My father told the story of when he worked in Nigeria between the two world wars the currency was almost worthless. The basic coin had a hole in the centre and was used as a washer by the building trade. In fact when buildings were being taken down the labourers were paid in that currency – the faster they worked the more coins they collected as their pay!
The euro is beginning to have certain similarities to the Nigerian coin, except it doesn’t have a hole in its centre! Its hole is in the bank balance sheets of the Mediterranean countries plus Ireland – a far more vulnerable place to have it. Basically the massive lending from the banks of the stronger European countries to the weaker ones during our years of profligacy has left the latter exposed to national default. As these countries are financially related to each other the default of one of the larger ones could produce a domino effect with the banks collapsing all around Europe.
Whilst it is too soon to start drilling holes in our euro, if the meetings of the heads of state taking place this coming week show as little progress as they have done we could be returning to the Irish punt – with 50 punts buying a German sausage! What light can the Bible shed on all this? St Peter writing to Christians reminds them of something much more precious than material riches: – “knowing that you were ransomed from the futile ways inherited from your forefathers, not with perishable things such as silver or gold, but with the precious blood of Christ, like that of a lamb without blemish or spot”(1 Peter 1:18-19).
Jesus sacrifice completed the most important transaction any individual will ever make and not a cent leaves our hands. The writer of Hebrews puts it, “Jesus has appeared once for all at the end of the ages to put away sin by the sacrifice of himself. And just as it is appointed for man to die once, and after that comes judgment, so Christ, having been offered once to bear the sins of many, will appear a second time, not to deal with sin but to save those who are eagerly waiting for him”. Trust in Jesus death on your behalf and turn away from relying in uncertain riches. To those who were putting their trust in the wrong place St Paul writes, “As for the rich in this present age, charge them not to be haughty, nor to set their hopes on the uncertainty of riches, but on God, who richly provides us with everything to enjoy” (1Timothy 6:17). Remember there are no pockets in shrouds, trust what is everlasting.