Saturday, September 28, 2013

The ethical Church-Bank of England

The Church of England has acquired a bank. Well, the Vatican's got one, so why not?

The Church Commissioners for England confirmed that as part of a consortium of investors they will be partnering with Royal Bank of Scotland (RBS) to create a leading challenger bank from 314 RBS branches across the UK.

Gosh. The Church of England is once again to become a 'leading challenger' in something.

The confirmation follows the decision of the board of RBS to favour the bid of a consortium which includes the Corsair Capital investment fund, Centerbridge Partners and the Commissioners to create a new bank with a focus on ethical standards and servicing the needs of retail and SME customers.

The new bank, to be called Williams and Glyn’s (W&G), will be a vigorous challenger in UK business and retail banking sector with a projected 5% market share of the small and medium sized enterprise (SME) and mid-corporate banking markets, and a 2% share of UK personal current accounts. Williams & Glyn's origins date back to 1753 and the name has been dormant for almost 30 years.

A bit like the Church of England.

Revival and resurrection are always welcome.

But His Grace would rather this new Lambeth Bank had been called Justin's & Glyn's, for the impetus for its foundation certainly came from the Archbishop of Canterbury. The Independent notes that he has become "a major figure in the struggle to reshape Britain's banking sector due to his position on the Parliamentary Commission on Banking Standards. He clashed with RBS's chief executive, Stephen Hester, last November in the role, asking: 'What is the duty of an enormous bank like yours – approaching 100 per cent of GDP, well into the hundreds of billions of pounds – what is your duty to society, and why didn't you mention it?'"

The Archbishop of Canterbury is still a member of the Banking Standards Commission which was established to investigate the culture and performance of banking in the United Kingdom, and to make recommendations for a new banking act. With a background in business, he is perhaps uniquely placed to comments upon the behaviour of the financial markets. He observed last year in his Zurich speech to financiers:
In the case of the financial markets and infrastructure of the world, what has been obliterated is not physical, plant, property and equipment, but confidence. There is no longer confidence in banks as safe, in banks as virtuous, or in bankers as being part of the same world as the rest of us and with the same values and desires as the rest of us. That loss of confidence may be unfair, in many cases I would argue that it is, but it is a reality.
According to the bankers, the financial crash was brought on by 'an unfortunate moment of carelessness'. According to the people, the only response is 'à la lanterne' (a reference to the French revolutionary lynching of the nobility and the clergy from a lamp post). Whatever the reaction and wherever the truth, the Archbishop is of the view that 'too much effort is going into putting Humpty back together again, and it can't happen'. He expounded his own observation of the cause:
Activity without purpose is anarchy. It may not look like anarchy, it may in fact be very well organised anarchy but unless it has a serious and clear purpose activity is merely random. One of the biggest faults in the pre 2008 financial markets was essentially they were exponents of anarchy in this sense. They involved wild and frantic activity, often by exceptionally intelligent people, working very long hours, but they had no socially useful purpose. The industry was referred to as financial services, but in fact it served nothing. In the UK, where most of it was housed, SME's (small and medium-sized enterprises) still struggled to find finance, although they were based within close reach of the largest financial centre in the world. Martin Wolf, the Financial Times columnist, said in 2009 that the UK suffered from having a 'mono crop economy'. By that he meant, that like Nigeria with oil the UK had finance. Far from being the goose that laid the golden egg, it was in fact the cuckoo in the nest that pushed all the other fledgling industries out to die. The same can be said of much finance in other places around the world. Certainly, it was true of the hedge fund industry in the United States, and of much dealing activity across Europe and in the Far East. Finance had become a feature of its own, rather than anything with intrinsic value.
This new bank will be a serving bank. Andreas Whittam Smith, first estates commissioner, said: “The Church Commissioners are excited to have the opportunity to be involved in creating a U.K. challenger bank operating to the highest ethical standards and giving consumers more choice. We are delighted that the Royal Bank of Scotland recognised the strengths of our bid and the consortium’s vision, and have chosen the consortium as their preferred bidder.”

Andrew Brown, Secretary to the Church Commissioners, said: “This is a great opportunity for the Commissioners to invest in an exciting opportunity for the benefit of the serving and retired clergy, bishops, cathedrals and the wide work of the Church of England throughout the country especially in areas of need and opportunity.”

The Church Commissioners for England are responsible for managing a well-diversified investment portfolio with the aim of producing returns to support the Church of England’s work across the country. They manage an investment fund of some £5.5 billion, held mainly in a diversified portfolio including equities, real estate and alternative investment strategies. The Commissioners’ work today supports the Church of England as a Christian presence in every community.

The annual objectives of the Church Commissioners include:

• A return on investments of RPI +5%
• Supporting poorer dioceses with ministry costs
• Providing funds to support mission activities
• Paying for bishops’ ministry and some cathedral costs
• Administering the legal framework for pastoral reorganisation and settling the future of closed church buildings
• Paying clergy pensions for service prior to 1998
• Running the national payroll for serving and retired clergy

Might things go wrong? Of course they may, but nothing ventured, nothing gained. There will be those who will pore over every investment made and the handling of every private account to ensure that they reflects their reading of a 'biblical worldview'. His Grace will now look into transferring his meagre stipend from the unethical sharks to ++Justin's "new bank with a focus on ethical standards". Now all we need is an advertising jingle for this venture to prosper. How about:

Church of England - the Bank that likes to say Bless?

Forgive us our debts, as we forgive our debtors?

Over to you..


Blogger Steve Stubbs said...

Moneylenders in the temple?

28 September 2013 at 09:31  
Blogger Damian said...

I wonder if the interest rates will be the same as wongas?

28 September 2013 at 10:06  
Blogger Uncle Brian said...

The Vatican Bank, the IOR, that you mention in passing up at the top there, has been caught with its trousers down (so to speak) once again and Pope Francis is rumoured to be asking his consultants, "What do we need a bank for anyway?" Perhaps Justin's & Glyn's will seize the opportunity to swim the Tiber and acquire a Rome-based subsidiary.

28 September 2013 at 10:40  
Blogger Martin said...

Interesting that the ABC fails to preach the gospel or stand up for biblical marriage but thinks it important to start a bank.

28 September 2013 at 11:19  
Blogger DanJ0 said...

Rewards while you live. Rewards when you die.

28 September 2013 at 11:29  
Blogger E.xtra S.ensory Blofeld + Tiddles said...

W&G - a new slogan?;

You're Not Just Another Sinner. We're Not Just Another Bank.
Ask. Listen. Deposit. Absolve.

Slogan for it' s ME branches - Allahu Akgoldbar - Go(l)d is greatest.


28 September 2013 at 11:44  
Blogger The Pilgrim Explorer said...

This comment has been removed by a blog administrator.

28 September 2013 at 11:45  
Blogger bluedog said...

Mr Blofeld touches on an interesting point, does the new bank propose offering Islamic or sharia compliant banking? When you are in business everyone's money is equal. Perhaps its time to extend an old joke, Jesus saves, Moses invests, Mahommed ....?

Hard to think of anything printable.

28 September 2013 at 12:37  
Blogger Office of Inspector General said...

Notice to Quit

Take notice that, on this 28th day inst, the Bank of the Church of England has obtained a court order due to your failure to make repayments on your mortgage, that requires you and your family to vacate the premises in no later time than 14 days.

God be with you.

Thank you for banking with the Church of England.

28 September 2013 at 13:05  
Blogger Uncle Brian said...


Jesus saves, Moses invests, Mahommed ....?

. . . profits?

28 September 2013 at 13:14  
Blogger bluedog said...

Of course! Thank you, Uncle Brian.

28 September 2013 at 13:17  
Blogger Office of Inspector General said...

It’s already too late you know. One fears tentative production plans are already being formulated by BBC Kommissars...

“Repossessed by the Church – A Panorama Special”

It will be an hour long, of course, and feature the usual miserable and feckless so beloved of todays ‘real life’ documentary makers...

28 September 2013 at 13:20  
Blogger Archbishop Cranmer said...


Good question on sharia-compliance. His Grace is seeking knowledge.

Uncle Brian,

Most excellent - His Grace has 'borrowed' your genius for a tweet :o)

28 September 2013 at 13:23  
Blogger David Hussell said...

If this puts Loan Sharks out of business, giving the poor a better way of borrowing, then it will have been a very good thing indeed, practical Christianity in action one could say. So no quarrel with that.

However the crucial task of the A of C and the whole Church must be to preach the gospel of salvation through Jesus Christ afresh to each generation. That is his main task I believe, so I await that with hope.

28 September 2013 at 13:36  
Blogger Johnny Rottenborough said...

Steer clear of Blackfriars Bridge, Justin.

@ bluedog (12:37)—Mohammed brings home the bacon.

28 September 2013 at 14:22  
Blogger carl jacobs said...

So how does the CoE guarantee the practice of "ethical banking" when it does not possess a controlling interest? The CoEs stake in the Consortium is not known. Is it not possible the Church Commissioners are being used as a beard? When push comes to shove, I expect this bank will be operated as ... a bank - that being what it is. Shocked exclamations of "That wasn't the deal!" will not lessen the CoEs embarrassment.


28 September 2013 at 14:27  
Blogger Uncle Brian said...

Your Grace,

Not borrowed but freely given, if Your Grace will kindly consent to accept it as a tithe

28 September 2013 at 14:58  
Blogger Jay Bee said...

Hear the pennies dropping
Listen while they fall
Ev’ry one for Justin
He shall bank them all
Dropping Dropping Dropping Dropping
Hear the pennies fall
Ev’ry one for Justin
He shall bank them all

Dropping dropping ever
In the tin they clank
We have faith in Justin
and his little bank
Dropping Dropping Dropping Dropping
Hear the pennies fall
Ev’ry one for Justin
He shall bank them all

Now we have so little
Pennies are our store
But when we are richer
Justin will have more
Dropping Dropping Dropping Dropping
Hear the pennies fall
Ev’ry one for Justin
He shall bank them all

When we draw out money
Will he show us love?
Might he pay us interest
Smiling from above?
Dropping Dropping Dropping Dropping
Hear the pennies fall
Ev’ry one for Justin
He shall bank them all

28 September 2013 at 16:04  
Blogger Office of Inspector General said...

And so it was that Justin wandered the desert for forty days and forty nights. And behold, a devil appeared.

Justin, concentrate not on the journey of the souls of your flock, and have yourself a bit of mammon. Look over and see the entire banking world. All this could be yours

“Ok, you’re on”

Hold on, aren’t you supposed to wrestle with your conscience at this stage ?


Not even for a minute ?

“My minds made up”

Blimey !

28 September 2013 at 17:11  
Blogger Lucy Mullen said...

Maybe he has read and understood "The Monster From Jekyll Island" or understands about the derivatives market or has read King World News!!

Maybe he understands that if you want to understand what is happening you follow the money.

Maybe he can understand where the money is going and what the money is doing.

Maybe he understands about debt slavery.

Maybe he wants by some means to help rescue his country.

This is not the same as moneychangers in the Temple. I still think using Church buildings would be terrible. Also impossible (bullet proof glass etc.) anyway. This is just some counteraction. Glad of it.

28 September 2013 at 17:42  
Blogger David Hussell said...

Jay Bee,

A bit more practice needed yet to make Poet Laureate but a most amusing little rhyme.

28 September 2013 at 18:15  
Blogger Jay Bee said...

David H

I have to confess it was plagiarised from an old Sunday School chorus

28 September 2013 at 19:33  
Blogger IanCad said...

I have to give it to you OIG, you get to the nub of the problem.

The Notice To Quit is a gem. Very funny.

You have the whole of the matter.

This moneylending scheme is going to end badly.
It should be no part of the mission of the church.

What next? Anglican construction companies?
Going to take over the Co-op?
How about the Royal Mail?
What about health care? A bad record there; of well intentioned demoninations, succumbing to the taste of lucre.

Do they seriously think that an annual return on investment of 5% is realistic?

Assuming a rate of 4% and applying the Rule of 72, I have heard that the widow's mite would compound to an amount exceeding all the money in the world or thereabouts.

This foolishness must stop.

Mark my words they'll be a Tetzel around somewhere.

28 September 2013 at 19:36  
Blogger Johnnyrvf said...

So the CofE has been duped into buying billions of pounds sterling of toxic debt. If you think that any of the figures that were presented in the 'sales' spin are anywhere the truth I would suggest you put yourself up for the Darwin Awards. I would also put your trust in Satan, he is a far more trustworthy fellow than the 'people' that cooked up ( as in cooked or rather stewed ) the books, they were looking for a BIG sucker and they sure found one........

28 September 2013 at 19:37  
Blogger Office of Inspector General said...

Greetings IanCad - your approval means a lot to this man.

A ‘new initiative’ is such a business thing, and quite alien to the church which in times past quite easily rode above the affairs of the world. Well, not quite, we know there is an investment arm but at least the types running it kept it well out of sight. Appearance is everything, what !

This new AoC means well, but one does wish the fellow had sounded out his ideas, and if he did, to a lot wider audience than was done. The road to hell being paved with good intentions, as we all know...

28 September 2013 at 20:04  
Blogger bluedog said...

JR @ 14.22, funny, but not permissible in a multicultural society enforced by human rights legislation. Your suggestion could not be passed off as a joke as a sense of humour is often relative and likely to be at the expense of a victim. You have been warned.

Reverting to His Grace's post, among the aims of the Church Commissioners is this defeatist objective: 'Administering the legal framework for pastoral reorganisation and settling the future of closed church buildings'.

The latter part in particular is symptomatic of accepting and managing decline. Where is the offensive spirit needed to at least maintain a steady state, let alone gain new customers? As ++Justin seems to redefining the Church or business lines, in its self not a stupid idea, one wonders what privately drafted business plan he has on his desk. Does he recognise that the Church is in the business of providing pastoral care and spiritual comfort to a nation? If so, what are his budgets and targets in terms of souls saved, if indeed that is one of his key performance indicators? How do annual baptisms trend versus burials, for example?
What are the marketing plans and what channels will be used? Social media?

It seems to this communicant, and drawing on the example of His Grace's remarkable ministry through this blog, that every church should have a website with twitter and facebook so that it could reach into its local 'catchment' area on a virtual basis. Maybe a core competency of CofE incumbents should not be an elegant tea ceremony at the vicarage, but on-line blogging skills!

The ability to cross-sell banking services to the flock whilst saving their souls would be a clear advantage.

28 September 2013 at 21:35  
Blogger Johnnyrvf said...

I always thought offence was taken, perhaps if people were more generous there would be more humour to go round.

28 September 2013 at 22:44  
Blogger Johnny Rottenborough said...

@ bluedog (21:35)—The Church of England believes racism to be a sin; this 2004 motion called on ‘all Christians in England to nurture a loathing of the sin of racism’. It follows, then, that the Church has committed herself to an England that is multiracial and multi-faith. In time, her preferred England will, through immigration and demographics, become less Christian and more Muslim.

The Church Commissioners’ need to rejig dioceses and close churches (many of which will reopen as mosques) is simply a consequence of the Church curtseying to political correctness and making anti-racism the greatest virtue, thereby clearing the way for Islam and putting herself out of business.

28 September 2013 at 23:33  
Blogger Office of Inspector General said...

Johnny Rottenborough, we should not be surprised then that the church has ventured in banking in the same reckless way that it has previously embraced social engineering.

What !

28 September 2013 at 23:55  
Blogger Johnny Rottenborough said...

@ OoIG—It goes without saying, but I’ll say it anyway, that it is only white countries that must be socially re-engineered. I trust the bishops are not deliberately working for the extinction of Christianity; I expect they are hamstrung by the overwhelming necessity to be more anti-racist than thou. Either way, they are helping to bring England’s Christian era to a close.

29 September 2013 at 00:42  
Blogger E.xtra S.ensory Blofeld + Tiddles said...

Johnny R

"that it is only white countries that must be socially re-engineered." It is only white people that can be charged in court on dubious (a person just HAPPENED to have his phone camera rolling after muslim male gets a reaction to goading white woman about her having the nerve to have been drinking and having 'blood on her hands' for having the audacity to be wearing a poppy!),YouTube evidence based on half a story but prosecuted by the CPS, who love a EM engineered sob story.

I am truly getting to despise my own country and the scumbags in charge who have made being white a racist prejudged crime in anticipation of an incident.
The muslim male was not tracked down, as the police tracked down the white woman, to give evidence or an explanation of his behaviour in starting the fracas or to face possible charges himself.

If they don't like our freedoms won by those we remember through the poppy or our British ways then please feel free to give up our free benefits, nhs, schools, council houses etc, to go back to the S%*$holes you came from.


29 September 2013 at 01:45  
Blogger AnonymousInBelfast said...

Isn't usury still, you know, forbidden, both by Scripture (towards aliens; Exodus 22:25; Deut. 23:19-20) and Oecumenical Councils still accepted by the Church of England?

I admire the sentiment that lies behind this decision, but remain genuinely uneasy at the shape it takes. I don't see how I can oppose the way that liberal Christians take Scripture and rehash it to suit new imperatives on sexuality and then sit back and pass no comment when conservative Christians do the same with financial affairs.

I would rather we abided by Matthew 5:42.

29 September 2013 at 02:49  
Blogger David Hussell said...

Interesting article on Anglican Mainstream on the arrangements for the great gathering of Gafcon 2 in Nairobi, the conference that guides and unites orthodox, traditional Anglicanism in the global south. Now that the Communion centered on Canterbury is sadly fractured, because of revisionism and reluctance to preach the faith as it was passed down to us, the national Churches from the areas of strong growth focus on these events as a binding mechanism.

I find it heartening that the traditional forms of Christian faith don't just endure but flourish. And I do believe that the UK will one day, be receiving reverse missionaries from the global south. Can't come to soon for me !

29 September 2013 at 09:32  
Blogger David Hussell said...

Extra Sensory,

Yes I agree that it is becoming more difficult to be proud of ones country whose leaders seem determined to trash our cultural and religious heritage, forcing the unworkable aim of multi-cult on us. Any mature thinker, of any religious persuasion or racial origin, can see that a country must have a common core and reservoir of publicly accepted ideas regarding behavior and morality, private and public, as the former inevitably spills over and affects the latter.
I believe that Cameron and other so called liberal thinkers, promoters of relativism know this, at a deep level, but see themselves as above the common herd, protected by wealth and connections, and so just press on in the same destructive direction because they are simply concerned with the short term having no real grasp on anything else.

29 September 2013 at 09:41  
Blogger DanJ0 said...

"Any mature thinker, of any religious persuasion or racial origin, can see that a country must have a common core and reservoir of publicly accepted ideas regarding behavior and morality, private and public, as the former inevitably spills over and affects the latter."

It doesn't need to be religious, or in fact mono-cultured. We have a common core already, maintained in law. On top of that, we have shared values which we need to maintain and promote.

29 September 2013 at 09:58  
Blogger E.xtra S.ensory Blofeld + Tiddles said...


"On top of that, we have shared values which we need to maintain and promote." What shared values do we have with real Islam?


29 September 2013 at 10:02  
Blogger bluedog said...

Mr JR @ 23.33 says, ' It follows, then, that the Church has committed herself to an England that is multiracial and multi-faith.'

Not really any other option for an established church, it's toe the line or else. The UK itself would have signed or enacted every known peon decrying racism and it follows that the CofE must do the same. It is certainly not un-Christian to take this position although calling racism a sin is possibly somewhat florid.

If different races share a common creed and a common culture there would seem to be no problem. But when different races are burdened with the handicap of irreconcilable religious and/or cultural differences differences there is every likelihood of bitter strife and loss of social cohesion, as we know. Indeed, the truly sinful are those in leadership positions whose ideology prevents them from anticipating the risks inherent in the above.

29 September 2013 at 10:10  
Blogger David Hussell said...

Extra Sensory,

On your point, that it is only the white countries that need social re-engineering:--

It's EU derived legislation that is forcing the pace on this of course. Australia is resisting this fairly well retaining a clear idea of who they are and what their legal framework should be. And it's also from that direction that the erosion of our Common Law heritage is coming too, of course, to take up DanJ0's legal point.

Tebbitt recently made good points about immigrants recreating their countries within ours, with no attempt to integrate, but he is the last politician of his era still standing. The current Conservative Party is not conservative, but an EU promotion machine including most of its equalities laws. They only resist the EU when it threatens our economic, economic only, success. Defending other aspects of our culture is not in their game as they are not social conservatives.

29 September 2013 at 10:14  
Blogger Johnny Rottenborough said...

@ ESB + T (01:45)—An article in The Times from 2010 gives an insight into the Crown Prosecution Service:

It is not so much at the bar but at the CPS, though, where there is a real problem. The bar is at least independent but the CPS is much more directly connected with the government and has to be seen to be a fair employer. Some of the CPS propaganda material is hilarious. It has gone so overboard in an attempt to be fair that you have to search hard to try to spot the white person in its illustrations.

In London, at least, the organisation seems to be stuffed with people from ethnic minorities. It is worrying when you ring someone up about a case, often a serious one, and you have trouble understanding what they are saying. Or you get skeleton arguments or documents drafted that simply make no sense and are written in pidgin English.

It makes one wonder whether the case you mention was brought to court by ethnic CPS staff who dislike Whites or by white staff who are under pressure to demonstrate their anti-racist credentials. Not being a Times subscriber, I cannot check if the URL is still valid but here it is:

@ bluedog (10:10)—If the British are to remain the majority population and Christianity the majority religion, there will have to be discrimination along racial and religious lines, commonly called racism. By declaring racism a sin, the Church condemns herself to a lingering death. Until the second half of the 20th century, the Church would have regarded the degradation of a stable, enormously successful Christian nation as a sin. Now it has become a virtue.

29 September 2013 at 11:58  
Blogger DanJ0 said...

Blofeld: ""On top of that, we have shared values which we need to maintain and promote."

What shared values do we have with real Islam?"

Well, quite. It seems to turn its nose up at women drinking, promiscuity, women being unchaperoned in public, gender equality, godlessness, and so on. It's almost like it has bought into English values from a hundred or more years ago, rather than our values based on freedom, individuality, and equality now.

29 September 2013 at 12:13  
Blogger DanJ0 said...

David H: "Tebbitt recently made good points about immigrants recreating their countries within ours, with no attempt to integrate, but he is the last politician of his era still standing."

Like British emigrants in part of Spain and France. Some of them don't even speak the local language!

29 September 2013 at 12:15  
Blogger Office of Inspector General said...

Johnny Rottenburgh. Asking a Christian to consider an alien immigrant as just that, and nothing to be fawned over, is as futile as preventing some of them around here from forgiving their murderer with their dying breath...

29 September 2013 at 12:23  
Blogger Lucy Mullen said...

There is a real paucity of economic comment here. Those who fail to understand how the economy operates are standing in a queue to have their earnings decimated.

One person says the Church is taking on toxic debt. I would be interested in the details of which that person might be aware. Which toxic debts?

5% might not be unrealistic if money is invested in hard- and appropriate- assets, as some companies give dividends of more than 5% as it is, and if they buy company bonds they could also do well, plus mortgages, and other safe investments, e.g silver and rare earths. Probably many banks are overstaffed and if you reckon on the savings that a new organisation can make from inception on staff costs- no historical overhang to deal with nor pensions to pay out- that looks achievable. They could also use robotic hoovers and thereby slash cleaning costs!!

It would be interesting to know what people make of the nation's, and the world's present economic predicaments and whether this bank might be safer than others if things should collapse as they do periodically in the PIIGs countries.

29 September 2013 at 12:39  
Blogger Office of Inspector General said...

Just a moment, Lucy Mullen, we are talking here of the Church of England becoming a bank. Before you rush in with investment advice, do consider whether you are missing the point ?

It’s female ordination all over again...

29 September 2013 at 13:02  
Blogger Lucy Mullen said...

I think that this differs from the C of E becoming a bank. The Church Commissioners have always had investments; it is how they pay for clergy pensions. As far as I am aware this scheme does not entail putting financial institutions in church buildings, which was always a poor idea, mostly for spiritual reasons, but also for practical ones.

What I am wondering is how many people are aware that the UK might suffer a financial tsunami. Moneyweek certainly, amongst others think, as much. Depends on whether you think that kicking the debt can indefinitely down the road, while it gets larger year on year, is a sustainable option.

If you think it is not would this bank help amongst the rubble? Is it less likely to fail and pinch depositor's assets, as in Cyprus? Will it provide a partial bulwark? If it does then it serves a useful function. If not then the selling of the nation's houses to rich oligarchs across the world will continue and the average person in the UK will end up as a servant, or at best in the service industries in the land of their ancestors, the US will diminish, and Russia and China will be the powerhouses, with possibly Brazil thrown in.

29 September 2013 at 14:35  
Blogger Office of Inspector General said...

Lucy, someone has sold you a fabulous idea. That’s fabulous in it’s original meaning before you start skipping around the room...

29 September 2013 at 15:04  
Blogger Lucy Mullen said...

Thanks. I have not skipped since the
1970s or so. Still run and jump, but strictly no skipping!!

Your apostrophes are skipping around and getting into unconscionable places however. If you are serious about the state of the world economy check out King World News. Some of the people on there manage multi billion pound funds- successfully, and I can tell you they are worried like they have never been before. Now maybe you think people like Eyon von Greyerz are naive twerps, and from a British point of view Andrew Maguire and our very own Nigel Farage who also writes there. I differ- strongly!!

29 September 2013 at 16:09  
Blogger Office of Inspector General said...

Lucy, a news item reminded the Inspector of an old joke.

A fellow advertises an amphibious vehicle for sale. But it came with a princely six figure price tag. An interested party rings him...

How come so expensive ?

“It’s only the most successful amphibious vehicle ever built, that’s all ! And they only made two.”

Where’s the other one then

“Well, if you must know, it’s at the bottom of a lake”


If you think you have a good idea, try and get more than just the one chance to get it right. Otherwise, you could find yourself in the lake

29 September 2013 at 16:23  
Blogger Lucy Mullen said...

A nice story but it answers nothing but just provides a dinky picture behind an assertion.

What leads you to believe our economy is more robust than when we had to go cap in hand to the IMF? What makes you think that a similar problem can never happen again? What leads you to think that interest rates will never go up several % points and make it near impossible for us to pay our debts? What makes you think that as the BRIC countries industrialize, esp. China their middle classes will not want white goods, a nice house and cars parked outside, with the resultant pressure on oil prices?

Where do you perceive these assumptions to be wrong, other than not being able to imagine things changing much?

29 September 2013 at 16:37  
Blogger Lucy Mullen said...

Sorry, I should have made it clear that it is the interest on the debt which is the worrying concept.

And I should also correct the earlier "Eyon" to "Egon" though the first spelling is how it is pronounced!

29 September 2013 at 16:39  
Blogger Office of Inspector General said...

Lucy, what on earth makes YOU think a bank backed by the CoE will do anything other but join the throng. Bank staff are interchangeable, they leave one bank to work in another. Or has that sameness somehow escaped you ?

The only bank that this man accepts acquitted itself in the recant mess was the Co-op. And they closed their sole Gloucester branch a few years ago...

29 September 2013 at 16:45  
Blogger DanJ0 said...

"[...] the US will diminish, and Russia and China will be the powerhouses, with possibly Brazil thrown in."

Isn't that BRIC thing a bit out of fashion now?

29 September 2013 at 17:29  
Blogger Lucy Mullen said...

I hope it will not join the throng, as the claim is it will be ethical. At worst I suspect it will only later join the throng. But I don't think there is much wrong with the middle management in Banks. It is right at the top that the worst stuff generally happens. Others just do their jobs lower down the tree and in the branches.

But macroeconomically we are as a country in a bit of a mess through following Keynesian rather than Classical economics. Quantitative easing is looking like it is leading to real trouble down the road. Even this Coalition Government, for all its semi-classical noises on the economy is putting forward a policy which is at least 70% Keynesian in its assumptions. Mrs. Thatcher was about 95% Classical in her economics and wouldn't have touched all this mass of quantitative easing with a bargepole, as no proper Conservative should!

29 September 2013 at 17:33  
Blogger E.xtra S.ensory Blofeld + Tiddles said...


"Well, quite. It seems to turn its nose up at women drinking (Christians have not, merely drunkenness in males and females...St Paul even says a bit is good for the health!), promiscuity (Christians do say promiscuity leads to misery for one or the other eventually with the following STD' the young are finding out with clymydia), women being unchaperoned in public (They tend to chaperone themselves in numbers on weekends do they not?), gender equality (Christians believe that man and women are equal but are meant to compliment each other rather than see each other as rivals...can you have a footie team with 10 goalies?...such as salt and pepper), godlessness (Err AHEM. I think NOT!), and so on.

It's almost like it has bought into English values from a hundred or more years ago (stoned and beheaded did we lad, forced our young to marry uncle Herbert or Aunty hattie, hmmm)), rather than our values based on freedom (such a vague free are we, relatively speaking?), individuality (we are all individuals, only athiestic communism tends to deal otherwise..the greater good), and equality (but this involves inequality towards others..we even have black NGO's or bodies that discriminate against others not so pigmented. Can't imagine a white police officer's federation in Zimbabwe, now can we) now."

If religion sometimes disposes people to self-righteousness and absolutism, it also provides a moral code that condemns the slaughter of the innocents for those responsible to be held accountable by.

In particularly, the moral teachings of Jesus provide no support for, indeed they stand as a stern rebuke to, the historical injustices perpetrated in the name of Christianity, whosoever it be, Roman Catholic, protestant etc.

However, do count the death tolls produced by the atheist despotisms of the twentieth century for a balanced reflection on what freedom and the value of a life isn't.. In the name of creating their versions of a religion-free, secular utopia, Adolf Hitler, Josef Stalin and Mao Zedong and Pol Pot etc produced the kind of mass slaughter that no Inquisition could possibly match. Collectively these atheist tyrants mentioned murdered more than 100 million people, the majority all their own.

Atheistic secularism has a lot to answer for, especially employing a transparent slight-of-hand that holds Christianity responsible for the crimes committed in its name, while exonerating secularism and atheism for the greater crimes committed in their name ,barely over a century of it's existence on this planet. It is in imperfect old blighty that you have treasured freedoms and not in the atheistic states mentioned.


29 September 2013 at 18:28  
Blogger DanJ0 said...

I'm thinking I touched a nerve there with that reminder of our former English values, values which I expect most Christians would balk at reimposing despite their being vintage Englishness.

29 September 2013 at 20:10  
Blogger Len said...

Well if the Cof E follows the 'Vatican bank' they really will be in trouble.
I suppose Justin is trying to make a point in wading into the murky waters of banking perhaps to show that one can still run a bank with integrity?.

But is this just a distraction from what the church should be really doing namely preaching the gospel?.

29 September 2013 at 20:11  
Blogger Office of Inspector General said...

Len, but you don’t do church, do you ? Or do you, when it’s not the RCC ?

Something smells awful here, wouldn’t you say...

29 September 2013 at 21:02  
Blogger E.xtra S.ensory Blofeld + Tiddles said...

DanJ0 said...

"I'm thinking I touched a nerve there with that reminder of our former English values, values which I expect most Christians (Society has changed not Christians, as Ernst has shown, therefore it would be the hedonist that baulks but then a turkey never jumps for joy and grabs the Paxo on the 25th of December, does it!) would balk at reimposing despite their being vintage Englishness."

Things such as misogynist and feminist are the flip sides of same callous coin, merely the roles have been reversed.

"touched a nerve" , rather Ernst thinks you have been left comment-less lad. ;-)


30 September 2013 at 08:14  

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