, and the media in general about the tanking economy in America and one of these days there will be a great crash and the dollar will be worthless. Efforts have been made to devalue our currency for a number of decades. Former president Richard Nixon took the U.S. off the last vestiges of the gold standard on August 15, 1971. Within the last three decades the nation's debt has ballooned at an unprecedented rate. Under the presidency of Ronald Reagan during the '80's, the nation's debt reached $1 trillion for the first time around either 1984 or 1985. Since that time the deficit has kept ballooning. Now it has reached past $14 trillion and within a few short years (if not that long), the nation's debt will surpass $20 trillion dollars. That's mind-boggling. Whoever would've thought our politicians would spend this nation to an oblivion? However, it's part of the globalist agenda to transform the U.S. from a capitalist to a socialist country. I believe President Obama has been chosen to place the finishing touches on completely transforming our nation. It won't take long to complete that goal. America will default on its debt before too long if something drastic isn't done very quickly. The only things that have saved our hide is the "willingness" (which I say lightly) by the American people to back the worthless money being printed by the Federal Reserve and China and some of the countries in the Middle East purchasing some of our nation's bad debt. If China was to default on our debt, it probably would place our economy into a complete tailspin. There have been talks of replacing the dollar with another form of currency. There will be a day during the Great Tribulation there will be a single currency under the new world order which will require people who want to purchase goods to have the mark of the beast stamped on them.
Another problem that's facing our country economically today is there's been a major exodus of manufacturing jobs within the last seventeen years, partly due to the the NAFTA trade agreement and GATT in 1994 which has resulted in lowering trade barriers with other countries. Before NAFTA was signed in 1993 the United States allowed Japanese goods to flood our market in the '70's and as a result it forced many of the electronics businesses in America to go out of business. It also resulted in a trade deficit with Japan as well. The United States has had issues with trade deficits since that time. There was once a time when the United States placed tariffs on imported goods. Those tariffs would fund the operation of the federal government. That was before the Sixteenth Amendment passed in 1913 which levied a federal income tax upon the American people.
Can the American economy recover? According to many economists, they claim that America is so far in debt there's no way our economy can recover. I've heard Glenn Beck say repeatedly on Fox News in the past that Americans will have to sacrifice because America is headed for hard times. He did say with our indomitable spirit, America can recover. I'm not sure that we can stop the spiraling nation's debt because of the compounded interest on our debt alone. It's difficult for the revenue that's coming in to pay the interest on our debt. We're not paying off the principle. With the loss of so many manufacturing jobs within the last several years, it will be difficult to draw the needed revenue necessary to pay off our nation's debt. We've digressed from a manufacturing economy to a consumer-based economy. As a result, America is no longer as independent and sovereign as she once was. We can't control our own destiny because our politicians have beholden this country to foreign interests such as China, for example. Another problem we have is we have traitors in both Houses of Congress and the White House. They have no political will to do what's best for America. They've been bought and co-opted by the forces of Nimrod. The Republicans who control the House don't even have the willingness to defund Obamacare. They wanted to convince the American people that they'll repeal Obamacare but the Republicans in the House won't seize the opportunity to defund Obamacare and all of Obama's socialist programs. That says a lot. That's why I'm not a fan of Michelle Bachmann, who's a presidential candidate for 2012. She repeatedly says in her campaign she will repeal Obamacare if she's elected president but she won't utilize the means necessary to motivate House members to defund this monstrosity. Therefore I'm not interested in hearing what she has to say.
Lastly we as the American people play a role in our nation's declining economy. How so? The last few generations of Americans have been content with borrowing money over their heads and as a result we can't afford to pay it back. We've become a nation that upholds the philosophy of instant gratification. If it's something we desire now, we'll purchase it on impulse regardless whether we can afford it. This didn't happen as a result of the mortgage meltdown of 2008. We the American people were borrowing over our heads long before that happened. Many Americans were in the habit of borrowing more they can afford when times were prosperous. The trend started in a major way with the Baby Boomers and that trend still continues with the youngest generation today. That doesn't mean all Americans from the Baby Boom generation all the way down to the present generation are financially reckless. There are a number of young Americans that are prudent with their finances. However starting with the Baby Boom generation we've become a very self-centered and materialistic nation. We are more interested in satisfying our selfish whims than looking ahead to the future.
Speaking of the housing crisis which resulted in the mortgage meltdown of 2008, one of the reasons why our nation's housing crisis took a huge tumble is because many Americans signed to purchase a home on a subprime loan, which means they couldn't afford the normal house payments. Also, Congress forced major banks such as Fannie Mae and Freddie Mac to dilute the requirements of home ownership. As a result, that set this nation on a course of economic disaster.
If there is any hope for our economy we must first repent of our sins individually and collectively as a nation (II Chronicles 7:14). We must turn back to God and follow God's prescription for financial prosperity as laid forth in the Bible. We must labor with our hands. We live in a lazy society today. Many people aren't willing to labor for their living like generations beforehand. Laboring can be wearisome. It's not easy. However, you can't be financially prosperous if you won't put your hand forth to the plow and labor diligently. Secondly, from a governmental perspective, we need to vote out incumbents from both political parties in droves in the 2012 general election, which is over 13 months away. We need patriots who will stand for God, Country, and the Constitution. We need lawmakers with integrity who recognize that the taxpayers' dollars aren't theirs' to squander. They need to take an axe to the vast majority of the federal spending that's taking place. They need to defund all those programs that are unconstitutional. They must shrink the size of government. We need to unhook our country from the Federal Reserve. The Federal Reserve is the reason why our currency is in the mess that it's in. They have no right to dictate how our federal dollars are to be spend. Thomas Jefferson once said that a private central bank issuing public currency is more of a menace to our country than an invading army. The Federal Reserve is no reserve bank. It's a consortium of international bankers who control how our nation's dollars are spent.
Congress also needs to repeal the vast majority of regulations that stifle economic growth. They need to repeal the Sarbanes-Oxley Act of 2002 and the Dodd-Frank Street Reform and Consumer Protection Act in 2010. They need to abolish the current tax code and either institute a flat tax or a national sales tax. They need to allow small and medium-sized businesses to have full sway in the marketplace. The factors of production shouldn't be determined by the government. The free market should determine supply and demand--not the federal government. Congress also needs to renege on NAFTA, CAFTA, and other free trade deals that have resulted in America losing millions of jobs overseas. NO nation can be prosperous if it doesn't have a manufacturing base. We must utilize our resources to become the most prosperous nation in the world. America has been abundantly blessed by God over the years. We've allowed the ruling elite to destroy this country and make it difficult for the nation to prosper. I do recognize that not all of the problem lies within Washington. We as Americans are at fault in certain areas as well (such as borrowing and spending for example). We need to learn that prosperity doesn't stem from government. The government doesn't create wealth. That's something only the private sector must do. We must turn back to the founding principles of this country if there's a chance for America to recover economically.
The most important thing is for America to turn to God and recognize he's the only hope for our lives. If we'll turn to him and follow the precepts in His word, then everything else will fall into place.
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