Thursday, 25 July 2013

Credit Where Credit is Due

I was impressed by the Archbishop of Canterbury's campaign against Wonga - the money lending company that charge something like 4089% interest on a loan.

Extortionate usury on a level like this is gravely immoral and preys on the poorest and most desperate in a society with a great deal of hidden poverty.

Our Bishops are good at speaking out on issues more or less everyone can nod their heads to, but this kind of usury is not a 'soft' issue. The Catholic Church should speak truth to power, to Prime Ministers, to Governments, even to Monarchs as well as to those who use their financial might to take advantage of and to grind further into poverty people who just need extra to pay heating, water, electric bills and put food on the table.

Credit where credit is due.


pelerin said...

It has emerged today that the Archbishop has discovered that the C of E has been investing in Wonga. Most embarrassing for him but shouldn't he have known this before?

Nicolas Bellord said...

Investing a large fund is difficult. If you invest in an investment trust for example it might not have an objectionable investment amongst its list but there is nothing to stop it investing in one later and unless you can monitor it on a daily basis you have a problem. The only way is to invest in an investment trust or similar which has declared ethical objects. The problem then is "which ethics". Health products sounds good for example but suppose it includes abortions which are ethical in some people's view.

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