>>>God's Politics: The Gulf Spill Brings Christians to Lament
I got a little long-winded, I'm afraid, but I'm always glad for the opportunity to reach more than the 8-10 people who read this blog...
The consensus solution to the contraction of credit markets has been to introduce governmental regulation of derivatives markets and to loan tremendous sums of money to banks (money which, of course, the federal government has borrowed from foreign creditors). It is unclear whether we have gained any cultural or moral wisdom. “A human economy cannot prescribe the terms of its own success,” Wendell Berry writes. “If we see the human economy as the only economy, we will see its errors as political failures, and we will continue to talk about ‘recovery.’” Indeed, the entire purpose of the federal government’s drastic intervention—what is meant by the term ‘recovery’—seems to be the stabilization of financial institutions so that we can resume borrowing and lending in a way that generates artificial wealth without being bounded by the limits that constrain real wealth. Constraint, of course, is a virtue well understood by farmers and entirely foreign to bankers.