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ECONOMIC MELTDOWN UPDATE: AN “UNPRECEDENTED” 45% OF WORLD’S WEALTH HAS BEEN DESTROYED

** Video clip: Joel on the Glenn Beck TV show discussing Islamic extremism and Inside The Revolution **

A sobering new report by a private Wall Street firm indicates that the global economic crisis has destroyed nearly  half of the world’s wealth over the past 18 months.

Stephen Schwarzman, CEO of the private equity company Blackstone Group LP, said on Tuesday that, “Between 40 and 45 percent of the world’s wealth has been destroyed in little less than a year and a half. This is absolutely unprecedented in our lifetime.”

What’s more, new Federal Reserve bank data just released indicates that U.S. household wealth fell by $11.2 trillion in 2008, ending the year at $51.5 trillion. U.S.  household wealth at its peak in the fall of 2007 was $64.4 trillion.

President Obama said yesterday that the economic crisis is “not as bad as we think.” It may actually be worse.

The premier of China is worrying publicly about of the value and long-term security of U.S. Treasuries and other U.S. debt, appealing to Washington to safeguard their value, reports the Associated Press. “We have made a huge amount of loans to the United States. Of course we are concerned about the safety of our assets. To be honest, I’m a little bit worried,” Premier Wen Jiabao said. “I would like to call on the United States to honor its words, stay a credible nation and ensure the safety of Chinese assets.”

A new poll finds that 53% of Americans believe the U.S. is headed into a Great Depression similar to the 1930s.

As I have written about previously, I believe the Lord is shaking us as a country, even as He shakes the world. He is challenging our dependence on fleeting wealth and material things rather than on Jesus Christ, His unfailing love and His soon coming return. In Matthew 6:19-21, Jesus said: “Do not store up for yourselves treasures on earth, where moth and rust destroy, and where theives break in and steal. But store up for yourselves treasures in heaven, where neither moth nor rust destroys, and where theives do not break in and steal; for where your treasure is, there is  your heart also.”

Where is your heart today? Where is mine? Are we storing up true wealth in heaven — or are we putting all our eggs, as it were, in the world’s basket?

TODAY’S MEDIA SCHEDULE (all times eastern and subject to change):

  • Noon — Jay Sekulow Live, nationally syndicated
  • 12:45pm — Family Life Network, nationally syndicated (taped)
  • 1:00pm — K-Love radio news, nationally syndicated (taped)
  • 3:00pm — KNKT, Albuquerque
  • 6:00pm — KGFT, Colorado Springs
  • 9:00pm — KKLA, Frank Pastore Show, Los Angeles

HEADLINES TO TRACK:

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