From Euro Crisis To An Economy Of Communion

The euro-zone financial crisis scares other economies too. That's why China and the USA have things to say.The three-pronged bail-out basically props up 'buy now pay later' economies for a further period. So that the old ways that got us into this mess can revive. TV adverts still promote 'buy now, pay later'. Top executives' pay in UK increased 50% over the last year.

It would indeed be a disaster for millions if everything suddenly crashed. And some anti-capitalist protesters fail to create an answer. The confusion is highlighted by Britain's Prime Minister David Cameron's annual party conference speech. In his first draft he urged individuals not to spend on credit and so emulate the government's attempt to reduce the nation's debt. But the top financiers objected that they wanted people to spend more in order to increase retail sales. So the PM removed that from his speech.

What we need is gradual evolution towards responsible budgeting by individuals and corporations and nations. Even in high streets with closed down shops, many of those that remain sell things we don't need. Live simply. Let protesters create community vegetable gardens on derelict sites, and knit while they sit. Reduce mere fashion clothes purchases. Reduce heat usage. Wear wool.

There is another route for top executives' excessive pay. Transparency. Let's get a voluntary movement of charity grants for social enterprises that they give all or part of their increased income to. This approach has been called the economy of communion. It is not imposed by force, it is inspired by big vision, human compassion, and challenged conscience. And the internet.

Posted at 11:03am on 28th October 2011
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