Pastors’ Update 03-17-2023
Hi Everyone and Happy Sabbath!
As Charles Dickens wrote in his book, A Tale of Two Cities, “It was the best of times, and the worst of times.”
Several of our banks and financial banking networks around the world fell into a major crisis over the past week when their reserves fell and their long term investments, made at much lower interest rates than those currently in place by the FED and other countries, had to be sold at discounts and severe losses. As we all know the FED here in the US has made several interest rate increases to try to curb consumer borrowing, spending and slow down the economy. Countries in Europe have been doing the same. With reserves tied up in investments and lower balances on hand, larger companies began moving money to cover operating expenses anticipating a decline in income, causing a run on banks, first with Silicone Valley Bank and then, with Credit Suisse in Europe. Those are major banks! They had to close to prevent public runs on the banks, and here in the US several banks were taken over by Federal regulators.
I am not an accountant, but economists said this could have been a major international banking crisis that would have pushed the world’s economies into financial depression.
However, the FED stepped in and basically promised to cover all bank investment losses, and more importantly, cover all depositors money, even above the usual FDIC $250,000,00 insurance limit. That seemed to calm corporations and individuals. Once again, the federal governments appear to have averted a major financial crisis. One big problem: federal governments are guaranteeing these coverages with borrowed money. Money the US is borrowing from itself by printing more money and going deeper into debt!
We know from prophecy that the beast power at the time of the end will offer the world an economic bailout and become the world’s greatest economy (Rev. 18:3-5, 10-19). Of course, before an economic recovery and boom, there must first come a major depression. Governments going increasingly deeper and deeper into debt, eventually falter and are taken over by other countries. It has occurred hundreds of times in man’s short history on this earth, and it will happen again!
The “best of times” is reflected in the announcement this week that the State of California is officially out of drought! The nine “Atmospheric Rivers” we have received this year have given us enough rain and snow to replenish our reservoirs, water shed and ground water. That is a great blessing for which we should be thankful!
Sign-up lists for the Night To Be Much Observed (Wednesday, April 5th) are on the Announcement Table(s). Please sign up early to reserve your spot(s). We have two locations for the Stockton congregation: The Chez Shari Restaurant in Manteca, and the Rossmoor Stanley Dollar Mansion in Walnut Creek. For those in Redding, we will be meeting at Cattleman’s Steak House in Redding. Please sign up on the list on the announcement table. If you have any questions, check with Tom Provine. The Reno congregation has reserved space in The Atlantis Hotel for this special occasion and meal. Please see Mark Fike for additional information.
This Sabbath (March 18th) in Lodi, we will have a Bible Study during the first half of services. Please submit questions in the box provided on the announcement table.
Tomorrow, we will have Sabbath services for Redding, Reno and Lodi congregations at 2:30 pm. For those who cannot meet in person, the webcast will originate from Redding this week.