The New Normal, Economic Collapse and Distress of Nations; US Fed chair warns of economic tragedy if America can’t control the coronavirus
By Anneken Tappe, CNN Business Updated 4:38 PM ET, Tue October 6, 2020
New York (CNN Business) America is on the long road to economic recovery from the pandemic recession, but dark clouds remain on the horizon.
The recovery is far from complete, and the US economy remains of danger of shifting into reverse once again. One major risk factor: A rise in Covid-19 infections, Federal Reserve Chairman Jerome Powell said Tuesday at the National Association for Business Economics annual meeting.
A second wave of coronavirus could “more significantly limit economic activity, not to mention the tragic effects on lives and well-being,” Powell said. “Managing this risk as the expansion continues will require following medical experts’ guidance, including using masks and social-distancing measures.”
In addition to gaining control of the pandemic, Powell reiterated his calls for more fiscal stimulus aimed at supporting America’s most vulnerable.
But just hours after Powell’s appeal, President Donald Trump halted negotiations for a new stimulus package. “I have instructed my representatives to stop negotiating until after the election when, immediately after I win, we will pass a major Stimulus Bill that focuses on hardworking Americans and Small Business, he said on Twitter.
Yet Powell said Tuesday that the risks of Congress pouring too much stimulus into the economy are far lower than the risk of not doing enough. Although government spending is adding to an already sky-high federal budget, lawmakers should act, Powell argued.
“The US federal budget is on an unsustainable path, has been for some time,” Powell said. But “this is not the time to give priority to those concerns.”
The Federal Reserve slashed interest rates to near zero in March and has rolled out various loan facilities to support different parts of the economy since then. A survey of the central bank’s officials last month showed the policymakers don’t expect to raise rates again until at least 2023.
But sugar rush from Congress’ stimulus packages in the spring and the Fed’s fiscal policy has been wearing off. The pace of the economic recovery has slowed. For example, after adding more than a million jobs every month between May and August, last week’s September jobs reported showed only 660,000 (6) jobs were added back to the economy, fewer than expected.
CNN Business’ Economic Recovery Dashboard shows the US economy is only 80% as strong as it was before the pandemic. In other words, it’s got a long road back.
A prolonged slowing of the recovery is bad news, Powell said, “as weakness feeds on weakness.”
The Fed chairman also stressed once again that the burdens of the crisis haven’t been evenly distributed and that women, minorities and low-income workers are in a much worse position in this downturn than others.
Unemployment and bankruptcies will always be part of the economy, he acknowledged. But having an “inappropriate” amount of either is bad for the longer term outlook. For example, the number of permanent layoffs has been rising after a large number of workers were initially classified has having temporarily lost their jobs.
“Once you’re permanently laid off it’s just difficult to get back into the workforce,” Powell said
Night Watchman Note; We are to ‘be watchful’ in helping to understand today’s events as related to biblical prophecy. That is what ‘watchmen or women’ do. Jesus made clear that when He actually does come for His disciples, His wise and faithful servants would be aware of the time because they would be watching. They would not know the ‘day or the hour’ of His return, but would know the ‘season of the times.’ They would know the season of the times by WATCHING those things ‘coming to pass or occurring’ as Jesus said they would. The ‘BENCHMARK SIGN(s)’ always point towards Israel / Jacob. God’s prophetic timepiece. The FALSE PEACE COVENANT confirmed by the Prince/Beast among MENA (the many) is the ‘key sign’ of the times or the season of the times. Yes, we are in that period. The Prince/Beast will likely confirm and enhance the current ‘normalization’ agreement with Jacob to be a ‘peace’ agreement, to be extended to 7 years from the current 5 years, to include some agreement permitting the rebuilding of the third temple in exchange for ‘some portion of Jerusalem.’ The current ‘investment’ period for the Palestinians stands at five (5) years. This will likely occur AFTER the Bride, Disciples or True Church is removed from the earth via the Rapture / Harpazo / Redemption / ‘Twinkling’.
Seven (7) References to ‘BE WATCHING or WATCHFUL.’
Matthew 24:42; Watch therefore: for ye know not what hour your Lord doth come.
Matthew 25:13; Watch therefore, for ye know neither the day nor the hour wherein the Son of man cometh.
Mark 13:35; Watch ye therefore: for ye know not when the master of the house cometh, at even, or at midnight, or at the cockcrowing, or in the morning.
Luke 21:36; Watch ye therefore, and pray always, that ye may be accounted worthy to escape all these things that shall come to pass, and to stand before the Son of man
Luke 12:37-39; Blessed are those servants, whom the lord when he cometh shall find watching: verily I say unto you, that he shall gird himself, and make them to sit down to meat, and will come forth and serve them.And if he shall come in the second watch, or come in the third watch, and find them so, blessed are those servants.And this know, that if the goodman of the house had known what hour the thief would come, he would have watched, and not have suffered his house to be broken through.
1 Thessalonians 5:2-4; For yourselves know perfectly that the day of the Lord so cometh as a thief in the night. For when they shall say, Peace and safety; then sudden destruction cometh upon them, as travail upon a woman with child; and they shall not escape. But ye, brethren, are not in darkness, that that day should overtake you as a thief. (Be Watching).
John 13:19 Now I tell you before it come, that, when it is come to pass, ye may believe that I am he.
John 14:29 And now I have told you before it come to pass, that, when it is come to pass, ye might believe.
Luke 21:31 So likewise ye, when ye see these things come to pass, know ye that the kingdom of God is nigh at hand.
Mark 13:29 So ye in like manner, when ye shall see these things come to pass, know that it is nigh, even at the doors.
Luke 21:28 And when these things begin to come to pass, then look up, and lift up your heads; for your redemption draweth nigh.
Revelation 1:1 The Revelation of Jesus Christ, which God gave unto him, to shew unto his servants things which must shortly come to pass; and he sent and signified it by his angel unto his servant John:
‘Increasing Like Labor Pains.’ ‘Fearful Sights.’ ‘Perilous Times.’ ‘Men’s hearts failing with fear.’ Great Convergence of Signs.’ REDEMPTION IMMINENT.
In His Service,
Night Watchman Ministries
Make Your Decision for Christ NOW!!!!!!! Time is Up!!!!!!!
Jesus Christ’s Offer of Salvation:
The ABCs of Salvation through Jesus Christ (the Lamb)
A. Admit/Acknowledge/Accept that you are sinner. Ask God’s forgiveness and repent of your sins.
. . . “For all have sinned, and come short of the glory of God.” (Romans 3:23).
. . . “As it is written, There is none righteous, no, not one.” (Romans 3:10).
. . . “If we say that we have no sin, we deceive ourselves, and the truth is not in us.” (1 John 1:8).
B. Believe Jesus is Lord. Believe that Jesus Christ is who He claimed to be; that He was both fully God and fully man and that we are saved through His death, burial, and resurrection. Put your trust in Him as your only hope of salvation. Become a son or daughter of God by receiving Christ.
. . . “That whosoever believeth in him should not perish, but have eternal life. For God so loved the world, that he gave his only begotten Son, that whosoever believeth in him should not perish, but have everlasting life. For God sent not his son into the world to condemn the world; but that the world through him might be saved. (John 3:15-17). For whosoever shall call upon the name of the Lord shall be saved.” (Romans 10:13).
C. Call upon His name, Confess with your heart and with your lips that Jesus is your Lord and Savior.
. . . “That if thou shalt confess with thy mouth the Lord Jesus, and shalt believe in thine heart that God hath raised him from the dead, thou shalt be saved. For with the heart man believeth unto righteousness; and with the mouth confession is made unto salvation.” (Romans 10:9-10).
. . . “If we say that we have no sin, we deceive ourselves, and the truth is not in us. If we confess our sins, he is faithful and just to forgive us our sins, and to cleanse us from all unrighteousness. If we say that we have not sinned, we make him a liar, and his word is not in us.” (John 1:8-10).
. . . “And he is the propitiation for our sins: and not for ours only, but also for the sins of the whole world. (John 2:2).
. . . “In this was manifested the love of god toward us, because that God sent his only begotten Son into the world, that we might live through him. And we have seen and do testify that the Father sent the Son to be the Saviour of the world. Whosoever shall confess that Jesus is the Son of God, God dwelleth in him, and he in God.” (1 John 4:9, 14-15).
. . . “But God commendeth his love toward us, in that, while we were yet sinners, Christ died for us. Much more then, being now justified by his blood, we shall be saved from wrath through him. For if, when we were enemies, we were reconciled to God by the death of his Son, much more, being reconciled, we shall be saved by his life.” (Romans 5:8-10).
. . . “For the wages of sin is death; but the gift of God is eternal life through Jesus Christ our Lord.” (Romans 6:23).
. . . “Jesus saith unto them, I am the way, the truth, and the life, no man cometh unto the Father, but by me.” (John 14:6).
. . . “For I am not ashamed of the gospel of Christ: for it is the power of God unto salvation to everyone that believeth.” (Romans 1:16).
. . . “Neither is there salvation in any other: for there is none other name under heaven given among men, whereby we must be saved.” (Acts: 4:12).
. . . “Who will have all men to be saved, and to come unto the knowledge of the truth for there is one God, and one mediator between God and men, the man Christ Jesus.” (1 Timothy 2:4-6).
. . . “For God did not appoint us to suffer wrath but to receive salvation through our Lord Jesus Christ.” (1 Thessalonians 5:9).
. . . “But as many as received him, to them gave the power to become the sons of God, even to them that believe on his name.” (John 1:12).
True Church / Bride of Christ Spared from God’s Wrath:
Romans 5:8-10. “But God commendeth his love toward us, in that, while we were yet sinners, Christ died for us. Much more then, being now justified by his blood, we shall be saved from wrath through him. For if, when we were enemies, we were reconciled to God by the death of his Son, much more, being reconciled, we shall be saved by his life.”
Romans 12:19. Dearly beloved, avenge not yourselves, but rather give place unto wrath: for it is written, Vengeance is mine; I will repay, saith the Lord.
1 Thessalonians 1:10. And to wait for his Son from heaven, whom he raised from the dead, even Jesus, which delivered us from the wrath to come.
1 Thessalonians 5:9. For God hath not appointed us to wrath, but to obtain salvation by our Lord Jesus Christ,
Romans 8:35. Who shall separate us from the love of Christ? shall tribulation, or distress, or persecution, or famine, or nakedness, or peril, or sword?
Jeremiah 30:7. Alas! for that day is great, so that none is like it: it is even the time of Jacob’s trouble, but he shall be saved out of it.
Revelation 3:10 Because thou hast kept the word of my patience, I also will keep thee from the hour of temptation, which shall come upon all the world, to try them that dwell upon the earth.
Categories: Economic Collapse