Several articles within the past week are
warning that America is headed toward another recession.
A Moneynews
article today reported: “A jump in energy prices is jamming the slow-turning
cogs of an economic recovery in the West, but that may be nothing compared to
the economic shock an Israeli attack on Iran would cause.” With the threats by
Iran to close the Straits of Hormuz, nations relying on Middle East oil are
reacting in fear.
Harry Dent, author of the new book The Great Crash Ahead, says another
stock market crash is coming due to a bad ending to the global debt bubble. He
has pulled back on his earlier prediction of a crash in 2012, as central banks
around the world have been flooding markets with money, giving stocks an artificial
short-term boost. But a crash is coming in 2013 or 2014, he warns. "This
will be a repeat of 2008-09, only bigger, when it finally hits," Dent told
USA TODAY.
Robert Prechter, author of Conquer the Crash, is still bearish. He
says today's economy has similarities to the Great Depression and warns that
1930s-style deflation is still poised to cause financial havoc.
Mary Bruce of ABC OTUS News warned after a White
House statement that, “President Obama's 2013 budget, which will land with
a thud on Congress' doorstep Monday, shows the price the country continues to
pay for the recession, projecting a deficit of $1.3 trillion for 2012 . . .
Under the administration's tax and spending proposals, the deficit would fall
to $901 billion next year.”
See the following articles for more details
on these warnings:
Obama'sBudget Forecasts $1.3 Trillion Deficit-ABC
News/Yahoo News
So,
what are we to do about this fine turn of events? Buy gold, get out of the
market, and/or pray?
The
last is probably our best choice although the others are also good choices. God
told His people that, “If my people, who are called by my name, will humble
themselves and pray and seek my face and turn from their wicked ways, then will
I hear from heaven and will forgive their sin and will heal their land” (2
Chronicles 7:14 NIV).
After all, it is the lack of prayer and obedience to God
that has gotten us into this fix in the first place!
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