Archbishop Welcomes Credit Crunch

Archbishop of Canterbury Rowan Williams is known for being controversial. Today he has welcomed the Credit Crunch suggesting that it offers society a “reality check” and compared spending to “drug addiction”.

Surely he has a point though does he not?

  • Mack

    Andrew, he not only has a point he is 100% correct – the bust is the natural outworking of the bubble (and the excessive greed that fueled it).

    Of course, it is incredibly painful for some families and firms – unfortunately it was the malinvestment (which felt good at the time) rather than the bust itself that causes this.

  • Mack

    I particularly liked this quote

    Interviewed on BBC Radio 4’s Today programme, he insisted the country had been “going in the wrong direction” for decades by relying on financial speculation to generate wealth quickly rather than “making things”.

    They should make him finance minister.

  • The old saying about stopped clocks comes to mind.

  • Suilven

    Wow. Has he suddenly converted to Presbyterianism or something?

  • dewi

    A little insensitive to the hundreds of thousands who are losing their jobs as we speak.Rowan also wonderful with hindsight. Personally I can’t abide religious leaders meddling in moral issues….

  • frustrated democrat


    ……….is that beacuse he says things you don’t like to hear?

  • dewi

    Not really – I just don’t seem to recall his expert opinuons being voiced when it could have done some good…. And were not the Church big short sellers?

  • autocue

    Easy for a man who lives in a Palace, kept up by the faithful financial giving of church-goers to lecture us all on how much we spend…..

  • blinding

    I am sure the Archbishop will sail through
    the recession without too much hardship.

  • Chris

    Anyone got the address for Lambeth Palace? I’m sure Rowan will be more than happy to sustain me financially when I lose my job. Although as a nominal dissenter maybe not.

    More tripe from this berk!


    There are also some central bodies which have a key role to play in managing the church’s finances. The Church Commissioners seek to obtain the best possible long term return from a diversified investment portfolio in order to meet their pension commitments and to provide the maximum sustainable funding for their other purposes such as support for the work of bishops, cathedrals and parish ministry.

    I wonder if the church commissioners share his views.

  • I actually heard the Rowan Williams interview live this morning. I kept listening, because from a moral perspective of wealth creation, the Archbishop was making some valid points.

    However, when presenter John Humphrys got into more microeconomic territory, discussing the use of credit in modern economies, Williams was out of his depth.

    Interest and credit are integral parts of modern capitalism. Unless we want to revert to total risk-averse, pay-as-you-go economic development, interest and credit are here to stay.

    So here, PM Brown responded with appropriate authority. His RESPONSIBILITY is to get the financial operations of Britain’s globalised economy back on track.

    Williams should perhaps emphasise the superiority of creating wealth that is aligned with moral ambitions, e.g. hospitals, schools, better work-life balances, than to delve into the morality of capitalism or its mechanisms. Just my thought for the day.

  • Dewi

    So strange – Rowan from Ystradgynlais – the heartland of nonconformism – becomes the head of Anglican England – and lectures us on piety. Sort out the Brewers and the Bankers first why don’t you?

  • In Soviet Russia

    Credit crunch welcomes Archbishop