『S13 Ep5 Financial Crises: Panic Stations』のカバーアート

S13 Ep5 Financial Crises: Panic Stations

S13 Ep5 Financial Crises: Panic Stations

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In the fifth episode of this ‘Financial Crises’ season, Simon and Bex discuss the central role that panic has played in financial crises over the years and whether or not we can do anything to protect ourselves from the potential impact of panic in our own lives.Some key points of interest covered in this episode include the following:Simon explains that panic is a very natural and common response to things going wrong with our finances, making it a very important topic to try to understand and tackle. [01:33]When it comes to spotting the onset of panic and responding to that, Simon suggests that it really helps if we can step back from the situation and assess the options, taking care to guard against emotions taking over our decision-making. [04:12]Panic has been so strongly associated with financial turmoil that an early nineteenth century American banking crisis became known as ‘The Panic’, a term that was then used for several subsequent financial crises. [06:33]For Bex and Simon, the global financial crisis of 2007-08 was the first time that they felt for themselves the shockwaves from institutional panic and realised that even well-established and highly respected banks could fail if the pressure on them were to become overwhelming. Images of queues of people waiting outside Northern Rock to withdraw their savings brought home the severity of the situation. [08:04]In response to a question from Bex about why panic still breaks out regularly in a modern world that has the capacity to deal with problems, Simon suggests that the interconnectedness of financial systems these days is a key factor. The natural inclination of humans to go into ‘fight or flight’ mode when situations seem to be spiralling out of control adds fuel to the fire. [09:59]When it comes to ways of guarding against the onset of panic, Simon recommends holding news reports and the media at arm’s length because of their propensity to stimulate fear and greed by the way that they present financial matters to us. [11:47]When it comes to the biblical perspective on the human tendency to worry and panic, Philippians 4.6-7 is the obvious first port of call: ‘Do not be anxious about anything, but in every situation, by prayer and petition, with thanksgiving, send your request to God. And the peace of God, which transcends all understanding, will guard your hearts and your minds in Christ Jesus.’ [14:45]In the same chapter in Philippians, in verses eleven to thirteen, Paul goes on to tease us with an Instagram-worthy statement, ‘I have learned the secret of being content,’ before going on to say that the solution is to take our worries and anxieties to God. [18:20]As well as exhorting us to adopt an eternal perspective and ‘store up treasures in heaven’ (Matthew 6.20), the Bible also passes on nuggets of practical financial wisdom, such as the importance of diversifying investments. (Ecclesiastes 1.1-2) [19:13]Simon rounds off his thoughts for this episode by encouraging us to seek God’s will in all that we do (Proverbs 3.5-6), and also to be practical and realistic in our financial planning, as illustrated by Jesus’s example (in Luke 14.28-30) of an individual wanting to build a tower but needing to set aside the money for the project beforehand. [21:54]Bex invites listeners to share their experiences of having to deal with panic in their lives and notes that the next episode in this season will focus on rogue traders and their role in financial crises. [23:48]Suggestions or feedback arising from this episode can be sent via email to whereyourtreasureis@freerangepodcasting.co.uk while messages via Instagram should be directed to @whereyourtreasureispodcast.Our Instagram page will also provide you with additional content and features.This show has been brought to you by Free Range Podcasting.You can sign up to receive news and updates about this podcast by filling out the brief form to which you will be taken when clicking here: https://where-your-treasure-is.kit.com/13c7b5fec6
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