Seven Gray Swans: Understanding the Global Trends that Threaten Our Financial Future
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- The COVID-19 crisis isregarded as a Black Swan,
a once in a century eventaffecting the entire world.
So what might be next?
A Christian financial expert says,
"Get ready for somethingknown as Gray Swan events,
trends we're already experiencing.
They're likely to transcend the pandemic.
Crown Financial CEO radiohost, Chuck Bentley.
- The Gray Swan is anevent that is obvious,
it's out in the open, people see it.
They know that it's there.
They know it's a significant threat,
but they tend to ignore itand do nothing about it.
- [Gary] Bentley explainsthis further in his new book,
"Seven Gray Swans, Trends That Threaten
"our Financial Future."
Among the seven, the globalmove toward digital currency
and a cashless society.
Bentley says the transitionactually began years ago
and has proceeded rapidlysince COVID-19 hit.
- With the threat that ouractual physical currency
may be tainted with thevirus, and over time the Bible
warns us that ultimately the antichrist
will control the worldthrough the economy.
And so, I think we need to be aware
that it's moving that direction rapidly
and to do our part tobe prepared for that.
- [Gary] Also, whenCongress considered another
multi-billion-dollar stimulus package,
most Americans wanted toknow how much to expect
in their bank accounts or mailboxes.
Bentley warns temporaryrelief payments could easily
turn into a permanentuniversal basic income program.
- Those type of programsare very hard to stop,
but my hope is that we willnot endorse this policy
to see that continue, becauseultimately we can't afford it.
It would be like, you know,eating sugar for your diet.
It feels good for a little while,
but it doesn't do good in the long term.
- [Gary] Bentley believes this is a result
of the U.S. embracingmodern monetary theory,
that debt doesn't matter.
So the Fed goes on printingdollars indefinitely.
A similar trend in Venezuelaled to hyperinflation,
with an overall five-year rate that rose
a whopping 53 million percent.
Our national debt now exceeds the size
of the American economyand is expected to total
102% of the U.S. gross domestic product
by the end of this fiscal year.
Bentley doubts the debtwill ever be repaid,
and that would lead America's creditors
to inflict some painfuloptions on the public.
- Some sort of austerity program,
some sort of a massive tax increase,
a hyperinflation that would make it easier
for the government to repay their debt.
- [Gary] The use ofbiometrics and social scoring
also make up these Gray Swan trends.
Airlines are pushing forCOVID-19 contact tracing
and the use of smartphoneapps to prove travelers
have been vaccinated for the virus.
And Bentley says a number of companies
are already using social scoring.
- Right now, if I take an Uber,
not only do I evaluate the driver,
but the driver evaluates me.
And a private company couldvote me out of their system.
We're seeing that insocial media right now.
- [Gary] We see some of this,
ranging from Twitter blue checks,
to Facebook "likes" and others.
In China, the CommunistParty uses social scoring
to rate its citizens' obedienceto government authority
and loyalty to communist ideology.
Positive scores garner favor.
Those with low scores are denied jobs,
travel benefits, and education.
Eventually such a systemcould prove dangerous
for Americans unwilling to comply,
with acceptable speechand cancel culture norms.
- Even getting things like a tax refund,
being able to travel,being able to have access
to certain propertiesor buildings or museums.
I think it's coming.
I think it's one we allneed to have a heightened
awareness of and to be verycareful about supporting
the things that allow ultimatecontrol over our free speech.
- [Gary] So if the birth pangsof the Seven Gray Swan events
are already upon us, how can we prepare
and protect our families and investments?
Bentley says we mustprudently chart a wise path,
without becoming paralyzedor reacting emotionally.
- Well, we obviously need todiversify our investments.
We need to get out of debt.
We need to increase our savings.
We need to increase ourability to persevere,
through what I think are goingto be turbulent times ahead.
- [Gary] Gary Lane, CBN News.