In a recent pastoral letter sent to clergy in the Diocese of London, the Rt Rev Dr Richard Chartres said, "It is becoming clearer how far we have been mortgaging our children's tomorrow to fund our today, both financially and in our use of the finite resources of the earth."
As governments around the world continue to pump trillions into rescuing troubled banks, Dr Chartres attacked the borrowing culture.
"We have been persuaded to believe that it is possible to borrow our way into prosperity without self-discipline and sacrifice."
He continued, "Our addiction to borrowing, however, has become inordinate and the deluge of communications from banks and others seeking to persuade us to take out fresh loans has contributed not a little to the crisis."
Dr Chartres also criticised the way the internet had been used to spread panic amid the economic downturn.
"There is no progress in the spiritual life unless we are able to deflect the pressure of the passing moment. Then 'response' rather than 'reaction' becomes possible."
Dr Chartres said that a spirit of caution and restraint would be hard to recapture, although he conceded that some lending and borrowing could be beneficial, pointing to the example of the Grameen Bank which has lifted hundreds of thousands of people out of extreme poverty through small loans. The Diocese of London had, he noted, started to look seriously at micro-credit schemes and their potential to assist development in partner dioceses in Angola and Mozambique.
"We shall have much work to do as partners in the Gospel to assist those who have been buffeted by the storm and also to develop an accurate and balanced interpretation of recent events so that we can contribute to a wise response," Dr Chartres said.
He added in his letter that the Bishop of Willesden, the Rt Rev Pete Broadbent had been appointed Assistant Bishop of London. They would, he said, work together on the 2012 Ambassadors for Christ programme and a review of the church planting strategy for London.
"All this is to ensure that we carry forward the important work of mission and ministry for Jesus Christ, which is of course our 'core business'," he concluded.
