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Showing posts with label credit. Show all posts
Showing posts with label credit. Show all posts

Sunday, 3 February 2013

Why are we waiting?

“Why are we waiting? We are suffocating. Why, oh, why are we waiting?” Did you ever sing that as a child? Maybe you sang some variant lyrics, but we won’t go into that here!


The advertising slogan once used by the credit card Access – "take the waiting out of wanting" – illustrates how many people want to possess things the minute they decide they want them, whereas waiting is seen as passive and boring. At the time it was first used, that slogan would have seemed perfectly acceptable. Now, it seems to sum up all that has gone wrong with a culture built on credit.

Simeon (Luke 2. 22 - 40) had been waiting throughout his life to see Lord’s promised Messiah, as the Holy Spirit had assured him that he would not die before the promised event occurred. His wait had been and it must have felt to him like a long time. He was tired from waiting and so ready for death that, as soon as he had seen Jesus, he prayed, “Now, Lord, you have kept your promise, and you may let your servant go in peace.”

Why are we waiting? We don’t like it and we can’t see the point?

And yet the Bible is full of waiting. Abraham is promised that he will be the father of a great nation and that promise is fulfilled but only many years after Abraham himself has died. The children of Israel spend 40 years waiting and wandering in the wilderness before they enter the Promised Land. Later they spend 70 years in exile in Babylon waiting to return to Jerusalem. There were approximately 400 years between the end of the Old Testament and the beginning of the New, with the birth of Jesus. Why so much waiting?

Anna was in the Temple every day looking and listening for all that God would reveal to her. Simeon, too, was alert to the prompting of the Holy Spirit who led him into the Temple to see Jesus. As we wait for God, are we looking and listening for all that God wants us to see and hear while we wait?

W. H. Vanstone wrote a wonderful book called The Stature of Waiting in which he argued that it is only to human beings as we wait that “the world discloses its power of meaning” and we become “the sharer with God of a secret – the secret of the world’s power of meaning.” For many of us because we don’t stop and reflect the world exists for us simply as a “mere succession of images recorded and registered in the brain” but when we do stop, wait, look and listen then we “no longer merely exist” but understand, appreciate, welcome, fear and feel.

Waiting can also grow the virtue of patience in us as to wait is a test of our patience and an opportunity to build patience. We would like God to solve all our problems right now, but our patience and perseverance is often tested before we find answers to our prayers. How would we actually practice patience if there were not times when we were called to wait upon the Lord?

Patience is a fruit of the Holy Spirit and involves the ability to accept delay or disappointment graciously, to remain steadfast under strain continuing to press on and the showing of tolerance and fortitude toward others, even accepting difficult situations from them, and God, without making demands or conditions. Patience allows us to endure a less than desirable situation to make us better and more useful and even optimistic and prudent. It allows us to put up with others who get on our nerves, without losing other characteristics of grace. 

We all know the saying that good things come to those who wait. Waiting can sharpen our sense of anticipation and also our sense of relief and appreciation when we receive that for which we have been waiting. We can sense something of this in Simeon’s prayer:

“Now, Lord, you have kept your promise,
    and you may let your servant go in peace.
With my own eyes I have seen your salvation,
     which you have prepared in the presence of all peoples:
A light to reveal your will to the Gentiles
    and bring glory to your people Israel.”

Waiting reinforces for us that what is achieved is achieved through God and not primarily through our own ability. As a result, we learn to trust fully in him. If we will not wait, we will inevitably trust in someone or something other than God - usually our own abilities or righteousness.

We see this in today’s Gospel reading in Simeon’s emphasis on the work of God in and through the life and ministry of Jesus: “This child is chosen by God for the destruction and the salvation of many in Israel. He will be a sign from God …” Ultimately, all that Jesus is and does is the work of God.

I imagine all these to be thoughts and insights which became part of Simeon’s experience, as they can also be for us. I also imagine him finally saying something like this:

I have passed my days in expectation,
anticipation of a time which has not come.
Not yet come. Through long years of watching,
waiting, I have questioned my vocation,
understanding, calling, yet patience has formed
itself in me a virtue and I have been sustained.
And now in wintertime when the seed of life itself
seemed buried, my feet standing in my grave, 
at the last moment, when hope had faded,
then you come; a new born life as mine is failing -
now, Lord, let your servant depart in peace.
Hope, when hope was dashed. Wonder, where
cynicism reigned. Spring buds in winter snow.
Patience rewarded. Divine trust renewed.

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Colin Burns - I Wait For You.

Tuesday, 9 August 2011

From where will a dramatic recomposition of society come?

Riots in the UK are to my mind, in part, a symptom of global changes. Last Thursday's Guardian had an interesting article written prior to the rioting much of which I think has relevance to what has happened since:
"we are living through something epochal ... part of a more general social and economic crisis sparked by the financial crisis ...

Every semi-stable form of capitalism also needs some sort of settlement with the wider population, or at least a decisive section of it. While the postwar Keynesian settlement contained an explicit deal linking rising real wages to rising productivity, neoliberalism contained an implicit deal based on access to cheap credit. While real wages have stagnated since the late 1970s, the mechanisms of debt have maintained most people's living standards. An additional part of neoliberalism's tacit deal was the abandonment of any pretence to democratic, collective control over the conditions of life: politics has been reduced to technocratic rule. Instead, individuals accepted the promise that, through hard work, shrewd educational and other "life" choices, and a little luck, they – or their children – would reap the benefits of economic growth.

The financial crisis shattered the central component of this deal: access to cheap credit. Living standards can no longer be supported and, for the first time in a century, there is widespread fear that children will lead poorer lives than their parents. With the deal broken, parochial ruling arrangements in the UK have started to lose coherence."

This breakdown in parochial ruling arrangements has sown itself in a series of scandals; most recently Hackgate:

"Hackgate cannot be treated in isolation. Since the financial "meltdown" of 2007-08 we have witnessed similar scenes, and similar outrage, around MPs' expenses and bankers' bonuses. We have witnessed not one but two media feeding frenzies around the repression of protest. The first followed the police attack on the G20 protests in 2009 and the death of Ian Tomlinson, with the second erupting around the outing of undercover police officer Mark Kennedy, leading to the unprecedented unmasking of another five undercover police officers acting within the environmental and anti-capitalist movements. The refusal of the Metropolitan police to investigate the full extent of phone hacking is, then, the third scandal revealing the political character of contemporary policing."

These scandals are therefore part of a more general social and economic crisis sparked by the financial crisis. What we have then is a significant crisis of confidence in our 'authorities' combined with an awareness that the era of cheap credit which has meant that we could have what we wanted when we wanted. One response to this situation is what we are seeing on our streets; to take what we want while we can because the 'authorities' are compromised.

"The response from politicians, bankers and business leaders is more of the same – more of the same neoliberal policies that got us into this situation in the first place ...

Unless there is a dramatic recomposition of society, we face the prospect of decades of drift as the crises we face – economic, social, environmental – remain unresolved."

Some prophetic words from Sam Norton, written five years ago in a post on Prophecy and Peak Oil, are apposite at this point:

"We live within a Pharaonic system of oil based consumerism, and we are taught that it cannot be challenged, for to do so is to threaten the prosperity on which we all depend. It seems to me that the task of the Christian in this situation is to renew our prophetic imagination and to speak words of praise and hope which enable the development of a community which reflects the freedom of a loving God.

Specifically, I think we must:

i) identify the Royal Consciousness in all its aspects, not just Peak Oil, although that will inevitably be central;
ii) articulate the pain of the marginalised and oppressed who have no present voice or witness;
iii) challenge the claims to power made on behalf of the Royal Consciousness, with a view to demonstrating their emptiness;
iv) labour with confident expectation towards the dismantling of the present structures;
v) develop new communities which break away from obeisance to the Royal Consciousness, and which offer the opportunity of free life in the image of the free God;
vi) articulate a vision of hope, a promised land, on the other side of Peak Oil, which will sustain us through the transition period in the wilderness; and
vii) trust in God."

A prayer for peace in our communities: Gracious God, We pray for peace in our communities this day. We commit to you all who work for peace and an end to tensions, and those who work to uphold law and justice. We pray for an end to fear, for comfort and support to those who suffer. For calm in our streets and cities, that people may go about their lives in safety and peace. In your mercy, hear our prayers, now and always. Amen

In light of recent events FaithAction has connected with a number of partner organisations to provide support to members and to give a reaction to events. they have been working with the Race and Equality Foundation to provide a facebook page (www.facebook.com/pages/Communities-against-violence/247922231904668) intended to give BME groups and faith groups a space to join together in response to current events in London and other UK Cities.

Althought the main news headlines are focused on the destruction. Many communities have come together in 'Riot clean-up' groups. Many Faith Groups were already active with constructive responses yesterday and this has continued today. Some community leaders have been encouraging parents to keep young people close to hand to avoid them being drawn into negative activities and instead families to work together on the clean up.

While a small initiative, it provides an opportunity to keep others posted on how organisations/communities are responding to this situation and could potentially help in developing new communities which break away from obeisance to the Royal Consciousness, and which offer the opportunity of free life in the image of the free God.

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The Clash - London's Burning.

Saturday, 28 March 2009

Shared Faiths Response to the Credit Crunch (3)

Faiths in London’s Economy (FiLE) has facilitated a process for preparing a shared faiths response to the credit crunch which calls for: non-interest bearing transactions; mutual societies; business accountability to a wider range of stakeholders than shareholders alone; transparent and ethical business practices; and recognition of the role that artists and communities play in generating real wealth.

FiLE's 'Shared Faiths response to the Credit Crunch' can be read by clicking here.

The overall process that has produced this shared faiths response is one that has included people from the Christian, Hindu, Islamic, Jain and Jewish traditions in addition to representatives of faith-based and inter-faith organisations.

We hope that our modest efforts will be a small part of a much wider process of reflection and restructuring needed to genuinely respond to the issues raised by the credit crunch.

People of faith form a huge constituency, can motivate people to action and are also part of rooted communities which in some instances are beginning to plan for greater economic resilience.

As such, FiLE believes that people of faith should make their contribution to the current search for means of ameliorating the financial and environmental misery experienced around the world, in part because of the effects of the credit crunch.

Our wider hope is that London will lead in adaptations and changes to a restructuring of the global economy that will in future become focussed on a broader understanding of wealth than monetary gain and economic growth alone and do so in a way that maintains and develops it’s social, ethnic and faith diversity.

The 'Shared Faiths response to the Credit Crunch' originated in the ‘Ethics in a global economy’ seminar held at St Ethelberga’s Centre for Reconciliation and Peace and organised by FiLE in October 2008. A call for a shared faiths perspective on the credit crunch to be developed emerged clearly from the seminar and FiLE undertook to try to facilitate that process.

Two meetings to discuss a shared faiths response were held and two draft documents circulated to a group of interested people for comment. The overall process has included people from the Christian, Hindu, Islamic, Jain and Jewish traditions in addition to representatives of faith-based and inter-faith organisations. One organisation making specific contributions to the document was Green Equity.

FiLE aims to work with the range of faith communities across London in order to create coordinated faith-community responses to the issues facing London's economy.

As a new network, our first initiative has been to begin to map faith-based business organisations across London and to share the information we have found with others through listing faith-based business organisations and resources on our webpage at http://www.mile.org.uk/file.htm. As this listing grows, it will offer employers and employees a one-stop shop for faith-based business organisations and resources available in London.

Secondly, as part of raising awareness and removing misconceptions about faith-based business initiatives, we have begun a seminar series on faith and workplace issues. This series began by considering ‘Ethics in a global economy’ in a seminar held at the St Ethelburga’s Centre for Reconciliation and Peace on 29th October 2008.

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Stacie Orrico - (There's Gotta Be) More To Life.

Saturday, 28 February 2009

Faith & Finance

Earlier this week I was at the Faith & Finance event organised by the Christian Muslim Forum at St Ethelburga's Centre for Reconciliation and Peace. It was interesting primarily for the speakers as opposed to being an event at which there was a great deal of opportunity for input to the issue. I was there together with Dr. Husna Ahmad representing FiLE and circulating copies of our draft 'Shared faiths response to the credit crunch.'

The main speakers were Sadiq Khan, Stephen Timms and the Archbishop of Canterbury. Sadiq Khan emphasised the importance of the faiths voices being heard and said that global challenges need global responses which meant that all groups need to be able to contribute. He highlighted the value of generosity in faith traditions and the sense of security that faith communities provide for their adherents.

Stephen Timms repeated the mantra that international problems need international solutions and suggested that a new collaborative approach to tackling social and environmental challenges could be shaped by civil and religious society. He spoke of this as a Global New Deal involving: sustainable recovery through fairness, stability, growth and jobs; action to stimulate global demand; new regulatory structures; action to address tax evasion; and reform of the IMF and World Bank. The G20 meeting later this year which wil be hosted by the UK provides and opportunity to begin addressing this agenda.

Rowan Williams answered questions from delegates before making three points about principles and values. First was the importance of keeping promises based on our belief in a faithful divinity. Faithfulness and trustworthiness are fundamental. Second was the idea of the world as gift; that we are living in a world that does not belong to us. As a result, our desires do not define what is good, the material world is to be respected and the world is not wholly under our control. The earth is the Lord's. Finally, the idea that what is good for us is to do with connection. My flourishing and yours belong together. Individualism undermines ethics.

The value of the meeting was not solely in its keynote speakers. Alex Cobham from Christian Aid highlighted the way in which money is taken from developing economies for shareholders in the developed world through the use of tax havens by businesses. £160bn is lost to the developing world annually through tax evasion. Mohammed Amin suggested that we need a better understanding of the reasons why people into debt in order to challenge such behaviour. John Madely spoke about the theology of 'enough' suggesting that we have been addicted to growth and need to learn to live within the limits of available resources. He spoke about 'shalom' as the harmony of a caring community informed at every point by God. Faizal Manjoo contrasted Islamic law with Roman law and said that three key factors in the credit crunch - contracts, high interest and gambling - were forbidden in Islamic law. Finally, Mark Speeks proposed that covenantal theology could provide a relational basis for just or moral banking.

A Church Times report on the event can also be found by clicking here.

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The Beatles - Taxman.

Thursday, 5 February 2009

Developing a shared faiths response to the credit crunch (2)

This draft document originated in the ‘Ethics in a global economy’ seminar held at St Ethelberga’s Centre for Reconciliation and Peace and organised by FiLE in October 2008. A call for a shared faiths perspective on the credit crunch to be developed emerged clearly from the seminar and FiLE undertook to try to facilitate that process.

Two meetings to discuss a shared faiths response have been held and a wider group of faith representatives (including people from the Christian, Hindu, Islamic, Jain and Jewish traditions) have commented on the document as it has developed.

The document is now in its final stage of development and we are asking for final comments and an indication from all those who have been part of the process as to whether they are content that it represents a shared faiths response. Comments on the document and indications of support or lack of support should be sent to jonathan.evens@btinternet.com.

1. Wealth means more than money

‘Wealth’ is all that human beings receive from others and from the world in which we live. So, shelter, clothing, our abilities, social institutions, our cultures, the Arts, our relationships, the environment are all ‘wealth.’ In most faith traditions, these are seen as divine gifts.

The creativity of human beings means that we develop means by which we utilise and distribute wealth. Money is one such means of wealth utilization and distribution, among many others (such as education or manufacturing), and becomes problematic when pursued in isolation from other means of utilization and distribution. One factor in the current crisis is that money has been treated as wealth and the value of money separated from any tangible reality. Derivative trading is, for example, trading not just in intangibles but in the reflection of intangibles and then reckoning wealth in those terms.

One small example of the broader understanding of wealth that we advocate is that surveys of Londoner’s levels of happiness consistently show that a characteristic of boroughs where Londoners experience the highest levels of happiness are those with an inbuilt lung of creation in the form of the river and parks. Epping Forest has traditionally operated in this way for Eastenders while we also note that those who are financially rich tend to spend their money on art and culture. It may be that, as a result, we should measure Gross National Happiness like Bhutan; a country where this measure signals an attempt to build an economy based on spiritual (in this case, Buddhist) values.

2. The value of work

Work is valued in most faith traditions, even to the extent that in some human beings are seen as co-creators with the divine. The work ethic is seen as a noble endeavour in many faith traditions e.g. Sufi’s divide the day into work, worship and rest.

Hard work and creativity are valuable but are they always appropriately directed? We need to differentiate between the value of the work ethic and appropriate kinds of work. Not all work is appropriate or ethical therefore the value of the work ethic and of human creativity can be dissipated in work that is inappropriate or unethical.

Practices such as profiting from the process of charging and paying interest and lending what you don’t have which have been exposed by the credit crunch would seem to fall into this latter category. We should value productive work but are often divorced from the fruits of our labours.

We all tend to assume that paid employment is the natural means for gaining wealth but, as people of faith, we consider that this assumption disconnects us from divine or natural generosity. Society needs work done and a financial incentive is one way to get it done, but that doesn’t mean that work should be the only or main source of the wealth that we need. The credit crunch may provide an opportunity to consider alternative options, such as a Citizen’s Income.

3. Concerns about credit

The Hebrew Scriptures forbid charging interest to a fellow Jew while the Qur’an forbids charging interest and encourages trade and trade-type banking arrangements. Instead of credit-based banking systems, we commend trade-type banking and the approach of mutual building societies and credit unions. We need banks for current and savings accounts and for business loans, we need building societies (preferably mutual ones), and we need insurance (a legitimate pooling of risks); but the rest, we really don’t need and it should be shut down.

4. Structures of greed

Western economies have been inflated through greed, with their economic make-up being based on self-centred acquisition. Economic and political systems tend to be based on immediate profitability not long-term benefits. As a result, much of what we do makes no logical sense. Why, for example, do we sacrifice quality time by working hard in order to have quality time while on holiday or why do we drive to a gym in order to get on a walking machine?

Concerns regarding our economic systems are also to do with transparency. Many faiths reflect on light and dark and how bad things happen in the dark where actions can be hidden. Much of what has brought about the credit crunch has been hidden from view and from scrutiny. Transactions have been divorced from human interaction and have therefore been unregulated. Banking practices have taken place ‘in the dark’ hidden by technicalities. In the light of public scrutiny these practices have been found wanting. This is not about scapegoating but about the need for transparent practices.

5. The god of growth

Western economies have been predicated on unlimited growth and this has caused harm to the environment. Developing countries are using the same model. Many natural, God given resources are running out because we have exploited that which we have been given instead of stewarding and sharing them. The argument about whether oil and gas supplies have peaked or not remains unresolved but we are certainly running out. The failure of those two resources would impact on every aspect of our lives and would produce far greater misery that the 'credit crunch', as will climate change. We can’t ignore these wider issues most especially that of climate change.

6. Loss of relationships

There is a breakdown in the relational aspects of the economy. Exchanges are occurring in virtual space, trust is being lost and we need to return to our roots in relationships. Practices such as profiting from the process of charging and paying interest and lending what you don’t have led to banks no longer trusting each other and no longer lending to one another. In the past, there was a degree of trust in the markets summed up in the phrase ‘my word in my bond.’ It is important to work together in cooperation. There are also social consequences in terms of social cohesion arising from the credit crunch.

7. Support for developing economies

We should look for methods of ameliorating the financial/environmental misery that continues and develops around the world. Developing countries are using the same model of economic growth as the West despite the harm that it has caused to the environment. Economies throughout the world need rebalancing in the direction of wealth creation: education; the care of the vulnerable; manufacturing, creative and cultural industries; renewable energy; and agriculture.

8. Time for reflection and restructuring

There can be a sense of hope in this crisis; the credit crunch can be seen a watershed opportunity and not a catastrophe. A year ago people weren’t having the kind of conversations we are having today; that, in itself, is a positive change. Perception is vital in what is understood as being economically viable.

Some faiths, but by no means all, understand periods of suffering as part of a developmental process. We need to reflect on our experience of suffering and look for causes (i.e. underlying economic fundamentals). There may be natural causes but these may also have personal implications to which we will need to respond. Reflection and action go together. For example, a recent survey found that 25% of respondents are praying or meditating more as a result of the credit crunch.

Not all faith communities think that suffering is ennobling and there can be a polarization around concrete political change versus inner personal change. Both are needed in dialogue, both are on the same spectrum of responses.

We need to reflect on the values that we share. The economy has spiralled a long way from real valuations. We need to link personal, moral and spiritual values with economic values.

It may be that we are at a point in time (like that at the end of the Second World War which led to the development of the UN and the Universal Declaration of Human Rights) which will produce new structures for society. For example, the free market has been shown to be unable to provide its own banks without these being propped up by Government funds. We may be in a moment in time when recession, the credit crunch and the ecological crisis are combining to bring about profound shifts in the global economy.

If we are looking at a restructuring of the global economy, then we could see the economy rebuilt in terms of a broader understanding of wealth with new kinds of jobs (i.e. renewable energies, creative industries, and community empowerment) forming its foundation. Such a restructuring could also provide space for addressing the ecological crisis. Ecology cannot be divorced from economics. For example, the costs of extraction and replacement of the world’s natural resources has in the past been excluded from company accounts but its inclusion would provide a very different picture of the effects of the global economy on the environment.

9. Constituencies for action

People of faith form a huge constituency and can motivate people to action. People of faith are also part of rooted communities (e.g. local authority areas) which in some instances are beginning to plan for greater economic resilience. People of faith need to be party to these debates and summits. We have allowed those in power to use the argument that faith is essentially private and not public. The consequence has been that our views are marginalised. This paper is one small means of reclaiming that public dimension for our faiths.

There is no quick fix but, together, we have a vast constituency, one large enough to start sowing seeds of change. We should look for methods of ameliorating the financial/environmental misery that continues and develops, around the world. A proactive assertion is needed from faith communities to argue for non-interest bearing transactions, mutual societies not shareholders, and recognition of the role that artists and communities play in generating real wealth. All faiths offer ways of being that are conducive to human flourishing.

10. London, a melting-pot for change?

London has developed as the ultimate world city - in part because of the widespread use of the English language and our location between the New York, Middle East and Far East stockmarkets, especially Hong Kong and Tokyo – and this is something to be valued and celebrated. London’s position has been as the financial capital of the world. Market forces and financial institutions are at the heart of London’s economy and it is the market that is London which has given the city its social, ethnic and faith diversity. How will this change as a result of economic restructuring? Will London adapt and will it maintain its inclusivity as it does so?

Our hope is that London will adapt and change to a restructuring of the global economy that is focussed on a broader understanding of wealth than money gain and economic growth alone and do so in a way that maintains and develops it’s social, ethnic and faith diversity.

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The Clash - London Calling.

Monday, 28 April 2008

A modest finance proposal

The latest Rethink email bulletin from the Relationships Foundation contains the following modest proposal about relational lessons from the 'credit crunch':

"It is disastrous, from a relational perspective, for a bank which makes a loan to be able to sell on the whole of that loan to other banks. The economic consequences of this taking place on a massive scale are ones which we are all living with at the moment. At the very least, originating banks ought to be required to retain 20% of the risk in relation to the original loan, so that they have sufficient incentive to take proper precautions to see if the borrower can afford to make the repayments. In relation to more complex forms of on-selling, where the repackaged loans have been divided up into different tranches, the originating bank ought to be required to hold on to a greater percentage of the so-called equity tranche, i.e. the riskiest portion of the loans, which bears the highest risk of non-repayment."

Read the whole piece here and blog comments here.
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The Flying Lizards - Money (that's What I Want).