Vatican calls for global authority on economy, raps “idolatry of the market”

[dustup]

• Tweet

Vatican calls for global authority on economy, raps “idolatry of the market”


(Saint Peter's Basilica at the Vatican October 23, 2011/Giampiero Sposito)

The Vatican called on Monday for the establishment of a “global public authority” and a “central world bank” to rule over financial institutions that have become outdated and often ineffective in dealing fairly with crises. The document from the Vatican’s Justice and Peace department should please the “Occupy Wall Street” demonstrators and similar movements around the world who have protested against the economic downturn.

“Towards Reforming the International Financial and Monetary Systems in the Context of a Global Public Authority,” was at times very specific, calling, for example, for taxation measures on financial transactions. “The economic and financial crisis which the world is going through calls everyone, individuals and peoples, to examine in depth the principles and the cultural and moral values at the basis of social coexistence,” it said.

It condemned what it called “the idolatry of the market” as well as a “neo-liberal thinking” that it said looked exclusively at technical solutions to economic problems. “In fact, the crisis has revealed behaviours like selfishness, collective greed and hoarding of goods on a great scale,” it said, adding that world economics needed an “ethic of solidarity” among rich and poor nations.

“If no solutions are found to the various forms of injustice, the negative effects that will follow on the social, political and economic level will be destined to create a climate of growing hostility and even violence, and ultimately undermine the very foundations of democratic institutions, even the ones considered most solid,” it said.

It called for the establishment of “a supranational authority” with worldwide scope and “universal jurisdiction” to guide economic policies and decisions.

Asked at a news conference if the document could become a manifesto for the movement of the “indignant ones”, who have criticised global economic policies, Cardinal Peter Turkson, head of the Vatican’s Justice and Peace department, said: “The people on Wall Street need to sit down and go through a process of discernment and see whether their role managing the finances of the world is actually serving the interests of humanity and the common good. “We are calling for all these bodies and organisations to sit down and do a little bit of re-thinking.”

Read the full story here.

************************************************************************************************

Jimmy's Prophetic Prospective on the News

The recent call by the Vatican for a central world bank and a global economic authority fits the prophetic scenario that is found in Bible prophecy for the last days.

In our world today there is a global economic crisis that does not seem to be going away. Both the European Union and the United States face major financial problems that no one can find a solution for at the present time. There have been calls by members of the G-20, the 20 leading economies of this world, for a worldwide financial structure to resolve this global economic crisis.

Now the Vatican has released a plan that they believe will bring about the end of this financial crisis. In fact, the Vatican plan says if there is not a resolution to the financial crisis violence will break out across the world. The Vatican plan with a central authority and a world bank is a page out of Bible prophecy for the last days.

Read More Here.

[johnhp]

LOL

[ivanm]

I think the Vatican is being idealistic when it calls for a world order to govern financial dealings.  We have a UN that was intended to moderate international tensions, and it has became very factionalized, so why does the Vatican think an international financial authority will be any different?

Asking the financial community to police itself is like having a fox guard the hen house.

[Mornac]

Media dupes public with aid of Novus ordo liberals

Church Liberals Strike Again	Small | Large

[dustup]

Thanks Mornac.....that explains it.....

[johnhp]

I think the Vatican is being idealistic when it calls for a world order to govern financial dealings.  We have a UN that was intended to moderate international tensions, and it has became very factionalized, so why does the Vatican think an international financial authority will be any different?

Asking the financial community to police itself is like having a fox guard the hen house.

i do not think that the Vatican is thinking of asking the people in charge of these hedge funds etc to step up and run this thing.

[johnhp]

Thanks Mornac.....that explains it.....

Yes, because conservatives would rather the world actually burn.

[dustup]

Yes, because conservatives would rather the world actually burn.

self hater......nothing pleases john.....except self-flagellation......  

[johnhp]

self hater......nothing pleases john.....except self-flagellation......  

Just so you know, Mornac is misleading you.  Don't believe me?  Read what the pope wrote about the need for an international authority to regulate economics:

One also senses the urgent need to find innovative ways of implementing the principle of the responsibility to protect and of giving poorer nations an effective voice in shared decision-making. This seems necessary in order to arrive at a political, juridical and economic order which can increase and give direction to international cooperation for the development of all peoples in solidarity. To manage the global economy; to revive economies hit by the crisis; to avoid any deterioration of the present crisis and the greater imbalances that would result; to bring about integral and timely disarmament, food security and peace; to guarantee the protection of the environment and to regulate migration: for all this, there is urgent need of a true world political authority, as my predecessor Blessed John XXIII indicated some years ago. Such an authority would need to be regulated by law, to observe consistently the principles of subsidiarity and solidarity, to seek to establish the common good, and to make a commitment to securing authentic integral human development inspired by the values of charity in truth. Furthermore, such an authority would need to be universally recognized and to be vested with the effective power to ensure security for all, regard for justice, and respect for rights. Obviously it would have to have the authority to ensure compliance with its decisions from all parties, and also with the coordinated measures adopted in various international forums.



http://www.vatican.va/holy_father/benedict_xvi/encyclicals/documents/hf_ben-xvi_enc_20090629_caritas-in-veritate_en.html

That is the inspiration for the document you cited and Mornac deliberately misled you about.

[dustup]

Thanks john.....that explains it.....

[johnhp]

Thanks john.....that explains it.....

Amusing how you do not seem to mind being deliberately misled.

[dustup]

Amusing how you do not seem to mind being deliberately misled.

John.....that explains a lot....thanks.....

[ivanm]

Where did I miss it this time?  It seems that the OP essentially tracks in principle what John has posted as the comments by the Pope, or whoever makes up that stuff for him to proclaim.

[johnhp]

Where did I miss it this time?  It seems that the OP essentially tracks in principle what John has posted as the comments by the Pope, or whoever makes up that stuff for him to proclaim.

Mornac is trying to proclaim a wedge where there is none.  He is, in other words, attempting to mislead once more.