Friday, June 5, 2009

The significance of the problem

Many terms are used to describe this crisis. Phrases such as financial meltdown, the credit crunch, and so on, are commonplace. On 23 October 2008, Mike Smith, the head of the ANZ Bank in Australia, described it like this in an interview with ABC radio.

At our first earnings update in February, I used the word "Armageddon" and "bloodbath" to describe the situation facing the world's financial system. At the time, those comments raised a few eyebrows, but I think if you were a bank in the United States, of if you were in Europe, you may have well very thought that "Armageddon" had happened.[1]

The use of such strong biblical language implies that he for one, thinks this is the end of the world, or at least the end of some aspects of the financial system as we now know it. If the head of a bank thinks it is a big problem, then perhaps the rest of us should take note.

So if this is a problem that deserves our attention, what are the causes, what does God’s Word say, and what is an appropriate response for Christian believers, Christian leaders and local churches? I will suggest some possible responses in later posts.


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