Tuesday, 7 October 2008
We have before us an economic system that has proved to have failed
It is/was (?) based on consumption with a total addiction on spending money raised upon credit, and the amassing of property and possessions. This is the world that the inhabitants of the West in general, have created. Now we have the governments of the ‘developed’ world rushing to prop up their failed capital craving banking systems. We have figures bandied about in buying their useless assets, (let’s be frank, that’s what they are, for ‘toxic debts’ read ‘useless assets’) that quite simply make my head swim, just how do you grasp the scale of $700 Billion, or the 300 Billion Euros France is seeking as a Europe rescue fund or the £50 Billion that some of the UK banks are asking for?
So where does the world go from here? Is it back to more of the same? Will the financial world drag itself out of the mess it has created only eventually to go back to the same situation again of encouraging poeple to borrow and spend when the interest rates drop in order to stimulate the economy and growth? Will again people go back to collecting possessions as a comfort blanket against the problems of the real world, with its starvation and disease in the third world and the disaster of Climate Chaos which faces us all?
Or will those caught up and out by the present crisis decide that they will cut up the credit cards, reduce their debts and realise that what actually matters in life is family and friends and that judging others by the fashion labels on the outside of their clothes is wrong. As John said of attitude of the latter in 12:43, “They loved the praise of others more than the praise of God”.
Posted by Fr. Peter Doodes at 07:00