Shelby Bowen of Charisma News writes about the sudden collapse of Silicon Valley Bank, one of the largest bank failures in American history. Its connections with the tech industry and memories of 2008 have more than a few people worried about the state of the economy.
However, Bowen argues against panic, with a specific, Bible-based warning against alarmism. She also notes that it’s far too easy to scroll through negative articles online.
The second largest shut down of a bank in U.S. history just happened and now everyone is wondering if this will have a domino effect. Silicon Valley Bank (SVB) which is America’s 16th largest commercial bank collapsed last week along with Signature Bank.
SVB, along with many other banks invested the money coming throughout their doors into bonds, a seemingly normal practice. With the continual spike in interest rates, the price of the bonds fell and the assets which many banks relied on decreased in price. This drove worried depositors to rush to the ATM and withdrawal their money out of their accounts. Now, there is a question on whether other banks will follow in the same footsteps as SVB.
President Joe Biden assured Americans on Monday that “our banking system is safe,” adding: “We will do whatever is needed on top of all this.”
In these trials, be careful not to fall into the tricky Prosperity Gospel teachings traps. They come in with pastors or leaders telling you to give to the church and God will give it back to you and more, which actually causes significant spiritual harm to believers. One of the most common verses used in the Prosperity Gospel is in Philippians.
Philippians 4:19 says, “But my God shall supply your every need according to His riches in glory by Christ Jesus.” Yes, God wants you to succeed and live a prosperous life but more than anything this verse from the apostle Paul is talking about your spiritual life. We know in this life there will be hard times. They are guaranteed. But, we can rest assured that God will always take care of us.