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 June: Officially LGBT Month |
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| Perseverance (Devotional) |
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| The Scourge of Pornography |
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| Treasures: Heaven or Earth? |
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| Circumcision of the Heart |
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| The Necessity of Illumination |
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| Today's Greatest Need |
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| Saved From Within |
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| Fall 2005 - Issue 5, Vol 2 |
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| Winter 2004 - 05, Issue 4, Vol 2 |
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| July 2004, Issue 3, Vol 2 |
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| Oct 2003, Issue 2, Vol 2 |
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| July 2003, Issue 1, Vol 2 |
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| March 2003, Issue 12 |
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| October 2002, Issue 11 |
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| July 2002, Issue 10 |
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| Jan 2002, Issue 9 |
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| October 2001, Issue 8 |
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| April 2001, Issue 6 |
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| July 2001, Issue 7 |
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| January 2001, Issue 5 |
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| October 2000, Issue 4 |
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| July 2000, Issue 3 |
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| April 2000, Issue 2 |
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| January 2000, Issue 1 |
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The Love of Money
"But if we have food and clothing, with these we will be content. But those who desire to be rich fall into temptation, into a snare, into many senseless and harmful desires that plunge people into ruin and destruction. For the love of money is a root of all kinds of evils. It is through this craving that some have wandered away from the faith and pierced themselves with many pangs." (1 Tim 6:8-10, ESV).
Money is not evil, but as the above scripture highlights, the inordinate desire for wealth is. With the number one issue on everyone's lips today being the economy, it is timely to take a closer look at the concept of money. The majority of people haven't much of a clue as to the various factors leading up to the current crisis that the entire globe seems to be reeling with, but the crisis we now face can be summed up in a word: greed, or as the Bible puts it, covetousness. The truth about our present-day financial system is that it is simply a matter of time before the house of cards came crashing down. We may only be getting a small sense of its fragility now as we pass through this current situation, but it would wise to take warning as Christians.
The bible is very clear regarding the final collapse of our world systems. This collapse is climaxed when the global financial system comes to an end. The entire chapter of Revelation 18 is dedicated to this irreversible collapse, but just prior to the apostle's description of it, he hears a loud voice from heaven saying, "Come out of her (the world), my people, that ye be not partakers of her sins, and that ye receive not of her plagues." (v. 4). For more on this topic, you may want to read an article written by Pastor Desmond Singh, back in March 2005, regarding Commercial Collapse in Prophecy. Suffice it to say that the warning is focused towards saints who are in the position Lot was in while living in Sodom (Genesis 19). Why Lot fled physically, we have the more difficult task of being spiritually freed while living in society. Revelation 18:4 speaks to God's people whose hearts are in a place they shouldn't be, a place ripe for destruction.
Never before has there been such temptation and opportunity for the average person, including the Christian, to be swept off his feet by worldly gain. As standards of living have steadily increased in the Western world and in other previously destitute nations, so have options, aspirations and our sense of entitlement. It would indeed be arguable that the church, the supposed beacon of light to a dying world, is at risk of losing its salt and being lulled to sleep in the cradle of affluence. The commercial world, with its materialistic lure, is a constant threat to be guarded against. We must be realistic and understand that money is essential in the world we live in, but it must always be our servant, never our master. And herein lies the struggle.
Pause for a moment and consider. The desire for wealth and money is at the root of almost all ills we presently face across the world, and indeed, throughout history. The lust for wealth and what it promises has caused nations to invade and pillage, cross seas and oceans to oppress others, justified slavery of the worst kind and authored unspeakable atrocities even until this day. Now, for the first time in history, we are seeing companies with workforces with populations greater than countries. Wal-mart, for example, has over 2 million workers worldwide. Everyone loves Wal-mart, and there is nothing inherently wrong with their tremendous growth except for one key fact: public companies are beholden to one group of people - its shareholders. And shareholders' main interest is wealth generation at all costs. In 1998, Canadian oil giant, Talisman Energy, was rightfully accused of aiding Sudan in genocidal activity. Because Sudan was involved in a civil war at that time, its government was almost totally dependent on oil revenues for its war effort. As a result, the Sudanese government forcibly displaced poor residents who happened to be on coveted land to clear the way for Talisman's oil exploration. Talisman was complicit in this and indirectly encouraged these actions. This is just one relatively mild case among hundreds of companies working without conscience or ethics for their singular goal: the pursuit of wealth.
On a personal level, our preoccupation with wealth can easily lead us down wrong paths. How much debt are you in right now and for what reasons? How many people do you know that are involved with some form of a multi-level marketing scheme that promises a big pay-off one day in the future? How many people are in a constant state of fear because of their present or future financial status? Is your countenance determined by the state of your bank account, 401k or RRSP? We initially wanted to have money to help make life a little easier, but somewhere along the line, we might have become servant to it instead. Wealth, in itself, is not sinful, but our inherent desire for material possessions can easily become a roadblock to spiritual growth. It doesn't have to be, but in many cases (though not all) this is the sad fact. Think about this: why, of all things He could have identified, did Jesus point to God and money as being at opposite ends of the spectrum? For the simple reason that He knew that greed could destroy us.
"No man can serve two masters: for either he will hate the one, and love the other; or else he will hold to the one, and despise the other. Ye cannot serve God and mammon." (Matt 6:24).
At the time of this writing (Oct 2008), the world is trying to be optimistic. The $700 billion bailout has been passed, banking systems are being propped up, there was a great day in the markets on October 13th... In fact, the numbers being thrown around are so high that most of us will never be able to relate. Here's something to try and get your mind around, the next time you hear the word 'billion' (let a lone 'trillion', which is 1,000 billions)...
A billion seconds ago, it was 1959. A billion minutes ago, Jesus Christ was walking upon this earth in the flesh. If you sat down to count from one to one billion, you would be counting for 95 years.
With regards to our present calamity, perhaps we can learn a lesson regarding what unfolded and see it as an opportunity to examine our commitment to the Lord. But before we get into the 2008 meltdown, let us consider that the Bible is absolutely clear on the imminent collapse of the economic systems of this world. When it does happen, this final collapse will be stunningly fast and merciless to those who built their hopes on it.
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2008 Meltdown: The Greed of the Banks
Traditionally, banks have financed their mortgage lending through the deposits they receive from their customers. A bank would need to know what's on its own balance sheet before it could lend to a new mortgage customer. This has limited the amount of mortgage lending they could do.
But in recent years, banks have moved to a new model where they can sell mortgages to the bond markets. This bond market specialised in new types of mortgages, such as sub-prime lending to borrowers with poor credit histories and weak documentation of income, who were shunned by the "prime" lenders like Freddie Mac (a government-sponsored agency which, up until five years ago, dominated this market). This has made it much easier to fund additional borrowing, but it has also led to abuses as banks no longer have the incentive to check carefully the mortgages they issue.
The business proved extremely profitable for the banks, which earned a fee for each mortgage they sold on. They urged mortgage brokers to sell more and more of these mortgages, heedless of the risks they were previously subject to.
For many years, Cleveland was the sub-prime capital of America.
It was a poor, working class city, hit hard by the decline of manufacturing and sharply divided along racial lines. Mortgage brokers focused their efforts by selling sub-prime mortgages in working class black areas where many people had achieved home ownership. They told them that they could get cash by refinancing their homes, but often neglected to properly explain that the new sub-prime mortgages would "reset" after 2 years at double the interest rate. Most of these homeowners could not afford to renew, so the property became forfeit. The result was a wave of repossessions that blighted neighbourhoods across the city and the inner suburbs. By late 2007, one in ten homes in Cleveland had been repossessed and Deutsche Bank Trust, acting on behalf of bondholders, was the largest property owner in the city.
Cleveland wasn't the only city involved. Sub-prime lending had spread from inner-city areas right across America by 2005.
Things were good for a little while. After all, what's not to like? The payments were fixed for two years. The banks get a commission check from the prime lender and people who might otherwise have been tenants were now homeowners. But then the payments became both higher and dependent on the level of Fed intereset rates, which also rose substantially. Consequently, this tidal wave of repossessions has simply been overwhelming for the mortgage companies and is having a dramatic impact on the housing market. In fact, the housing boom enjoyed over the past few years has been reversed completely, causing the first decline in US house prices since the 1930s.
Right now, there are over 4 million homes on the US market which is further depressing home prices.
You might ask: "What's the big deal? Should the stumbling of the US housing market so dramatically impact the rest of the economy so badly and on such a global level?"
The building industry makes up 15% of the US economy which is substantial, but a slowdown in the property market also hits many other industries, for instance makers of durable goods, such as washing machines, and Do-It-Yourself stores, such as Home Depot. One reason the economic slowdown has gotten so bad - referred to by the New York Times as an 'economic armageddon' - is that banks and other lenders are cutting back on how much credit they will make available. In the week of October 6-10th, Wall Street suffered through its worst five-day period in history as investor fears about frozen credit markets, severely impacted by the housing crisis, deepened and they yanked money out of the markets, sending major indexes tumbling from New York to Hong Kong. In many respects, the mirage of prosperity's strength - built on the back of debt - became visible for a few moments, though few took notice.
After the sudden collapse of so many financial institutions, banks that do have cash are loath to lend to other banks for fear that what's represented on their balance sheets is false. Financial institutions just don't trust each other right now, limiting cash (or liquidity) in the market available for lending. So even when banks get cash from the government, such as in the case of the bailout, there are no assurances that these funds will make it to the borrowers. The fact that global markets are so dependent on lending for their very survival is alarming.
The collapse of mortgage lender Washington Mutual, the rapid demise of Wachovia, America's fourth largest deposit bank, and numerous investment banks, some of which survived the Great Depression, have rapidly gotten the attention of the world. Banks in Europe and Asia are feeling the effects as well. As the bastions of stability and wealth, the demise of these institutions have sent shock waves around the world. In truth, it's a global crisis.
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The Greed of You and I
"He that loveth silver shall not be satisfied with silver; no he that loveth abudance with increase: this is also vanity." (Ecc 5:10).
In truth, a greedy, covetous spirit can never be satisfied. Our Lord Jesus once remarked that "it is more blessed to give than to receive" (Acts 20:35), to extend a helping hand to the needy rather than amass wealth for oneself. Of course, the prevailing practice of the modern world is the exact opposite.
We mentioned earlier that standards of living have increased, and indeed they have. The beacon of prosperity for the entire world is the United States of America. No country possesses more wealth. But it is also true that no country owes more debt, both nationally and individually. To feed an insatiable desire for more, its citizens are personally saddled with more debt than any other population due to easy access of credit.
Many don't realize how greed is impeding their spiritual growth and how necessary it is to overcome the deceitful sin of covetousness. Our English word covet means to intensely or obsessively desire. It frequently refers to lusting after something (or someone) that belongs to someone else. Desire is not inherently evil, but the channeling of our longings toward what cannot be rightfully ours or into harmful and destructive obsessions is the sin of covetousness.
For the most part, we are wilful victims of the 'buy now, pay later' mentality which has replaced frugal living. Many of us have bought into this concept so deeply that to put a purchase off until we can actually afford it is absolutely foreign. Why wait until you can afford something when you can put it on plastic? That new iPhone? Charge it. That new wardrobe? Put it on plastic. That new gadget you've had your eyes on? It's on sale. A new car? Lease it. How often we mutter the words "I need" when catering to a lust. There is an evergrowing struggle in most people's lives - an ongoing affair with debt. Getting into it. Trying to get out of it. And then piling on more of it.
If your financial house is not in order, it is time to take action. The fact of the matter is that people have grown comfortable with living beyond their means. And though the banks, in this current situation, might be guilty of predatory lending, it is indisputable that many people decided to simply get in over their heads. With a need to satisfy the dream of home ownership many new 'homeowners', overlooking the fact that they were still really just tenants for the most part, fell for the ploy of the banks' who were raking in commissions on every mortgage sold. There was a lust (the dream of owning your own home, even if just on paper), the banks identified it (sub-prime mortgages), and then went to work to achieve their short-term ends which played well to their shareholders (mortgage fire sale).
Greed, because it is so widespread among mankind, is obviously part of our human nature. We expect the physical things on which we set our hearts and minds to bring us happiness. While other sins are easily identified by your behaviour, covetousness - like pride - runs much deeper, yet can be covered over, at least for a time. Because it is not as outwardly obnoxious as other sins, it is not as readily preached against, even though our Lord seemed to spend significant time on this subject.
Overcoming Greed and Covetousness
Here are some things you can do immediately, not just because we're in a crisis, but because these are healthy habits in general:
1. Commit to getting out of debt - it doesn't happen by accident and the system is relying on your lethargy; commit to getting rid of it completely within a specified time period (don't just pay minimums)
2. Create a budget - and stick to it, not buying unnecessary items or purchasing on impulse
3. start living within your means - today
4. Quit using those cards - did you know the average person has three credit cards?
5. Prioritize - and don't get distracted with non-essentials
These are all points we've heard a dozen times, but is difficult to meaningfully make them a part of our lives because our spending habits are so entrenched and often we can barely get a breath before the onslaught of bills is upon us again. But we must commit to starting somewhere.
Might we go further and suggest where a Christian's responsibilities should lie:
1. Love the Lord and obey Him: Paul clearly states in the last days we are presently living in, men will be "lovers of their own selves, [lovers of money]... lovers of pleasures more than lovers of God" (2 Tim 3:2). Let us rise above this tendency and put the Lord in the right place in your heart (see article Pedestals of the Heart)
2. Become a giver: become more acquainted with the needs of others (read the parable of sheep and goats in Matthew 25:31-46). A key to overcoming covetousness and greed is helping others.
3. Support the church and your pastor: the church is the Body of Christ and our pastors are our leaders, doing the most important job imaginable - feeding us the word of God
4 . Save: especially if you have a family and make purchases with cash or debit, rather than credit (requires discipline and planning). This concept is mentioned dozens of times throughout the scripture. As you save, beware of hoarding.
5. Commit to living frugally: this doesn't mean always buying the 'cheapest' item, but it means that you must go against the current and develop a spirit of genuine contentment
Since we live in a society where greed is promoted we, as followers of Christ, should have the right attitude. We should not aspire to have all our wants, God will supply our needs (Luke 12:22-32), and if we are satisfied with what we have we will be rich.
Remember, the crisis we're in is largely due to greed and people's unwillingness to live within their means. Let's not be victims of the 'buy now, pay later' mantra of our society.
"But seek ye first the kingdom of God, and his righteousness; and all these things shall be added unto you." (Matt 6:33).
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