[Please see
http://www.quakerquaker.org/forum/topics/the-case?xg_source=activity for the beginning of this (necessarily long) piece.]
Friends, of course, are putting their money into prudent and constructive endeavors, right? Well, no; they may settle for a low rate of return from non-military companies-- but these companies have funds, and need to invest whatever isn't in immediate use, and can't afford to have those funds lose relative value... My own Meeting's reserves lost about 1/3 their original value in the last crash. How much in the next? Do you really think that won't come soon?
Real investment means knowing what your money will be used for, who will use it, and how. Anything else is gambling. It's gambling merely for security and a modest return, but that's not a qualitative difference.
This is not a faith-based way of supporting Good Works-- unless that faith has been placed in something less than sacred. The money we raise and spend is not a fit measure of our contribution; the sweat and thought and human contact we're led to provide directly-- is of far more value. Reserves are for buying someone else's work.
Can we trust God to lead us into our own forms of right action, and to support us in them as needed? Dorothy Day did it that way, as a matter of principle. What's our principle in this?