U.S. Credit Crisis Sparks Global Turmoil
August 10, 2007, was a difficult day for the global economy, which was strongly affected by financial turmoil in the U.S. In any society the economy is a major pillar of principled living, indeed any type of living. The key to a stable economy is unselfish use of monies.
In "US Home Loan Crisis Sparks More Global Turmoil", Rory Mulholland explains that credit difficulties in the U.S. caused problems in financial markets throughout the world "despite the tens of billions of dollars released by central banks to stop the problem turning into a global economic crisis". Most pundits agree that financial utopia is not possible; nature dictates that over time finances are fickle. Still, responsible nations try to steer their economies by good management, as exemplified by the billions used to prop up economies on August 10. However, the key to a stabilized economy is a society’s principled, unselfish standard of living. Such behavior does not preclude responsible financial management. Nevertheless, the basis of sustained prosperity is a society whose ethos is sacrifice that promotes unselfish behavior. Acts of sacrifice may be for one’s community, nation, the higher powers, or God, and an economy that underwrites such sacrifices is a stable one.
For more than one hundred years, two ideologies have dominated center stage with their views on the economy. Capitalists demand a system wherein the means of production and the things that are produced are privately owned. Socialists believe that both production and the means of production are properties of the people. In contrast to these two, a more correct perspective is that people own the right to production, nature owns the means of production, and the higher powers own the results of production. Based on this wisdom, an economy must renew nature and propitiate the higher powers. As individuals and groups overextend their ownership, the economy becomes more unstable, but when a society’s economy, through sacrifice, renews nature and offers results to God and His higher powers, that that society and its economy endure without undue turmoil.