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A free floating commentary on culture, politics, economics, and religion based on a passionate commitment to the truth and a desire graciously to refute that which is contrary to it….
"He must hold firm to the sure word as taught, so that he may be able to give instruction in sound doctrine and also to confute those who contradict it."
--Titus 1:9, Revised Standard Version
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For neither Dr Williams nor Dr Sentamu have a proper grasp of how modern finance works - nor the degree to which it is already examined by economists, philosophers and the Fourth Estate.
To claim, as both clerics have done, that much modern finance is fiction or fraud is wrong and, more importantly, misleading. Finance allows savers to profit from the growth of the economy. Everything from home-ownership to old age pensions relies on a successful and sophisticated financial sector. An archbishop, of all people, should know that just because you cannot see something, it does not mean that it is not there or that it does not matter.
Dr Sentamu was wrong to join the chorus of abuse for short-sellers, now the UK's most popular pantomime villains. They are clearly not "bank robbers" or "asset strippers". If investors believe a price is too low, they can buy and hold it. If they believe a price is too high, they can sell it short. This interplay is important. Without short sellers, prices will tend to rise too high. There are strong arguments for restraining them under febrile market conditions, but what they do is not wrong or immoral.
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Filed under: * Anglican - Episcopal Archbishop of Canterbury Anglican Provinces Church of England (CoE) * Culture-Watch Religion & Culture * Economics, Politics Economy Stock Market * International News & Commentary England / UK
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