June 19 1995

ARTICLE TOOLS

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In early 1992, the Economist magazine commented, "Economic paranoia has become an American habit. America worries as it prospers. These fears are based on false premises and are greatly overdone."

Around that time, a Christian ministry referred to me a couple who had received an inheritance. As a financial counselor, I suggested they diversify among proven, conservative investments. They showed little interest and finally shared with me a newsletter from a prominent Christian broadcaster, who wrote, "I believe that there will be a sharp market selloff, even a crash, sometime in 1993."

During 15 years of financial counseling, I have helped many Christians deal with such predictions. In the early 1980s, bestsellers told them inflation would destroy America. A few years later, America was to grow cold as we ran out of oil. Then Japan was going to buy us. The decade closed with The Great Depression of 1990 topping the bestseller list. Today, Bankruptcy 1995 has reset the doomsday clock.

The prophetic stock market prediction in question, coming from a Christian leader, seemed to be from a higher source. So the couple buried their money in a money market fund paying 2 percent, watched stocks and bonds soar, and worried even more.

Many Americans, including some Christians, are particularly susceptible to doom-and-gloom financial scenarios, totally unaware that the prosperity currently enjoyed by U.S. citizens is unprecedented in human history.

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During the past decade, evangelical leaders have done a lot of good things. But their predictions of the economy have been as bad as, and perhaps worse than, the predictions of others. Yet my evangelical clients still base more financial decisions on the cocksure prophecies of spiritual leaders ...