The end of history was proclaimed a few years ago. Not by a religious visionary but by a political economist. Francis Fukuyama argued that the Western liberal democracy and Western market economics had so comprehensively won the battle of ideas that from here on in, they would be the models for the rest of the world. Henceforth history would consist of an implementation of these triumphant systems and there would be no more big historical surprises. It sounded rather like another secular eschatology.

Unfortunately for Fukuyama history has continued to surprise us, which for anyone with a gram of common sense, is no surprise at all. China has continued to resist liberal democracy despite the Olympics. Russia, which was supposed to be well on the way to becoming another nice Western country, has reverted to Tsarist imperialism. The Western market-driven economy itself looks in danger. “Things are dying and breaking apart,” said a market strategist recently in a somewhat apocalyptic mood.

The Catholic observer should not be surprised. Our political and financial institutions don't come down from Heaven. They are made and maintained by us, and as we are frail and sinful human beings they reflect our flaws.

These flaws of greed and arrogance among bankers have been flayed in the press. Max Hastings pointed out, there was a time when banks were sober and cautious institutions, but they have been taken over by a new breed who regarded their frugality and conservatism as rather boring. This new bunch evolved into adrenaline-fuelled gamblers, taking all kinds of reckless risks with our money and turning rates of 15 to 20 % while earning themselves huge bonuses in a world where even China's growth rate was under 10%. Their irresponsible lending of money created major instability in the system, leading to a massive blowout of confidence and thence to banks, which had been bywords for solidity, going bust overnight.

Nick Leeson, the dealer who single-handedly brought down Barings Bank, held up an image of the problem recently when he said that, when he returned from Singapore after serving his sentence, the first offer he received in his mail was for five credit cards! So the mighty masters of the financial universe have been brought very low. Hopefully their humiliation will translate into humility, sobriety and responsibility.

What does all this mean for those of us who have actually to work to earn our living rather than speculate for it? Perhaps we need to beware of being too censorious and remind ourselves that we are also part of the financial system and often benefit from it. Hence any criticism of the system for the purpose of improving it, must involve some self-criticism.

The current crisis is perhaps therefore an opportune moment for a financial examination of conscience, based on some of those traditional Catholic concepts such as the common good, solidarity and the dignity of the human person. How tawdry and selfish appears the slogan 'greed is good' in the face of these great principles!