Many commentators around the world today decry the results of
poorly-regulated financial industries, cronyism, imbalanced wealth
distribution and, of course, unbridled greed. Some of this rising criticism
is no doubt the result of the ongoing Global Financial Crisis (GFC). We
still use this term, though it has virtually disappeared from the media.
Why? Everyone wants to believe that the crisis is over…in the past…and that
humanity is back in its global ascendancy.
In our view, the GFC continues. It is not over; only changing its spots. The
West—namely the countries that have had significant Christian populations in
the past, most of which are Roman-Offshoot countries—is likely in a steep
decline. Based on our view that we are in the very last days, as God’s
timepiece (Israel) has begun to revive, it is highly likely that all of the
economic and financial maelstroms being witnessed in the Western world will
drive the geopolitical processes that produce the final “10-king” period of
Most observers do not recognize the problems that are now unfolding in
Europe as being part of the GFC. They believe that since America has been
relatively stable of late (but hardly in solid shape), as compared to the
debt and banking crises of Europe, that the GFC is over. Not at all. The
reality is that only the beginning chapters of the GFC have ended. Others
have yet to play out. America may have been the “ground-zero” and the
catalyst to the GFC starting in 2008, setting off contagions that radiated
all across the globe. But, there are more chapters ahead and the focus will
again move back to the U.S. at some point…possibly before year-end.
Yet, where is the real “ground zero” that underlies all these different and
rotating crisis zones in the world? Most policymakers and economists
specializing in macro-economic policy and political economics are stumped
themselves and have no definitive answers.
It would not be an exaggeration to say that the current gridlock in
geopolitics and policy is unprecedented in the annals of mankind. Why
unprecedented? The issues that are being debated are not only grave, but
also are taking place in a forum that is more globalized than ever before.
International transnational groups are meeting more frequently, frantically
searching for solutions. The G20 has been meeting as many as 3 times per
year. The Europe Union now has had 18 meetings since the “euro” crisis
erupted in 2010.
Despite the well-documented despondency and heightened state of crisis, very
few identify the root of the problem. Why? There are a number of reasons: We
will list some of them.
The Bible says that “blindness” is effectively the “consensus view” of
world. The opinion of the majority is taken for truth, and indoctrination
without critical examination.
However, spiritual lies have repercussions in the real world. Says Paul: “Having
the understanding darkened, being alienated from the life of God through the
ignorance that is in them, because of the blindness of their heart”
Many people are simply too harried, trying to live and survive from day to
day. They are hardly inclined to ponder the greater significance of the
problems and policies of the world.
Perhaps, the cares of this world have consumed them (Matthew 13:22).
Many people are given over to indulgence and temporal amusement (Luke
21:34)…the proverbial “couch potatoes” of modern consumer culture. Or, in
their narcissism, they simply do not care about anything other than their
own fleshly satiation (Luke 8:14).
Deliberate misinformation and deception—this is a societal condition in
godless cultures…one that characterizes the entire world in the last days.
And finally, the world does not have a Biblical worldview and does not
accept the cosmological agenda that is underway. They reject the Lord.
Therefore, they are without benchmarks and guidelines.
We have put this latter point last, so as to comment on it further.
Critically, it should be first in the list. Readers no doubt seek to adopt a
Biblical worldview, and in so doing can recognize the world’s populist and
secular views. Though the Bible and its claim to absolute truth may be
increasingly rejected and banned, it remains the only reliable benchmark of
both truth and human conduct on earth. Of course, such a view is outright
ridiculed today. Moreover, people holding such views are being openly
But, which perspective will be proven true—the world’s or that of the Bible?
There is no other ancient historical document with such documentation,
accuracy, consistent causality, and pedigree. While critics search for its
flaws and make mountains out of small, irrelevant copyist errors, secular
academia remains awed by its historical accuracy like no other ancient
document of its scope.
Moreover, while the Bible may not be liked (Why? Because the Lordship of the
God of Israel and the Bible is rejected); and though doubts and attacks have
been heaped upon it over the millennia, it has never been conclusively
disproved. To those who choose to accept its words as they are written and
meant—whether they be academics, intellectuals, laypeople or babes—God’s
inspired communications to mankind are thoroughly satisfying as Truth. It
holds infinite depths that even the most brilliant humans cannot fully
grasp. It is also true that,
“The person without the Spirit does not accept the things that come from the
Spirit of God but considers them foolishness, and cannot understand them
because they are discerned only through the Spirit” (1 Corinthians 2:14).
As far as concerns the future, the Bible has never been shy to position
itself contrary to the supposed wisdom of mankind and its elites. It has
never suffered self-doubt. It doesn’t need to have all of its prophecies and
wisdom validated over the next week or year. Whether over a human lifetime
or a millennium, it can wait to prove itself. It has proven true and
reliable to date. Impatience and a penchant for immediate fulfillment have
always been the vulnerability of mankind, which has wanted to only hear what
is pleasing and to have the predictions of its soothsayers come true right
Most certainly, a Biblical worldview provides the most truthful information
and predictive insights, though not forecasts timed to the hour or the day.
Of course, such a statement again will only prompt guffaws from the world’s
“wise.” Especially so the economics community. This faculty of “fraudulent
science” has worked hard to eliminate all admission of morality, concepts of
right and wrong, the consequence of human action (i.e. wages of sin), and
the basal, sinful nature of the lusts of mankind. Political economists are
prime candidates as the modern-day equivalent to the false prophets of Old
Testament times. More to the point, though revered as “scientists,” they are
really behaving as godless shamans.
Today’s Shamans Defrocked
Economists, who cast themselves in the garb of the “wise men of
prosperity”—providing consulting to high governments and institutions—are
really the shamans of this age. They hold themselves out as the high priests
of the religion of Mammon. After all, “prosperity” is the dominant religion
today. It may take many forms; nevertheless, its views are both fraudulent
and woefully temporal. How so?
Much macro-economic theory and political economy today, revered as it may
be, is wrong. Its disposition is fundamentally godless. Consider these
It is a secular field of study subject to the whims of human psychology
(which is also not a science).
Moreover, today’s economic wisdom makes no reference to morality or the
fallen nature of man. This is virtually never admitted.
It is fraudulent in that it treats the behavioral choices of mankind as a
science and ignores the metaphysical nature of Money and human affections.
Additionally, it endorses the humanist prescriptions for the “happiness” of
Not only is its frame of reference godless, but also the errors and failures
of modern-day theories of political economy and macroeconomics, are both
manifold and well documented. The track record of the predictions of
establishment economics is abysmal. There is no correlation to correctness
whatsoever. This, of course, is no different than would apply to anyone who
attempts to prophesy, whether by the reading of chicken entrails or complex
econometric models of human behavior.
This allegation also applies to so-called Christians who are prophesying
extra-biblical views, or even speculative interpreters of Bible prophecy
that go beyond what Scripture actually says. It is only God’s prophets who
spoke truth and whose pronouncements came to reliable fulfillment. And,
moreover, these prophets were never sleeping lapdogs or hardly ever inclined
to pander to people’s fleshly appetites.
But, let’s get back to today’s favorite “false prophets”…the modern-day
world’s version of lying prosperity merchants. As a profession, economists
have been woefully wrong. As John Kenneth Galbraith once quipped: “The only
function of economic forecasting is to make astrology look respectable.”
Their predictions are completely unreliable and
often fraudulent and immoral, as we will yet show.
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 (as some still continue to do today).
That said, there is not a small number of economists who are concerned about
the complete failure and invalidation of their profession. To date, there
still is no consensus among them as to the causes of the GFC and why it was
not anticipated, though its roots are plainly seen by anyone with a measure
of common sense.
However, the folly continues and worsens. That the financial and systemic
problems around the globe remain serious, no doubt has contributed to an
environment of urgency and desperation for policymakers seeking solutions.
As such, even though macro-economic advisers have been resoundingly
unfrocked and discredited, they still continue to have the ear of
governments and transnational organizations such as the United Nations, the
International Monetary Fund and others. Their prescriptions are therefore
today even more ridiculous and corrupt, even overlooking the base immorality
in the prescriptions of “modern-day political economy.”
The Laughable Advice of the False Priests
There were many causes of the Global Financial Crisis, some of these
building up over decades. Policymakers had been spitting into the face of
obvious consequences for decades. Eventually, this being several years ago,
the breaking point arrived. But when we say that the causes are
common-sensical—discernible to anyone with any common sense and moral
fiber—we don’t necessarily mean to imply a simplistic analysis.
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 pensions systems would surely absolve societies
from low birth rates? Just what basis was there for the belief that
heightening debt levels and ever-widening wealth distribution imbalances
would have no consequence? Wouldn’t supposedly intelligent economists know
that the inflating of fictitious financial wealth only provides a false
illusion of real wealth? Like a loaf of bread pumped up with yeast to
several times its original size, it has not one iota more of caloric value
than its unleavened version.
The source of all productive wealth (outside physical creation itself and
everything else 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!” (Psalm 127:3-5). Of course, people
are free to make their own choices with respect to the choice of their
“treasure.” However, 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 handmaiden—the
increasing concentration of wealth—has played a foundational role in setting
the stage for the ground-shaking crisis now raging throughout the Western
world. Therefore, would more debt and even richer elites be the solution?
Actually, yes, say quite a number of economist scribes.
Even more remarkable, such policymakers as Dr. Ben Bernanke (head of the
U.S. Central Bank) and Mario Draghi (head of the European Central Bank).
These two most powerful central bankers in the world, are celebrated today
for their actions of massive illicit money printing and contributing to
increasing government indebtedness. In this they are considered to be acting
lawfully, and moreover are considered geniuses for having supposedly
forestalled deeper economic recessions.
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 deferrals only lead
to greater consequences over the long-term. The Bible outlines the folly of
denying these truths. The world is assured that it will reap what it sows.
sows to please their flesh, from the flesh will reap destruction” (Galatians
Not surprisingly, such views are not to everyone’s liking. Public protests
are therefore rising around the world. People are rejecting the solutions to
past excesses and mistakes. Why? Because such actions are inconvenient and
too regimented. Now that the harsh consequences of spendthrift ways,
reckless and deceitful policies, have arrived, they now blame “austerity”
policies for their hardships. 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.
We see this same attitude displayed during the Tribulation period, according
to Bible prophecy. Rather than acknowledging that the judgments are due to
God’s wrath against their sins and idolatries, they continue to curse God.
They do not connect the wrath to their wrongdoings. (See Revelation 16:9
“[…] they cursed the name of God, who had control over these plagues, but
to repent and
glorify him.” See also verses 11 and 21.)
Ahab, King of Israel, took the same confused perspective, accusing Elijah of
being the “troubler
of Israel” (1 Kings 18:17). Elijah responded with the truth: “I have not
made trouble for Israel…But you and your father’s family have. You have
abandoned the Lord’s commands and have followed the Baals” (verse 18).
Jeremiah’s warnings to the remnant of Judah who had fled to Egypt, was
refuted with this same perverse thinking.
“We will not listen to the message you have spoken to us in the name of the
LORD! We will certainly do
everything we said we would: We will burn incense to the Queen of Heaven and
will pour out drink offerings to her just as we and our ancestors, our kings
and our officials did in the towns of Judah and in the streets of Jerusalem.
At that time we had plenty of food and were well off and suffered no harm.
But ever since we stopped burning incense to the Queen of Heaven and pouring
out drink offerings to her, we have had nothing and have been perishing by
sword and famine” (Jeremiah 44:16-18).
In the same way, the world rejects the consequences of liberty misused. To
this end, the world finds for itself lying “false high priests” that provide
the sanctification and/or justification for their lawless ways. Not only can
such distortions be found in any religion, it applies to all human belief
systems. “Pleasant” prophecies (i.e. economic forecasts) are sought and
correction is rejected. In this sense, we have the lapdogs of Wall Street
and its sister industries around the world, that provide inventive
sophistries to support any optimistic outlook no matter how dire the
situation may look. Very few of them will bark when trouble approaches.
Like conditions described for Israel and Judah in the Old Testament: “[…]
they did not listen or pay attention; instead, they followed the stubborn
inclinations of their evil hearts. They went backward and not forward” (Jeremiah
7:24), we can certainly acknowledge that we are living in a time very
similar: “[…] the Lord laughs at him because he sees that his day is coming!
(Psalm 37:13). As in spiritual matters, so in all matters of human wisdom:
“Where is the wise person? Where is the teacher of the law? Where is the
philosopher of this age? Has not God made foolish the wisdom of the world?”
(1 Corinthians 1:20).
Next, in the final part of this series, we will outline the Bible’s view on
today’s global economic conditions and its outcome.
For resources on “endtime economics” and to subscribe to the free
newsletter, Eternal Value Review, visit Wilfred’s website
or contact him at:
is a global economist/strategist. Formerly a top-ranked global analyst,
research director for a major Wall Street investment bank, and head of
Canada’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.