
"As an atheist, I truly believe Africa needs God
A Resource for Families Searching for Answers Concerning the Wise Stewardship of Life.
Before Christmas I returned, after 45 years, to the country that as a boy I knew as Nyasaland. Today it's Malawi, and The Times Christmas Appeal includes a small British charity working there. Pump Aid helps rural communities to install a simple pump, letting people keep their village wells sealed and clean. I went to see this work.
It inspired me, renewing my flagging faith in" to continue reading
¶ Submission.
BUt that thou art my wisdome, Lord, |
Eight trillion dollars in equity wealth has disappeared from our collective wallet. In an effort to offset the deflating effect of that loss, we are going to use the government’s credit-worthiness or printing presses to put more money in circulation. This cascading infusion will not be free of cost, and the extraordinary decline in the value of equities and home values—along with the accelerating reduction in wage income, stock dividends, and the like—will be painful.
And these developments will not be culturally neutral.
The financial institutions, as the perceived enablers of wealth creation, are always disproportionately influential, as are those who dream up new products and services to capture our spending power. So what happens when the wealth-enablers suddenly exit stage right while many in the wealth chain check to see whether their law firms have bankruptcy specialists? Is this a back-to-basics moment? Might even those who inhabit the precincts of corporate and government power experience a moment of humility? If so, to what effect?
My father was forced to leave college after his sophomore year to help support his family. The Depression had crippled the family hardware store and everyone in the family had to work to avoid its failure. The Depression proved to be a searing experience for my father (indeed, for a generation), informing the rest of his life. He conserved, avoided debt, and always bought locally to support his neighbors. He also spiritually and intellectually paired many of the post-Depression cultural traits with his faith. He recognized the wisdom of his spiritual fathers.
Too many act as if the source of morality is best placed in a container and kept far away from the suites of power.
As an active practitioner in business and its oversight, it is clear to me that most businesspeople do not pair the disciplines of faith with the practices of business. Too many act as if the source of morality is best placed in a container and kept far away from the suites of power.
Daniel Bell, in his book The Cultural Contradictions of Capitalism, observed: “When the Protestant ethic was sundered from bourgeois society, only the hedonism remained, and the capitalist system lost its transcendental ethic. Work was no longer a calling, but a mere means of seeking pleasure as a way of life.”
Our society of late has worked to remove limits on what can be bought and experienced. Virtually anything can be had—right now—courtesy of a loan. For decades the prevailing business ethic has been dismissive of limits. If there are potential buyers, produce it. Foundational principles have been contorted: to many “liberty” has come to mean “libertine” while the “pursuit of happiness” is reduced to the pursuit of pleasure. Should we then be surprised when the entire financial ecosystem is corrupted by what has turned out to be a disastrous profit chase?
Sociologists, who are eager not just to track cultural decline but to identify the cultural shapers, have generally concluded that cultural formation is a top-down affair. At the top is collaboration between those who conceive and those who act. Further down the pyramid of responsibility we find a collaboration between marketers and advertisers. Presumably those like my Dad, who as a retailer was well down the pyramid, and certainly those who purchase products and services, are expected to be mere pawns. It did not turn out that way in his case; he and much of his generation borrowed reluctantly and avoided a return to the excesses of the 1920s.
when money is easy, and especially when it is decoupled from real work or plausible amortization schedules, society suffers extraordinary indignities at all levels
I have not spent my life parsing data to figure out cultural cause and effect. But it seems clear that when money is easy, and especially when it is decoupled from real work or plausible amortization schedules, society suffers extraordinary indignities at all levels of the pyramid. A smaller-scale illustration occurred about midway through my term as Chairman of the FCC. I began to hear from indignant parents whose sons were calling telephone sex lines drawing on their parents’ credit with the phone companies. “Protect us,” they asked. In response I asked the Commission to disallow the disconnection of a phone line because the subscriber had not paid that part of the bill associated with a sex service, and it complied. The letters ceased and most teenagers chose not to buy heavy breathing with their own resources.
Of course, a loss of buying power does not automatically translate into a more benign culture. However, when the profligate and their enablers are the occasion for losses that attack pensions, college funds, retirement savings, and most of the other investment vehicles used by prudent people for important social responsibilities, the unquestioned pain awakens us to an especially fertile teaching moment. It has been decades since the Great Depression, and it seems that the lessons we once learned have largely been forgotten, often—especially—by highly educated people.
Dallas Willard commented on the dynamics of a market economy in “The Business of Business,” a 2006 Provocations essay. He observed that:
at this particular time in our history, moral calling and moral character have no weight and are thus unable to serve as established points of reference for individual practice and public policy. They are not treated as aspects of reality which must be appealed to in judgment and with which any decent person must come to terms. There is no legitimating support, therefore, for the idealism of young people who go into the professions, nor for the justifiable demands of the public to be served.
It is a convincing framework of calling and character that must be restored if professional life is to be directed in a manner which—surely everyone deep-down knows—is suited to its function as provider and protector of the public good and thus of individuals throughout our neighborhoods and beyond. The greatest challenge facing an officially post-Christian world is to provide that framework. To this point it is not doing very well with the task.”
Too often today’s decision framework is guided by a version of the excuse all parents hear from their children. “Everybody else is doing it,” says the child. But at the beginning of a new market scheme, everybody else is not doing it. There is indeed a pyramid, but many who are near its top nonetheless act more like mimics than leaders. True cultural transformation will require both moral clarity and energy up and down the pyramid.
In this new century, we now have a boundless supply of stories to illustrate and reanimate the wisdom of Solomon, whose thought offers a rich tableau of enduring truths. But we need institutions capable of trans-generational influence; institutions whose motivation is not novelty but truth, and yet which understand that truth-telling needs to find its voice in modern idioms and forms. Proverbs need to be told and re-told, and contemporary narratives can add immensely to their persuasion. The Trinity Forum and its peers need to do an even better job in underscoring the need for—and beginning the construction of—a “framework of calling and character.” Waiting for others to do the job would be as imprudent as is the conduct we lament.
Written by Al Sykes at The Trinity Forum
I couldn't agree more. And because most of us are such poor stewards in this area it is refreshing to know that a repentent heart and mind brings greater grace.
Until last month, the clock had enough digits to measure US debt levels |
The US government's debts have ballooned so badly the National Debt Clock in New York has run out of digits to record the spiralling figure.
The digital counter marks the national debt level, but when that passed the $10 trillion point last month, the sign could not display the full amount.
Rob Curran reports:
Almost every generation, it seems, has its October stock-market crash.
The cumulative losses of stocks since the plunge on Sept. 29 are comparable with those suffered in the October stock-market crashes of 1987 and 1929. The Dow Jones Industrial Average is down about 9% this week, after a loss of 7.3% the week before.
By comparison, in the worst week of the 1929 stock market crash, the week ended Oct. 19 that year, the Dow took a loss of 8.2%; the blue-chip index lost 13% on the week that started with Black Monday, Oct. 19, 1987. So far in October, the Dow is off 14%, compared with a loss of 20% in October 1929 and a loss of 23% in October 1987.
And neither the week nor the month are over yet. The market has hardly been on firm ground Wednesday, though stocks are higher. Still, the middling reaction to a barrage of worldwide interest-rate cuts suggests that the selling may not be over. It may feel more like a tumble down the stairs than a jump from an airplane, but the end effect is the same.
Selloffs of this nature feed on themselves. The record 777-point drop last Monday “destabilized the market,” said Lorenzo Di Mattia, manager of hedge fund Sibilla Global Fund. The Chicago Board Options Exchange volatility index, known as the market’s fear gauge because it measures the premiums paid to protect against market swings, is trading at its highest level in its current form, around 58. That gauge dates back to 1990.
Both institutional and retail traders reached a “pain threshold,” said Peter McCorry, senior equity trader at Keefe Bruyette and Woods, where they were unwilling to continue holding stocks so deep in the red.
One hedge fund manager in Chicago said people he knows who trade on their own accounts are throwing in the towel. “A lot of friends of mine say ‘I can’t take it, I’m selling my stocks,’” said Jeffrey Pavlik, head of hedge-fund firm Pavlik Capital Management.
Losses are also likely feeding on themselves because of “stop losses,” or levels where traders automatically sell to limit their down side. Chatter is mounting that clients are demanding cash back from hedge funds, forcing them into the market. Whenever a trader is forced to sell, they do so at a lower price.
Amid uncertainty in their own industry, brokers increased margin requirements, or the amount of capital funds needed to underpin their positions, one hedge fund manager said. For these reasons, many funds may be selling holdings in a hurry.
Henri Nouwen was a successful university professor, writer, and lecturer. At the height of his career, he left the prestigious world of Harvard to live and work among the mentally handicapped and seriously disabled people at the L'Arche community in Toronto. From the competitive world of the best and brightest, he moved to powerless people of few words, considered marginal to society.
At the beginning of his ministry, Jesus came to the Jordan River to be baptized. "As he came up out of the water, a voice from heaven said, 'You are my Son, the Beloved; with you I am well pleased' " (Mark 1:11, NRSV).
(Isaiah 43:3–4). The apostle Paul says that by faith "we are children of God, and if children, then . . . joint heirs with Christ" (Romans 8:16–17).
Questions for discussion:
Why do you suppose it is difficult in our culture to have a healthy sense that our true identity comes from God?