So much is happening across the globe right now, it’s difficult to know where to start.
It’s Monday morning and the world news is dominated by further falls on stock markets across Asia and Europe. China’s economy is heading south fast and is dragging other countries down with it. As the country is the second biggest single economy in the world, it’s not surprising.
It’s not that long ago that China was a third world backwater. Then, the communist dictatorship allowed free market reforms that led to an incredibly fast growth rate. Too fast. And suspiciously fast – could the numbers be trusted? Now, we know the truth – the reality is not what we thought it was. Millions of Chinese people are losing their life savings and are naturally angry about it. If this continues, the Chinese people may conclude the ruling Communist party has “lost the mandate of heaven,” a precursor to significant change.
But change could also come elsewhere as a result of what’s going on.
The average American lost 6% of his retirement fund towards the end of last week. 6% isn’t too bad. But if this fall continues, people will get more angry and frustrated. It can only help Donald Trump’s presidential hopes.
Note the following from today’s The Daily Skimm:
“Last week, after some bad economic data from China, global stock markets completely freaked out. US markets ended up with their worst losses in four years. And today isn’t looking any better. China’s markets opened even weaker than yesterday, which has triggered a global domino effect. Think: Asian and European markets taking tumbles and oil prices way down.
“Right now, the ups and downs of global markets are hinging on two of the least transparent things ever: the Chinese government and the Federal Reserve.”
It’s time to worry!
It’s 8.20 AM Eastern time. I just received a news alert from the Wall Street Journal. The headline is: GLOBAL MARKET ROUT CONTINUES. Stock markets continue to fall around the world.
It’s a good reminder that we should not put our faith in this world and particularly in this world’s money, which is, frankly, worthless paper.
In Matthew 6:19-20 Jesus Christ said the following:
19: Lay not up for yourselves treasures upon earth, where moth and rust doth corrupt, and where thieves break through and steal:
20: But lay up for yourselves treasures in heaven, where neither moth nor rust doth corrupt, and where thieves do not break through nor steal:
Our retirement funds are certainly set to take a big hit, though how big remains to be seen. Christians should take encouragement from Christ’s words and not worry as we go through this market “correction.”
It’s now 9.45, the New York Stock Exchange opened a few minutes ago, and we seem to be witnessing a big crash. The stock exchange is down over 1,000 points, heading rapidly toward a “correction,” usually defined as a drop of 10% or more. The dollar is also falling against other currencies. Commentators are saying that this crash started with China, but blame should also go to the high taxes and anti-business policies of the current US Administration. One lady said: “They’ve killed the economy!” Meanwhile, China is using the state pension fund to buy stocks in a hope of keeping up prices, an unwise move that could wipe out pensions for decades.
It’s really inspiring to hear that three young Americans on vacation in Europe helped save a train full of passengers from an imminent terrorist attack. Today’s news shows them receiving the “Legion d’Honneur” from France’s President Hollande.
But, you will notice there’s another guy standing with them, an older man who was also part of the rescue. The much-praised trio was actually a quartet. The other man was from England. It would be nice if just one American network would acknowledge his role along with the three Americans. All four were very courageous and may have saved dozens of lives!
In this age of mass murders, it’s interesting to note that America, with less than 5% of the world’s people, accounts for almost one third of all mass murders, defined as incidents where four or more people are killed.