▼ Show Notes
I share my informed thoughts on the economy in this timely episode. Like me, you probably are struggling to grasp exactly what is going on with our U.S., and even our world, economy.
Consumer debt is at an all-time high. Credit card debt in the U.S. just set a record at over $1 trillion. I compare the environment we are in with the “Roaring Twenties” and the Jimmy Carter presidency.
The “Roaring Twenties”
The prime interest rate, the rate banks charge their better customers for short term loans, is at 8.5%. Mortgage rates have moderated slightly from record levels that approached 8%.
We are in a political election season, and we will kick off the primary process in the next two weeks. I discuss the candidates and their potential impact on the economy in this episode. Since Americans tend to vote with their financial future in mind, it is important to engage during this election season.
I discuss the great economic reset in this episode. This is a reference to acceleration of the great reset in the economy that began decades ago. This acceleration seems to have occurred during the Covid-19 pandemic.
The Great Economic Reset
I discuss the impact of our focus on ESG (Environmental, Social Justice, and Governmental) considerations. This is a key to understanding the globalists’ reset strategy that has unfolded in recent years. Companies are scored now by their ESG scores. This focus by The World Economic Forum is deeply concerning to those of us who follow the economy and politics. Their themes seem to include building for the next generation, reimagining globalization, utilizing artificial intelligence, and environmental compliance.
Larry Fink, the CEO of Blackrock, the largest mutual fund company in the world, has written a letter to CEO’s called “The Power of Capitalism.” In this letter, Mr. Fink discusses “stakeholder capitalism.” He seems to urge companies to focus on much more than financial returns to shareholders. I explain the difference between stakeholders and shareholders along with an overview of the entire “woke” movement and its impact on the economy.
The post-Covid economy seems to require companies to focus on constituents beyond shareholders and issues beyond mere financial profitability. In one sense, this has always been the case. But Mr. Fink says that the pandemic has turbocharged changes in the economy. He says that the relationship between a company, its employees, and its shareholders is being redefined. He seems to focus on every company’s stance on social justice issues in his letter.
Some believe that this great reset is an effort to establish a one-world government. While more moderate experts suggest that this isn’t the goal of the reset, most don’t deny that a reset is underway. The World Economic Forum seems to be focused on discrediting capitalism. I argue in this episode that this is the actual purpose of the WEF. Although some in the WEF make some points that we can agree with regarding capitalist abuses, the WEF collaborates with others on projects, like Event 201, that simulate societal and economic changes that are frankly frightening. Corporate socialism or stakeholder capitalism involves behavioral modification by companies to change the capitalist model that has built our great country. The WEF believes that monopolistic, large companies conflict with the interests of individuals in the economy. The WEF seems to want to obliterate free markets through this great reset.
The only way we optimize man, as some seem to be focused on, is to know God. This isn’t a myopic position. It is the view that those of us who are Christian thinkers must advance. It is time to engage, dear Christian listener, in our political and economic environment. We can’t ignore this tidal wave and its morality or lack thereof.
Our great hope is in Jesus Christ, and we can rest in the fact that God is sovereign over all of these matters. The Gospel of Jesus Christ is our hope in life and death. Walking by faith is our task. We can rest in Him. Even this crazy environment isn’t a threat to God’s authority or sovereignty. Let us trust in Him and rest in Him together.
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