End Times News Update
Sign: Global Government
Scripture: Rev 13:7; 17
News Source: Time Magazine
========================================================
The Vatican’s Radical Ideas on Financial Reform
By Amy Sullivan
October 24, 2011

Those politicians who think the Dodd-Frank law went too far in
attempting to reform Wall Street will likely need smelling salts after
taking a look at a proposal for reforming the global financial system
that was released by the Vatican on Monday. The proposal’s centerpiece
is a call for the formation of a global political authority that
would, among other things, possess broad powers to regulate financial
markets. The reality of globalization, says the document, necessitates
a “gradual, balanced transfer of a part of each nation’s powers to a
world authority and to regional authorities.” The Vatican envisions
this global authority playing a role not just in overseeing financial
markets, but also disarmament and arms control, food security and
peace efforts.

Calling into question the entire foundation of neo-liberal economics
and proposing one world financial order? You never know what those
radicals over at the Pontifical Council for Justice and Peace will
come up with next.

The 41-page document, “Towards Reforming the International Financial
and Monetary Systems in the Context of Global Public Authority,” (it’s
no wordier than some of the signs at the protests) can be seen as a
practical extension of Pope Benedict XVI’s 2009 encyclical Caritas in
Veritate. In that document, Benedict argued that there is “an urgent
need of a true world political authority” to address problems of
economic inequality both within and between countries. Writing in the
wake of the financial meltdown, Benedict identified the roots of the
crisis as economic, financial, and also moral. It is not possible, he
suggested, to pursue the common good while also glorifying the values
of utilitarianism and individualism.

The writers of this new Vatican proposal also hammered the values of
the financial world, writing that “the crisis has revealed behaviors
like selfishness, collective greed and the hoarding of goods on a
great scale.” At fault, they say, is “an economic liberalism that
spurns rules and controls.” It’s a fierce denunciation of the
free-market theology embraced by Republicans and Democrats alike, and
likely to put more than a few Catholic politicians in the
uncomfortable position of either ignoring or downplaying the Vatican’s
position on financial reform. I’ve put in calls to Speaker Boehner and
Paul Ryan’s offices, and will update if and when they respond with
comment.

Concern about the consequences of unfettered capitalism is not new for
the Vatican, nor is the institution’s belief in the need for global
authorities. (The document cites the teachings of popes over the past
40 years on the need for global institutions that can look beyond
national interests.) But this proposal has a very specific context.
This past June, the Vatican hosted a summit on “Ethics for the
Business World” that examined possible options for ethical oversight
in the post-crisis financial world, and which included leaders from
banking, manufacturing and financial sectors.

Officials at the Vatican timed the document’s release to precede the
G-20 Summit in France that will happen the first week of November. Of
course, the document’s release also comes amid the campaign for the
GOP presidential nomination. I would dearly love to hear a question
about the proposal posed in an upcoming debate. The language of a
“world global authority” to which nations transfer part of their
powers seems almost drawn from a list of Phrases That Freak Out The
Tea Party. But if Republicans can spend two hours talking about 9-9-9
on national television, surely they can spare a few minutes for the
Vatican’s proposed financial reforms.

Read more: http://swampland.time.com/2011/10/24/the-vaticans-radical-ideas-on-financial-reform/#ixzz1braAoJvB
Those politicians who think the Dodd-Frank law went too far in
attempting to reform Wall Street will likely need smelling salts after
taking a look at a proposal for reforming the global financial system
that was released by the Vatican on Monday. The proposal’s centerpiece
is a call for the formation of a global political authority that
would, among other things, possess broad powers to regulate financial
markets. The reality of globalization, says the document, necessitates
a “gradual, balanced transfer of a part of each nation’s powers to a
world authority and to regional authorities.” The Vatican envisions
this global authority playing a role not just in overseeing financial
markets, but also disarmament and arms control, food security and
peace efforts.

Calling into question the entire foundation of neo-liberal economics
and proposing one world financial order? You never know what those
radicals over at the Pontifical Council for Justice and Peace will
come up with next.

The 41-page document, “Towards Reforming the International Financial
and Monetary Systems in the Context of Global Public Authority,” (it’s
no wordier than some of the signs at the protests) can be seen as a
practical extension of Pope Benedict XVI’s 2009 encyclical Caritas in
Veritate. In that document, Benedict argued that there is “an urgent
need of a true world political authority” to address problems of
economic inequality both within and between countries. Writing in the
wake of the financial meltdown, Benedict identified the roots of the
crisis as economic, financial, and also moral. It is not possible, he
suggested, to pursue the common good while also glorifying the values
of utilitarianism and individualism.

The writers of this new Vatican proposal also hammered the values of
the financial world, writing that “the crisis has revealed behaviors
like selfishness, collective greed and the hoarding of goods on a
great scale.” At fault, they say, is “an economic liberalism that
spurns rules and controls.” It’s a fierce denunciation of the
free-market theology embraced by Republicans and Democrats alike, and
likely to put more than a few Catholic politicians in the
uncomfortable position of either ignoring or downplaying the Vatican’s
position on financial reform. I’ve put in calls to Speaker Boehner and
Paul Ryan’s offices, and will update if and when they respond with
comment.

Concern about the consequences of unfettered capitalism is not new for
the Vatican, nor is the institution’s belief in the need for global
authorities. (The document cites the teachings of popes over the past
40 years on the need for global institutions that can look beyond
national interests.) But this proposal has a very specific context.
This past June, the Vatican hosted a summit on “Ethics for the
Business World” that examined possible options for ethical oversight
in the post-crisis financial world, and which included leaders from
banking, manufacturing and financial sectors.

Officials at the Vatican timed the document’s release to precede the
G-20 Summit in France that will happen the first week of November. Of
course, the document’s release also comes amid the campaign for the
GOP presidential nomination. I would dearly love to hear a question
about the proposal posed in an upcoming debate. The language of a
“world global authority” to which nations transfer part of their
powers seems almost drawn from a list of Phrases That Freak Out The
Tea Party. But if Republicans can spend two hours talking about 9-9-9
on national television, surely they can spare a few minutes for the
Vatican’s proposed financial reforms.

Source: Time Magazine

URL: http://swampland.time.com/2011/10/24/the-vaticans-radical-ideas-on-financial-reform/

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