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October 16, 2008

‘Human greed’ blamed for financial crisis


by David Masters

The Archbishop of Canterbury has blamed the financial turmoil hitting markets around the world on human greed.

Dr Rowan Williams vented his frustration at city traders after spending two days at a multifaith conference in dialogue with Muslim leaders.

Asked what he thought was the cause of the current crisis in financial markets, Williams said that the root of the problem was greed.

Williams stressed that this greed is not specific to a certain nation, religion or class of people.

Together with Muslim leaders, Williams called upon governments around the world to ensure that the burden of the financial crisis doesn’t end up falling on the weak and the poor.

He also suggested that Christians and Muslims should come together to work out a more just and equitable way of running the financial system with non-burdensome rates of interest.

Under Islamic law, Muslims are not allowed to charge interest on loans.

Williams believes that reflection and dialogue on building a more just financial system is still in its infancy.

He added that the obligation to love our neighbour should have a stronger influence than ever during this time of financial difficulty for millions of people around the world.

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