By demanding that the worst excesses of global capitalism be reined in, the Holy See echoed the message of protesters encamped outside St Paul's Cathedral in London, the indignados of Spain and the Occupy Wall Street movement in the US.
In a forthright statement, the Vatican's Pontifical Council for Justice and Peace called for an end to rampant speculation, the redistribution of wealth, greater ethics and the establishment of a "central world bank" to which national banks would have to cede power.
Such an authority would have "universal jurisdiction" over governments' economic strategies.
Existing financial situations such as the World Bank and International Monetary Fund were outdated and no longer able to deal with the scale of the global financial crisis, which had exposed "selfishness, greed and the hoarding of goods on a grand scale".
The global financial system was riddled with injustice and failure to address that would lead to "growing hostility and even violence", which would undermine democracy. » | Nick Squires, in Rome | Monday, October 24, 2011
My comment:
Capitalism is failing; indeed it is ailing and totally failing. The Vatican is absolutely right to call it into question.
I never thought that I would see the day I would do so myself; but capitalism is a thoroughly discredited system. It's a system which Ronald Reagan and Margaret Thatcher brought into disrepute with their ignorant, stupid deregulation of the banks and finance houses. Now, the best system that has ever been conceived by man stands before total annihilation and destruction. It is a travesty that in the States, for example, 50% of wealth is owned by 1% of the population. This is disgraceful! – © Mark
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