Debt Time Bomb! Debt Mountains: The Financial Crisis and its Toxic Legacy for the Next Generation: A Christian Perspective

By Paul Backholer

The United States is building the largest debt mountain in history and Britain is still borrowing. How will these debts affect your family and will our nations still be paying them off in the 2080s?

In this book the author explains how and why this debt time bomb was created, the spiritual roots of this crisis, and the harsh implications for Western defence and global stability. What went wrong and can we do anything about it?

• Language: English
• Publisher: ByFaith Media
• Release date: Jan 23, 2016
• ISBN: 9781907066511

Paul Backholer

Paul Backholer is a broadcaster, author and the founder of ByFaith Media (ByFaith.org). He is the director of ByFaith TV and the author of many Christian books.Paul was born in the 1970s and after being called to study at Bible College in the 1990s, he later served as staff. Since then his Christian mission outreaches have taken him to over forty nations - from the slums of South America, from Cairo to the Cape, across the Trans Siberian Railway, into the Pacific and through the jungles of South East Asia.Paul has preached in many nations and his TV programmes have aired on more than fifteen Christian networks around the world. Having studied theology, Paul is committed to the integrity of Scripture and faithfulness to it.Paul's life was transformed when he had an encounter with the Holy Spirit as a teenager and this experience with God set him on fire and led to him committing his life to serve the Lord Jesus Christ.Paul's books focus on a variety of subjects, including walking closely with God, knowing the Holy Spirit, prophetic revelations grounded in Scripture, biblical archaeology and Christian history.http://www.byfaith.orghttps://twitter.com/byfaithmediahttps://instagram.com/byfaithmediahttps://www.facebook.com/ByfaithMediahttps://www.youtube.com/ByFaithmedia

Book preview

Debt Time Bomb! Debt Mountains: The Financial Crisis and its Toxic Legacy for the Next Generation: A Christian Perspective

By Paul Backholer

Copyright © Paul Backholer 2016, ByFaith Media. All Rights Reserved - www.ByFaith.org

Scripture quotations are taken from the Holy Bible:

The New King James Version (NKJV). Published by Thomas Nelson, Inc. Copyright © 1982 by Thomas Nelson, Inc. Used by permission. All rights reserved.

New International Version®. NIV®. Copyright © 1973, 1978, 1984, by International Bible Society. Used by permission of Zondervan. All rights reserved.

Authorised Version (AV) also known as the King James Version (first printed in 1611).

All rights reserved. No part of this publication may be reproduced, stored in any unauthorised retrieval system, or transmitted in any form or by any unauthorised means – electronically, mechanically, photocopying, recording, or any other (except for brief quotations in printed or official website reviews with full accreditation) without the prior permission of the Publisher, ByFaith Media, Paul Backholer. Uploading this work to the internet (in whole or in part) is illegal, as is unauthorised translations. For requests for Translation Rights, please contact ByFaith Media.

References to deity are capitalised. As is the nature of the internet, web pages can disappear and ownership of domain names can change hands. Those stated within the book were valid at the time of first publication.

First published in 2016 by ByFaith Media.

- Jesus Christ is Lord -

Introduction

The United States and Britain are in trouble. They have both amassed Herculean debt mountains and this burden is beginning to rest very heavily upon our shoulders, and if nothing is done, it will crush the dreams of posterity.

National debt is the consumption today of wealth that has yet to be earnt. For several decades America and Britain have been borrowing from our children’s future, to pay for lifestyles we have not garnered. When money is borrowed from future generations, the wealth which is meant to fund their essentials for living will have to be spent on interest and future capital re-payments instead.

The United States is presently creating the biggest debt mountain in history, with earth’s largest interest payments to follow, and failure to act will lead to doubling-up trouble for future generations. Britain is also building its own debt mountain and Herculean interest payments will be the result.

Greece has taught the world a bitter lesson – if a nation does not take control of its debt, its debts will take control of it. Imagine a future where there’s a diminishing amount of money for defence, education and infrastructure. Think of a dark age where future generations work harder than ever, and yet potentially a sixth of all their taxes are spent on interest and debt repayments, instead of on their needs.

Can you perceive a new harsh world order where Chinese aircraft carriers are being launched, as American aircraft carriers are being sold, as unaffordable, for scrap? Britain has already found itself in a difficult military situation. It has two aircraft carriers without planes and no independent ability to identify hostile submarines in its own seas.

America’s credit cards are getting closer to being maxed out and Britain’s are edging closer to the limit. This debt crisis is the result of decades of overspending and the 2007/8 economic disaster. This resulted in the privatisation of profit for the top one percent and the nationalisation of debt, failure and loss for the ninety-nine.

For much of the twentieth century, children expected to have better standards of living than their parents – but no more. By 2020, the U.S. national debt is expected to rise from $18 trillion to $23 trillion. By 2022, it is estimated the U.S. could possibly spend $1 trillion a year on interest alone, with a minimum of $700 billion.

In 2016, Britain’s debt is rising towards £1.6 trillion.¹ By 2017-18, interest payments of £71.3 billion on Britain’s national debt will eclipse the combined budget for schools and police. In other words, instead of spending money on what the United States and Britain needs, we will be working longer to service our debt mountains.