26 Jun 08 — Some thoughts about the market

The fastest growing religion, and indeed, the religion with the most believers is the Market. Indeed, some have claimed that the Market is the first worldwide religion. Surprised? Consider this: every time someone complains about the cost of oil, or that too many workers are being laid off, or that too many jobs are going overseas, the answer is always “the Market is working — don’t mess with it.” Look at what commodities traders are saying about any attempt to curb the speculation which probably has impacted the run up in oil prices. Their answer is always, “any regulation will only make matters worse, trust the market.” What they are really saying though, is not just trust, but grovel, bow before it, even praise it. Now when the market has become this infallible it has become a god. And an immoral god at that. A god that reduces humans into commodities; a god that reduces all of nature’s value to resources — all to be used for its own profit. The reign of the Market, as it is currently operated, is inescapably abusive — and it is a reign which couldn’t be further from the hopes and equality that are essential to God’s Reign.

Notice something else? Those who praise the “free” market and claim that regulating it would only make matters worse wouldn’t dream of deregulating sexuality or of allowing for a “free” culture. Indeed, they are the first to decry the so-called “liberalization” of society. From the stand point of logic, this is hypocrisy. Jesus understood this well and accused the powers-that-were of his time with much the same thing: “You would regulate the utmost details of the people’s lives, but you let the Roman occupiers do what they want, and just look at what you allow to go on in the Temple!”

The Market has succeeded because it has given its adherents unparalleled financial success. And not just the rich and famous, but all those who have benefited from it indirectly like many of us have. But for all its success, it has created a community of believers whose focus is upon gaining unlimited wealth from limited resources. This is a market that doesn’t understand the concept of “good enough.” Nor does it have a value to define the upper limits of what is a “reasonable return on investment.” And because it can not and will not regulate itself on its own, eventually when those limited resources it depends upon are depleted, the “train wreck” will occur and the Market will collapse.

The alternative is not a planned economy. Such alternatives have proven disastrous time and time again. No, as so often is the case, we must look for a middle way. A responsibly regulated and socially conscious market will provide the best economic benefits for all of Humanity while simultaneously protecting and valuing the environment and its resources. But for that to happen, the divinity that has been invested in the market has to be stripped from it. Only when the infallibility, omniscience and omnipotence are returned to God where they belong, and the market becomes subordinate to God, will such a blessing be possible.

As for you and me, we must practice that middle-way we are preaching to policy makers. Moderation in possessions, activities, hobbies, diet, investments, indeed, in almost every facet of our lives embraces this middle way. But the only way that middle way will ever be emotionally successful for us — the only way it will ever be “good enough” — is if we invest 100% in the true God who is the only One who can help us see that “good enough” is really the “best that can be.”