Thought for the Day BBC Radio 4 29/9/08

Author:  Dr Indarjit Singh

Continuing turmoil in the world’s economic markets and headlines like ‘market mayhem’ in this mornings papers provide a disturbing reminder of a global financial crisis that just won’t go away. While rescue packages may cushion the effects on those with money, they do little to help growing child poverty, the unemployed, or the elderly experiencing increasing difficulties in heating their homes.

It all seems such a mess And yet it’s less than 20 years since we rejoiced in the demolition of the Berlin Wall and the triumph of capitalism and free market forces over the freedom stifling economies of the former Soviet Union. Today we have the capitalist world frantically nationalising failing banks and financial institutions to avert greater economic collapse, while billionaire oligarchs in Russia flaunt their new found capitalist wealth.

Greed seems to have become the prime motivator in all economies. Perhaps it was always so, but today, it resonates and grows on itself with more deadly effect in our smaller interdependent world. We blame dodgy financial institutions and greedy speculators, but there would have been no irresponsible lending without some equally irresponsible borrowing that has become the norm rather than the exception.

Ever the optimist, I’m sure that our new National Economic Council and similar bodies and agencies throughout the world will be able to stick the right size sticking plasters on the right places, and the current crisis will eventually subside.

All our different religions have long offered us advice on putting the pursuit of wealth in its proper perspective. As a young man, Guru Nanak was given a sum of money to invest in the city to give a profitable return. To the exasperation of his father, he spent it feeding and clothing the hungry.

On another occasion he upset a rich businessman by refusing his invitation to a banquet and chose instead to stay at the house of a poor carpenter and share his simple food, In the same way we know how Jesus Christ valued the widow’s mite above the silver of the rich man.

I believe that we are suffering two separate but related crises; and that beneath the credit crunch, there is a deeper and more serious crisis of values by which we measure success. Something we should tackle with equal determination.