Carl Trueman:

So who is responsible for the current disaster? We all are. We are all complicit in a world that has increasingly taught people that value in life is a function of the market. This is not a return to the Great Man Theory of history; none of us as an individual carries all responsibility; but just as every mass event in history is both the result of macro-economic and social forces, and the result of countless individuals behaving in particular ways, so this crisis is both a product of our times, and an action in which we have all had a hand. We are all complicit in creating and fostering a culture of material acquisition, and a world which, in order to ensure insane levels of economic growth, instills insane levels of material aspiration in its people. An easy sell to a fallen race which now naturally exalts greed and hedonism as virtues and sees quality of life in terms of how much we can consume in comparison to others. Every time you turn on the television, somebody is trying to tell you in some commercial or other that your life is imperfect, and is imperfect because you do not possess this food-mixer, that car, this holiday, that size or number of houses. The credit boom is part and parcel of the con-trick that modern consumer society has played on us, the notion that material acquisition is what makes life meaningful. It has provided the fuel, as untrammeled free market theory has provided the rationale, for the mess in which we now find ourselves. And we are not victims of this; we are all at best hapless and willing dupes, at worst active perpetrators, whether borrowers or lenders; we are all part of a system that is designed simultaneously to satiate greed and exacerbate avarice.

Read his whole article here.