Towards a New Economy
Delegates heard calls for a reform of the national economy during Diocesan Synod at St Nicholas Church, Corfe Mullen on Saturday (18 February).
Canon Andrew Studdert-Kennedy, the Revd Antony MacRow-Wood and Canon Dr Peter Dominy spoke of the need to rethink the current financial system and supplement it with Credit Unions.
Referring to the Stock Market, Canon Studdert-Kennedy said: “90% of financial transactions are speculative: they are bets on the market moving up or down… Fractional reserve banking is inherently unstable.”
Addressing the responsibilities of shareholders, the Revd MacRow-Wood said: “The answer is to strengthen the owners to make the banks behave more responsibly.” He indicated a need to curb corporate and individual greed, as well as abandoning the “addiction to growth”.
Dr Dominy recommended a step-by-step approach to reform: “Not just banks, but the whole system. Regulation should be carried out in an ethical way: not for profit, but for the benefit of all that use this money.”
Parish representatives also debated and voted against adopting the worldwide Anglican Communion Covenant by 48 votes to 31.
20 February 2012