Splashed across the headlines last night and this morning was one wordFEAR. However warranted by the events that rocked Wall Street yesterday or not; the upheaval in the Stock Markets does not justify people descending into a state of panic. Panic yields irrational speech and actions, and that is not what is needed at present to stabilize economic conditions and restore confidence in the monetary policies put forth by various governments.
For a season yesterday, it appeared Armageddon had erupted on Wall Street. With the Dow Jones average down almost 800 points and literal panic settling upon those who buy and sell; for the first time since 1929 as a country, we sat at the precipice of economic freefall. If the situation had not reversed itself yesterday, as it did, the country and world would be a different place today than it is. As it ends up, today seems to be a day for the entire financial community to take a deep breath before moving on.
Numerous reports out of Europe indicate that the situation over there is actually worse than in the United States (which is hard to believe considering how bad it is here). Allow me to quote a statement from the beginning of an article from the London paper The Telegraph:
"We face extreme danger. Unless there is immediate intervention on every front by all the major powers acting in concert, we risk a disintegration of global finance within days. Nobody will be spared, unless they own gold bars."
What this statement is saying is that unless every country's version of this country's Federal Reserve work together immediately, there will be a total melt down of all the world's money to where the money worth anything is gold. I doubt seriously this is going to happen, but obviously there must be some truth to it or it wouldn't have been written as an introduction to a very educational article:
The point is that panic will not solve any of the problems facing the world's financial community. Somewhere cool heads must come together and determine what is the best course of action is that will stabilize world markets and individual country's economies. If FDR were alive today I am sure he would have the nation sit down by the radio and tell us; "there is nothing to fear, but fear itself."
Bold and decisive action squashes fear like a bug. Inaction and timidity produces panic as people see the monster get bigger before their very eyes. Whatever is really spooking investors and freezing up credit markets needs to be addressed and corrected in the next few days or this month will end up making October 1929 look like a nice month financially.
Somehow the cynical side of me perceives the big dollar movers and shakers are up to something huge which will result in tremendous amounts of money ending up in their pockets through all that is happening. I cannot bring myself to believe what is taking place in the world's financial sector is happening by chance and not by design.
One thing is for certain. If corrective action is not made SOON, there will such a meltdown economically that the inevitable result will be a worldwide depression. I can assure anyone reading this that pretty much NO ONE in this country is ready for even a severe recession let alone a depression. If the unemployment rate even hits 10% as many economists are predicting there will be massive suffering. If it hits 20% as it did in the 1930's, countries such as the United States will stumble into a state of chaos.
The experts told us a year ago not to worry and look where we are now. The experts told us six months ago "the economy is fine" and look where it is today. The experts were still saying even two months ago that things would get better by the end of this year. All that has been proven is that the "experts" know little more than you or me.
The answer to the current riddle is not found in panic or fear. The answer is not found in stashing all one's cash into mattresses or holes in the ground. The answer is not found in killing your family or jumping out of buildings. The answer is only found in the quiet confidence that God will watch over His people regardless of what happens to the fools in the world.
All any of us can do is take this whole thing to the Lord and deposit into His care. God knows our needs and He is responsible for supplying them. Once again, I beseech you to take the time needed to evaluate your financial situation and spread your "books" out before the Lord. Ask Him what to do with your savings, your debts, your income and your expenses. Hold nothing back, but totally lay it all out before Him who knows what to do.
Once this is done, resolve to act upon the answer of peace given and then DO whatever He says to do. Then no matter what happens around us, we can maintain peace and not fall into the ever spreading panic enveloping the world as they watch their assets melt before their eyes and the realization starts hitting them than they may end up living in a cardboard box eating beans. Hey, I would still rather do that and live eternally in God's presence than have all the wealth of the world and spend eternity shining the devil's shoes.