The U.S. Federal Reserve’s government-debt buying program is supposed to be aimed at supporting the economy.

Dubbed “QE2,” it’s the second time a plan quantitative easing has been launched. What that means is the government is buying back $600 billion in debt in order to bring down interest rates and encourage spending.

There is debate over whether the program can possibly spur enough job growth to offset the plan’s potential inflationary effects. The move casts a global shadow of doubt over the stability of the U.S. dollar.

Driving up inflation while increasing costs on commodities will have a direct impact on ministries like Baptist Haiti Mission. BHM’s Rob Baker says they’ve already felt the pinch.

“The valuation of the U.S. dollar is on the decrease in Haiti. That means the amount of U.S. dollars that we receive, we receive in the exchange of that (less Haitian currency), and that means we have less money to work with.”

Combined with a general downturn, “We have seen a little bit of decrease in the support for the work of the mission. We attribute a lot of that to the economic crises that hit the U.S. and other places not too long ago,” explained Baker. Add to that the rising cost of living and static wages, and that effect will probably increase. “People are just concerned about having enough finances to live on. I think giving to missions like this are hurt by that.”

Baker says the loss of the U.S. dollar’s credibility has already had an impact on their programs. “We have had to suspend some of the construction that we wanted to do: to assist the Haitian churches and schools in accomplishing. We were not able to buy the number of school books that we wanted to get for schools that are associated with the mission.”

People are hungry for hope, and the team at Baptist Haiti Mission has their hands full battling cholera on one front and basic rebuilding plan on the other. Baker says, “The major thing that keeps us going as missionaries there in Haiti is the fact that we do serve a God who is in control and a God who can bring order out of disorder and good out of bad situations.”

Watching God work is another way to dispel the gloomy economic forecast. “We’re excited about a lot of strides that the Haitian church is taking in evangelization and reaching out to the community. We want to try to be able to continue to assist the Haitian church.”

Source: http://www.mnnonline.org/article/14965