We learned from the worldwide economic crisis of the 1920s that an economic crisis can result in an incredible threat for all of society. The consequences of that depression was Adolf Hitler and, indirectly, World War II and Auschwitz.

Wolfgang Schaeuble,
Interior Minister, Germany

The world changes whether we like it or not, whether we are ready for it or not. Catastrophic change in the economy signal changes in other sectors of society as well. Living through change of this magnitude is a harrowing experience. You can’t know exactly how things are going to turn out.

The news today (Monday) reports lack of market confidence all around the world. Each region of the world has its own reason for alarm. In the United States foolish mortgage debt is the primary cause aided and abetted by out of control consumer debt and the low savings rate of the average American.

The falling price of oil (crude futures are trading below $90.00/barrel) undermines the vitality of the pampered-yet-oil-dependent economies of the Gulf States, Russia and Venezuela. The political stability of these nations depends on the flow of cash generated by an oil-thirsty world. But tightening credit leads to a shrinking economy. Industrial demand for energy sinks as consumers scale back on family budgets. Strapped family budgets mean people drive less, keep their thermostats below 68 degrees in order to consume less heating oil.

Cash-rich China and other engines of industrial growth in Asia rely on exports to drive their economic engines. As consumer demand dries up in Europe and North America, still fledging Asian factories may have to shutter their windows, or at the very least cut way, way back on production.

History shows time and time again that in such times as these, social anxiety goes up. Apprehension provides opportunity for demagogues and tyrants who scapegoat and promise quick fixes.

Hitler rose in Germany amidst the chaos and confusion of an economy in melt-down. In 1935 Sinclair Lewis published, It Can’t Happen Here. The novel portrayed the rise of a far-right political movement that successfully undermined the Constitution and established a Fascist state in America, complete with intimidation of the press, concentration camps, and secret police who come knocking on the door at night.

I have sufficient confidence in the depth of our society that I believe it is unlikely to happen here. But sometimes I wonder. We are a society that has strayed from disciplines of democratic freedom. This is not the right to vote. The vote is a privilege we earn every day.

The discipline of democratic freedom involves civic responsibility. Self-government requires governing ones’ self. Government of the people, by the people, and for the people, (to use Lincoln’s expression of constitutional freedom) does not begin in Washington DC. Governing of the people, by the people, for the people takes places wherever the people are: at work, at school, at home. The disciplines of freedom begin at our front door.

Nor does the crisis in the Financial and Credit Market begin in New York City. The failure of Wall Street is our failure. We must take responsibility for it. If we try to push responsibility for our general failure of stewardship on the greed of Wall Street, we are no better than the Nazi’s who pushed responsibility for Germany’s struggles in the 1920-30s on the rapaciousness of the Jews.

The challenge of the faithful steward is to anchor one’s heart in a perspective, a principle and a person that rises above the chaos and the confusion of chaotic and confusing times. At times like this I find praying the collect for the 5th Sunday of Lent particularly helpful.

Almighty God, you alone can bring into order the unruly wills and affections of sinners: Grant your people grace to love what you command and desire what you promise; that, among the swift and varied changes of the world, our hearts may surely there be fixed where true joys are to be found; through Jesus Christ our Lord, who lives and reigns with you and the Holy Spirit, one God, now and for ever. Amen.