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ROKU App2012 Economic Outlook: What’s Beyond the Gloomy Forecasts?
Written by Larry Murray
Many economic forecasts for this year and beyond are gloomy. Is there anything we can do to hasten the real recovery that is coming?
Some economic forecasters are creative—almost humorous—in their dire predictions:
“Q: What economic model correctly forecasts the outlook for the European economy? A double dip recession, a V-shaped recovery or something else? A: The bathtub—a steep decline, a period of stagnation, then it [all] goes down the drain” (Pretoria News, Jan. 16, 2012).
On the heels of 2011, what’s ahead for 2012 ? Seen as the year that went dreadfully amiss, 2011 came on top of three consecutive years that were appallingly off the mark. Last year kicked off with revolutions in North Africa and the Middle East (the “Arab Spring”), which impeded oil supplies, drove up energy costs and stimulated inflation across the world.
These events were followed by an earthquake and tsunami that caused critical damage to nuclear reactors in Japan, which hamstrung the tentative Japanese economic recovery.
But then the danger of sovereign debt defaults took center stage. The possibility of creditor banks collapsing like dominoes made 2011 the year in which crisis summits became the norm for international policymakers.
More predictions
If that wasn’t bad enough, consider these predictions: According to Business Report, “Matthew Sharratt, the Bank of America Merrill Lynch’s South Africa economist, sees the US economy experiencing a triple dip, with growth in gross domestic product (GDP) at 1 percent by year-end after starting the period at 3 percent. …
“The US plunged global financial markets into disarray in August [last year] when it lost its triple A credit rating from Standard & Poor’s. [The problems of the U.S.’s] debt mountain, equal to about 100 percent of GDP, … remain unresolved, ahead of elections at the end of this year. …
“[Sharratt] forecasts China’s economic growth will slow further to 8.6 percent this year from around 9.2 percent last year” (“Vision of Triple Dip in US Augurs Ill for SA Growth,” Feb. 3, 2012, emphasis added).
Bloomberg columnist William Pesek maintains that Japan must move quickly to avoid a meltdown. He contends that “Japan’s economy is [rapidly] sliding towards irrelevance. … Japan’s toxic mix of too much debt, too little growth, too many old people and too few babies will end badly if Tokyo doesn’t get its act together.”
“The Euro crisis is unstoppable,” say Philip Saunders and Max King of Investec Asset Management (JBL Newsletter, January 2012). “A rolling break-up of the euro zone is a matter of when, not if. Bail outs and quantitative easing can only postpone the inevitable and make [matters] worse.”
Is America next?
Is America next? Actually, were it not for the crisis in Europe and the fact that America has for many years held the trusted status of the world’s main reserve currency, America would probably be in worse shape than Europe is now. In fact, if Europe does turn things around, America’s debt problems will likely take center stage.
Will the world help? Habakkuk 2:7-8 explains the consequences of greed and debt: “Will not your creditors rise up suddenly? Will they not awaken who oppress you? And you will become their booty.”
Deuteronomy 28:48 confirms the punishment for sin forthcoming upon end-time descendants of Abraham (which includes the United States and other English-speaking nations): “You shall serve your enemies, whom the LORD will send against you, in hunger, in thirst, in nakedness, and in need of everything.”
Deuteronomy 28:44-45 says that the foreigner “shall lend to you, but you shall not lend to him; he shall be the head, and you shall be the tail. Moreover all these curses shall come upon you and pursue and overtake you, until you are destroyed, because you did not obey the voice of the LORD your God.”
World’s maladies predicted
Once again, this demonstrates the total failure of man to solve problems of his own making. God is removing His blessings from arrogant, immoral, lawless, selfish and thankless nations. In Matthew 24:21, Christ warns of a time of “great tribulation.” This will befall the entire “house of Jacob”—descendants of Abraham’s grandson. It is called the “time of Jacob’s trouble” (Jeremiah 30:7).
The precarious state of America and the world today is predicted in your Bible. Incredibly, this is a book totally ignored by today’s world leaders. They simply refuse to heed its warning to repent, return to God and live the way He intended us to. Instead, they still maintain that they have the answers to the world’s maladies.
What should you do?
The wonderful truth out of all this is that a better world will eventually emerge: one in which people will live in harmony, with sufficient food for all and disease epidemics and natural disasters a thing of the past. At that time the entire world will be taught the way of peace! All nations will have the opportunity to live by God’s righteous laws (Isaiah 11:9).
What can we do to hasten its coming? Examine ourselves: Are we living according to God’s laws? If not, we need to come to God with heartfelt repentance. Make the change—there is not much time. Act now!
Larry Murray has been involved with computers most of his life, mostly large turnkey systems. He studied in Europe with students from all over the world, developing friendships that have lasted until today. He lives with Alet, his wife of 37 years, an artist, in Pretoria, South Africa.
For more about the blessings on Abraham’s descendants and why they are being taken away, as well as what we can do, see:
