21 January 2009
Churches tackle credit crisis issues
Christian thinkers came together at Methodist Church House in
London yesterday to talk about how the Churches could lead the way
through the economic crisis.
The speakers at the conference organised by Churches Together in
Britain and Ireland examined the root causes of the current crisis
from a faith perspective and gave their thoughts on what the
churches' role in addressing the global financial meltdown should
be.
John Ellis, Secretary for Team Operations for the Methodist Church
Connexional Team and Treasurer of the United Reformed Church who
previously worked at the Bank of England, made the connection
between HSBC's relatively safe riding of the economic storm and its
chairman's Christian faith.
"It is fairly safe to assert that HSBC has been the most robust
during the recent economic troubles," he said. "It is also safe to
assert that the chairman of HSBC is an Anglican priest. Is that a
coincidence?"
John also pointed out the growth of credit unions in recent years
and the possibility of a return to basic banking.
Ann Pettifor, former head of Jubilee 2000 Debt Relief Campaign and
Campaign Director of Operation Noah, blamed the sin of usury and
easy credit for the crisis and examined the role high interest
rates had played in the bursting of the credit bubble. "Six per
cent interest is an incredibly high and, I would say, usurious
rate," she said. "Usury is the exalting of money values over human
and environmental values. Capital and globalisation is based on the
principal that there are no boundaries. But the problem is law
needs boundaries." Ann emphasised that usury was looked down upon
in Islam.
Bob Goudzwaard, Professor Emeritus of Economics and Social
Philosophy at the Free University in Amsterdam, said he hoped
churches would be willing to take part in a discussion on changing
economic structures.
Paula Clifford, Head of Theology at Christian Aid, told the
conference she thought the view that the economic crisis served a
higher purpose was deeply offensive to poorer people who are now
experiencing cuts in aid. Niall Cooper, from the Get Fair Campaign
against poverty, said the Church should not be afraid to take
sides, get political and stand up for the poor.
Alison Gelder, Chief Executive of Housing Justice, posed the
question: "To what extent should we share the responsibility of
looking around the community and saying, 'Who is it who needs
housing?'"
John Reynolds, an investment banker and Chairman of the Church of
England's Ethical Investment Advisory Group, laid out a five point
agenda in which churches would have a stronger voice. "Ethical
pressure must be applied both on companies and stake holders at the
same time," he said.
Following a panel discussion, Michael Bartlet, Parliamentary
Liaison Officer for Quaker Peace and Social Witness, summed up the
discussion. "We face today a choice between a political economy
based on greed and consumption and a way of life which is based on
sustainable and just relationships with our neighbour," he said.
"This conference is an example of the practical kind of way we can
work together in the future towards building a more sustainable
economy."