Robert Peston on faith
21 February 2012
Just as the atheists want to abolish faith, it is back on the agenda again - but in the financial world.
It is no accident that financial credit is based upon the word faith.
Robert Peston, the BBC business editor, employs this in his comment on the second incredible Greek bailout by the eurozone agreed in the small hours of this morning. The 130bn euros bailout is the largest bailout in history.
He writes: “In the cold light of day, it is not clear which is the more depressing: that successive Greek administrations ever thought it sensible to borrow as much as they did, or that banks and investors thought it wise to lend to them. Those who believe in the pure rationality of markets or of the state may need to re-examine their respective faiths.”
Markets used to work on the principle that “your word is your bond”, but no longer. Eurobonds are very elastic things, and like elastic it may break if you stretch it too far. Private investors will take 107bn euros in losses.
We need a Christian understanding of faith to improve our economy.
