The chairman of the Lichfield Diocesan Board of Finance has likened the collapse of the world’s financial system to Jesus’ turning out the money changers out of the Temple, and said “it’s time to start again.”

Speaking to members of the Lichfield Diocesan Synod at the weekend, Mr Peter Sharpe, a former chief-executive of a mutual assurance company, said: “Some people who have been entrusted to look after other people’s money have abused that trust. They have taken big risks with other people’s money. It was a question of heads I win – big time – tails you lose – in a way that may blight your whole life.

“And what is really disappointing is that one of the first calls is for more regulation. Why more regulation? Because it is often automatically assumed people in authority can’t be trusted to act with self restraint and integrity any more.”

He added: “Somehow it seems someone has said, ‘This is not the way I want you to run my world and treat my people.’ It seems someone has kicked over the tables of all the world’s money changers and money lenders and said, ‘Please consider carefully what you are doing – and start again. And while you’re doing so, try to think a little less about serving yourself and a little more about serving others.’”

He said: “This problem has been developing for a long time, and I think most people knew in there bones that the state of affairs, with some people earning what seemed to be obscene amounts of money while many others starved, was simply unsustainable. The poor earth simply doesn’t have enough resources to satisfy this huge demand for self gratification, and we are all seeing the result.

“It is on the watch of our generation that the feeling of we can’t wait, we must have every thing now, has developed. We are overseeing the rape of the earth, and face leaving the next generation with huge debts. Why bother about funding public service pensions, let’s spend that money now and leave the problem with the next generation. And what a problem it will be.”

His comments were echoed by the Bishop of Lichfield, the Rt Revd Jonathan Gledhill, who writes about the financial crisis in his pastoral letter for November’s parish magazines throughout the Diocese of Lichfield. He describes demutualisation of building societies as a moral issue, saying: “The turning of Building Societies which operated for the long-term benefit of ordinary people into Banks which operated for the short-term benefit of share-holders was also a moral issue. It was a sign of a society turning its back on Christian mutual help for the sake of short-lived fast bucks.”

In his letter, the bishop says the money market had become “an idol that needed feeding” and he said a a number of Christian principles apply, including: “We should not worship mammon.” He adds: “The market is a fine provision by governments of open spaces where people can trade their goods fairly without being robbed; but if some of the stall-holders start to buy up and take over the market robbery comes in again by the back door.”

And he says: “Money is a blessing when it facilitates the exchange of goods but when it becomes a good in itself there is a danger of ruinous gambling with the currency of nations - which is what has now happened.”

He compared the motives of the markets with the new clergy ordained in Lichfield Cathedral in October, saying: “Many of them were cheerfully giving up good career prospects to serve on a curate’s wage. We had to hold two ordinations because the cathedral was not big enough for one. At each of these inspiring services we were very conscious of being ‘surrounded by so great a cloud of witnesses.’ Part of that cloud was the prayer groups and churches which had nurtured these ordinands. Another was the people I had heard about who had prompted them to think about serving the Church. It was not just the ordinands who were investing their future with God.

• Click here for the full text of Bishop Jonathan's pastoral letter
  
• Click here for the full text of Peter Sharpe's speech