By Reverend Wayne Chu
On Friday, March 10, 2023, Silicon Valley Bank (SVB) collapsed after a bank run. This was the second-largest bank failure in US history and unfortunately the largest bank failure since 2008. Two days later, Signature Bank followed. Who’s next? Shockingly, it was Credit Suisse, a giant in the investment field. A raging wave of global banking crisis took us off guard and brought back the painful memory of the 2008 financial crisis.
What can we learn from these events in a spiritual sense? First, prosperity does not last forever. Society enjoyed the low-interest rate for a long while, but when inflation collides with us and the interest rate rapidly climbs, we do not prepare well enough, especially banks like SVB. The collapse of the SVB was truly a sad sight. The SVB helped many startups and promoted the growth of technology development. It was considered as “financially sound”. Sure, SVB had issues in keeping the liquidity, but no bank could possibly survive if customers withdraw $42 billion in a single day. We cannot do business without banks and banks operate on trust. SVB was destroyed by the fear of its customers, and this is the second lesson we learned. We are indeed living in a fragile world. Everything we build up can be destroyed in the blink of an eye. God gives us “fear” to avoid danger, but the Enemy can also use it to cripple us. Trust in the loving God who sustains His creation. “Therefore, we will not fear, though the earth give way and the mountains fall into the heart of the sea” Psalms 46:2 “When I am afraid, I put my trust in you.” Psalm 56:3. In times of financial turmoil, let us trust in our God, for He will restore the order of the world and give us the ultimate sense of security.
Riverside Christian Alliance Church
10:30am Sunday Worship
9640 Jurupa Road, Jurupa Valley CA 92509