Wednesday, October 08, 2008


Our tiny island of Guernsey is feeling the heat of the meltdown in global finances. Landsbanki (Guernsey) Ltd was placed into court administration yesterday and all its assets were frozen. This means that savers and depositors cannot get their money out. This is particularly hard for them, as in Guernsey there is no depositor's rescue scheme such as exists elsewhere.

Bankers around the world are not yet throwing themselves out of upper storey windows but the situation is tough and getting worse. Guernsey is sheltered from the worst of all this because of the stability and independance of our financial institutions, but Landsbanki is, of course, an Icelandic bank.

Speaking to a Landsbanki investor yesterday he said to me that if I was preaching at the moment (I am not because of my recovery from surgery) I would certainly have plenty say! Well, that's not just because of my verbose nature, but because the Bible does say a lot about money. In fact Jesus himself spoke about finances quite a lot and there is some good advice in the scriptures for those of us feeling the pinch.

"Do not store up for yourselves treasures on earth, where moth and rust destroy, and where thieves break in and steal. But store up for yourselves treasures in heaven, where moth and rust do not destroy, and where thieves do not break in and steal." (Matthew 6:19-20)

From the Old Testament book of Proverbs (11:28) "Whoever trusts in his riches will fall, but the righteous will thrive like a green leaf." But of course, alongside these warnings there are some amazing promises for those who trust God for their finances and honour Him with their giving. "And my God will meet all your needs according to his glorious riches in Christ Jesus"(Phil. 4:19).

So, this is a time for turning over to the Lord our worries about our financial future and choosing to trust in Him. Clearly the meltdown has not yet bottomed out, but it will do, and God's Word and His promises will remain the same.