Saturday 27 July 2013

Babylon and the Beast (20)


Blessed is the one who reads aloud the words of this prophecy, and blessed are those who hear, and who keep what is written in it, for the time is near.

This calls for wisdom: let the one who has understanding calculate the number of the beast, for it is the number of a man, and his number is 666.

This calls for a mind with wisdom: the seven heads are seven mountains on which the woman [Babylon] is seated…

Revelation 1:3, 13:18 & 17:9

We live in societies that believe that an economic system must charge interest, or usury in its original meaning, to be viable. Today's global financial markets have developed ways of trading in money far more sophisticated and much harder to understand than simply renting it.

Many critics of Islamic finance say that it gets its interest under another name, though complex financial transactions. I do not think this is correct, although I can see that the way Islamic banks often benchmark their financial products against ‘Western’ alternatives may help create this impression. But this need only serves to undermine the prevailing worldview.

But what does the absence of usury in the Babylon described in Revelation 17-18 mean? If anything!

We might conclude that the Islamic financial system comes to dominance, replacing what in most parts of the world today are considered to be mainstream financial products and services. But this is by no means the only or, in my view, most likely scenario. During the 45 years I have been a Christian, I have heard the Beast in Revelation likened to contemporary personalities (among them, the Pope, President Kennedy and the European Common Market) that it is plainly unwise to try to do this for Babylon or any other nations or institutions symbolised in Revelation.

I realise that it is often unwise to draw conclusions from silence. But I think that if the absence of trading in money is significant, it is a development we should watch out for. To do that successfully, we need to exercise the quality of wisdom encouraged in the extracts from Revelation at the start of today's Reflection.

Babylon facilitates sustainable trade in real goods, not ‘wealth’ that exists only in sophisticated computer systems or economic growth through the negative of debt. (For more reflection on debt economies and the nature of modern money, see the second week of the Advent Reflections last year, beginning on Day 8.) Moreover, it seems to generate 'honest' gain, not interest, although people are exploited in more subtle ways. The change could come from something as simple as crisis in the global debt economy, the realisation that trading with immaterial wealth is ultimately barren, and a return to more traditional economic structures.

If this weekend you think there has not been much to reflect on about the future, I hope that I have at least offered some food for thought about the present.

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