Bob Ghoman – Melbourne, FL, USA
For many people, terms like GDP, monetary policy, inflation, and trade deficits sound distant and abstract; economic jargon best ignored. Yet those same concepts suddenly become very real when translated into everyday concerns: Why is the cost of my food bill so high? Why is my credit card interest rate so high? Will I ever get ahead financially?
We may avoid economic discussions, but economics does not avoid us. As sports captivate nations and stir passion and loyalty, financial systems quietly shape the stability of households, communities, and entire civilizations. History shows that when societies neglect economic wisdom and ethical restraint, the consequences eventually arrive, whether acknowledged or not.
Scripture reminds us that “there is nothing new under the sun” (Ecclesiastes 1:9). The financial challenges facing the modern world are not unprecedented. In fact, they echo patterns seen thousands of years ago. The following article is written from a U.S. perspective, but some of the applications and scriptural insights can relate to a diverse audience.
A storm long in the making
The U.S. is carrying historically high levels of national debt but is now accompanied by rising interest payments and the costs of social welfare programs. Our U.S. debt is currently close to a staggering 37 trillion dollars and heading to a point of no return at around 60 trillion by 2036, where many studies predict insolvency. While experts debate timelines and outcomes, few dispute that sustained debt expansion creates long-term vulnerability. Economic storms rarely appear overnight; they form slowly, often ignored until their effects become unavoidable and are right at our doorstep. To understand why this matters, it helps to look backward.
Lessons from ancient Babylon
Ancient Babylon was among the most advanced civilizations of its time. It possessed a sophisticated economy supported by agriculture, trade, and temple-based financial systems that extended credit across society. Yet Babylon also illustrates a recurring historical danger: when debt grows faster than productive capacity, instability follows, ultimately leading to a financial crash.
Small debts—often caused by failed harvests or misfortune—frequently compounded into unpayable obligations. Families lost land, freedom, and social standing. Over time, excessive indebtedness weakened the social fabric and magnified political and military instability. While Babylon ultimately fell through conquest, its internal economic fragility also contributed to its decline.
Recognizing this danger, rulers throughout the ancient world periodically declared debt remissions, often called jubilees, to prevent social collapse. These measures acknowledged a sobering truth: unchecked debt can destroy societies from within.
A pattern repeated
This pattern has repeated across centuries. More recently, the global financial crisis of 2008 revealed how excessive leverage, speculation, and moral hazard threatened an entire system. Modern governments respond with bailouts and monetary intervention rather than jubilees, but the underlying cycle remains familiar: expansion, excess, warning, and correction in the form of a financial collapse.
Scripture consistently links economic injustice and moral failure. The prophets warned Israel and Judah that exploitation, greed, and disregard for God’s law would bring judgment. When King Jehoiakim burned Jeremiah’s warnings (Jeremiah 36), he symbolized a refusal to confront reality. The result was devastation, exile, and loss. Warnings ignored do not disappear; they intensify!
We continue to see parallels in the U.S. today, which faces enormous political and economic pressures due to large fiscal debt and increasing interest on that debt which is now well over a trillion dollars a year. These collapses, whether ancient or modern, are often linked to human greed and failure to heed ethical practices and policies.
Historically, God’s warnings were given to people, as seen with the prophets speaking to Israel and Judah, about coming trials and storms related to their moral and economic failings. Just as King Jehoiakim defiantly burned Jeremiah’s warnings, ignoring the inevitable consequences, modern society often does not heed the signs of impending economic instability. When the warnings were ignored in Judah, catastrophe followed with the Babylonian siege and the forced expulsion of its people.
How should God’s people prepare?
We recognize that mini debt cycles often lead to a larger, more impactful ones. Understanding these cycles are a part of life circumstances, whether self-induced or not, allows for proactive measures to be taken.
First, acknowledge the cycle: Understand that economic history is cyclical and our current trajectory, marked by high national debt, mirrors patterns seen in past civilizations. This awareness is the first step in not being caught off guard.
Embrace wisdom and foresight: Individuals can learn from figures like Daniel, who was prepared by God through political and economic hardships to be a wise administrator. Preparation involves developing sound financial judgment and not succumbing to the prevalent greed and desire for excess that often fuels these cycles.
Focus on resilience: Build personal and community resilience. This includes minimizing personal debt, diversifying skills and investments, and fostering strong support networks.
Heed the warnings: Be attuned to economic indicators and moral guidelines that warn against excessive leverage and unbridled consumption. Ignoring these warnings, as King Jehoiakim did, only lead to harsher consequences when the inevitable calamity occurred.
By understanding the profound lessons from the fall of ancient Babylon and recognizing the repetitive nature of debt-driven cycles, we can better navigate the coming years and prepare for potential economic storms.
How did Daniel become so indispensable to the many kings he served? After his initial training, the Bible states something very specific, “In every matter of wisdom and understanding about which the king questioned them, he found them 10 times better than all the magicians and enchanters in his whole kingdom” – Daniel 1:20. He humbly prayed and God granted him the ability to interpret dreams and judge wisely. His life demonstrated integrity and competence, which elevated him and his friends in their positions of power and influence.
Below are 10 qualities of Daniel that we can all pray about and emulate in our present-day Babylon and be prepared for what many experts are forecasting as the big debt cycle crash.
Be faithful and devoted: Daniel remained committed to God through all circumstances, maintaining his religious convictions even when they put his life at risk. Pray for our leaders and all nations to heed the warning signs. Pray like Daniel, especially when he was told of the spiritual raging war taking place. His prayers and our prayers matter.
Be confident and courageous: Daniel’s confidence came from his trust in God. This courage allowed him to deliver unpopular and negative interpretations of dreams to powerful rulers.
Be a man or woman of integrity: Daniel was consistently honest and upright, a quality recognized even by his enemies. His adversaries could find no fault or corruption in him. Get a plan for your finances and get advice. Confess greed and even the desire for excess.
Be humble: Despite holding high positions, Daniel never took credit for his abilities. In his humility he remembered we are here to serve God and others. Let us help each other (Acts 2:42).
Possess an excellent spirit: Daniel was known for his superior character and wisdom, his exemplary spirit and discernment. Ask God to give you these abilities for his glory.
Be principled and uncompromising: His convictions were unshakable, even under pressure. Pray often, pray unceasingly, pray with belief and pray with purpose.
Ask for wisdom and prophetic insight: God granted Daniel extraordinary wisdom and the ability to interpret dreams and visions. Keep a pen and piece of paper next to where you sleep (Daniel 7:1).
Be respectful and obedient: Show respect and obedience to our nation’s rulers. Obey human law, without conflict with God’s law.
Be resilient: Pray for a consistent and steadfast character like Daniel to remain useful and influential well into old age. Look for those in our fellowship who are wise and experienced. Ask them about the miracles they have witnessed and seen.
Hope beyond the cycle
Economic cycles rise and fall. Empires come and go. But God’s sovereignty remains unchanged. God equips us to learn and walk with wisdom. He can help us to be 10 times better (or in other words 1000% better) than others, but the question is, do we have the courage to ask him and step out in faith (James 1:5)?
Christians are not called to predict every outcome, nor to place ultimate trust in financial systems. We are called to live wisely, act justly, love mercy, and walk humbly with God (Micah 6:8). Preparation begins in the heart, extends to stewardship, and expresses itself through faithful living, whatever the economic season.
The question is not whether challenges will come, but how we will respond when they do. Like Daniel, may we be found faithful, wise, and unshaken, confident that with God, even in uncertain times, all things remain under his authority.
I have written a more in-depth article entitled Babylon and the Debt Boom on my website. If you have any additional questions or comments, please feel free to reach out to me.
Bob Ghoman
bghoman@crosspointfunding.com
978-337-1567
