His Grace Bishop of Gozo Mario Grech has admitted that he is no economist but still, the principles he enunciates, not being the fruit of his studies of other wise men but rather the perennial principles brought current for the men and women of today, have something worthy for consideration by people in banking and finance.
Economic gurus and other commentators have admitted that the international recession is due to disregard of ethical principles in the market place! In my mind, the Gozo Bishop’s advice should be taken holistically. Mons Grech’s utterances for advising thrift were echoed a few days later by the European Commission in that a probable censor motion on our country’s increasing deficit was on the cards!
The massive defaults rocking once solid economies are due in no small measure to excessive borrowing, or the more sophisticated termed ‘leverage’ and the culture of spending beyond one’s means when no far-sighted plan is in place to strike a balance within a reasonable time. A scenario where unethical practices are condoned to the detriment of honest investors and small shareholders who do not have the clout to make their opinion count.
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