Friday, September 26, 2008

Archbishops, the financial system, and the FT

In its Comment ("Canterbury tales", September 25), the Financial Times criticises Archbishops Sentamu and Williams for not having "a proper grasp of how modern finance works". See:

As readers of my Blog will know, Archbishops are hardly my favourite characters. However, to the degree they may not have such a grasp, the FT is right to excuse them - for the reasons it gives.

But I notice that the FT defends the current system by saying that "Everything from home-ownership to old age pensions relies on a successful and sophisticated financial sector".

What reasons or excuses should be adduced for the FT's failure to acknowledge that what we actually have is rather different from its purely rhetorical defence of modern finance.

What we actually have is a supposedly sophisticated financial sector that has shown itself to be so massively and totally unsuccessful as to threaten to subvert all human organisation around the globe.

Many folk may even now not see the threat. But it is looming. In spite of all that American politicians can do to avert it. Unless much more profound and fundamental changes are put in place - regarding which I have commented earlier in my Blog as well as other places. Sphere: Related Content

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