Before rushing to write off the effects of the biblical Shemitah cycle on the nation’s economy, critics might want to step back and take a look at what has already happened and the direction things are heading. August brought a gut-wrenching correction to the stock market, with billions of dollars lost in a 10 percent drop-off in value. The first two weeks of September saw a mild upswing as Elul 29, the day of reckoning on the Hebrew calendar, came and went with nary a jolt being felt. But as Shemitah researcher Jonathan Cahn has pointed out, the real damage of the Shemitah often occurs in its “wake,” in the Hebrew month of Tishrei. The U.S. market took another big hit Friday, falling 290 points to close at 16,385.
Cahn’s book, “The Mystery of the Shemitah,” points to at least 10 examples of financial and economic turmoil in the year of the Shemitah, including 1973, 1980, 1987, 1994, 2001 and 2008. But only in 2001 and 2008 did record collapses occur on Elul 29, the last day of the year on the Hebrew calendar also known as the “wipe out day.” And this year Elul 29 fell on a Sunday, when markets were closed, making it impossible for the market to react on the traditional day of “release” when all debts and credits were to be canceled once every seven years, according to Deuteronomy 15. FULL REPORT