Rowan Williams Goes to Wall Street to Tell the Money Men to Repent
TIMES ONLINE: The whole world, and not just Britain, is broken, with continents such as Africa feeling forgotten and uncared for, the Archbishop of Canterbury said in the heart of New York’s financial district yesterday.

Any money men who might have happened in to Trinity Wall Street to shelter from the snow would have found a different sort of chill as Dr Rowan Williams delivered his lesson.

Standing at the lectern of the famously wealthy US Episcopal church, which lies at the head of Wall Street, the leader of the Anglican Communion condemned the “straw man” of self-interest.

His theme was that financiers, wordsmiths — in fact anyone in the Western world connected in any way with economic reality — should look at themselves in the mirror and repent.

Economic life had become independent of intelligent thought and “wildly irrational”, the Archbishop said. He condemned the “uncritical” way in which bankers and traders pursued wealth regardless of the consequences, selling expensive mortgages to the poor and repackaging them into complex products that few understood.

The “invention of more and more recondite metaphysical, unreal forms of wealth generation” existed, he said, simply to “produce noughts on the end of the balance sheet”.

Dr Williams, conscious that he was speaking close to a general election, echoed the social thought of the Roman Catholic Church when he added that society was founded on love, and there would be no sustainable model until this was recognised. >>> Ruth Gledhill and Alexandra Frean | Friday, January 29, 2010

Archbishop of Canterbury Dr Rowan Williams: Bankers Have Failed to Repent
TIMES ONLINE: The Archbishop of Canterbury has waded into the debate on bankers' bonuses, warning that financiers feel no "repentance" for the excesses of the boom that led to financial meltdown.

Dr Rowan Williams, the head of the Church of England, said the Government should have acted to cap bonuses and he warned that the gap between rich and poor would lead to an increasingly "dysfunctional" society.

Dr Williams told BBC2's Newsnight programme: "There hasn't been a feeling of closure about what happened last year.

"There hasn't been what I would, as a Christian, call repentance. We haven't heard people saying 'well actually, no, we got it wrong and the whole fundamental principle on which we worked was unreal, empty'."

Asked if the City was returning to business as usual he said: "I worry. I feel that's precisely what I call the 'lack of closure' coming home to roost. It's a failure to name what was wrong. To name that, what I called last year 'idolatry', that projecting of reality and substance onto things that don't have them."

His remarks referred to an article he wrote in The Spectator a year ago in which he warned that society was at risk of turning to idolatry in its worship of wealth. >>> Robert Lindsay | Wednesday, September 16, 2009

Budget 2009: Now We Are All Up to Our Ears in It
THE TELEGRAPH: Alistair Darling's calamitous Budget not only consigned the nation to decades of debt, but also planted a poisonous legacy that will blight generations to come, says Jeff Randall.

"To preserve [the people's] independence, we must not let our rulers load us with perpetual debt. We must make our selection between economy and liberty, or profusion and servitude." – Thomas Jefferson, President of the United States of America,1801-1809.

This week, Alistair Darling made a selection for us. His Budget for Bankruptcy banished economy and liberty. In their place, he delivered a profusion of unaffordable spending and a contract of servitude, not just for this generation, but for the next and the one after that. This is how independence is murdered. A ball-and-chain of spirit-sapping debt has been clamped to the nation's future. We are all serfs now.

In a speech of stunning torpidity (how does he manage it?), the Chancellor claimed: "You can grow your way out of recession, you can't cut your way out of it." Growth sounds attractive, an aspiration for solid citizens. Except the growth that Mr Darling had in mind was government borrowing, which is shooting up like bindweed on steroids, choking the economy.

His red numbers are so immense that most pocket calculators cannot accommodate them. Over the next five years – if all goes according to plan – Mr Darling will borrow £703,000,000,000. As the late Roy Castle used to say: "It's a record breaker!"

The United Kingdom is mired in debt, and the Chancellor's fiendishly clever escape route is, er, to borrow his way out of it. He's in a hole and digging furiously. Yet Gordon Brown, whose face is beginning to resemble a smacked bottom, was delighted by his cipher's performance. This style of presentation – straight from the Ceausescu handbook of statistics management – appeals to the Prime Minister's control-freakery.

It sounds complicated, but is surprisingly simple. You start with a politically desirable conclusion – in this case, the triumph of a suffocating state over personal responsibility, self-sufficiency and wealth-creating enterprise – and work backwards: cheating, lying, fiddling the numbers, until both sides of the balance sheet appear to be in harmony. This is how Labour operated its fraudulent boom. The same trick is being tried in a catastrophic bust. >>> By Jeff Randall | Thursday, April 23, 2009

THE TELEGRAPH: This Budget Will Make Us Pay for Britain's Excesses for Decades

Now we must all pay for the wild excesses of an irresponsible minority, says Adrian Michaels.

I wish I had known I was having such a good time. I will, according to the Budget, be paying for the country's excesses for decades. It is time to pull in the horns and tighten the belt. But wait. My belt doesn't have any more notches. I've been presented by Alistair Darling with the bill for a party I didn't attend.

For months now we have been hearing that it is bankers that brought the global economy to its knees through their irresponsible business practices, made possible by compliant and inattentive politicians and regulators. Meanwhile, people in financial services were paid far too much for their destructive corporate behaviour.

How much, exactly? In December 2007, 15 bankers – all men, of course – sat down for lunch at the Cap Horn, a mountain restaurant in the French ski resort of Courchevel. It was just turning dark when they paid the 28,000 euro bill. There were no prostitutes or drugs, I am informed, and the near-2,000 euros-a-head tab did not afford access to the President of the United States. No. The bankers were playing "Par One Hundred" – a drinking game in which the object would appear to be to vomit on your neighbour as fast as possible – with magnums of Krug champagne. The Cap Horn currently charges 850 euros for a magnum of 1997 Krug.

So what? "They're on a different planet," one friend said. That is the problem, however: bankers are not on a different planet, they are on exactly the same one as the rest of us. If they really were otherworldly, we could just forget about them and their lunches. But we all pay the price for their behaviour. The cheapest item on the Cap Horn's menu is cream cheese with salt and pepper at 13 euros. "Spaghetti à la Bolognaise" is 25 euros.

So not only weren't we at the party that has just ended, the quality of our own lives was made worse by the fiesta's participants. Bankers made sure that we could not eat in the same restaurants as in the past, we could not take holidays in a growing range of destinations, and we could not live where we wanted. Ask the residents of Salcombe in Devon – "Chelsea-on-Sea" as it has become known – about the empty homes in winter and the fancy delis selling porcini mushrooms instead of corner shops selling pints of milk and packets of Quavers. >>> By Adrian Michaels | Thursday, April 23, 2009