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The Pope's encyclical on social teaching is not a strident critique of capitalism, but it does confront abuses in the global economy. Benedict is critical of the free market ideology which extolled wealth creation but ignored the need for equity and social justice.
The public's interest in the Budget has been mild, and its disengagement notable. In the shadow of the economic crisis, there is space for deeper reflection on the human condition, which will help us understand why greed and fear so dominate in human affairs.
During the financial turmoil this summer, images of fire have abounded. The economy is 'going into meltdown'. Shareholdings 'turn to ashes'. This weekend's bushfires make us ask instinctively what really matters.
On the day the markets bled we rushed to hear Stiglitz's diagnosis. The Nobel Laureate used to be Chief Economist of the World Bank, ending his term in fisty cuffs with the IMF and the US over their financial bullying of developing nations. Stiglitz had schadenfreude written all over his face. (October 2008)
Recent events both aeronautical and financial have been enough to scare anyone off banks and aeroplanes forever. Global economic chaos is nothing compared with the trauma of being stuck next to a large person on a plane.
On the day the markets bled we rushed to hear Stiglitz's diagnosis. The Nobel Laureate used to be Chief Economist of the World Bank, ending his term in fisty cuffs with the IMF and the US over their financial bullying of developing nations. Stiglitz had schadenfreude written all over his face.
The market crash was driven by fear as much as greed. Greed results from the gap between rich and poor, which leads everyone to feel they are holding on to their way of life by a thread. A truly just economy would be a stable economy.
More people read Inferno and Paradise Lost than Paradiso and Paradise Regained. Perhaps that is why the financial crisis and attempts to resolve it have been received so sullenly: sin and punishment sell better than virtue and reward.
It is interesting that the Churches have had little to say about the financial crisis and the behaviour that caused it. After all it has put at risk the lives of people throughout the world no less than abortion, euthanasia or gambling.
Malcolm Turnbull laughed off the Government's half-baked attack on his wealth last week. With Australians more interested in who a politician represents, he has the opportunity to protect the poor by imposing increased regulation on the finance sector.
The problems besetting Wall Street investment banks seem a long way from life in downtown Australia. The need to know the context of the economic crisis, and to keep a clear head, has never been more important.
Rising petrol prices and interest rates mean Australians' confidence in the economy has declined to the lowest level for 16 years. There is a need for a deeper source of confidence beyond economic good times.
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