A New Kind of Trust; Ken Costa Says the Spirit of God Must Be Called upon If We Are to Rebuild the World Economy after Recession

The Birmingham Post (England), April 17, 2009 | Go to article overview

A New Kind of Trust; Ken Costa Says the Spirit of God Must Be Called upon If We Are to Rebuild the World Economy after Recession


Byline: Ken Costa

We are seeing a financial tsunami, a massive dislocation which is only seen once in every 100 to 150 years. The tide of uncertainty is hitting our cities and the waves of the aftershock are buffeting you and I every day.

When I was in Davos at the World Economic Forum, the global financiers and chief executives were asking the question 'How long will this continue?' But that is not the real question. The real question is 'What will emerge?' There is an immediate need to fix the banking system but trust has been fractured.

Money is not gold. Money is a promise. Trust is required for our economic system to work and this has been fractured. A new trust economy will have to emerge.

This is not just a financial tsunami, although its roots are in the financial realm, it is a spiritual and moral tsunami.

Morality was contracted out and ethical commentators marginalized.

The spiritual dimensions of fuelling a binge of artificially-stimulated desires and the moral dimensions of making investment decisions without understanding what the instruments are and how they would affect people's lives can't just be put into a little box marked 'Financial'.

It affects every aspect of our lives. And who is responsible for this irrational exuberance? Was it: * the governmentswhowere asleep? * the regulators who didn't spend their time regulating the capital and the liquidity of the financial institutions? * the boards of the financial institutions or their shareholders? I don't know - it's too soon to give a precise answer. But could it be you and I who spent more on our credit cards than we knew was wise to do? We did not have the wisdom to show restraint. We bought houses that were just a little more expensive than we could afford.

I don't think we escape. The uncontrolled fear, the deception, the ignorance of risk and the lack of knowledge about the value of investments became a way of living and the market economy became a god.

The resulting global structures were being formed without any reference to God. We became proud. We thought we were in a steady state of governance and globally we would be intact. How shallow that looks now. We became proud, we became powerful. We were told the market could provide happiness.

One of the great post-war lies was that material prosperity could bring happi- ness. We became very proud of our achievements. Our globalised world became nothing more than the unrestrained access to further consumables. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

A New Kind of Trust; Ken Costa Says the Spirit of God Must Be Called upon If We Are to Rebuild the World Economy after Recession
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Author Advanced search

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.