Money doesn’t always equal value.
These news items are about the United States but what’s happening there is impacting the global economy . . .
From The New York Times: Worried Banks Sharply Reduce Business Loans “Banks struggling to recover from multibillion-dollar losses on real estate are curtailing loans to American businesses, depriving even healthy companies of money for expansion and hiring.”
From the Economist: Inflation or deflation? “The markets have become incredibly volatile as investors vacillate between these outcomes.”
From the BBC: Record deficit for next president “The next US president is expected to face a record federal budget deficit of almost half a trillion dollars.”
Economics used to seem as opaque as metaphysics to me. Then, as I hit the middle of middle-age, it became apparent I was studying the economics that businesses use, that nations use, that politicians manipulate.
The economics that has squandered vast quantities of non-renewable resources.
The economics that keeps certain people away from creativity, away from a decent livelihood.
The economics that spawns wars and utterly brutal treatment of innocent civilians !
I don’t want to start ranting so here are some spiritual quotes to ponder:
“The repudiation of national right and power to make war represents the first step toward mutual wealth and sound economy. Short of a world economy mankind will not achieve the fruits of civilization.”
Bahá’í International Community, 1947 Feb, A Bahá’í Declaration of Human Obligations and Rights
“Widespread uncertainty about the condition of the economy indicates a deep disorder in the management of the material affairs of the planet, a condition which can only exacerbate the sense of frustration and futility affecting the political realm.”
The Universal House of Justice, A Wider Horizon, Selected Letters 1983-1992, p. 102
“…participants in the informal sector of the economy, women in particular, must be involved in reconceptualizing economics altogether, both theory and practice. If women have a unique approach to economic activity, it would most likely be apparent in the largely unstructured informal sector of the economy. For example, preliminary findings in an on-going study of women industrial sub-contractors in Malaysia, show that the business objectives of the majority of women sub-contractors are defined not so much in monetary terms as in terms of values.”
Bahá’í International Community, 1995 Aug 26, Women in the Informal Sector in Malaysia