Wednesday, April 08, 2009

Toxic Assets

I friend of mine wrote this article I have added some additional comments on at the end, Stephen.

"Forgive my naivety, but I am perplexed! I was always under the impression that something toxic is poisonous and can prove fatal, whereas an asset is a possession of some value, great or small, for one’s personal or corporate benefit. So what have we got here with this financial media description called Toxic assets?

Regarding the politicians intervention of tweaking the economy by injecting millions, or is it billions, or even trillions of dollars? They are not convinced that this will remedy the problem by removing the toxic parts of their damaged assets. I heard a BBC interview with Kenneth Clark a former Conservative Chancellor of the Exchequer being asked about dealing with the present economic troubles. Although he personally was intrigued with the challenge of addressing the toxic asset problem, he acknowledged that no politician had in their lifetime’s experience faced such issues before, also this is new territory for everyone.

Meanwhile, the furor continues about excessive pay-offs, bonuses and pensions to people responsible for the failure of Banks and other financial institutions. Shareholders and investors see this as reward for failure and perhaps would like to see these people put into prison for causing such economic mayhem. How many homes will be lost because of redundancies? How many businesses will go under in shrinking economies all over the world? Families face misery through the fault of capitalistic greed of others"

Life in the twenty-first century is full of problems – global terrorism, credit crunch, family breakups, environmental disasters…the list seems endless. The root cause of hate, greed, hurt and selfishness is sin, our rebellion against the God who created us.

The answer is to be found in a death in the first century. ‘Christ died for our sins’ (The Bible: 1 Corinthians 15 v 3). We can personally experience God’s forgiveness and love when we realise our wrong and accept what God has done for us through His Son. The Bible says 'while we were yet sinners, Christ died for us' (The Bible: Romans 5 v 8).

Easter is about more than simply remembering His death. We also celebrate His resurrection. 'Now is Christ risen from the dead' (The Bible: 1 Corinthians 15:20). The living Saviour wants us to have new life, new hope and new freedom. He can give us everlasting life today....when we turn from our sins and trust in Him. 'Now is the day of salvation' (The Bible: 2 Corinthians 6 v 2).
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