Time for a New Reformation
Lukasz Brzozowski

Time for a New Reformation

Written by Chris Waller Friday, 16 March 2012
The banks and other financial institutions wield power today much as did the medieval Catholic Church, which premissed its claim to that power upon unsubstantiable dogma, enforcing a doctrine whose consequences at best caused social, intellectual and economic stagnation. At their worst they were the root cause of political upheavals which tore Europe apart.


Much of modern economic theory is little more than theology. Its beneficiaries are the modern equivalents of the priesthood, an unelected clique using esoteric langauge and arcane practices to exclude the majority.

The Reformation, beginning in early 16th century Europe, led to The Dissolution of the Monasteries in England under Henry VIII and the dispersal of their power.

The financial institutions, as currently constituted, need also to be dissolved and their power dispersed.

"It occurred to me as I watched BBC 2's 'Newsnight' the other evening that the debates, arguments and popular dissent currently expressed about the global financial and economic crisis have much of the temper of the great debates that preceded the Protestant Reformation in Europe and particularly in England between the 14th and 16th centuries. One can see direct parallels in what is now emerging as a battle of wills between international finance, politicians and the people, with international finance cast in the role of the medieval Catholic Church."

"Even the theoretical foundations of modern economics are shaky. Steve Keen, Associate Professor of Economics and Finance at the University of Western Sydney, in his book 'Debunking Economics: The Naked Emperor of the Social Sciences' (2001), attacks one of the fundamental notions of economics, that everything happens in equilibrium, an idea which by its universal acceptance means that conventional economics has produced not so much a science as a religion. To further emphasise the point, Paul Ormerod, in the preface to his book 'The Death of Economics' (1994), says, “Good economists know, from work carried out within their discipline, that the foundations of their subject are virtually non-existent.”


To read further please see: http://www.economania.co.uk/new-reformation-chris-waller.htm

Chris Waller

Chris Waller

A contributor to 'Economania', the Mensa Economics Special Interest Group's publication, I continue wherever possible to bang the drum and try to raise an army against current economic orthodoxy.

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