Important Takeaways:
- Setup For The Black Horse: The World Is Teetering On The Edge Of Bankruptcy
- The global debt clock is spinning, reaching a record-high of $307 trillion this week. What does this mean?
- The amount of debt grew by around eight to ten trillion in just the first quarter of 2023 alone. It was recently reported that “The majority of low-income nations are on the cusp of a debt crisis, sparking fears of global contagion.”
- The global debt virus has infected the international economic system, and the world is teetering on the edge of bankruptcy, especially in many of these low-income nations. US debt just surpassed $33 trillion this week. Last month, Credit card debt, for the first time in American history, eclipsed $1 trillion.
- The US national debt is projected to exceed 100% of gross domestic product in the next two years. In around six years, the national debt is said to exceed its all-time high of 106% of the gross domestic product, which occurred in 1946, the year immediately following World War II. We know why we had so much debt then, but now it’s simply a result of runaway spending that politicians are not able to curtail.
- The cover of Newsweek from several years ago grabbed my attention. The front of the magazine read, “How Great Powers Fall,” showing an upside-down US Capitol standing on its dome. The cover further displayed the quote, “Steep debt, slow growth, and high spending kill empires. And America could be next.”
- According to the article, “Habsburg Spain defaulted on all or part of its debt 14 times between 1557 and 1696 and succumbed to inflation due to a surplus of New World silver.”
- “Pre-revolutionary France was spending 62% of royal revenue on debt service by 1788,” the author described.
- Ferguson noted that the Ottoman Empire went the same way: “interest payments and amortization rose from 15% of the budget in 1860 to 50% in 1875.”
- There’s a quote by a best-selling author named Robert Kiyosaki, “When people are struggling financially, they’re more willing to have a government save them, unwittingly exchanging their personal freedom for financial salvation.”
- We know that during the tribulation period, the third horseman of the apocalypse is riding a black horse and carrying “a pair of balances in his hand” (Revelation 6:5)
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