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When investment bank Lehman Bros imploded on September 15 last year, its application for bankruptcy was the largest in U.S. history. The reaction of money markets was prompt and their panic lead to a freeze in global credit and stock prices plummeting faster than a Zimbabwe dollar after a Mugabe birthday knees-up.

Vanity Fair magazine included an article in its January issue that painted a picture of the dramatically altered worlds of Hedge Fund managers, art dealers and well-heeled residents of the hallowed Hamptons. Those who mid-way through 2008 would have thought nothing of flying in a private jet or ordering ‘$1950 Cabernet Sauvignon or the $26-per-ounce Wagyu beef’ suddenly found their net worth halved or worse. The Wall St party is over and estimates of job losses in New York are around 160,000.
 

And while it might be hard to dredge up any sympathy for those having to sell off Central Park apartments, the ripples being felt around the world are already crossing the socio-economic categories. None of us yet knows the full extent of the fall-out. People and institutions that, even a year ago, had a look of confidence and invincibility now display a decidedly pale complexion.

At the height of the panic there were reports of church numbers swelling as people looked for solace and hope, and whatever else they think the experience will give them. Moments of crisis have a habit of throwing up existential questions and this might be a positive outcome. A cancer scare, the death of someone we love, a serious loss of one kind or another frequently become crystallising moments where what really matters – family, relationships, community – come sharply into focus. Christians would add ‘relationship with God’ to the list of those essentials of life that nonetheless can become clouded out by busyness and routine.

Jesus had something to say about building a life on what matters most:
       
 "Therefore everyone who hears these words of mine and puts them into practice is like a wise man who built his house on the rock. The rain came down, the streams rose, and the winds blew and beat against that house; yet it did not fall, because it had its foundation on the rock. (Matthew 7:24 – 25)
    

It seems that the ‘rock’ of short selling, derivatives and quick profits proved more of a sandy base after all. The question we all must ask, regardless of financial standing, is how sturdy is the base on which we have built our lives.




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Simon Smart | Thursday, March 05, 2009 | Comments (1) | Trackbacks (0) | Permalink