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."
This, along with the continuous other financial concerns facing America's economy today can leave you feeling a little anxious. It's in those moments that we are to look at the Bible to see what God's promises are—not man.
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.
What was the context Paul was talking about when he said God will supply your every need? Earlier in verses 11-13 Paul told the Philippians to learn how to be content with whatever they have. A practice all Christians should take note of. Paul wrote to the Philippians that he knew firsthand how to live on almost nothing and live with abundance.
In his letter, Paul shares the secret to living with little during hard times: Changing your mindset to recognize that you can do all things through Christ, who gives you strength.
So, in these uncertain times, with a new alarming headline every day rest assured in God's promises. He is offering you a life of peace and spiritual strength. He clothes the birds of the air and the lilies in the field, how much more will your heavenly Father make sure you are provided for?
Tomorrow has enough worries of it's own. Pray for God to give you wisdom on how to steward what He has given you financially and trust that He will direct your steps wherever it is best for you to go.
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