Financial Crisis

When The Technocrats Took My Country

Ross Douthat goes through the interesting exercise of translating what just happend to Italy into American terms, and in doing so underscores just how big the Eurozone shake up is:

The murmurs about Barack Obama being forced out began in Berlin and Beijing. After his party lost the midterm vote, there were hints that a government of technocrats would be imposed on America, to save the country from a debt crisis and the world from a depression.

As the debt-ceiling negotiations stalled out over the summer, a global coalition — led by Germany, China and the International Monetary Fund — began working behind the scenes to ease Obama out of the White House. The credit downgrade was the final blow: the president had lost the confidence of the world’s shadow government, and his administration could no longer survive.

Within days, thanks to some unusual constitutional maneuvering, Obama resigned the presidency and Michael Bloomberg was invited to take the oath of office. With Beijing issuing veiled threats against our currency, Congress had no choice but to turn the country’s finances over to the Senate’s bipartisan Gang of 6, which in turn acceded to Chinese and German “supervision” of their negotiations. Meanwhile, there was a growing consensus in Europe and Asia that only a true global superstate could prevent the debt contagion from spreading …

FOR Americans, the scenario I’ve just imagined is a paranoid fantasy, the kind of New World Order nightmare that haunts the sleep of black-helicopter watchers and Trilateral Commission obsessives.
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Pope Speaks About Economics Again, "It's the Natural Law, Stupid"

After calling for Catholics to be liberated from their pet ideologies, Pope Benedict is helping flesh out a moral economic vision that puts the standard Left- socialism/Right- Free Markets debate into the dust bin for faithful Catholics.  The bottom-line seems obvious to me- you can’t demonize government and you can’t demonize business- both bring difficulties into play- over-regulation can harm economic development, but lack of regulation can lead to corporate dominance which is a problem when one considers that corporations typically are upfront about being in existence to pad their investor’s bank accounts, not being much concerned with the universal common good. Our Pope clarifies the inherent morality(read Natural Law) in the economy in this article from one of my favorite web sites Zenit.org:

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Lessons of the Financial Crisis

While I’m on the topic of narratives, Matthew Boudway at dotCommonweal has a post up entitled “They Cannot Fathom Their Failure”.* The post is based on a George Packer column, which basically makes the argument that conservatives “cannot fathom the failure of their philosophy” after the recent financial crisis, and that to deny they have been discredited is a form of self-delusion. This is a charge, I suppose, to be approached with trepidation; false consciousness is notoriously difficult to disprove. That said, it may be worthwhile to offer some thoughts in response. Here is an excerpt from the post:

…“[T]hey cannot fathom the failure of their philosophy.” Not “they will not fathom” it. They cannot. Sure, the response of many conservatives to the bailout and the stimulus package has been opportunistic and cynical. Many of them, though, simply cannot imagine what it would mean — what it now does mean — for the premises of their policy agenda, and indeed of their entire political philosophy, to have failed.  Not even the most spectacular failure can force anyone to learn a lesson he desperately wishes not to learn. Historical events are always complicated and contingent enough to admit of more than one interpretation, and the most plausible interpretation is often not the most attractive.

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True Bread

ecce-agnus-dei
We all know that there is a global economic crisis and no one can predict how it will play out. Will it be short or will the world seek deeper and deeper into a global economic depression? These questions cannot be answered by any man or woman on earth. Many have lost all hope? We should remember that all economic systems are man made and thus imperfect. During the dot com boom of the late 90’s economists were stating that we had conquered the economic cycle and entered an age of unstoppable economic growth. When that flopped, they looked to housing and real estate. It never goes down, right? Any person who had studied property prices knew that to be incorrect, nevertheless, many fell for the lie. But how many people believe the words of Christ? Seems to me that these economic times call for heeding the words of Christ in Matthew 6: 25-33:

“Therefore I tell you, do not worry about your life, what you will eat (or drink), or about your body, what you will wear. Is not life more than food and the body more than clothing? Look at the birds in the sky; they do not sow or reap, they gather nothing into barns, yet your heavenly Father feeds them. Are not you more important than they?Can any of you by worrying add a single moment to your life-span? Why are you anxious about clothes? Learn from the way the wild flowers grow. They do not work or spin. But I tell you that not even Solomon in all his splendor was clothed like one of them. If God so clothes the grass of the field, which grows today and is thrown into the oven tomorrow, will he not much more provide for you, O you of little faith? So do not worry and say, ‘What are we to eat?’ or ‘What are we to drink?’ or ‘What are we to wear?’ All these things the pagans seek. Your heavenly Father knows that you need them all. But seek first the kingdom (of God) and his righteousness, and all these things will be given you besides.”
 
 

Of course, there is some good news that has come out of the financial turmoil and scandal:

“Madoff fallout drains funding of abortion advocacy groups”

 

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