Showing posts with label banking. Show all posts
Showing posts with label banking. Show all posts
Tuesday, 7 July 2015
Discover & explore: Work
Many of Jesus’ parables are set in the world of work. They concern masters, servants and slaves, as those were the primary work roles at the time and, because Israel was an agrarian culture, they often relate to farming. Ours is a very different context and the differences essentially began, as the paintings at the Guildhall Art Gallery show us, in the Victorian period which was dominated by the Industrial Revolution. ‘This marked the transition to new and more efficient manufacturing processes’ which helped make us the strongest economy in the world at that time. Despite the many differences between the working life of Jesus’ day and time, the universal nature of the stories that he told, means that they still have much to say to the work practices of our own day and time.
One person who has specifically explored the implications of Jesus’ parables for the workplace is Will Morris who is both Director for Global Tax Policy at GE and a priest at St Martin-in-the-Fields. In his book ‘Where is God at Work?’ he devotes five chapters to exploring the Parable of the Talents.
He notes firstly that this is story about workers and work. In the story people at work are ‘entrusted with vast sums of money and expected to use them in commercial ways’:
‘People are given assignments, they have responsibilities, and they have to report back to the boss, who then assesses them and rewards them with further work responsibility – or punishes them with demotion (or the sack). The relationships are business relationships. There is one worker who obviously has real commercial smarts, another who is not quite as high-powered but still does pretty well, and then there is the one who has no commercial savvy at all, and who lets his employer’s money sit in the ground doing nothing. So we have the successful risk-taker and the conservative, risk-adverse colleague who’d much rather do nothing than try anything. And there’s a hierarchy. It really is just like a workplace.’
Will Morris makes three key points. The first is that this is not directly a story about God-given abilities (a talent was a measure of money, not a skill or gift). It is ‘rather a story about the entrustment of something of great price to various individuals.’
‘Second, the sums of money – the talents – are something given, entrusted by the master when he leaves and required to be turned back over when he returns.’ It is about ‘something entrusted to us which we are expected to work with – fruitfully – and then return to the person who gave it to us.’
Third, there is the size of the gifts. One talent is sixteen years’ wages, five is eighty years’ worth. ‘That’s a lot to entrust to a slave ... Slaves, those way down the pecking order, were here entrusted with huge wealth. The master didn’t entrust the talents to his fellow owners or to his friends, but to his slaves.’ In that sense, ‘this parable is more about equality, at least of opportunity, than it is about inequality. Slaves, if they can handle it, are as worthy of being trusted as the leaders of society.’
This parable ‘upholds commercial activity – even ... banking’ and, more specifically, ‘Jesus does indicate that – in the right settings – using money to make money is completely acceptable.’ ‘For Christians in the workplace that is welcome and affirming.’ Despite this, ‘the parable doesn’t tell us that money is good, or that we will be doing God’s work if we earn more talents for Him by any means we wish as long as we end up increasing the amount.’
However, ‘done well, done properly, these activities will validly contribute to the building up of the kingdom. As a result we must be open to the possibility that God has placed them there for us to use in this way. If we approach the workplace with the idea, the preconception, that good cannot possibly be achieved there, then the chances are that it won’t be. But if, in part thanks to this parable, we are open to the possibility that God can work through instruments such as money and in the workplace, then who know what might happen? ... God can turn up and do amazing things in the most unlikely places.’
The ‘parable of the talents is not about the unequal handing out of skills and about the punishment of the weak. It is about whether we try to be the best we can be, working with God to build His kingdom, heal His creation, including the workplace – which, like everything else, will be perfected at the end of time. It’s about being ourselves, not trying to be people we’re not. It’s about doing only what we are capable of doing, but doing it very well. It’s about a God who entrusts us with things of enormous worth – the possibilities of being His co-workers – and who will love us for what we have done unless (and only unless we hide the gift, don’t ask Him for help using it, and then turn around and tell Him it was all His own fault anyway). Our God loves us. He really does. And all we have to do is love him back.’
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Bill Fay - The Healing Day.
Labels:
banking,
bible,
books,
commerce,
discover & explore,
guildhall art gallery,
industrialisation,
money,
parables,
st martin in the fields,
st stephen walbrook,
talents,
w. morris,
work,
workplace,
writers
Saturday, 13 June 2015
Combining business with humanity, without neglecting either
On Thursday I had the opportunity to visit the Rothschild Archive and learnt about the ethos which underpins this famous company's success.
Mayer Amschel believed that forming a partnership would sustain a strong family business into the future, a belief that proved to be correct. The agreement ensured that the reputation that Mayer Amschel had built up for himself, through a lifetime of innovative trading, could be passed on to the next generation. By remaining true to the principles and rules of the partnership and by staying in close communication, the brothers went on to create a business that has remained at the forefront of global finance.
The formal structure of the partnership agreement survived into the twentieth century, though the family business subsequently adopted more sophisticated corporate structures. Profit sharing was built into the agreement. Mayer Amschel intended that his sons should share out the profits of the partnership, ensuring that the brothers were committed to the well-being of each other, and the partnership as a whole.
This ethos is demonstrated by a letter of thanks sent by Sir Siegmund George Warburg after spending time in 1926, as a young man, at New Court, under the tutelage of Lionel de Rothschild and his brother Anthony. His time at the London house obviously made an impression, as his gracious thank-you letter shows:
"At the moment of leaving London I wish to tell you how grateful I am to you for the time I was allowed to spend at New Court which I consider a great honour. You provided me with many opportunities to learn. I learnt quite a lot of details of business-machinery. But I learnt something also which will be far more important to me in my future life. This is the fine tradition of New Court which combines business with humanity, without neglecting either. To learn such a combination is particularly valuable to somebody from the continent where so often humanity is killed by business."
Warburg was later to become a senior City figure who firmly believed that financial integration of Europe was an essential step in the development of the European economy. He managed the firm he created, S.G. Warburg & Co. until the 1970s. S.G. Warburg & Co. was later acquired by UBS AG, creating UBS Warburg, which then became UBS AG.
Despite the depredations of time and occasional bouts of over-enthusiastic destruction, a high proportion of the records of N M Rothschild & Sons have survived across nearly two centuries of continuing business, in good physical condition and carefully preserved order, looked after by generations of clerks in the Archives Department of the London Bank.
In 1999, the Board of Directors of N M Rothschild & Sons Limited, under the Chairmanship of Sir Evelyn de Rothschild, formally gifted the contents of the Archive Department to the newly established Rothschild Archive Trust. The Trustees of The Rothschild Archive Trust administer the Archive as an independent charitable trust in purpose-built premises made available for the purpose within the offices of the London business.
In 2011, the Rothschild Archive moved into new premises at New Court in the City of London. The latest building to stand on the New Court site was designed by OMA, Office for Metropolitan Architecture, headed by the eminent Dutch architect Rem Koolhaas. OMA’s vision for the fourth version of New Court was inspired by the idea of ‘heritage in the City’ The Reading Room is a key feature of the dramatic modern glass and steel design.
The Reading Room bookcases and furniture were designed, crafted, and installed by the prestigious North Yorkshire company, Robert Thompson’s Craftsmen Ltd, also known as ‘The Mouseman of Kilburn’.Thompson’s use only the best quality sustainable oak and skill to create the finest pieces.The bookcases alone used 19 English oaks, took 5,500 hours to produce, and over 1,000 hours to install, and all the pieces in the Reading Room feature Thompson's trade mark mouse motif.
The Archive now houses, alongside the records of the London banking house (which themselves include often detailed correspondence from the continental houses in Frankfurt, Paris, Vienna and Naples), records of the different branches of the businesses in England, France, Germany, Italy and Austria. The Archive is also responsible for a large collection of papers of the French banking business, held on deposit with the Archives Nataionales du Monde du Travail, Roubaix, France. The Archive also holds collections of private papers of members of the English, French and Austrian Rothschild family.
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Mathilde de Rothschild - Where lilac blows.
In 1999, the Board of Directors of N M Rothschild & Sons Limited, under the Chairmanship of Sir Evelyn de Rothschild, formally gifted the contents of the Archive Department to the newly established Rothschild Archive Trust. The Trustees of The Rothschild Archive Trust administer the Archive as an independent charitable trust in purpose-built premises made available for the purpose within the offices of the London business.
In 2011, the Rothschild Archive moved into new premises at New Court in the City of London. The latest building to stand on the New Court site was designed by OMA, Office for Metropolitan Architecture, headed by the eminent Dutch architect Rem Koolhaas. OMA’s vision for the fourth version of New Court was inspired by the idea of ‘heritage in the City’ The Reading Room is a key feature of the dramatic modern glass and steel design.
The Reading Room bookcases and furniture were designed, crafted, and installed by the prestigious North Yorkshire company, Robert Thompson’s Craftsmen Ltd, also known as ‘The Mouseman of Kilburn’.Thompson’s use only the best quality sustainable oak and skill to create the finest pieces.The bookcases alone used 19 English oaks, took 5,500 hours to produce, and over 1,000 hours to install, and all the pieces in the Reading Room feature Thompson's trade mark mouse motif.
The Archive now houses, alongside the records of the London banking house (which themselves include often detailed correspondence from the continental houses in Frankfurt, Paris, Vienna and Naples), records of the different branches of the businesses in England, France, Germany, Italy and Austria. The Archive is also responsible for a large collection of papers of the French banking business, held on deposit with the Archives Nataionales du Monde du Travail, Roubaix, France. The Archive also holds collections of private papers of members of the English, French and Austrian Rothschild family.
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Mathilde de Rothschild - Where lilac blows.
Labels:
architecture,
archives,
banking,
banks,
business,
city of london,
humanity,
koolhaus,
oma,
partnership,
r. thompson,
rothschild,
rothschild archive trust,
thanks,
ubs,
warburg,
wood carving
Thursday, 15 September 2011
Meltdown .... A PowerPoint presentation
Peter Challen has sent me an interesting PowerPoint presentation entitled 'Meltdown' about the next phase of the Global Financial crash, originally prepared and circulated by Dr Mike Haywood. Let me know if you'd like a copy and I'll forward it to you.
In summary, the presentation argues that ...
The debt mountain, peak oil, population growth, resource depletion, population growth, the pension time bomb and climate change are all interconnected. Remember, only 3 dozen economists correctly predicted the 2008 global financial crisis, out of a profession of 20,000 members. Not one of the World politicians and Central Bankers saw the crisis coming, but all of them claim to know the remedy.
Meltdown did not occur in October 2008, but we were within 4 hours of it happening. It has only been deferred. The reasons for the 2008 crash have not gone away. The US housing market is still in freefall and US and European Banks are becoming increasingly insolvent, although they won't admit it. Economic growth will be stifled by rising oil prices. The bailouts are not working. World Politicians, Bankers and Economists are trying to maintain the status quo but they are losing control. Fundamentally, the real systemic causes of the crisis are rarely discussed with transparency and have not been addressed. Fractional Reserve Banking and universal public ignorance of banking practices are the cause of all our global problems.
The collapse will happen within the next couple of years. The Eurozone or USA will most probably be the epicentre. The interconnectivity of the financial system means we will all be affected. What happens next after the collapse is impossible to predict. History is replete with examples but not on a Global scale. Massive political unrest will prevail. There will be a rise in popularity of extreme left and right political parties.
Peter recommends them as a valuable set of slides, graphs and summaries that might usefully be viewed before the Moving Planet day seminar at St James Piccadilly on September 24 see http://www.st-james-piccadilly.org/.
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Regina Spektor - Fidelity.
In summary, the presentation argues that ...
The debt mountain, peak oil, population growth, resource depletion, population growth, the pension time bomb and climate change are all interconnected. Remember, only 3 dozen economists correctly predicted the 2008 global financial crisis, out of a profession of 20,000 members. Not one of the World politicians and Central Bankers saw the crisis coming, but all of them claim to know the remedy.
Meltdown did not occur in October 2008, but we were within 4 hours of it happening. It has only been deferred. The reasons for the 2008 crash have not gone away. The US housing market is still in freefall and US and European Banks are becoming increasingly insolvent, although they won't admit it. Economic growth will be stifled by rising oil prices. The bailouts are not working. World Politicians, Bankers and Economists are trying to maintain the status quo but they are losing control. Fundamentally, the real systemic causes of the crisis are rarely discussed with transparency and have not been addressed. Fractional Reserve Banking and universal public ignorance of banking practices are the cause of all our global problems.
The collapse will happen within the next couple of years. The Eurozone or USA will most probably be the epicentre. The interconnectivity of the financial system means we will all be affected. What happens next after the collapse is impossible to predict. History is replete with examples but not on a Global scale. Massive political unrest will prevail. There will be a rise in popularity of extreme left and right political parties.
Peter recommends them as a valuable set of slides, graphs and summaries that might usefully be viewed before the Moving Planet day seminar at St James Piccadilly on September 24 see http://www.st-james-piccadilly.org/.
-------------------------------------------------------------------------------
Regina Spektor - Fidelity.
Labels:
banking,
challen,
credit crunch,
crisis,
debt,
economy,
events,
haywood,
moving planet,
peak oil,
politics,
presentations,
st james piccadilly
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