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Book Description

When national debts have once been accumulated to a certain degree, there is scarce, I believe, a single instance of their having been fairly and completely paid. The liberation of the public revenue…has always been brought about by a bankruptcy.

 

-Adam Smith, The Wealth of Nations, 1776

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It has been a little over ten years since the first edition of this book, and not much has changed except increasing levels of debt in both the public and private sector, and central bank interventions that are merely postponing another financial crisis that is coming.  And it is coming with a vengeance.  According to the McKinsey Global Institute, combined global debt has grown from $142 trillion in 2008 to $230 trillion in 2018 for a 63% increase.  The Obama administration expanded our national debt from $10.6 trillion to $19.6 trillion for a staggering 86% increase!  The Trump administration is also on pace for more record spending, debts and trade deficits; and this is largely due to aging demographics and “fixed mandatory spending” at the federal level.  Fully 88% of the U.S. annual budget goes to fund the interest on our debt, defense, Social Security, Medicare and other expenditures. This leaves precious little room for meaningful political solutions or fiscal responsibility. It is this awareness that prompted newly appointed Fed Chairman Jerome Powell, in his first Congressional testimony on February 27, 2018, to state that “the U.S. is not on a sustainable path.” These are not particularly inspiring words from a veteran U.S. Treasury official and member of the Federal Reserve Board of Governors.

 

So, what does this mean for the American people?  Put simply, this means that we are on an unsustainable path towards fiscal bankruptcy and a financial reckoning day that is looming on the horizon.  In my original edition, I warned about the sub-prime real estate crisis, subsequent bailouts, the Fed’s action to become both the lender and buyer of last resort, China’s downgrade of our bond market, a global initiative to replace the dollar as the world’s reserve currency and much more. America is now the world’s largest debtor nation, and neither Fed Chair Powell, or our Treasury Department, will be successful in averting a fiscal and monetary crisis that many see coming. As Adam Smith has stated in his classic book The Wealth of Nations, the only way to “liberate” excessive national debt is through a bankruptcy.  What is true for individuals is also true for nations.  The theme of this book will help explain how we got into this intractable mess, and what will be the likely outcome as we go into the 21st century.

 

Although several fine books have been written concerning these financial and economic issues, this book promises to be different in two very important ways.  First, I believe that many individuals who are responsible for our coming fiscal and monetary crisis are the same individuals who are also promoting an end to our national sovereignty and the establishment of regional and world government.  This “globalist” topic will be discussed throughout the following chapters.  Secondly, and more importantly, I have written this book from a distinctly Christian worldview, which helps us comprehend the times in which we are living.  “The grass withers, the flower fades, but the word of our God stands forever” (Is. 40:8).

 

Whereas the Bible contains timeless truths and moral guidance for our daily lives, it also contains prophetic insights, which relate to our present age.  For example, the Bible has clearly predicted the rebirth of the nation of Israel, the Russian-Arab alliance in the Middle East, the rise of Europe and China on the world scene, and numerous other events which are essential for a complete understanding of our world and the ultimate destiny of America.  In a significant way, this is my best opportunity to explain several complex monetary-geopolitical-prophetic themes in their entirety instead of in “bits” and “parts,” which has so often been the case in the past.  It is my purpose to challenge your thinking and move you to make some important personal and financial decisions.  At the very least, you will be making some new discoveries and learning some helpful, yet painful, truths that you need to know – and once you learn these truths you cannot “unlearn” them.  “Because in much wisdom there is much grief,” said King Solomon, “and increasing knowledge results in increasing pain” (Eccl. 1:18).

 

With respect to space limitations and for the sake of brevity, every attempt has been made to remain concise yet thorough in presenting the material in this book. For your convenience, I have included important websites in each chapter for your consideration and research. I have organized this book into four parts that follow in a logical and deductive manner.  In Part One, we will consider a brief history of coin and currency and the evolution of paper money issued by central banks.  This will include a rather lengthy discussion regarding the creation, operation, and legacy of the Federal Reserve System since 1913.

 

In Part Two, we will examine the growth of the Welfare State, and the incredible burden which America’s retiring baby boomers are now placing upon our nation, and how this demographic will contribute to our unprecedented fiscal problems.  We will also see how domestic and foreign issues are converging to script the perfect financial storm – everything from massive unfunded liabilities, municipal bond defaults and derivatives exposure to an eventual U.S. sovereign debt default, currency collapse and hyperinflation.  As Richard Duncan has cautioned in his book, The Dollar Crisis, “…it is only a matter of time before the United States is not creditworthy.”  This section will close with a careful look at our day of reckoning and what we can expect when this dreadful and fateful day finally arrives.

 

Finally, in an effort to put all of this into perspective, we will turn our attention to a prophetic scenario for the 21st century as indicated in the Bible, especially as it relates to the tiny nation of Israel.  We will see how world events are falling into a precise pattern just as the Bible has predicted hundreds of years ago.  It is seriously time to dust off your Bible and realize the lateness of the hour we are all living in.  In Part Four, I will conclude with some thoughts for putting your personal and financial affairs in order.  This is a book on how to survive America’s monetary and political decline in the 21st century.  It is also a book on eternal hope and how you can ultimately survive your own “reckoning day” which lies ahead beyond this uncertain and transitory world.  It is my prayer that all who read this book will earnestly seek the truth while it can still be found in God’s holy Word.  “For you shall know the truth, and the truth shall make you free” (Jn. 8:32).

 

Charles H. Coppes

May, 2018

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