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“Every dollar of US international indebtedness is matched by a dollar of assets abroad.”

Professor Jeremy Siegel

The Financial Times

October 6, 2009

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College Degrees

Source: The Economist

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Innovation

Source: The Economist

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“Thanks to the liberating forces of globalization and Googlisation, innovation is no longer the preserve of

technocratic elites in ivory towers. It is increasingly an open, networked and democratic endeavor. If man really can find a way of harnessing the innovative capacity of 9

billion bright sparks, then the audacious prediction about feeding the much hungrier world of 2110 using less land

than today may very well be proven right. After all, man’s greatest asset is his ability to harness that one natural

resource that remains infinite in quantity: human ingenuity.”

The Economist

May 15, 2010

““If the U.S. economy’s long-term economic growth If the U.S. economy’s long-term economic growth rate increased to 3.5% from the 3% rate that rate increased to 3.5% from the 3% rate that

has prevailed since 1970, we’d be able to cover has prevailed since 1970, we’d be able to cover all the spending promises we’ve made to all the spending promises we’ve made to

ourselves without raising any additional funds ourselves without raising any additional funds through higher taxes or increased borrowing.”through higher taxes or increased borrowing.”

Claremont Review of Books Claremont Review of Books

“ “Paul Ryan’s Roadmap” Paul Ryan’s Roadmap”

Summer 2010 Summer 2010

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7

Yes, the “Great Recession” hurt, but…

Source: Federal Reserve

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$1 Billion in Stacked $100 Bills

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$1 Trillion in Double Stacked

$100 Bills

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““The national debt peaked at 128 percent The national debt peaked at 128 percent of GNP in 1946.”of GNP in 1946.”

U.S. Department of CommerceU.S. Department of Commerce

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12Source: Source: The The EconomistEconomist

NATONATO

DefenseDefense

SpendinSpendingg

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The Economist March 17, 2001

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Conclusion?

“The welfare of a nation can scarcely be

inferred from a measurement

of national income.”

Simon Kuznets

Creator of the GDP in 1932

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“The biggest threat to America right now is not government spending, huge deficits, foreign ownership of our debt, world terrorism, two wars, potential epidemics or nuts with nukes.

The biggest long-term threat is that people are becoming and have become disheartened, that

this condition is reaching critical mass.” Peggy Noonan

The Wall Street Journal

November 1, 2009

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“The economy isn’t the only reason for our unease. There’s more to it. People sense something

slipping away, a world receding, not only an economic one but a world of old structures, old

ways and assumptions. The moment we are living now is a strange one, a disquieting one, a time that seems full of endings. Too bad there’s

no pill for that.”

Peggy Noonan

Wall Street Journal

March 14, 2009

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Part Two:

Religious Challenges to Our Well-Being

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So, if religion is so enriching and most Americans still go to church,

how could religion have played a role in the Great Recession?

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A # 1: Cultural Religion is More A # 1: Cultural Religion is More Socially Socially

Harmful Than No Religion!Harmful Than No Religion!

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““Economics is more than a matter of interest Economics is more than a matter of interest rates and deficits. Morality is more than a rates and deficits. Morality is more than a

matter of stained glass and hymns. Economic matter of stained glass and hymns. Economic success is built on moral foundations. An success is built on moral foundations. An economy reflects the moral image of its economy reflects the moral image of its

people.” people.” Jack Kemp Jack Kemp

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““I think that what happened in the nineteenth I think that what happened in the nineteenth century was that religious leadership in all religions century was that religious leadership in all religions simply abandoned the field of economic morality to simply abandoned the field of economic morality to the secular world. Religion thus became irrelevant the secular world. Religion thus became irrelevant

to many people. We helped create a split to many people. We helped create a split personality among the business leaders. They could personality among the business leaders. They could

be pious men, they could go to church or to be pious men, they could go to church or to synagogue or to the mosque, but religion made no synagogue or to the mosque, but religion made no

demands on them in the marketplace. This demands on them in the marketplace. This separation of personality, I think, is a major separation of personality, I think, is a major

tragedy for religion and for the businessman.”tragedy for religion and for the businessman.”

Rabbi Dr. Meir TamariRabbi Dr. Meir Tamari

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“Discipline begets abundance, and abundance, unless we take the utmost care, destroys

discipline; and discipline in the fall pulls down abundance.”

The Monastic Cycle

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““When the Protestant Reformation did away with When the Protestant Reformation did away with monasticism, rejecting what it took to be an monasticism, rejecting what it took to be an attempt to gain heaven by works, it also did attempt to gain heaven by works, it also did

away with what had long been monasticism’s away with what had long been monasticism’s reminder to the entire church of the need for reminder to the entire church of the need for

obedience in economic matters.” obedience in economic matters.”

Professor Justo Gonzalez Professor Justo Gonzalez

Faith & WealthFaith & Wealth

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““The Protestant Reformation released the great The Protestant Reformation released the great surge of individualism that created the modern surge of individualism that created the modern

West, including what we now call capitalism West, including what we now call capitalism and democracy. But for the first two centuries, and democracy. But for the first two centuries,

this new dynamo operated inside a still this new dynamo operated inside a still generally accepted body of Christian discipline. generally accepted body of Christian discipline.

Then, in the eighteenth century, this sort of Then, in the eighteenth century, this sort of discipline began to break down. Humankind discipline began to break down. Humankind

was self-sufficient.” was self-sufficient.” The Economist The Economist

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“If, after diligent work, his efforts fail, he who has borrowed money should and may say to him

from whom he has borrowed it: This year I owe you nothing…If you want to have a share in

winning, you must also have a share in losing. The money lenders who do not want to put up with these terms are as pious as robbers and

murderers.”

Martin Luther

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“Do we need any admonition to earn all we can? Close reading of Wesley, however, quickly shows that he was

not giving theological rationale for an aggressive acquisitiveness that characterizes much of American

society. His sermon is actually a polemic against destructive ways of earning. How income is earned is as integral to Christian stewardship as what is done with the earnings. Wesley warns against earning money by

hurting oneself or others or God’s creation.” Bishop Ken Carder

A Wesleyan Perspective on

Christian Stewardship

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“For Christians, lending money at interest was a sin. Usurers, people who lent money at interest, had been excommunicated by the Third Lateran Council in 1179. Even arguing that usury is not a

sin had been condemned as heresy by the Council of Vienna in 1311-12. Christian usurers

had to make restitution to the Church before they could be buried on hallowed ground.”

Professor Niall Ferguson

The Ascent of Money

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“There is one bit of advice to us by the ancient heathen Greeks, and by the Jews of the Old

Testament and by the great Christian teachers of the Middle Ages, which the modern

economic system has completely disobeyed. All these people told us not to lend money at

interest; and lending at interest—what we call investment—is the basis of our whole system…It does not necessarily follow that we are wrong.

That is where we need the Christian economist. But I should not have been honest if I had not

told you that three great civilizations had agreed in condemning the very thing on which

we have based our whole life.”

C.S. Lewis, Mere Christianity

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““In 1639, the elders of the First Church of Boston In 1639, the elders of the First Church of Boston brought charges against a Puritan merchant brought charges against a Puritan merchant

named Robert Keayne for dishonoring the name of named Robert Keayne for dishonoring the name of God. Soon after, he was tried and found guilty by God. Soon after, he was tried and found guilty by the Commonwealth as well. Writing his memoirs the Commonwealth as well. Writing his memoirs some sixteen years later, he was still stung by the some sixteen years later, he was still stung by the disgrace of the event. His sin was greed. He had disgrace of the event. His sin was greed. He had

sold his wares at a six percent profit, two percent sold his wares at a six percent profit, two percent above the maximum allowed.”above the maximum allowed.”

Robert Wuthnow Robert Wuthnow

God and Mammon In AmericaGod and Mammon In America

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“For at least another hundred years we must pretend to ourselves and to everyone that

fair is foul and foul is fair; for foul is useful and fair is not. Avarice and usury and precaution must be our gods for a little

while longer still.” John Maynard Keynes

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““The way stewardship is practiced in North America The way stewardship is practiced in North America

often has little to do with the Bible. It stems often has little to do with the Bible. It stems primarily from the most influential American primarily from the most influential American theologian, Andrew Carnegie. The Christian theologian, Andrew Carnegie. The Christian

religion, Carnegie maintained, become pertinent religion, Carnegie maintained, become pertinent only after production has run its course, money has only after production has run its course, money has been made and money has been reinvested. In other been made and money has been reinvested. In other words, Carnegie said that Christian faith has to do words, Carnegie said that Christian faith has to do

with charity, and charity does not extend to the with charity, and charity does not extend to the questions of economics.” questions of economics.”

Professor Doug MeeksProfessor Doug Meeks God The Economist God The Economist

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“The problem of dualism and compartmentalization: This horrible heresy divides reality into the distinct

categories of the spiritual verses the physical, the sacred verses the secular, and the eternal verses the

temporal. Dietrich Bonhoeffer called this split view of reality the most ‘colossal obstacle’ to genuine faith. This mega-problem of dualism is the chief cause for the reduced, powerless versions of Christianity that

are commonplace in far too many Christian communities today.”

David K. Naugle, Ph.D.

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“Idealism is a principle and tradition in metaphysics that maintains that something

‘ideal’ or nonphysical is the primary reality…Idealism underplays the importance of history

and historical forces and ignores the way culture is lived and experienced. Further, idealism

ignores the way culture is generated, coordinated, and organized.”

James Davison Hunter

To Change The World

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““Wealth and enterprise have so woven themselves Wealth and enterprise have so woven themselves around the message of Jesus that popular models of around the message of Jesus that popular models of Christianity appear as nothing more than self and Christianity appear as nothing more than self and

greed at the center, with strands of Christian greed at the center, with strands of Christian thought at the periphery.”thought at the periphery.”

Ravi ZachariasRavi Zacharias

Jesus Among Other GodsJesus Among Other Gods

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“I believe in God, family and McDonalds. And in the office, that order is reversed…If any of

my competitors were drowning, I’d stick a hose in their mouth and turn on the water. It is ridiculous to call this an industry. This is not. This is rat eat rat, dog eat dog. I’ll kill ’em,

and I’m going to kill ’em before they kill me. You’re talking about the American way--the

survival of the fittest.” Ray Kroc

Founder of McDonalds

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““This framework of separated areas of life is This framework of separated areas of life is deeply embedded in the Christian Church, deeply embedded in the Christian Church,

in its theology and in the daily life of its in its theology and in the daily life of its people. On Sunday morning or during our people. On Sunday morning or during our devotional or prayer life, we operate in the devotional or prayer life, we operate in the

spiritual realm. The rest of the week, and in spiritual realm. The rest of the week, and in our professional lives, we operate in the our professional lives, we operate in the

physical realm and, hence, unwittingly act physical realm and, hence, unwittingly act like functional atheists.”like functional atheists.”

Bryant Myers, Ph.D. Bryant Myers, Ph.D.

WorldVisionWorldVision

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““Fewer than one out of every ten born again Fewer than one out of every ten born again Christians possesses a biblical worldview that Christians possesses a biblical worldview that impacts his/her decisions and behaviors…The impacts his/her decisions and behaviors…The

problem with Christianity in America is not the problem with Christianity in America is not the content of the faith, but the failure of its content of the faith, but the failure of its

adherents to integrate the principles of the faith adherents to integrate the principles of the faith into their lifestyles.”into their lifestyles.”

Sociologist George BarnaSociologist George Barna

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PoliticsPoliticsEconomicsEconomics PersonalPersonalFinancesFinances ReligionReligion

““Many leaders, I’m afraid, place their religious and Many leaders, I’m afraid, place their religious and moral convictions in separate compartments and do moral convictions in separate compartments and do not think of the implications of their faith on their not think of the implications of their faith on their

responsibilities.”responsibilities.”

BillyBilly GrahamGraham

This Is A Post-Modern Brain On Compartmentalization

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““It is possible to envision a time when evangelicals It is possible to envision a time when evangelicals have the ‘consistent Christian perspective tools’ they have the ‘consistent Christian perspective tools’ they require in this area of life. But it is probably best to require in this area of life. But it is probably best to

expect Christian theology for life under modern high-expect Christian theology for life under modern high-tech capitalism to come mainly from where it now tech capitalism to come mainly from where it now

does--from Jewish, Catholic, Reformed, and does--from Jewish, Catholic, Reformed, and Lutheran sources, in which traditions exist for Lutheran sources, in which traditions exist for

relating doctrines of creation to matters of relating doctrines of creation to matters of redemption in a modern economic context.” redemption in a modern economic context.” Professor John R. SchneiderProfessor John R. Schneider

Calvin College Calvin College

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“In his recent book, The Great Giveaway, David Fitch addresses the knee-jerk way in which evangelicals admire and copy churches and ministries that garner large followings. He

speaks of evangelicalism’s ‘culture of numbers’ and show how it often owes more to free-market

capitalism’s concern for efficient production than it does to the gospel.”

Christianity Today

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““[Americans are gravitating toward] a religion that is [Americans are gravitating toward] a religion that is easygoing and experiential rather than rigorous easygoing and experiential rather than rigorous

and intellectual…We must fight the temptation to and intellectual…We must fight the temptation to treat our faith the way we treat our careers--as a treat our faith the way we treat our careers--as a

source of entertainment, fulfillment, and happiness. source of entertainment, fulfillment, and happiness. Remember the warning of C.S. Lewis: If you’re Remember the warning of C.S. Lewis: If you’re

seeking happiness, don’t choose Christianity, seeking happiness, don’t choose Christianity, choose port wine.” choose port wine.”

Chuck ColsonChuck Colson

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““Nearly two billion people unblushingly call Nearly two billion people unblushingly call themselves Christian, happily breaking almost themselves Christian, happily breaking almost every commandment should the occasion arise, every commandment should the occasion arise,

serving Mammon and goodness knows who else.”serving Mammon and goodness knows who else.”

An Obituary For Jesus An Obituary For Jesus

The EconomistThe Economist

Easter 1999Easter 1999

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““The area known as economics was never isolated by The area known as economics was never isolated by itself in Islamic society. It was always combined itself in Islamic society. It was always combined with ethics. That is why the very acceptance of with ethics. That is why the very acceptance of

economics as an independent domain, not to speak economics as an independent domain, not to speak of as the dominating factor in life according to the of as the dominating factor in life according to the

prevailing paradigms of the modern world, is prevailing paradigms of the modern world, is devastating to the Islamic view of human life.” devastating to the Islamic view of human life.”

Professor Seyyed NasrProfessor Seyyed Nasr

The Heart of IslamThe Heart of Islam

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“Despite, or maybe because of the world’s economic travails, Islamic finance has continued to stride ahead, as investors seek alternatives to products that have let them down in the past. Assets in Islamic finance rose

to $822 billion last year, an increase of 29 per cent compared to 2008 …Might the inherently prudent

principles of Islamic finance have prevented lending to people who were likely to default, for instance?

According to sharia law, the selling of loans is not permitted, nor is interest-bearing debt more generally

—all factors that contributed to the crisis.” The Financial

Times June 21, 2010

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““(Unless Christian economists at major (Unless Christian economists at major universities) keep their economics and their universities) keep their economics and their

religion in separate compartments, they are likely religion in separate compartments, they are likely to be denied tenure. It is acceptable to be to be denied tenure. It is acceptable to be

Marxist, feminist, environmentalist, progressive, Marxist, feminist, environmentalist, progressive, or other quasi-religious brand of economist, but or other quasi-religious brand of economist, but

not a Judeo-Christian economist.”not a Judeo-Christian economist.”

Robert Nelson, Ph.D. Robert Nelson, Ph.D. ForbesForbes

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