You will find a very good explanation of how the 'sub prime' crisis works here on a BBC blog.
In case anyone thinks, "What has this got to do with vicars?", it goes back to the biblical prohibition on lending money at interest - one that I think is morally based, and of which we are now seeing the consequences when it is widely disregarded.
As CS Lewis put it many years ago, "There is one bit of advice given to us by the ancient heathen Greeks, and by the Jews in the Old Testament, and by the great Christian teachers of the Middle Ages, which the modern economic system has completely disobeyed. All these people told us not to lend money at interest: and lending money at interest — what we call investment — is the basis of our whole system."
Lewis raised the question then of whether this might have economic implications. Today I believe we are seeing part of the answer.
Revd John Richardson
26 August 2007
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