Editor’s Note: You may want to look at my video, U.S. Citizens and the New World Order. Learn about the evils of Money Monopoly. Do we have to participate in coercive government franchises? Also, check out this article on the same topic at The Blaze.
CNBC 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of a “global public authority” and a “central world bank” to rule over financial institutions that have become outdated and often ineffective in dealing fairly with crises.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 18-page document, “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…
“An 18-page document from the Catholic Church condemns ‘the idolatry of the market’ and ‘neo-liberal thinking’, calling for a supranational authority to guide economic policies.” Read more.
“In fact, the crisis has revealed behaviors 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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“If no solutions are found to the various forms of injustice, the negative effects that will follow on the social, political and economic level will be destined to create a climate of growing hostility and even violence, and ultimately undermine the very foundations of democratic institutions, even the ones considered most solid,” it said.
“On Monday, the Vatican will release a document on the reform of the international financial system which will be to the left of every politician in the United States. It will be closer to views of the “Occupy Wall Street” movement than anyone in the U.S. Congress. It will call for the redistribution of wealth and the regulation of the world economy by international agencies. Not only will it be to the left of Barack Obama, it will be to the left of Nancy Pelosi.” Read more from Father Thomas Reese.
It called for the establishment of “a supranational authority” with worldwide scope and “universal jurisdiction” to guide economic policies and decisions.
Such an authority should start with the United Nations as its reference point but later become independent and be endowed with the power to see to it that developed countries were not allowed to wield “excessive power over the weaker countries.”
Effective Structures
In a section explaining why the Vatican felt the reform of the global economy was necessary, the document said:
“In economic and financial matters, the most significant difficulties come from the lack of an effective set of structures that can guarantee, in addition to a system of governance, a system of government for the economy and international finance.”
It said the International Monetary Fund (IMF) no longer had the power or ability to stabilize world finance by regulating overall money supply and it was no longer able to watch “over the amount of credit risk taken on by the system.”
The world needed a “minimum shared body of rules to manage the global financial market” and “some form of global monetary management.”
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“In fact, one can see an emerging requirement for a body that will carry out the functions of a kind of ‘central world bank’ that regulates the flow and system of monetary exchanges similar to the national central banks,” it said.
The document, which was being presented at a news conference later on Monday, acknowledged that such change would take years to put into place and was bound to encounter resistance.
“Of course, this transformation will be made at the cost of a gradual, balanced transfer of a part of each nation’s powers to a world authority and to regional authorities, but this is necessary at a time when the dynamism of human society and the economy and the progress of technology are transcending borders, which are in fact already very eroded in a globalizes world.”
