Financial Crisis
Everyone has heard of the current financial crisis. According to most media sources, it began in the USA in 2007.
By Jan Rengers, Netherlands
The crisis appears to stem from the collapse of the housing market. Many homeowners can no longer pay their mortgages, and even if they sell their property, they cannot make enough money to pay off their debts. This has resulted in the banks losing large sums of money. Experts say that the banks have been much too eager to offer high mortgages so that those in management positions could get big bonuses. This means that bank employees have personally gained from these high loans, despite the high risk that homeowners would not be able to pay back what they borrowed.
Nearly 2,000 years ago, Paul wrote that “the love of money is the root of all evil.” 1 Tim. 6:10. And he writes further that some had strayed from the faith in their greediness and pierced themselves through with many sorrows. We can see this happening now.
Now confidence in the financial system has dwindled dramatically, and banks and other financial institutions are no longer willing to loan each other money. When they do loan money, they charge incredibly steep interest rates and put enormous security measures in place. As a result, a number of banks are floundering and some are in danger of bankruptcy. This would have been unthinkable several years ago.
The economic crisis affects people all over the world, especially those with large stock holdings who have seen their investments devalued by half. But other people are concerned about the security of their savings as well.
But how should we react to all this? In 1 Tim. 6:17-19, Paul writes:
“Command those who are rich in this present age not to be haughty, nor to trust in uncertain riches but in the living God, who gives us richly all things to enjoy. Let them do good, that they be rich in good works, ready to give, willing to share, storing up for themselves a good foundation for the time to come, that they may lay hold on eternal life.”
This is a very uncommon mindset, but you will never find a better or more worthwhile life insurance than by taking heed to Paul’s words!
November 2008