Market idolatry
October 10, 2008
The international financial crisis is no longer just about Wall Street — if it ever was. Today, increasingly, it is about Main Street and its residents, about people who are losing homes, jobs, pensions and savings. In a way, the international economic system is a kind of Tower of Babel, built on its own internal logic, but a logic that essentially created a house of cards. It was built on an ever-expanding consumption of goods; when the production of wealth could not keep up with the need to feed mass consumption, developed nations simply turned to debt. When that tower of debt began to crumble as some of its weaker bricks gave way, the whole edifice began to tumble.