Four years ago 2005 began with the world reeling from the devastating tsunami that had slammed the Indian Ocean coastline, taking more than 230,000 lives and displacing millions more.

As 2009 begins the world is again reeling—this time from the economic tsunami that is affecting the day-to-day life of every person on earth. As the 9.3 magnitude earthquake in the Indian Ocean triggered the December 26, 2004 tsunami so has exposure of inadequately secured loans by the world's financial institutions swept away confidence in today's free market system.

Something had to break, and it did!

The first evidence that an economic tsunami would create havoc in world markets was the sub-prime mortgage collapse in the United States. Also in the past year home values have plummeted up to 13% in both the British Isles and Europe .

Anatole Kaletsky, in a 29th December London Times article, summarizes how the markets unravelled: "The sudden seizure of Fannie Mae by the US Treasury and the even more unexpected decision to put Lehman Brothers into bankruptcy triggered a collapse of confidence in every major financial institution in the world. Suddenly all the banks and insurance companies previously considered 'too big to fail' were exposed…

"It was only when the entire world financial system suffered this unprecedented nervous breakdown that the real economy of consumption, jobs and industrial orders fell off a cliff. The corollary is that the world economy might well have avoided a serious recession had it not been for the Fannie and Lehman blunders, which triggered the greatest banking panic the world had ever seen."

Call it a credit crunch or a correction in the market, the net result is that millions of people have new and troubling challenges in their lives. The savings of many elderly citizens no longer produce sufficient interest for them to live on. Some have lost their entire savings. Homeowners find themselves with negative equity, having borrowed against the market value of their homes to fund new cars, education for children and overseas trips.

Jeff Randall writes in the Telegraph 26th November: "Personal debt [in Britain] has ballooned to £1.4 trillion, four fifths of which is underpinned by an unstable housing market. An occupational pension system, once the envy of Britain's competitors, is in pieces…."

We are used to seeing well-stocked shelves in our supermarkets. Products from African countries, South America, Eastern Europe, China and the Far East have been available in abundance. Unless confidence is restored in the international banking system, we could soon see the disappearance of many of these products from stores. Countries and trading blocks will try to protect their own economies through embargos and restrictions.

Unemployment is rising, creating serious social consequences. The Telegraph online reported in the 18th December edition: "With economists now predicting that unemployment could hit 3 million by 2010 the unemployment ripple is threatening to develop into a tsunami."

The good times may be over.

In Matthew 24 Jesus Christ foretold the final result of man's many and varied attempts at self-rule. He explained that just before His return to earth as the King of kings "there will be greater anguish than at any time since the world began. And it will never be so great again. In fact, unless that time of calamity is shortened, not a single person will survive. But it will be shortened for the sake of God's chosen ones" (verses 21-22, New Living Translation).

Regardless of how close we are to the complete disintegration of modern civilization, it is time for each of us to examine our priorities. Jesus says, "Take heed and beware of covetousness, for one's life does not consist in the abundance of the things he possesses" (Luke 12:15).

He explained to His disciples the priorities that we should have. "Therefore I say to you, do not worry [be overly anxious] about your life, what you will eat; nor about the body, what you will put on. Life is more than food, and the body is more than clothing?…And do not seek [as your top priority] what you should eat or what you should drink, nor have an anxious mind. For all these things the nations of the world seek after, and your Father knows that you need these things. But seek [as your number one priority] the kingdom of God, and all these things shall be added to you" (Matthew 6:25, 31-33).