Sunday, September 28, 2008
The seductions of idolatry
The whole credit system is a ponzi scheme. When I'm being charitable, I say the system is based on trust; when cynical, on mutually assured destruction.
It's not, in general, illegal, although laws were broken, surely, leading up to the current crisis -- violations of fiduciary obligations, misrepresentation, breaking of contracts, and so on.
The problem actually is not lack of money -- not yet. It's the freeze in the "creation" of money -- leverage, our old friend, which was the problem that caused the stock crash of '29, '87, dot-com crash of '99 -- and, well, the panics of 1907, 1893 ...
It really is a house of cards: When it works, it works. But one good gust of fear comes along, it blows the whole thing down.
In some ways, the House Repubs are right: The markets would work through this unaided, but at tremendous cost to the country.
This country is not a market, it has markets, and I think it's perfectly right for We the People to take steps to protect ourselves, and, as usual, to protect the markets from themselves, since they really do have of us Us the People by the dang short hairs.
Speaking of the House Repubs: What Bush is asking of them is comparable to a heretic preacher asking them to deny Christ. The free market is that much an article of faith to them -- it's the bedrock of their civic faith, in fact.
Time for a Reformation.
PRAYER OF CONFESSION today at church:
Lord of Life, we pause in the midst of high anxiety about our country's financial future to remember the wisdom of the church about wealth and the life of the spirit. Once again, as we struggle to recover from an era of greed and corruption, we are driven back to words that are older than any political party or media spin. The love of money is the root of all evil. Teach us, we pray, to heed the wisdom of the ages, not the seductions of idolatry. In the name of Jesus our Teacher and Lord we pray, Amen.
Scripture Reading: Mark 10: 17-25.
--ER
It's not, in general, illegal, although laws were broken, surely, leading up to the current crisis -- violations of fiduciary obligations, misrepresentation, breaking of contracts, and so on.
The problem actually is not lack of money -- not yet. It's the freeze in the "creation" of money -- leverage, our old friend, which was the problem that caused the stock crash of '29, '87, dot-com crash of '99 -- and, well, the panics of 1907, 1893 ...
It really is a house of cards: When it works, it works. But one good gust of fear comes along, it blows the whole thing down.
In some ways, the House Repubs are right: The markets would work through this unaided, but at tremendous cost to the country.
This country is not a market, it has markets, and I think it's perfectly right for We the People to take steps to protect ourselves, and, as usual, to protect the markets from themselves, since they really do have of us Us the People by the dang short hairs.
Speaking of the House Repubs: What Bush is asking of them is comparable to a heretic preacher asking them to deny Christ. The free market is that much an article of faith to them -- it's the bedrock of their civic faith, in fact.
Time for a Reformation.
PRAYER OF CONFESSION today at church:
Lord of Life, we pause in the midst of high anxiety about our country's financial future to remember the wisdom of the church about wealth and the life of the spirit. Once again, as we struggle to recover from an era of greed and corruption, we are driven back to words that are older than any political party or media spin. The love of money is the root of all evil. Teach us, we pray, to heed the wisdom of the ages, not the seductions of idolatry. In the name of Jesus our Teacher and Lord we pray, Amen.
Scripture Reading: Mark 10: 17-25.
--ER
Comments:
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As a kid I worked for a guy who scammed poor people to earn a few sheckles.
Ponzi yes, but it was aided and abetted by bunko, con, flim flam, gaffle, grift, scam, scheme, swindle, fraud and otherwise criminal and unethical behavior. But what the heck power is immune from prosecution so why shouldn't they take our trust money and hope.
Read Woody's "Bound for Glory", and take a look at the future.
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Ponzi yes, but it was aided and abetted by bunko, con, flim flam, gaffle, grift, scam, scheme, swindle, fraud and otherwise criminal and unethical behavior. But what the heck power is immune from prosecution so why shouldn't they take our trust money and hope.
Read Woody's "Bound for Glory", and take a look at the future.
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