This may sound
harsh: The shamans of this age are the economists who cast themselves in the
garb of the “wise men of prosperity”. This is not an exaggeration; it is a
clear-eyed perspective on what is reality. The proofs are clear and obvious.
While they hold
themselves out as the high priests of Mammon, they rely upon false precepts.
Here are the major reasons why much macro-economic theory today is
vulnerable and wrong.
Firstly, it is a secular field of study which is not a science and is
subject to psychology (which is also not a science).
Its popular theories make no reference to morality or the fallen nature of
It is fraudulent in that it treats the behavioural choices of mankind as a
science and ignores the metaphysical properties of human affections and
it endorses the humanist prescriptions for the “happiness” of man.
The proof of this
opinion is in the pudding. How so? The record of the predictions made by
mainstream economists is abysmal. There is no correlation to correctness
whatsoever. As John Kenneth Galbraith once quipped, “The only function of
economic forecasting is to make astrology look respectable.”
are completely unreliable…and often fraudulent and immoral. A staggering
example of this was the eruption of the Global Financial Crisis (GFC) in
2008. The macroeconomics community did not see it coming; instead, they
continued to prophesy prosperity. Today, though no small number of
economists are concerned about the complete failure and invalidation of
their profession, there still is no consensus as to the causes of the GFC,
although the causes are plainly seen by anyone with a measure of common
That was only a few
years ago. Today, we see a much, much worse situation. Astoundingly, the
failed macro-economics advisers still continue to have the ear of
governments and transnational organizations like the United Nations, the
International Monetary Fund and others despite the fact they have been
resoundingly defrocked. Their prescriptions today are therefore ever more
ridiculous and corrupt.
It is remarkable to
observe the immorality that is overlooked in the prescriptions of the
modern-day political economy. Frankly, it is stupefying. The fact that
financial and systemic problems around the globe remain serious, no doubt
has created an environment of urgency and desperation for policymakers.
Advice of the False Priests
There were many
causes of the Global Financial Crisis, some of these building up over
decades. Finally, several years ago, the breaking point arrived. When we say
that the causes are commonsensical — discernible to anyone with common sense
and moral fibre — we do not necessarily mean to imply a simplistic analysis.
Let’s face it.
Policymakers had been spitting in the face of obvious consequences for
decades. Did anyone ever really believe that aging populations would not
have a serious effect on economic healthfulness?
Just who thought up
the great lie that financial markets and pension systems would surely
absolve societies from low birth rates? The source of all productive wealth,
everything being equal, is human labor. Without humans and without labor
there could be no such thing as wealth. The Bible says “Children are a gift
from the LORD; a productive womb, the Lord’s reward. As arrows in the hand
of a warrior, so also are children born during one's youth. How blessed is
the man whose quiver is full of them! He will not be ashamed as they
confront their enemies at the city gate” (Psalms 127:3-5). Of course, people
are free to make their own choices with respect to the choice of their
“treasure.” In doing so, one also chooses consequences.
In all seriousness
(as this may be thought a joke) many economists today continue to argue that
more debt is the solution to current economic problems. Without a doubt,
soaring indebtedness and its hand-maiden — the increasing concentration of
wealth — have played a foundational role in setting the stage for
ground-shaking crises such as the GFC. Therefore, would more debt and even
richer elites be the solution? Yes, say many economist scribes.
remarkably, such policymakers as Dr. Ben Bernanke (head of the U.S. central
bank) and Mario Draghi (head of the European Central Bank) (these the two
most powerful central banks in the world) are celebrated today for their
actions of massive money printing and support of increasing government
indebtedness. They are considered geniuses. However, the cheering section
celebrates much too soon. The final and most terrible consequences have yet
to come. Observers and commentators confuse the pleasures of sin with the
wages of sin. Short-term deferral only leads to greater consequences over
the long-term; the Bible outlines the folly of such thinking.
Next, as public
unrest and protests are rising around the world, virtually to a person,
people are rejecting the inconvenience of the solutions to past excesses.
Now that the harsh consequences of spendthrift ways and reckless and
deceitful policies have arrived, people blame “austerity” policies for their
hardships. You reap what you sow and not the other way around. If one has
borrowed too much, is it then unjust suffering to be required to pay it
back? If an individual or government has been a poor steward, living beyond
their means, is it unreasonable to reduce one’s spending? Apparently so,
according to the popular mores of societies today.
“High Science” of Modern Economics
On the strength of
Biblical benchmarks of truth and righteousness, we have made the statement
that much of modern-day economic policy is corrupt and immoral. Let us cite
a few simple examples as proof.
There is now virtual
consensus that countries need to have their own currencies if they are to
weather the unwanted consequences of their unwise fiscal or monetary
policies. Why? So it is easier for them to transfer the burden of their
misalignments to the rest of the world through currency debasement. In a
number of ways, this is the same as stealing. It forces losses on foreign
creditors and also has the stealthy impact of illicitly transferring wealth.
But never mind. To do so is considered wise and sophisticated policy,
endorsed by the shamans of prosperity. The morality of this “science” is
question is then how a country can rescue its economy without raising debt
further? Why, you must print new money, literally creating money with the
stroke of a pen or the click of a mouse. Effectively, this is happening
today in many nations. In short, what this means again is that there are
illicit wealth transfers between different members of society and theft must
be officially endorsed. The victims may be the retired, the elderly, or the
defenceless. Those in the know tend to become wealthier while the unwitting
become ever poorer.
The Bible comments
on the similar conditions that afflicted both Israel and Judah in Old
Testament times: “The people of the land practice extortion and commit
robbery; they oppress the poor and needy and mistreat the foreigner, denying
them justice” (Ezekiel 22:29). There are many similar indictments from the
Bible that we could quote. These all apply to conditions that we see in
financial markets and economies today.
perverse example is that, again, the wages of past wrongs are confused with
the cause of the problem. In other words, it is not the original “wrong”
that is blamed, but rather the rectification and fixes required to right the
past wrong. What is the answer to this dilemma today? Stop the fixing! Let’s
not pay for the past wrongs because it is unpopular and will not re-elect
politicians. Let’s instead repudiate our debts and default on our loans.
Again, there are plenty of shaman economists today who counsel the wisdom of
default to individual countries. What they also fail to recognize (besides
its sheer immorality) is that were all the nations of the world to follow
this advice, there would be an utter collapse of global financial systems.
There are many other
delusions that are being prescribed by policy economists today that we could
outline. Suffice it to say that the attitude of the nations is pretty much
as it was in the time of Isaiah. “They say to the seers, 'Don't see
visions,' and to the prophets, 'Don't give us visions of what is right!
Instead, tell us welcome things, prophesy illusions’” (Isaiah 30:10). The
only difference is that this condition today applies globally and not to
just one country as was the case in ancient Israel.
With this comes a
dire warning: “Woe to those who call evil good and good evil, who put
darkness for light and light for darkness, who put bitter for sweet and
sweet for bitter” (Isaiah 5:20). These “woes” are already afflicting the
calls and ravings of the macroeconomic policymakers mirror the time of
Elijah’s challenges to the many priests of Baal and Asherah on Mount Carmel
(See 1 Kings 18). Their beliefs and chants were totally ineffectual. They
could not summon Baal to light their altar. Moreover, none seemed to
acknowledge that the three year drought in Samaria at that time had been the
very consequences of their policies to begin with. The Bible does not state
it as such, although the essence is the same. God allowed the drought
because Israel had turned to worship pagan gods. These pagan gods had
different and immoral prescriptions for “prosperity.” “The prophets
prophesied by Baal, following worthless idols” (Jeremiah 2:8).
What about the
monetary charlatans and magicians of today? Does the Bible have anything to
say about them? Very definitely!
The Bible on
The Bible frequently
talks of scales (or “balances” in the KJV). Honest scales were a command to
the Hebrews: “Use honest scales and honest weights, an honest ephah and an
honest hin” (Leviticus 19:36). The prophet Ezekiel warned Israel and Judah:
“You are to use accurate scales, an accurate ephah and an accurate bath”
(Ezekiel 45:10). This is a most serious indictment and the writer of
Proverbs confirms the intensity of this command numerous times. God “detests
dishonest scales” (Proverbs 11:1, 20:23).
Moreover this simple
statement about scales strikes right to the heart of modern-day monetary and
economic conditions. The scales have been tampered with in monstrous
fashion. The weights from the “bag” are subjective, illusory and corrupt.
In this connection,
the OT prophets indicate to us how economically corrupt Israel had become:
“The merchant uses dishonest scales and loves to defraud” (Hosea 12:7). In
fact, this attitude of fraud was embedded in society. “’When will the New
Moon be over that we may sell grain, and the Sabbath be ended that we may
market wheat?’ — skimping on the measure, boosting the price and cheating
with dishonest scales […]” (Amos 8:5). Skimping, boosting, and cheating were
In this writer’s
opinion, conditions today are much, much worse. Our society accepts that
fraud, promotion, untrue advertising, exaggerations, product fillers, “white
lies”, greed of corporate executives, biased corporate lobbyists, rigged
financial markets, and manipulations of powerful financial elites are the
normal way to do business. This is the way of this late age. It will meet
its prophesied destiny as God is not mocked.
WILFRED’S FREE NEWSLETTER
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is a global economist/strategist. Formerly a top-ranked global analyst,
research director for a major Wall Street investment bank, and head of
Canada country’s largest global investment operation, his writings focus on
the endtime roles of money, economics and globalization. He has been quoted
around the world and his writings reproduced in numerous other publications
and languages. His 2002 book The Endtime Money Snare: How to live free
accurately anticipated and prepared its readers for the Global Financial
Crisis. His newest book, Global Financial Apocalypse Prophesied:
Preserving true riches in an age of deception and trouble, looks further
into the future.