Tag Archives: Capitalism

If the Church of England hates Capitalism so much, where does it get its money?

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While some of the Church of England’s income comes from donations, 15 percent (£160 million) comes from Church assets of £4.4 billion. Yes, that’s right, the anti-capitalist supporter of the 99%, the marginalised, the homeless, the occupiers and those who use St. Paul’s as a toilet are sitting on £4.4 billion. Well, not sitting exactly: the money is invested in the stock market and property markets where much maligned mavens of finance wheel and deal to earn the church 5.7%.

Naturally, the church has a policy on ethical investing, so it avoids such things as arms, pornography, gambling, alcohol and tobacco. That didn’t stop it investing in one of the UK’s more tawdry rags, the News of the World, though, or persuade it to withdraw its funds when the hacking scandal became public.

The church did withdraw funds from Caterpillar because Israel uses the bulldozers to “demolish Palestinian homes” and the Church always enjoys finding a new way to bash Israel.

The one thing the Church is not doing with its £4.4 billion is giving it away to those for whom it has such affection: the poor, marginalised, homeless and occupiers. It hasn’t even used any of the money to build a toilet for the occupiers.

It all makes what Rowan Williams has to say about capitalism sound even more hypocritically silly than his usual divagations.

Here is his most recent effort:

The Diocese of Montreal loses money in the markets

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Obviously no one has told the diocese that capitalism doesn’t work any more and, even if it did, that it is fundamentally unChristian.

From the diocesan paper (page 4):

The fund that handles the investments of the Diocese of Montreal has not escaped the impact of conditions in Canadian and world financial markets.

According to a report to the diocesan synod in late October, the net asset value of the Anglican Balanced Fund, a private mutual fund in which the units are owned by the Diocese, certain parishes and related institutions, stood at $27.69 a unit (the equivalent of a share) on August 31, down from $29.33 at the end of 2010 and $28.40 year earlier.

Coincidentally, in the same issue we find a favourable review of Terry Eagleton’s “Why Marx was right”.  I am unsure as to how a revue of a book about Marx found its way into an ostensibly Christian paper other than to note that not only did Marx predict the end of capitalism but that, as could be said of many of Canada’s Anglican clergy: “He was, of course, an atheist; but one does not need to be religious to be spiritual”.

It does go to show that those in charge of diocesan investments should read their own paper, not to mention consult their lefty clergy, Rev. Canon Paul Jennings, Very Rev. Michael Pitts and Rev. James McDermott all of whom visited Occupy Montreal upon which they bestowed their anti-capitalist blessing.