Hoarding of Wealth and the Last Days

This from Wilfred Hahn’s Eternal Value Revue Issue I, Vol. 16, Feb. 2013

Financial Signs Update—Part II

 

W e have begun a series on the “financial signs of

the endtimes.” Last issue, we published the first

of these, referencing James 5:3: “You have

hoarded wealth in the last days.”

There are two aspects of wealth trends that must be

distinguished. One is the overall trend, and whether it is

increasing or decreasing in absolute terms. The second is

regarding its distribution, and whether wealth is held

broadly or by a relative few. This latter question was our

emphasis in the last issue. Wealth in the world is today

being hoarded, even exceeding the extremes of ancient

Roman times.

But, is an overall increase in wealth also prophesied in

the Bible? We believe the answer is yes. James further

prophesies: “You have lived on the earth in luxury and selfindulgence.

You have fattened yourselves in the day of

slaughter.” There are several other references in the New

Testament that all point out that wealth will prove to be a

significant distraction to the Church and people overall.

There are various proxies for wealth, very few of which

really provide an accurate assessment of total real wealth.

That being said, consider that total financial wealth in the

world in financial terms has multiplied by at least 40 times

this past century. Never before in the entire history of

mankind has wealth accumulated so quickly and to such a

high level.

A significant portion of this increase in value is not real

wealth. This could not be the case as it is hardly founded in

a commensurate increase in the underlying savings or

income of the world’s wage earners. Much of this

explosion in financial and monetary values that the world

has experienced in recent decades is based upon bubble

economics and mad idolatries. All the same, it is wealth as

far as the world is concerned.

Rapid population growth throughout the last century has

been a large driver of overall wealth increase. All the same,

per capita wealth (the average wealth for each person in the

world) has multiplied by at least 10 times over this same

period. This “apparition of wealth” — as is demonstrated in

a boom in financial wealth — has occurred in a very short

space of time when viewed in the context of human history.

The last of the seven churches addressed by Jesus Christ

is one that has become fat, wealthy and contented. Its

attitude is complacent and smug, saying “[…] I am rich; I

have acquired wealth and do not need a thing” (Revelations

3:17). If this church is intended to be a picture of the

church in the endtimes, it fits into the explosion of wealth

foretold of the last days. In conclusion, we can certainly say

that wealth has boomed in the world over the last century.

As such, it definitely marks a condition of the endtimes.

***********************************

“There are two ways to

conquer and enslave a

nation. One is by the

sword. The other is by

debt.”

 

— John Adams

******************************

“There is no means of

avoiding a final collapse of

a boom brought about by

credit expansion. The

alternative is only whether

the crisis should come

sooner as a result of a

voluntary abandonment of

further credit expansion, or

later as a final and total

catastrophe of the currency

system involved.”

Ludwig von Mises

*******************************

 Quote from another article in this issue:

By and large, all central banks have adopted the same

basic operating policies. They claim that they can regulate

the ebb and flow of inflation as well as debt growth in the

commercial banking system. They do so through various

means (the details of which we will spare the reader). Some

central banks may be more constrained than others due to

different country statutes and laws.

All the same, all central banks have one most powerful

ability. Technically, they can “create” money out of thin air.

Think about this for a moment: You the reader, and this

writer, can only accumulate money through earnings and

investment gains. We cannot lawfully create money; perhaps

adding zeros to our bank account, or printing counterfeit

notes. However, a central bank can effectively redistribute

the existing savings of the entire country (and, we should

add, the whole world) by creating more money.

 

The redistribution of wealth is a core tenet of Socialism !

Many people are “for” this redistribution because they expect to be a beneficiary of it.  But the truth is, it is being funneled into the hands of a very small number of  elite individuals, while a greater number of the world population slides toward poverty.

**************************

Some sobering numbers:

The cost of obtaining a university education

in the U.S. has soared 10 fold over the past

three decades, a sign the educational system

is in need of reform, according to

lawmakers in both parties. The Chart of the

Day shows college tuition and fees have

surged 1,120 % since records began in

1978, four times faster than the increase in

the consumer price index. Medical

expenses have climbed 601%, while the

price of food has increased 144% over the

same period.

 

— Bloomberg,

*******************************

The actual liabilities of the federal

government – including Social security,

Medicare, and federal employees’ future

retirement benefits – already exceed $86.8

trillion, or 550% of GDP. For the year

ending Dec. 31, 2011, the annual accrued

expense of Medicare and Social Security

was $7 trillion. —

 

http://www.wsj.com

********************************

The Eternal Value Review newsletter is a good resource for understanding money and economic trends in light of scripture.  You can sign up for it here:

http://www.eternalvalue.com/

 

 

 

 

 

 

 

 

 

EVR