KNOXVILLE, TENNESSEE – Jan. 12, 2021 – From the negative impact of Universal Basic Income (UBI) to Orwellian social scoring, seven so-called “gray swans” threaten to undermine Americans’ financial stability and future, according to the new book 7 Gray Swans from Crown Financial Ministries CEO Chuck Bentley.
“The 21st century has ushered in paradigm-changing economic developments through rapid advances in technology, economic philosophies and global interdependent networks,” Bentley said. “The result is ‘gray swans’ – a myriad of developing threats to our free markets, free governments and free minds. Especially in light of recent U.S. election outcomes, Christians need to be preparing their finances accordingly.
The good news, according to Bentley, is that gray swans are much easier to prepare for financially once they’re identified.
In simple terms, a gray swan is an obvious danger people tend to ignore, Bentley said. The name derives from the term black swan event – extremely unpredictable, worse than expected and severe in its impact. Gray swan events are similarly severe but can and should be predicted and prepared for.
In the book, Bentley identifies the seven most critical possible gray swans developing today and offers insight based on biblical financial principles on how to be prepared.
The current gray swans with Bentley’s comments on each include:
- Universal Basic Income (UBI) – Endorsed by the Pope, Bernie Sanders, Elon Musk and Andrew Yang, what could possibly be wrong with it?
- Digital Currency/Electronic Economy – Online banking, internet commerce, digital currency and financial tools combined with Biometric ID are rapidly reshaping the global economy. Is a cashless future inevitable?
- Modern Monetary Theory – Evangelists for the disruption of traditional economic orthodoxy believe they have found the golden key: Deficits no longer matter for issuers of currency. When do we reach the end game, and what will happen then?
- America’s Democratic Socialism – Departing from traditional liberal, democratic policy, this philosophy of centralized economic control is being pushed by high-profile politicians as well as a younger generation of Christians.
- Social Scoring – Already being used in China, a social score is a policing tool to evaluate good citizenship based upon a number of factors including personal and public social media posts. Combined with the credit score, it offers a powerful source of control over free speech. Is it coming to a country near you soon?
- Biometric Identification – Do you open your phone or computer with a fingerprint or facial scan? Welcome to the world of biometric identification. Will this ID control your access to flights, public events or government funds like a tax refund?
- Fragile Networks – Do you store documents in the cloud? File your taxes online? Bank online? Buy things from Amazon or from Alibaba? Has your confidential data ever been compromised? Are all those networks really safe and secure?
“Contrary to black swans, these events can be observed right now,” Bentley said. “And there are steps you can take to be prepared, steps that are financially prudent whether or not they occur.”
Bentley advised individuals to increase their ability to weather financial storms, become debt free and diversify assets.
Bentley’s insights rise from Crown Financial Ministries’ 40-year track record of helping individuals, small groups, organizations, businesses and churches learn and apply God’s principles for stewardship and life. Through online resources, financial mentors and career consultants, Crown offers biblically based help for finances, careers and relationships.
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About Crown Financial Ministries
Crown Financial Ministries is the world’s largest Christian financial ministry and for 40 years has shared God’s principles of stewardship and life. Founded by Larry Burkett and led by CEO Chuck Bentley, Crown works through online resources, financial mentors and career consultants to help individuals, small groups, organizations, businesses and churches learn and apply biblically based help for finances, careers and relationships.