Economics

Cassazione

What by the way is the real Oxford Story behind the eventual Sir Gordon Recapitalisation Solution to the 2007 Credit Crunch? Was there a real vicar involved from the CoE chaplaincy there?

A very anglican chaplain most likely it seems as is widely believed who was a frequent visitor to the Old Palace at Oxford and who also took tea with a famous Oxford agent called Emily at Christchurch Cathedral Oxford, a very skilled girl who took it upon herself to write up those Conversations over Teatime much in the manner of a young Alice in a Wanderland and her uncle friend Prof Lewis Carroll, writing up those conversations with the vicar concerned and then circulating the Conversations as a bit of overall theory about the Sahara in which they begin, and about the world of California more generally. Anglican, it was long thought. So it was apparently this person that assisted the great Sir Gordon in the eventual solution to the CC-07, since as a somewhat left-of-centre in that time theologian and internationalist, uniquely among anglican vicars, he was well placed to contribute the startling diagnosis that eventually produced a solution in the brilliant mind of Sir Gordon - It was actually Sir Gordon who was credited by the pages and covers of Time magazine for saving the world economy at that time. How so?

To begin with not every anglican vicar is an internationaliste, finding it a bit of a miracle to think those thoughts, so their eyes would not have been on the ball that began to alight in California as a result of the first wildfires there in the modern Global Warming Era. So many homes were destroyed in those first wildfires in the hills and mountains of California, that this anglican vicar, very stylised, could see that eventually the following year a simply enormous and almost impossible demand would be made for just basic cash through the various householder insurance policies, and given the scale of the first wildfires in that time-frame, the demand would be so enormous that it would panic Wall Street who would have to find some cash through the Stock Market to fill those sudden and terrifying gaps in the insurance response to the rebuilding from scratch of those homes. The Sub-prime loan scandal came after this first reality check for the Stock Market in New York with bundles of debt going out of control soon after in 2008 and 2009. We don't know for certain WHO that vicar was, though many of the anglicans and chaplains deny it was them, so it might have been an anglican style cleric of the catholic persuasion who would find internationalism a breeze in his repertoire of posturings and sources and research faculties. A venerabile like a Pinsent came to mind, for some student commentators, but also possibly a Fairhead style vicar. Who knows?

Whoever it was, the vicar concerned produced a charming little anonymous booklet for Oxford, simply called Conversations at Oriel 2002-2007 in which he boldly set forth his economic theories, and in particular how he resolved the credit crisis through an expert philosophy of the economic transaction - but here is the rub - at point of sale. He was interested in the psychology of the caveat emptor saying at first, and then opened up the sphere of economics through the now famous and for its time revolutionary VW "bionomic model" of economics which originally arose over dinner in 2000 at Downing, actually a Cambridge college i.e. in "another place." So it was thought to be an anglican as the writer of this "pretiosissimum opusculum" at Oxford but most of the actual anglicans de iure lacked the internationale ease with which to handle such an evidently international crisis, and quickly and summarily - something just had to be done and very very quickly. Possibly a Rev Fairhead kind of person maybe, as strangely by way of magical coincidence, the picture on the front cover of the booklet bore and uncanny resemblance to Fairhead even if it was supposed to be the young Dr Newman, curate at St Clements thereby. Basically the vicar concerned introduced Barack to his VW theories and then these were introduced via Barack to Sir Gordon, the booklet being launched first in America in Chicago where it was a big hit with expert young philosophers, and especially with those students who were trying to get their heads around the Credit Crunch Crisis that in those times was just incipient. But the technique was disarmingly simple, to produce a General Theory of the Economic Transaction at Point of Sale, and this following “bionomic” readings of human psychology during economic activity instead of statistical analyses of crypto-currencies. So simple that it won the day, and the markets began to recapitalise with massive Gov dot UK help and thus recover from the black holes at the centre of the Sub-prime and insurance world in California. So that is the prevailing story at Oxford still to this day - with the prize for inspiring leadership in a crisis going to the churches and in particular to chaplains around Oriel College - well done to those young men and women in those Senior Common Rooms.