Monday, February 27, 2012

Vatican Calls for Global Central Authority and World Central Bank

The Vatican today called for the establishment of a Central World Bank, and condemned the 'idolatry of the market'
So let's get this straight.  1. Worship of images is not idolatry, it is the free market that is the true idolatry, and 2. National central banks have been ineffective at managing the current debt crisis so things would be improved if we consolidated this power into a Central World Bank!!!???

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of a “global public authority” and a “central world bank” to rule over financial institutions that have become outdated and often ineffective in dealing fairly with crises.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.
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