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Thank you Archbishop of Canterbury Dr Rowan Williams and Archbishop of York Dr John Sentamu

September 25, 2008

I just want say thank you to the two Archbishops who took the brave and utterly necessary step to speak out against the ‘unreality’ of the financial system. Dr Williams pointed out that the current financial crisis

“exposes the element of basic unreality in the situation – the truth that almost unimaginable wealth has been generated by equally unimaginable levels of fiction, paper transactions with no concrete outcome beyond profit for traders”

and went on to say

“Given that the risk to social stability overall in these processes has been shown to be so enormous, it is no use pretending that the financial world can maintain indefinitely the degree of exemption from scrutiny and regulation that it has got used to.”

Dr Sentamu said the following to the ominously titled annual dinner of the Worshipful Company of International Bankers

“To a bystander like me, those who made £190m deliberately underselling the shares of HBOS, in spite of a very strong capital base, and drove it into the arms of Lloyds TSB, are clearly bank robbers and asset strippers.”

I wholeheartedly agree with these statements and hope that UK taxpayers will support these views by putting pressure on all levels of government to regulate the financial services industry and all corporate entities in a way that will put the needs of the general population above those of shareholders and traders. That is supposed to be the government’s primary duty.

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One Comment leave one →
  1. September 25, 2008 11:40 am

    Hi Seth,

    Long time no hear!

    Noticed you had started updating your blog again so thought I’d drop a line. Everything that we were talking about in Barcelona a year or so ago (finance collapse etc) seems to be happening and in overdrive. Hopefully it’ll make the world a better place to live (probably not unfortunately…)

    Hope all is good with you anyway. We’ve been on a UK road trip and now I’m settling down to write my thesis. Leanne also has a blog if you fancy a look (www.eggbutnobacon.co.uk)

    Hi to Kate.

    Andy

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