Vatican Calls for Radical Economic Reform of World’s Financial Systems
In the Huffington Post:
The Vatican called Monday for radical reform of the world’s financial systems, including the creation of a global political authority to manage the economy.
A proposal by the Pontifical Council for Justice and Peace calls for a new world economic order based on ethics and the “achievement of a universal common good.” It follows Pope Benedict XVI’s 2009 economic encyclical that denounced a profit-at-all-cost mentality as responsible for the global financial meltdown.
The proposal acknowledges, however, that a “long road still needs to be traveled before arriving at the creation of a public authority with universal jurisdiction” and suggests the reform process begin with the United Nations as a point of reference.
Vatican pronouncements on the economy are meant to guide world leaders as well as the global church. United States Roman Catholic bishops, for example, have released a voter guide for the 2012 election that highlights social concerns such as ending poverty.
“It is an exercise of responsibility not only toward the current but above all toward future generations, so that hope for a better future and confidence in human dignity and capacity for good may never be extinguished,” the document said.
It highlights that reforms must assure that financial and monetary policies will not damage the weakest economies while also achieving fair distribution of the world’s wealth.
The proposal also called for a “minimum, shared body of rules to manage the global financial market,” lamenting the “overall abrogation of controls” on capital movements.
While past Vatican pronouncements have condemned unfettered capitalism, the latest criticized “an economic liberalism that spurns rules and controls.”
It also attacked “utilitarian thinking,” saying what is useful to the individual does not always favor the common good.
I’ve been criticizing the Pope today and I must confess that I love the Pope and I’m glad that he was elected Pope. I have hopes that he will be a huge Spiritual force for good in the Church. I do disagree about a world financial system based on Socialism that is more rigid and more ordered to the common good rather than the individual good.
One of the big problems with that type of system is that it doesn’t work and neither do the people. In a Monastery or a religious order that can work because of the huge motivation that the people have for working for God and getting closer to God by being obedient to their superior and living in poverty. That doesn’t work for lay people and it even fell apart in the informal Catholic Contemplative group I lived with for 2 years. Some people began abusing the system by not doing any work and still expecting to be fed.
One of the things that became very clear to me when I worked as a RN in inpatient psychiatry was how basic and very deep it is to make efforts to get rewards and if the rewards stop so does the effort. In Hebrews 11:6, God declares this principle through what St. Paul says, “And without Faith it is impossible to please God, because anyone who comes to Him must believe that He exists and that He rewards those who earnestly seek Him.” I point out the word rewards in the scripture.
It sounds good, We will have honest and Godly people to run this more controlled Socialist system but who will appoint them and who will oversee them if they become rich by abusing the system for their own personal gain? Who will fire them if they become corrupt and don’t repent and how will these overseers be chosen? No even though the Free Enterprise System has it’s flaws but it has produced a country where the poorest of the poor live like the kings in Jesus day.
Albert Nygren
October 28, 2011 at 06:59