Here is an excellent eighteen plus minute YouTube video regarding the developed world being on the brink of a financial crisis.The comments under the video are eye-opening as well. Regarding the above video presentation, Paul Charles stated: "Probably the most accurate and sober assessment of the West's economic practices, policies and stupidity I've ever heard!"
As I've stated more than once on this blog -- when the money runs out, economic disaster and chaos are not far away.
Also note the bottom right-hand side of the U.S. Debt Clock under the heading "US Unfunded Liabilities." Just over $139 trillion dollars.
What are "unfunded liabilities? Unfunded liabilities are debt obligations that do not have sufficient funds set aside to pay the debt (see article). Also see an excellent analysis of what the displayed figures on the U.S. Debt Clock really mean for the American taxpayer here.
Beloved, the "spend, spend, spend" economic philosophy is coming back to haunt us. However, here is a common sense solution to the above flawed economic philosophy.
Two questions: (1) Are we willing to make a personal application of the above common sense solution?; (2) Has anyone in our society ever heard of the word "frugal" or "frugality"?
---Mike Riley, Gospel Snippets
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