Posted by: maboulette | October 24, 2011

VATICAN’S DOCUMENT SUPPORTING FINANCIAL REGULATION

Pope Benedictus XVI

A new document released on Monday by the Vatican’s Pontifical Council for Justice and Peace has some people wondering if the Catholic Church is aligning itself with the Occupy Wall Street movement. But while some critics may embrace this notion, others flatly reject it. 

Prior to the document’s release, Father Thomas Reese (who is often described as liberal), a fellow at Georgetown University’s Woodstock Theological Centerdescribed the proposal as “closer to views of the ‘Occupy Wall Street’ movement than anyone in the U.S. Congress.” 

He also says that the document calls for the “redistribution of wealth and the regulation of the world economy by international agencies.” Even more surprising, he contends that it is to the left of both Barack Obama and Nancy Pelosi.

While not coming directly from the Pope, himself, the proposal seems to follow up on Pope Benedict XVI’s 2009 economic encyclical that denounced a profit-at-all-cost mentality as responsible for the global financial meltdown.

The 18-page document, entitled, ”Towards Reforming the International Financial and Monetary Systems in the Context of a Global Public Authority,” seeks out technical solutions to global economic problems. The proposal essentially calls for a world-wide governing body that would serve as an economic clearinghouse. 

Through this proposal, some say that the Vatican is essentially calling for a radical reform of the world’s financial system, including the creation of a global political authority to manage the economy. According to the Washington Times Jennifer Harper: 

The ideas refer back to a 1963 papal encyclical that suggested, “The universal common good presents us with problems, which are worldwide in their dimensions; problems, therefore, which cannot be solved except by a public authority with power, organization and means co-extensive with these problems, and with a worldwide sphere of activity.”


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