As the Guardian reports this morning:
If Vatican cardinals have yet to join the Occupy Wall Street protesters, a document released by the Holy See calling for a "world authority" to crack down on capitalism suggests some are considering it. Written by the Vatican's Pontifical Council for Justice and Peace and released on Monday, Towards Reforming the International Financial and Monetary Systems in the Context of a Global Public Authority, suggests a beefed-up United Nations could police the financial markets and inject a dose of ethics to replace rampant profiteering and reduce inequality.
The pamphlet claims that in combination with a "central world bank", such an authority would help restore "the primacy of the spiritual and of ethics", as well as "the primacy of politics — which is responsible for the common good — over the economy and finance". Financial transactions would be taxed to promote global development and sustainability, while "virtuous" banks helping out the "real economy" would qualify for state subsidy should they need it.
The council's secretary, Bishop Mario Toso, said the 1944 Bretton Woods accord had failed, while the G20 was unable to rein in markets.
The document also says the International Monetary Fund is no longer up to the job of stabilising the global financial system.
So, as I argue in The Courageous State, we need courageous politicians who will put finance back in its place, cooperate internationally to ensure that this is the case, and who work to ensure each and every person can achieve their potential.
Rome gets many things wrong - like abortion and contraception - but this one it has got right. And I'm happy to say it has.
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Dear Richard, This is a really hopeful sign. Even though I’m an Angllican myself, I have long felt that Catholic Social Teaching is the hidden bomb that could blow this whole thing open, given the power a Catholic Church openly on the side of the “preference for the poor” that lies at the heart of Christ’s message. Stalin jeeringly asked how many battalions the Pope had – and the Pope is still here, while Stalin is one with Shelley’s Ozymandias. What is needed is for Catholicism to ally itself on this issue with Islam and its opposition to an economy based on usury and interest; the economies that would listen to such a combined appeal would be sufficient to break the neo-liberal strangle-hold, as the Neo-Cons well know. Just watch them swoop into Libya and try to “reform” it in their image, while filching its oil wealth, if they are allowed to get away with it. Defence Secretary Hammond has allied sounded the tocsin on this, and a new “scramble for Africa”, or for “Arabia”, at least – is now underway.
I have been involved on the ground at http://www.occupylsx.org since 15/10/11. I will tell you this – many people who I have spoken to will resist the concept of one “world bank” and one “world government”
Any statement from the vatican encouraging such a thing will be viewed with UTMOST suspicion by many, given how corrupt that organisation often appears to be.
Note I have now corrected my name, jamesalbury is the name of my YouTube account.
James
I’m not prescribing anything to anyone
I do however believe we need world regulation of tax
Richard
This is one of those reports which requires deeper analysis. It must be remembered which group of international bankers handle The Vatican’s gold and also a large part of their alternative portfolio.
These same bankers would also influence a policing operation if it were transferred to a “beefed- up” UN operation, just as they control IMF operations.
Accepted – but at least they’re saying it