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The Growing Economic Crisis: A Biblical Perspective
The recent turmoil in U.S. financial markets has drawn the attention of the entire world. What's behind the crisis? Where could it lead? A look from a biblical perspective helps us understand.
by Mario Seiglie
A look at the financial news reveals a world full of economic difficulties. Most of us are—or will be—affected in some way.
A growing crisis in U.S. financial markets led the presidential administration to propose and Congress to pass a $700 billion intervention to prevent an economic meltdown. On Sept. 19, 2008, President George W. Bush warned: "This is a pivotal moment for America's economy . . . Given the precarious state of today's financial markets . . . government intervention is not only warranted, it is essential."
When such difficulties arise, it's good to review biblical principles. Let's examine aspects of Scripture, history and prophecy that can help us gain some proper perspective.
Greed: the root of the crisis
The magazine BusinessWeek stated: "What brought down the markets? Bad choices, greed—and never learning from past mistakes" (Paul Barrett, "Wall Street Staggers," Sept. 17, 2008, online edition).
The Bible describes greed as a sin and talks about what happens when it takes over. It's well summarized in the famous quote from the movie Wall Street where the lead character Gordon Gekko says: "Greed is right. Greed works. Greed clarifies, cuts through, and captures the essence of the evolutionary spirit. Greed is good."
This fictional person was based in part on the financier Ivan Boesky, who once said in a university commencement address: "I think greed is healthy. You can be greedy and still feel good about yourself." A few months later he ended up in jail for insider trading, paying a $100 million fine and banned from the stock market.
Jesus warned about greed—the lust for money or other things—in Luke 12:15: "Watch out and guard yourselves from every kind of greed; because a...