Tiberius, successor to Augustus and Emperor of Rome, ended a financial panic by loaning banks money from the Imperial Treasury, in a stimulus package very reminiscent of the one under way by the Obama Administration. However, for all his brilliance, which ended much suffering, Tiberius is largely remembered by history for another event that took place during his reign: The Crucifixion and Resurrection of Jesus Christ.
According to Charles W. Calomiris, Henry Kaufman Professor of Financial Institutions at the Columbia University, “crisis is a word derived from the ancient Greek krinein, which means ”to sift, to separate, or to judge.” In other words, crises are moments when circumstances force us to make important decisions. But why should our individual or collective decisions in response to financial crises have a spiritual component? How will spirituality make our decisions better? Calomiris, that gave a stimulating and inspiring presentation titled “Hope, Prayer and the Economic Crisis: The Really Long Run” at New York’s Harvard Club, began his answer with the fascinating declaration that the Bible, after all, is itself largely a crisis management chronicle. “It might be best described as a recounting of a sequence of political, economic, and personal crises, which often coincide, and in which spiritual insights or errors prompted people to make important decisions, for better or worse, about their personal and societal.” A heavy hitter in the lineup of people focused on the financial crisis, in his limited free time Dr. Calomiris performs modern Greek music and is a master of Byzantine Chant. It is this other aspect of his life that opened a door into the spiritual dimension of the economic crisis. The lecture was sponsored by The Greek Orthodox Church of the Annunciation and The Master of Ceremonies for the evening was WCBS correspondent John Metaxas.
Dr. Calomiris brought his singular knowledge of the global financial system and his deep Greek Orthodox spirituality to bear on the challenges we will face in the coming years. He began by presenting a clear picture of where we are and where we might be headed from an economic policy perspective. He said that “during the economic expansion of 2003-2007, lenders the world over accumulated large portfolios of risky investments.” He stressed the impact of “unusually risky mortgage loans to US borrowers with poor credit histories and little or no downpayments,” so-called “subprime” lending. He added that it now seems that complex transactions called credit default swaps played much les of a role.
His most powerful statement of the evening was that “responding spiritually to a crisis in the right way on the inside involves reflection and prayer. Crises shake our world, but they also stop us in our tracks emotionally; and thus, amidst all the chaos that they entail they also create unique opportunities for reflection and prayer. Crises also test our commitment to doing what is right because it is harder to do what is right during a crisis. What we do and say in the presence of others during crises can have profound effects on them.”
The evening concluded with a lively and informative question and anser period which went into details on policy matters and reinforced the event’s main message that the difficult economic climate is an opportunity to learn and witness. Dr. Calomiris asked: "What can we learn from the current crisis and what can we witness about it?" We can learn from suffering and being witnesses to our faith.
Fr. James Moskovitis, Pastor of the Church of the Annunciation at 91st street on the Upper West Side, noted that the event, produced on extremely short notice by Mr. Staz Tsiavos, was a great success thanks to the support of numerous new and traditional organizations of the Greek Community, including the Hellenic American Bankers Association, Inc, Hellenic Business Network (HBN), Hellenic Professional Associations Wall Street, Hellenic University Club (HUC), the Hellenic Medical Society of New York, and many of the clergy of the Archdiocesan District of New York. Mr. Tsiavos was overwhelmed by the support he received, which included additional organizations that could also not be acknowledge that evening. He declared it to be a moving sign of unity and cooperation among Greek American organizations of New York and anindication of many great things to come for the community. For those who are interested in reading Dr. Calomiris's work, please visit his faculty page on Columbia University's website Information about the Church of the Annunciation can be found on their web site: evangelismos.org.
