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Global Recession: Is the Perfect Storm Coming?

06-21-2019

ANALYSIS

The International Energy Agency (IEA) has slashed its estimate for global oil demand growth for the second consecutive month, citing intensifying trade concerns amid fears of a global recession. A global recession should be a concern to all of us as we head into a coming election year that could see a dramatic swing from conservative economics to radical liberal economics.

I can't remember a time when geopolitical events were so prominent in all corners of the globe. We are starting to sense an insurmountable fear entering the global markets and, unfortunately, global economics and politics. On that note, I can't think of a more important time for America to have an administration of formidable force instilling a feeling of strength and confidence into the economy and the markets. 

Americans are sick and tired of hearing on radio and TV talk shows that this may be the most important election in our nation's history. Unfortunately, here I go again—2020 will, for certain, be the most important election in our nation's history. It doesn't take long to realize this urgency if you simply watch TV news and witness what seems like a coordinated plan of economic destruction and political chaos. 

Tensions in Israel continue to escalate. Tensions intensify in Saudi Arabia and Iran. We see a resurgence and rebuilding of ISIS and Hezbollah in Afghanistan. Terrorist gang members and those that wish to do America harm are being captured in the act of illegally attempting to cross our southern border—and it is sadly unknown how many have actually entered the country. 

Likewise, tensions between the two most powerful militaries in the world—China and the US—seem to be escalating, the economy is sputtering, markets continue to see irrational gains and concerning losses during times of very high volatility. And we are seeing that, regardless of how strong and desirable the US dollar is, negative interest rates and volatility in the currencies of developed nations continues. This reality could prove to be very bad for consumers, workers and the average American.

The worse global economies and markets get, the more likely we are to see the expansion of a globalist mentality and globalist economists putting forth radical solutions that, in the minds and hearts of a fearful people, appear to be the only logical solutions. 

In a time when political divisiveness here in America is at all-time highs, can unity among the American people take hold? Can America, once again, be the beacon of light, strength and rational thinking that will be needed globally? Will the church be equipped, able and perhaps more importantly, willing to take a greater leadership role before their congregations and communities? Will people's hearts be united and softened to reflect on and take hold of moral leadership in a time that could see materialistic dependency falling apart? 

I suppose we can only hope so. We live in a time that is very different in the hearts of men than it was in the 1940's—a time when it seemed that if we got involved in serious global conflict, a foundation could once again be built upon a foundation of God—a foundation of grace, faith, forgiveness and fortitude that can only come from the presence of God.

As I look around the globe, it certainly seems as though a storm of depravity, distress and disillusion is rampant. We do not have to see the global economy suffer recessions and depressions, but I suppose there could be a lack of will to stop it—perhaps even a lack of ability to know how to stop it. 

(Dan Celia is president and CEO of Financial Issues Stewardship Ministries, Inc., and host of the nationally syndicated radio and television program "Financial Issues," heard daily on more than 650 stations across the country and reaching millions of households on several TV networks. Visit www.financialissues.org.)

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