St Mary The Virgin

VICAR'S LETTER FOR September 2008

I recently heard a chilling statistic; 40 years ago top earners in the UK were earning 17 times the average wage. In 2007 the top earners had increased their wages to 74 times the average – a massive increase, and, to add insult to injury some were walking away with massive (for example) Christmas Bonuses. Others who had failed in their office walked off with golden handshakes – something unheard of 40 years ago – a prize for failing!!

Like the rule of gravity there is a rule in economics. If you are flying a plane, dangling from a rope or soaring in a parachute you can only cock a snook at gravity if your engines don't fail, your rope doesn't snap and you parachute doesn't collapse. The rule in economics is that if you haven't got it you can't spend it. In comparatively recent history a way round the problem was discovered. You could borrow and spend provided the pay-back scheme was reasonable and you didn’t borrow too much. Interest was charged (which is against the teaching of the Bible, so all you who are worried about what people do to each other behind closed doors cant ignore that one!) and punishment inflicted for defaulting. If you can't repay, you end up being black-listed (no more borrowing) and paralysed financially. The credit crunch i s all about Big Money People doing what the little people were guilty of in the past. The Big Money people have run out of fuel, their rope has snapped and their parachute has candled – they are approaching the ground fast.

Just like the rule of gravity there is another rule in economics – this one was invented by God and is usually ignored by the powerful. When you get money give a decent proportion of it away so that those who have not enjoyed the same circumstances as you will benefit from the generosity that you learned from God. There are some amazing credit crunch lessons in the Bible – pity those who pull the purse strings of the nation don’t study them more!!

Your friend and priest, Robin.