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By on January 4, 2012

A decade ago before the New Millenium, Two Great Christian Leaders namely Pastor Rick Joyner renowned American Intercessor, writer, Leader and teacher and Dr Uduak Udofia well known Global Intercessor, Leader, and Prophetic voice in Africa and other parts of the Globe prophesied in separate occasions of a ‘Time of Global economic Shift When the Third World Countries will support the Developed Countries’.

It is interesting to note here that Both of them who have worked together in various capacities in the Global Intercessory Movement and the Apostolic-Prophetic Movement for the End-time Church and were speaking at a time when the Third World Countries experienced Debt Crisis Challenges and needed serious bailouts and assistance from the Developed Countries to stabilize.
For those of us that are conversant with the Political Economic trends you know that the Bretton Woods Institutions the World Bank and the International Monetary Fund(IMF) set up after the Second World War for reconstruction and development of International economies, assisted the Third World Countries through loans that were conditional alongside the Paris Club, London Club and Swiss Club.

Policies like Structural Adjustment Programmes, Austerity measures, and Import Substitution Strategies orchestrated by IMF/World Bank smeared and stretched economies like Brazil, Argentina, Chile, Nigeria, Colombia, Congo DRC, India, Angola, and Botswana creating Political economic Instability.

So in the Analysis of Global Leaders, Intellectuals, Financial Groups, Economic rating groups like Moody, Fitch, and Standards & Poor’s Third World Countries were really like mendicants and would have a long way to go to experience Political economic stability and experience a Debt Free situation.

But this Prophecy that was in the Spiritual Atmosphere came into activation in the New Millenium, It began in Latin America when what used to be a Debt Ridden region experienced transformational Leadership from the Likes of Proffessor Fernando Cardoso(Brazil) and Eduardo Delhuade (Argentina) who moved their countries from the High debt profile to becoming free and stabilized economies.
In India Prof Mamonham Singh the Indian Economic Architect reformed the economy moving it from being a debt ridden and heavily dependent one to a transformed, viable and leading economy in the Globe with strong institutional framework and information technological revolution.

Interestingly Nigeria under the Administration of Chief Olusegun Obasanjo worked tirelessly and achieved the payment of its foreign debts leaving Nigeria ‘Economically Healthy’ and cut off from high debt burden and profile it was exposed to.

The Angolan administration of Jose Eduardo dos Santos despite many years of civil war worked rigorously to achieve a clearance of its indebtedness and exposure in the international economy, Proper reforms by the John Kuffuor Administration in Ghana, Ellen Sirleaf Johnson of Liberia coupled with responsible and strategic clearance of the huge debt profile incurred over the years stabilized this crisis-ridden economies.

So between 2000-2005, we saw the emergence of Brazil and India as part of the Leading ‘BRICS’ economies in the Globe by World Bank, IMF, and other International economic research institute ratings and standards as transformed and developed economies.
Also during this period the leading Market Economies like the United States, United Kingdom, Japan, France, and Germany, slowly and gradually drifted in their fiscal policy and discipline and despite warnings from men like Republican Leader Ron Williams(United States), Mario Draghi (Italian Central Bank Governor) and Jose Manuel Barroso (European Commission Chairman) that the Developed economies were treading a shaky path, Developed economies went on with their economic activities without caution.

The European Union and the Eurozone went through a fresh level of crisis from 2007 because of the defaulting of some of the members that failed to abide by the regulations of the European Financial and Stabilization Fund and this culminated with the Mortgage, Banking and Stock Market crisis in The United States which posted a terrible recession for the Market economies.

It was a severe experience for the American mortgage agencies Freddie Mac and Fannie Mae, Financial and Insurance groups AIG, Lehman Brothers, British Banks like Barclays, Royal Bank of Scotland, and Credit Suisse. Unemployment rate hit a high level in the United States of America in 2009 at the Inauguration of President Obama and at the Davos Economic conference for that year Russian Prime Minister Vladimir Putin summarized it by saying ‘The capitalist economies trivialized market economic discipline, downplayed guarantees and even proper regulations’.

Since 2009 the United States of America’s Debt Profile has increased to about $15trillion and the ‘Eurozone’ is in Sovereign Debt crisis giving President Obama, Chancellor Angela Merkel, Mr David Cameron,and Mr Nicholas Sarkozy, the situation has been characterized with the resignation of Mr Silvio Berlusconi for Mr Mario Monti as Prime Minister of Italy, and Mr George Papenderou for Mr Lucas Papademus as Prime Minister of Greece, and the defeat of Mr Jose Luiz Zapatero of the Socialist party paving the way for Mr Mario Rajoy of the People’s Party.

Now the major burden of the Developed Market economies is a bailout plan for survival sustenance, and a recent statement by British Prime Minister David Cameron that ‘The Debt Management Strategy of his Government is really Burdensome’, considering the fact that the adoption of the Quantitative Easing Measure is squeezing household income and slowing growth.

The Leading market economies or developed economies have come to an intense crisis period that needs serious bailouts and assistance to avert a devastating recession and meltdown. At the 2011 Thisday Newspapers Sponsored IMF/World Bank conference in Washington, Alan Greenspan former Chairman of the American Reserve Bank, acknowledged that Africa and other former Third World Economies like Brazil and India have emerged as stronger economies in the crisis period, because of remarkable reforms.

A recent statement by Mr Robert Zoellick World Bank President and IMF Managing Director Ms Christine Lagarde confirms the Global economic shift prophesied in the past, they both established the fact that ‘The Global economic situation has come to the level where the classified third world countries will have to support the develop economies to survive’.

Currently the European Leaders have been requesting for over 250billion euros funds from IMF to stabilize the euro-zone and their vulnerable economies, this used to be the experience of Third World Economies seeking for help and assistance from IMF when they had soaring debt profiles.

So we can see former colonial masters like Italy, Spain, and Portugal seeking help from Countries they colonized and dominated for many decades an amazing trend and shift. All these analysis is enmeshed in the mystery and power of God almighty who changes the times and seasons and we can see the fulfilment of that Prophecy in this time, all to the Glory and power of a Magnificent, Awesome and Omnipotent God.

It is therefore wisdom for the Developing Economies especially Africa to note that this is not a systematic phenomena but a divine arrangement and is instructive for planning and strategizing their economies to suit the challenges of the populace and avoid copying the faulty Eurozone models and the spending patterns of the United States.

Editor’s note: This guest post is written by Ottoabasi Abasiekong, a Public and International Affairs Analyst based in Lagos. He writes on Topical issues bordering Global Political economy, Organizational framework,  National Issues and has been featuring on Businessday Newspaper Nigeria, Nigerian Online,, Nigerian Oil and Gas Monthly and Victory in Christ Jesus Magazine an outfit of the Redeemed Christian Church of God.  Email him directly at [email protected]

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