The last 18 months have drained my faith in the logic of our leaders, the bottomless capacity of their partisanship to overwhelm reason, and the belief that accountability no longer matters. My faith needed replenishment and restoration; the answer was to embark on a pilgrimage that demanded a physical and inner journey. Given the bedlam of travel, I instead went to Westminster Abbey, purchased a ‘pilgrim’s passport’ and promised to visit five sacred places - five English cathedrals - that were nearly a 1,000 yrs old.
My final visit was to Ely Cathedral (or the Church of St. Etheldreda - named after an East Anglian Princess). Ely is built in a Romanesque style, its architecture heavy but with a soaring Octagonal tower. I found a seat in the west transept and watched the setting light illuminate the space with colour from the stained glass. On the east transept four frayed, faded battle flags drooped remorsefully, reminding me that this special place has witnessed many rites of passage, from baptisms to eulogies, to pilgrims and parishioners, including Oliver Cromwell, whose home is around the corner. It made me ponder what are our modern rites of passage.
Given the size of each of the five cathedrals, these religious projects must have been the Quantitative Easing and fiscal spending of their time, maintaining employment, promoting skills, and encouraging spiritual tourists (like myself) to provide economic churn. The success of a 1,000 year old QE/fiscal combination is visible, tangible, and ongoing; it continues to serve as an area of public gathering and private contemplation. Ely is a magnificent structure, its longevity honours its builders.
What of our current QE/fiscal combo….who does it serve, what does it promote and encourage? The overall economic objective seems to serve the status quo and re-enforce our credit and consumption economy. Changes on the periphery may be encouraged but we must not question is the credit growth model and the massive asset inflation that goes with it. Our QE/fiscal combination has built cathedrals of credit.
These modern cathedrals can be visited in our newly minted trillion dollar companies that provide ‘comfort’ to those that own these assets; the rest of us are spiritual voyeurs unable to enter these cathedrals for consolation or relief. But can these modern cathedrals sustain themselves, like Ely has been able to, without the QE/fiscal help? The simple experiment would be ask what would happen to the trillion dollar cathedral club if the US Fed reduced its balance sheet back to its 2008, pre-QE size, a fall of $7tr. My guess is a cathedral asset price collapse, so therefore it will never happen - no accountability, no consequences.
This no accountability mindset carries on to the key question of day - where and how did this pandemic arise? Bat, pangolin or lab? Without this basic answer, we will continue preparations without purpose. This QE/fiscal combo + pandemic origins question intermingle and establish a mindset of rewards without accountability, where even failure retains merit. This permeates to all facets of society.
It seems another five cathedrals may be needed for my revival.