Compassion during the crisis

Compassion for all - including bankers and politicians - will help society weather the economic cris

The Buddha was an ordinary human being who lived a remarkable life. An Indian prince, he gave up everything in search of the truth. The truths he discovered speak to us across all cultures and ages. He discovered and taught that human dissatisfaction is caused by three “root poisons” of the mind: greed, ignorance and anger. The Buddha also taught that we can move beyond these poisons and wake up to reality. In fact the word Buddha means “one who is awake”.

We can see how greed and ignorance have contributed to current economic conditions. Recent events in the financial markets and economy have undoubtedly been a “wake up call”. People are suffering from financial losses and from uncertainty and fear. A new reality is dawning and it has been a shock. The Regan-Thatcher years are dead due to the widespread acceptance that unchecked markets do not best serve us.

During those years people were encouraged towards selfish greed. Bankers became greedy for profits and became more creative about making money from nothing - inventing new financial schemes, mortgage products and ways of “offsetting” risk. The result of these developments? A full blown asset price bubble followed by the inevitable bust: collapsing asset prices, mortgage foreclosure, unemployment and business bankruptcy. It is clear no risks were offset, merely swept under the carpet until the world economy tripped over it.

Wisdom cuts through ignorance. The last three hundred years or so has seen mankind develop a wealth of knowledge and skills to manipulate our environment. Knowledge and skills are not wisdom though - indeed they can be applied in unwise ways. From today's economic situation it is clear that financial skills and knowledge have been applied in unwise ways.

It is not only a short term lack of wisdom that troubles us. This world has finite resources and for a long time lone voices have been pointing out the impossibility of permanent compound economic growth. The ecology movement has grown up during the last forty five years or so and has cohered to become politically influential. Unfortunately, despite the efforts of international institutions, the poor are getting poorer and the rich are getting richer - and the environment continues to degrade.

These issues need to be addressed and slowly the economic paradigm is shifting. We need now to develop the wisdom to use our knowledge and skills properly. We must learn to live in a peaceful and sustainable way. This will demand the development of a new economics based on “simplicity, need and sufficiency” and not on “complexity, greed and power”. It will involve massive social, economic and financial change. It will take time.

For these reasons we need to develop compassion not just for the starving, but for the super-rich, bankers and politicians too, because if we are to solve the underlying ecological and economic issues – which can not be separated - these people will be experiencing more change than any of us.

Matthew Jee is a former stockbroker, merchant banker and financial publisher. In 1997 he left the world of finance and worked on a Kibbutz in Israel. Two years later he became a Buddhist under his Tibetan Master, The Venerable Khandro Rinpoche. Matthew now writes under the pseudonym “The Irreverent Buddhist” and is the owner of a non-sectarian internet discussion forum for meditators.

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Is defeat in Stoke the beginning of the end for Paul Nuttall?

The Ukip leader was his party's unity candidate. But after his defeat in Stoke, the old divisions are beginning to show again

In a speech to Ukip’s spring conference in Bolton on February 17, the party’s once and probably future leader Nigel Farage laid down the gauntlet for his successor, Paul Nuttall. Stoke’s by-election was “fundamental” to the future of the party – and Nuttall had to win.
 
One week on, Nuttall has failed that test miserably and thrown the fundamental questions hanging over Ukip’s future into harsh relief. 

For all his bullish talk of supplanting Labour in its industrial heartlands, the Ukip leader only managed to increase the party’s vote share by 2.2 percentage points on 2015. This paltry increase came despite Stoke’s 70 per cent Brexit majority, and a media narrative that was, until the revelations around Nuttall and Hillsborough, talking the party’s chances up.
 
So what now for Nuttall? There is, for the time being, little chance of him resigning – and, in truth, few inside Ukip expected him to win. Nuttall was relying on two well-rehearsed lines as get-out-of-jail free cards very early on in the campaign. 

The first was that the seat was a lowly 72 on Ukip’s target list. The second was that he had been leader of party whose image had been tarnished by infighting both figurative and literal for all of 12 weeks – the real work of his project had yet to begin. 

The chances of that project ever succeeding were modest at the very best. After yesterday’s defeat, it looks even more unlikely. Nuttall had originally stated his intention to run in the likely by-election in Leigh, Greater Manchester, when Andy Burnham wins the Greater Manchester metro mayoralty as is expected in May (Wigan, the borough of which Leigh is part, voted 64 per cent for Brexit).

If he goes ahead and stands – which he may well do – he will have to overturn a Labour majority of over 14,000. That, even before the unedifying row over the veracity of his Hillsborough recollections, was always going to be a big challenge. If he goes for it and loses, his leadership – predicated as it is on his supposed ability to win votes in the north - will be dead in the water. 

Nuttall is not entirely to blame, but he is a big part of Ukip’s problem. I visited Stoke the day before The Guardian published its initial report on Nuttall’s Hillsborough claims, and even then Nuttall’s campaign manager admitted that he was unlikely to convince the “hard core” of Conservative voters to back him. 

There are manifold reasons for this, but chief among them is that Nuttall, despite his newfound love of tweed, is no Nigel Farage. Not only does he lack his name recognition and box office appeal, but the sad truth is that the Tory voters Ukip need to attract are much less likely to vote for a party led by a Scouser whose platform consists of reassuring working-class voters their NHS and benefits are safe.
 
It is Farage and his allies – most notably the party’s main donor Arron Banks – who hold the most power over Nuttall’s future. Banks, who Nuttall publicly disowned as a non-member after he said he was “sick to death” of people “milking” the Hillsborough disaster, said on the eve of the Stoke poll that Ukip had to “remain radical” if it wanted to keep receiving his money. Farage himself has said the party’s campaign ought to have been “clearer” on immigration. 

Senior party figures are already briefing against Nuttall and his team in the Telegraph, whose proprietors are chummy with the beer-swilling Farage-Banks axis. They deride him for his efforts to turn Ukip into “NiceKip” or “Nukip” in order to appeal to more women voters, and for the heavy-handedness of his pitch to Labour voters (“There were times when I wondered whether I’ve got a purple rosette or a red one on”, one told the paper). 

It is Nuttall’s policy advisers - the anti-Farage awkward squad of Suzanne Evans, MEP Patrick O’Flynn (who famously branded Farage "snarling, thin-skinned and aggressive") and former leadership candidate Lisa Duffy – come in for the harshest criticism. Herein lies the leader's almost impossible task. Despite having pitched to members as a unity candidate, the two sides’ visions for Ukip are irreconcilable – one urges him to emulate Trump (who Nuttall says he would not have voted for), and the other urges a more moderate tack. 

Endorsing his leader on Question Time last night, Ukip’s sole MP Douglas Carswell blamed the legacy of the party’s Tea Party-inspired 2015 general election campaign, which saw Farage complain about foreigners with HIV using the NHS in ITV’s leaders debate, for the party’s poor performance in Stoke. Others, such as MEP Bill Etheridge, say precisely the opposite – that Nuttall must be more like Farage. 

Neither side has yet called for Nuttall’s head. He insists he is “not going anywhere”. With his febrile party no stranger to abortive coup and counter-coup, he is unlikely to be the one who has the final say.