By Moody Adams Financial downgrade, rioting, massive debt are the warning signs of possible financial collapse.
The national debt is said to be $14.5 trillion, but when you count unfunded liabilities, the real debt is $211 trillion. This is debt which America cannot repay.
Our debt is a tremendous disobedience. God told His chosen people, “. . .Thou shalt lend unto many nations, and thou shalt not borrow” (Deuteronomy 28:12).
Our debt makes us a nation of slaves. “The borrower is servant to the lender” (Proverbs 22:7).
Our debt is compelling us to steal. “Thou shalt not steal” (Exodus 20:15). America is stealing from the youth, who will inherit our debt. She is stealing from the older folks by printing money and devaluing their savings.
“I've long thought that an increasingly decadent United States – seemingly enjoying a non-stop party while largely ignoring the deep debt hole its leaders were digging – would not remain solvent in the end, with all the calamitous consequences for America and the world that implies,” writes David Dolan. “The day of reckoning seems to be drawing very near, despite the fact that we have an excellent, educated work force, leading high-tech industries, much of the world's top corporations, etc. Look for the ugly violence gripping London and other U.K. cities to come to America as joblessness spikes up once again, leaving despairing inner-city young people with nothing better to do.”