Moral Decay in the Good Old UK

There’s a lot of talk these day is less-than-jolly-old England about the unraveling of moral values at every level in British society, from the phone-hacking denizens of News Corp to the bankers who shamelessly sold questionable derivatives to gullible buyers to the members of Parliament who “improved” their homes at taxpayer expense to the rioters in various UK cities who helped themselves to the goods left on the shelves of the stores they burned and looted. There’s a notion of “it’s all about me” and “who cares about you?”

“‘Something has gone horribly wrong in Britain,’ wrote Peter Oborne, the chief political commentator for the Daily Telegraph, one of Britain's most conservative newspapers. ‘The culture of greed and impunity we are witnessing on our TV screens stretches right up into corporate boardrooms and the Cabinet.... It is not just its damaged youth but Britain itself that needs a moral reformation.’ …This is now a country where top businessmen are celebrated, not criticized, for their cleverness at avoiding corporate taxes, which help pay for the infrastructure that smooths their success and the school system that educates their workforce, Oborne said. (A few days later, billionaire Warren Buffett caused a storm in the U.S. by suggesting that the richest Americans ought to pay higher taxes.)” Los Angeles Times, August 26^th.

Indeed, you have to begin to question a drastic drift in Western moral values, the very underpinnings of the Judeo-Christian notion of putting others before yourself, where the “conservative” ethos seems to be tilting toward cutting programs for the less fortunate, decimating educational programs for the “children of others,” and halting infrastructural repairs and developments that are essential for a society bent on growth. It’s social reengineering masquerading under the guise of fiscal responsibility, where programs for the elderly, for the unemployed who cannot find work despite the most vigorous efforts and support for the chronic poor have all but vaporized.

In severe economic downturns, the “it’s every man for himself” mentality seems to have persevered, and the recent recession is no exception. Lest we become truly judgmental of a fall in British morals, let’s take a good look at programs on this side of the pond, where educating our children, looking after our elderly (under Social Security and Medicare) and halting fixing our streets and dams have all fallen under the ambit of “fiscal responsibility,” while the Judeo-Christian “Thou shalt not kill” commandment seems to have fallen on budgetary deaf ears – exempted from the fiscal re-engineering applied to social programs – as the war in Afghanistan continues, even though everyone knows we have no chance of leaving a functional government behind or in extinguishing the Taliban, who have never been more powerful since we overthrew them almost a decade ago.

Additionally, the simple fact that people are provided with huge financial rewards for acting in a manner that is less than socially beneficial has distorted the values and goals of young people growing up. People cry against regulation, but when left unregulated act in a manner repugnant to the most basic moral values. Their heroes are arrogant and overpaid athletes and actors, Wall Street mavens who make money with government support while employment opportunities stagnate and politicians who teach our children that being selfish and opposing taxes for the rich is the American way. Our heroes are no longer good people trying to make a positive difference.

I recently witnessed a Wall Street “transaction” in which less-than-stellar residential real estate debt was bundled, rated way above its true worth by a rating agency ready to look the other way for new business (rating the inferior paper above US treasury notes!), and ripped away from a miscreant lender’s balance sheet (they retained zero risk)… all generating significant profits to all but the ultimate buyer. Sound familiar? When one of my friends questioned this deal, a reflection of the kinds of deals that wrecked America, the banker replied something like this: “It may be illegal someday when the SEC passes its new rules, but it isn’t illegal now, and I’m not paid to protect America… I’m paid to move paper.”

Until Americans start caring about America and its growth and health, in the safety and well-being of our neighbors, this country will continue to unravel, polarize and stagnate. When we all start caring about our neighbors again and act accordingly, the America I know and love will begin to find a new path to prosperity, dignity and morality. When folks cut support for those around them in a misguided belief that it’s not their responsibility anymore, remember that when a crime infested and angry world retaliates someday – like those horrific riots in England – they had a choice to prevent it. The world of mutual respect, support and understanding can go a long way to bring us back… economically and, more importantly, as human beings.

I’m Peter Dekom, and this recession has most certainly obscured the forest in so many individuals’ quest for trees.