Tuesday, January 06, 2009

Cardinal Cormac Murphy-O’Connor: ‘Capitalism is dead’

O please.

Any Christian should know that death is not the end. But this has not prevented the Cardinal Archbishop of Westminster from declaring that, just as the fall of the Berlin Wall in 1989 killed off Communism on , so the ‘credit crunch’ of 2008 sounds the death knell of capitalism.

And this he announced at a lavish black-tie, four-course, champagne reception in the palace that is Claridges – at which Sir Rocco Forte personally oversaw the decoration of the ballroom with red flowers and red lights ‘to match the Cardinal's clerical outfit’ - appealing to the great and the good (Catholicism’s wealthiest capitalists) for £3 million to restore his cathedral ‘which he fears will be forced to close within a decade if cash is not found for urgent repairs’, and £8 million ‘for the work of the bishops in England and Wales’.

£8 million to support a load of theologically ineffectual, spiritually inept and politically naïve bishops? There may be one or two exceptions who are fearless in their challenges to this Labour Government, but even they do not merit £8 million.

The Cardinal gives the impression that God has judged the entire economic order and found it wanting. And so he has sent destruction and chaos. But this is the theology of a Catholic Socialist, and his ‘carefully considered thesis’ is itself in need of judgement, for it is also wanting.

He said just last month: ‘Religious leaders are not normally economists, however, they cannot ignore the damaging human consequences of the rise and fall of economic indicators. Behind the gloomy headlines are cities, neighbourhoods, families, individuals deeply affected by the economic breakdown; and the hardest hit will be the poor: those already struggling to survive. Christians have a paramount concern for the poor. This "preferential option for the poor" is a constant theme in Catholic social teaching.’

He could have stopped after ‘Religious leaders are not normally economists…’, but since he proceeded to talk of the virtues of Catholic social teaching, perhaps His Eminence might be kind enough to provide Cranmer with an example of where application of the teaching has lifted the poor out of poverty.

Has His Eminence read Weber? Has he considered the Christian origins of Western capitalism? Does he understand the advantages of the Anglo-Saxon economic model? Has he ever studied such developments as corporatism, social doctrine, or interventionist statism? Has the Lord imparted to him the precise formula of co-operation between employers and workers, with the state overseeing wages, working conditions, production, prices and exchange?

He will find, if he bothers to research, that wherever poverty has been most effectively addressed in the world it has been through the outworking of the principles of capitalism. And it is only when capitalism is drenched in regulation and artificially controlled through state intervention (= Catholic social teaching) that it ceases to function as God intended. The Catholic Social EU is exemplary of its economic inefficiencies and moral shortcomings.

Capitalism is not dead.

It is wounded.

And it has been so by Socialists, corrupt bankers, the Left-dominated media, and the greed in the heart of man.

But there will be a resurrection.

Though Cardinal Cormac Murphy-O’Connor may not live to see it.


Anonymous John Reid said...

Is it not great that one who comes from the richest corporation the world has ever seen should speak with forked tongue. A business leader was once asked what was the best business in the world - heaven was his reply. The market has been cornerd by the RCC which has a branch office on every street corner. All that money paid in to get you into heaven (plus all the receipts from Lourdes, holy water etc) must have filled the Vatican to overflowing. Is it any wonder they own shares in most of the capitalist worlds businesses.

He is a rogue to ask for cash but thats what modern priests are measured on - like any business profit, cash flow.

6 January 2009 at 11:48  
Blogger McKenzie said...

Its all above and beyond my putty filled ears, but it seems to me that we are in this mess because the poor have been spending money they that does not exist. And now the time has come to pay it back, it is not there, it never has been, so capitalism has, in all this time, been taking care of the poor.

Money has vanished, but the poor had no money anyway, so who's money is it that has vanished?

The poor have been taxed to the hilt, but who's tax money is it that is going to pay for the money which has vanished? It all sounds like swings and roundabouts to me.

6 January 2009 at 11:56  
Anonymous ukipwebmaster said...

Cormac is yet another 'middle of the road' extremist spouting an 'offensive' view. Where are the Met when you need them? :)

6 January 2009 at 12:22  
Blogger MC Shalom P. Hamou said...

The Right Monetary and Fiscal Policy Can not Get Us Out of the Depression

DIE ZEIT: Can the right monetary and fiscal policy keep the US out of a recession?

Alan Greenspan:

"Probably not. Global forces can now override most anything that monetary and fiscal policy can do. Long-term real interest rates have significantly more impact on the core of economic activity than the individual actions of nations. Central banks have increasingly lost their capacity to influence the longer end of the market.

Two to three decades, ago central banks were dominant throughout the maturity schedule.

Thus, the more important question is the direction of long-term real interest rates."

Alan Greenspan
The Great Irony of Success
© ZEIT online, 30.1.2008

A Credit Free, Free Market Economy will correct all of those dysfunctions.

The alternative would be, on the long run, to wait for the physical destruction (through war or rust) of most of our productive assets. It will be at a cost none of us can afford to pay.

A Specific Application of Employment, Interest and Money

Press release of my open letter to Chairman Ben S. Bernanke:

Sorry, Chairman Ben S. Bernanke, But Quantitative Easing Won't Work.

Yours Sincerely,

MC Shalom P. Hamou
Chief Economist & Master Conductor
1776 - Annuit Cœptis.

6 January 2009 at 13:24  
Blogger moomintroll said...

Capitalism is man-made, and like all things man-made imperfect and fallible. It is however the only workable system developed for a modern society. Marx was right when he said capitalism would suffer from crises, but wrong when he said that that crisis would destroy it. Capitalism has suffered many crises, and has always had the strength to recover. This crisis will be the same, although there will be much hardship caused for a long while, which it is the duty of Christians to help releive.

6 January 2009 at 14:59  
Anonymous Jeremy said...

McKenzie, it's not the poor who have been spending money they don't have - they can't get loans. It's the middle classes who've overstretched themselves on their mortgages and then their extensions, and then lost their jobs.

Capitalism never has served the poor, neither is it capable of doing so.

6 January 2009 at 15:13  
Anonymous Voyager said...

We have not had Capitalism since 1931 although China probably does. What the West has is "Welfare Capitalism" with adequate incomes guaranteed to those who choose not to or cannot work. It is hardly Capitalism that lets single mothers live in £2.6 million mansions at taxpayer expense or permits "immigration for welfare" with housing costs covered and free education to all comers.

Britain is a Socialist Republic with a nominated royal presidency. It is a Party State with courtiers and flunkeys holding party cards and gorging on the largesse loyalty to party brings.

This is not Capitalism where men accumulate small amounts of capital to move from being employee to employer.....where lowly apprentices like Henry Royce or W O Bentley emerge from railway engineering sheds to produce for themselves.

Capitalism is about Production not Speculation...Britain has made production unprofitable and rewarded speculators who can make a quick buck before boom turns to bust.

Industrial society is the product of Protestants and Jews and is loathed by Catholics and Anglicans. It was Nonconformist Protestants denied access to university or professions that turned to trade. Like Jews they were the outsiders denied the golden path to status and forced into trade to live.

It was their ability to DO rather than simply BE that upset the social order and the wonderful structured society of Church/State emanating from Rome. It was the dislocation of industrial society that disrupted the ossified structures and it was the expansionary forces of high birth rates which led Germany to explode into European history with such destructive force eradicating monarchies throughout Europe and replacing them with unstable republics.

It was unstable republics that led to the monarchists revenge in Fascism hoping to restore order....and it was Jean Monnet who looked to Plato and his Guardians to restore a New Republic impervious to populism and immune from the siren call of universal suffrage.

The nature of the English with Irish accent in Westminster Cathedral is simply that he cannot stand apart but must seek to align himself with The State in the hope of supplanting a Dis-Established Church of England and being rewarded by a revocation of the Act of Settlement

6 January 2009 at 15:25  
Anonymous not a machine said...

some deep thought on capitalism bit beyond me , but i wont let that put me off .

as far as i see it , you cannot do without money (despite what the marxists tell you) , if you have money you have flows of it , if you have flows you need banks.
if you have banks you have lending and borrowing and so capitalism.

try conceiving of a system without money , how would you reward work or for that matter quality of goods !!

any system i have seen thus far that does not have free trade and market prices , despite its problems , is a state controlled nightmare and makes a subserviant workforce and an elite bureaucratic structure .

so despite the appeal , capitalism if well managed can do more good.

however what your grace has touched upon that is under threat of extinction is the anglo saxon work ethic , this is because it is being replaced by the liberal globalised model .

we now have excuses that require additional money , i am not aginst health and safety (i am quite aware how some men and women died in work that was injurous and it is one of the few things i thank the turn of the last centrury unions for ) but given how employment is now a minefield of litigation , the system is sick and is also causing , the clever to get money , the shirkers to get off , and the honest man/woman to recieve less wage whilst the lawyers coin it in and management becomes moribund and fearful , as well as the loss of creativity and flexibility when times need .

the cardinal is not prophetic in the sense , that marxism has proved to be right, if he had thought about the right critique he could have seen , that a large corruption has occured, overseen and rubber stamped , by a complict goverment and all too partisan regulatory framework.

i have my own view on why this corruption was allowed to occure and not all of it is to do with greed , more of some pileing a pyre in the hope of finishing an ideaology off , but for the moment i would be deemed speculative in the david icke vein , but i may yet be proved right.

put it this way , our chancellor had all the figures on his desk , yet he allowed it to crank up .
i ask you 125% mortgage , how can that be , it assumes your house is worth 25% more than what you paid for it , if it were chocolate bars i would buy one for a pound and return it to the shop keeper and get £1.25 , soon be rich , do it 1000 times and your on £2500 per transaction.

so how could a goverment allow such nonsense , who did it benefit ?? why were people so gullable ???

no no capitalism is not dead , but it certainly appears some people have done there best to murder it .

6 January 2009 at 16:42  
Blogger MC Shalom P. Hamou said...

This discussion is the most interesting on the WEB! It outstrip the stupidities of Krugman and Roubini!

moumintrol: the explosion of income/wealth disparity caused by credit makes the long-term interest rates lower which ultimately brought us to the liquidity trap: capitalist accumulation gave rise to its internal contradiction so Karl Marx was right and although Capitalism is not yet dead the prognosis is it will die soon!

not a machine said... I advocate a credit free free market economy. This means that with our electronic currency: the Dinar-Shekel we will be able to emit money by making gift to all our shareholders of a same amount of money. Say we want to emit S Dinar-Shekel and we have N shareholders we will distribute each S/N Dinar Shekel.

The account will be kept at our Emission Institute: no need for banks.

6 January 2009 at 17:09  
Anonymous not a machine said...

yes MC Shalom P Hamou
but arnt you then taking away a persons right to keep what he/she or she earns and spend it when they prefer .

i can see that you think money is relative , but its interesting that you also think we cannot do without it .

note trade would not beable to account for badly or well run economies or states .

so how would your emission centre deal with , quality and productivity ??

6 January 2009 at 17:16  
Blogger Daily Referendum said...

No10 Petition - Gordon Brown to resign for economic incompetence.

6 January 2009 at 17:29  
Anonymous Adrian P said...

We have not had real Capitalism, what little bot of Capitalsim we did have was constantly undermined and man ipulated nby the likes of Rockefeller and Rothschild, with the Connivance of their front men, the Lib Lab Con Leadership in Westminster.

What we have had is slavery brought about by usury.

Unplug yourself from the Bankster Created Matrix

6 January 2009 at 19:26  
Blogger McKenzie said...


I know, but I need stupid working class people to slave like dogs so I can keep my comfortable life style.

I need these morons to continue to sit at home and glue themselves to their TV screens and believe what they see and hear to be reality, instead of realizing what true reality is.

I need these morons to dress like their TV's, eat like their TV's and vote like their TV's.

Yes Yes Yes, I need these morons so I can continue to exploit them into their miserable graves, so I can live my excessive life of finery and pontificate my airs and graces and lord over them with high superiority.

Oh, the sweet smell of capitalism, Aha the joys of silver spoons and privileged upbringing, its what makes the difference between true man and beast.

6 January 2009 at 20:28  
Anonymous non mouse said...

Communism died?

Not in Gordon's Gulag!!!

6 January 2009 at 21:33  
Anonymous oiznop said...

From The Telegraph:

Capitalism is not dead, leading Catholic businessmen tell cardinal

Capitalism is not dead - it has just been exploited by a few greedy people for their own ends, leading Roman Catholic businessmen have told Cardinal Cormac Murphy O'Connor.

The financiers were reacting to a speech in which the Cardinal told a dinner at Claridges that capitalism had died in 2008, just like communism had died before it.

Catholic business people surveyed by The Daily Telegraph insisted that there were plenty of good capitalists, who used the process of making money to benefit all of society.

The problems came when capitalism was used by a few to enrich themselves to the detriment of everyone else.

Sir Tom Farmer, the Scottish billionaire former owner of car parts firm Kwik-Fit, said: "I seriously hope that capitalism is not dead, but I hope that the abuse of capitalism is dead. I hope that is what the Cardinal meant.

"At the end of the day it is a system that creates wealth - but it has its failings.

"I don't think we want to live in a society where capitalism is dead. We need capitalism. That is what creates wealth. What can be wrong is how that wealth is created."

Corporate social responsibility programmes, when large organisations sponsor charity events in the community, showed that capitalism could help enrich all of society.

City financier Oliver Pawle, who was the black tie dinner which was held to help raise £8million to fund the work of bishops in England and Wales, said the Cardinal's comments had been misconstrued.

Mr Pawle, who is on the board of City headhunter Whitehead Mann, added: "Of course capitalism is not dead. The lesson to be learned from the current financial crisis is that capitalism and the free market system need to be properly regulated.

"The current financial crisis has not just been caused by the greed of bankers and investors but also by the culture of consumerism with individuals borrowing and spending more than they could ever repay.

"We should not forget that the market economy has created a period of unparalleled prosperity for not just the developed Western economies, but also many of the emerging markets over the past 50 years."

The Cardinal's comments received short-shrift from business lobby groups. A spokesman for the CBI said: "Capitalism is not dead. Adam Smith is dead, but capitalism is very much alive."

Steve Hughes, economic policy advisor at the British Chambers of Commerce, added: "Capitalism has seen recessions before and it will see recessions again.

"It's important that figures of influence in any walk of life are sensible when making comments about the present difficulties."

The four course dinner, with a champagne reception, had been provided free of charge by Derek Quinlan, the property developer, who owns Claridges. Mr Quinlan was not available for comment yesterday.

6 January 2009 at 22:47  
Blogger Frugal Dougal said...

Capitalism? Dead? Can you get His Eminence to tell that to the people I owe money to, please?

I think this was an exercise in one-upmanship as regards the criticisms dished up to the Labour government by the CofE bishops. I think it's somewhat safer for the Cardinal to speak his mind - he doesn't risk seeing his church disestablished.

6 January 2009 at 23:09  
Anonymous Anonymous said...

So using a little logic this is what we have in theory, and IMO have always had, but now we have in our faces.

If communism is dead ( which it is not ) and capitalism is dead ( which it most certainly is not ) what we have is either a combination of both or neither.

Which from my understanding is one thing and one thing only, whether we have both or neither.


The resistance to which, if there is any either possible or available, will result in the next world war. Because for this New World Order to properly come into operation all of the worlds major players have to be on message and be honestly playing by the rules.

Human nature and history dictates that if this ever happens at all, it cant last for long without some major nasty bullshit in between times.

The people who own 90% of the worlds wealth, and conspire together on a regular basis, are not free market anything. They have long since been REVOLUTIONARY MARXISTS. Or in other words straight forward crooks, con men, and slave owning murderers.

From before the time of Alistair Crowley and Albert Pike, and certainly ever since, the people who really rule the world have been taking the piss out of common humanity.


This is now obvious and increasing well known to be the case, yet there is not a word about it anywhere on the MSM.

This country is not what the people of this place have been brainwashed into believing it is. It is not free and it certainly has never been truly democratic. The people who live in it are basically conservatives, but the people who have ALWAYS OWNED it and therefore always effectively controlled it are pathologically EVIL beyond comparison.


Our top clergy every bit as much as the people who select them for election to high office, are by definition The Establishment.

Which is why they never have had any understanding of ordinary people. They are not ordinary people. They are not appointed by ordinary people, therefore not only do not EVER work in the interest of the ordinary people, they positively despise the whole of common humanity.

Which is why they blame US for everything, murder us in our millions, then enslave us to rebuild the world after they have destroyed large sections of it.

Our material and spiritual creator may or may not be god as we personally perceive him. But you can be absolutely 100% certain that our material and spiritual SLAVE OWNERS are our own ESTABLISHMENT.

They do this by periodically stealing our personal wealth, while making up forever more rules and restrictions on our liberty.

This WORLD is the establishments property not ours. Which is a state of affairs they truly still believe is their own god given right, and duty to rule over.

The establishment may very much DESIRE the people to believe capitalism and communism are dead. Cardinal AofW clearly does. However what has actually happened, is that we have been completely taken over by possibly the worse aspects of BOTH at the same time.

Atlas Shrugged

7 January 2009 at 03:20  
Blogger Bryan said...

Churchmen are an odd lot.

Bring all the top capitalists he can scrape together into a room, preach to them that the economic engine that supplied them with their wealth is dead, and then holds out his hand to them; "Now that you are all going to die broken and penniless, save yourselves the struggle by giving me your money."

One wonders how well this plea for largess went over. Considering that this robbery is performed by churchmen great and small all over the world, it must be an effective way to fleece the flock.

"You should trust in the LORD for your finances, as I trust in you! Fill that plate, that box, so that your account may be filled with faith, and mine with your money!"

One wonders why the people flee the church, as the doves fled the tables overturned when our Lord cleansed the Temple with a hand-made whip.

8 January 2009 at 12:02  

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