After settling down early this year, the European debt crisis appears to be rearing its ugly head again and its effects are spreading to this side of "the pond", as it were.
A few recent events:
*A Greek candidate caused stock markets' fear when he suggested repudiating prior austerity agreements,
*French voters, weary of austerity, threw out Pres. Sarkozy,
*Greek savers are running on banks,
*Moody's downgraded over a dozen Spanish banks today,
*And today the U.S. stock market has dropped for the 11th day out of the last 12,
These signs are just a few showing the crisis in Greece is getting worse and the "contagion" is spreading in severity throughout Europe and affecting the US stock market as well.
The U.S. stock market has given back much of the gains achieved in the first quarter of 2012 in May. Today, gold and silver, traditional safe havens, spiked higher after having a recent lull. The market dropped over 150 points today with the Dow Jones average just over 12440 after being over 13000 earlier this year.
Recently, I asked the Lord to lead me (Proverbs 3:5-6) to a good photo to view on my digital photo frame and I was led to one showing the streets of New York City after the Crash of 1929. I hope I am mistaken but again the signs are ominous:
*Bank runs in Greece,
*Spanish banks downgraded,
*A sputtering U.S. recovery. U.S. corporations have had strong earnings recently but headwinds are growing.
*A so-called "fiscal cliff" looms in the USA due to the expiring Bush tax cuts and coming federal government spending cuts which will have an adverse impact on economic growth, in the eyes of many. Anti-business government policies and uncertainty about ObamaCare add to the risks ahead.
Even if this is just a temporary "pull back" in the market, it is important to keep in mind broader issues. On a spiritual level, it is important to remember history. The USA was founded on biblical principles. The Puritans sought religious freedom in the New World as Christians honoring a Judeo-Christian.
Yet today, we see our President sticking "his elbow in God's eye" by expressing his approval for homosexual marriage, the height of honoring what God calls an "abomination". The hostility I see toward "religion" (aka, true Bible-based Christianity) in this nation is sometimes shocking. Many cry, "God Bless America" but our President and many other Americans curse Israel and true Christians with treachery, irrational hostility, trampled religious freedom, etc.
Under the backdrop of "in your face"scriptures like Hosea 9:7, Genesis 12:3, Psalm 9:17, the book of Habakkuk, and Proverbs 1:20-33, it is hard to see how America will not escape God's judgment as Israel did in biblical times and as Europe is now.
The Bible tells us:
"The prudent sees danger and hides himself,
but the simple go on and suffer for it." Proverbs 22:3 ESV
I am confident this verse is applicable to these times.
Also, Proverbs 11:28 notes, "Whoever trusts in his riches will fall, but the righteous will flourish like a green leaf."
In a time of judgment, God will mock the wicked per Proverbs 1:26, "I also will laugh at your calamity; I will mock when terror strikes you like a storm." But to those who heed God's word of warning and rebuke, Proverbs 1:33 notes, "...but whoever listens to me will dwell secure and will be at ease, without dread of disaster."
