Last Updated: Thursday - 11/19/2009

November 23, 2009

Self-justifying bankers miss the boat on biblical economics

Earlier this month, a few wealthy bankers spoke to an Anglican audience in London to convince them that by piling up wealth for themselves they were doing God's work. One of the bankers, Brian Griffiths of Goldman Sachs Group Inc., proclaimed, "The injunction of Jesus to love others as ourselves is an endorsement of self-interest. We have to tolerate inequality as a way to achieving greater prosperity and opportunity for all."

Griffiths' insistence on a Christian duty to act out of self-interest ought to cause us to pause. While banking itself is not an inherently misbegotten trade, Griffiths appears unaware that the Bible has an enormous amount to say about economics, none of which can be used to justify the vast inequality between rich and poor.

One Christian response to inequality has been to respond literally to the words of Jesus to the rich young man, "Sell what you own, and give the money to the poor and you will have treasure in heaven; then come follow me" (Mark 10.21). That type of response led directly to the start of the monastic movement.

Monasticism, however, tended to make it appear that there are two classes of Christians - those who follow the Gospel by living pure lives of poverty, chastity and obedience and those impure Christians who marry, have children and strive to make ends meet. The monastic ideal, moreover, gave a lower priority to the reality that wealth not only should be shared but first needs to be generated.

Catholic social teaching over the last 120 years has helped to sort out how one can be married, Christian and live in a capitalist society. The Catechism of the Catholic Church gathers the fruits of that teaching into its sections on the seventh and 10th commandments.

The Church acknowledges that private property is necessary to prevent poverty, decentralize economic power and serve as a buffer against tyranny. But it also insists God's gift of creation is to all of humanity, not to individuals. "You shall not steal," says one commandment. "You shall not covet anything that is your neighbour's," says another.

In Edmonton 25 years ago, Pope John Paul II left no one in doubt about his judgment that the Western world has been stealing from the poor of developing nations. We not only covet what is not ours, but we systematically steal it.

This is a harsh judgment, one which the pope said will have negative eternal consequences if we do not act to rectify current imbalances.

It is too self-righteous for millionaire bankers to blithely assert their burgeoning bankrolls are really an act of love of neighbour. Christ did not teach that an invisible hand will make things work out for the poor. He gave us clear injunctions to ensure that the fair sharing of the earth's resources actually does take place.

Glen Argan

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