Is Economy the new Religion?

Ever since the big bang has ever happened, if there is one thing that has stood the test of time, then; in my personal opinion ; it is Religion. Yes, it needs no proof to prove this, just look back at the history. Be it any religion for that matter. One may say that there are so many religions that have perished. Agreed. But if you look at it and just introspect and ask yourselves what made it perish? It’s again another religion.

What basically constitute a religion? It’s nothing but an organized collection of belief system. Any economy is basically the same. It’s nothing but the sheer faith / belief of people in the economy that runs it. Some people have faith in Keynesian economics, where as the other have faith in Freemen Economic theory. There are however who have faith in Communism. It is very much debatable so as to which is better and I will tell you it’s not going to end. Let’s consider dollar it’s the sheer faith in the dollar that has made it the benchmark currency for any trade. As Indians also we are too much worried about the dollar and rupee comparison.

            See the belief the eurozone countries have in Euro and the rest of the world in Dollar.  The governments of the developing countries have sheer faith in the IMF and World Bank and thus act as per their terms. After the rejection of the initial plan for the bailout, the Cypriot government finally came out with another plan to recover from the financial crisis. This plan involved levy on the depositors. So it’s not just that you say abra ka dabra! And you get money. You cannot just create money out of thin air!. If there is something that can create money then its debt.

                It is observable that how a devotee doesn’t want to hurt his / her god, similarly the governments don’t want to hurt their god (the investors) even though it hurts its population. It’s faith in the consumerism that fetches the major chunk of GDP to some governments and faith in their economy that even though the debt to GDP ratio is over a hundred percent they are able to sustain that.

Disclaimer : The views expressed in this article are the personal views of the author , and has no intention to hurt any religious sentiments or ridicule any economic theory or any currency or any financial organization